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CIBC announces second quarter 2007 results

    HIGHLIGHTS
       -  Cash diluted EPS(1) of $2.29
       -  Return on equity of 28.9%
       -  Cash efficiency ratio (TEB)(1) of 63.2%
       -  Tier 1 capital ratio of 9.5%

    TORONTO, May 31 /CNW/ - CIBC (CM: TSX; NYSE) announced net income of
$807 million for the second quarter ended April 30, 2007, up from $585 million
for the same period last year. Diluted earnings per share (EPS) were $2.27, up
from $1.63 a year ago. Cash diluted EPS(1) were $2.29, up from $1.65 a year
ago.
    Return on equity for the second quarter was 28.9%, up from 25.7% for the
same period last year.
    CIBC's Tier 1 capital ratio at April 30, 2007 was 9.5%, up from 9.2% a
year ago.
    Diluted EPS of $2.27 and cash diluted EPS(1) of $2.29 for the second
quarter of 2007 were increased by:-   $80 million ($0.24 per share) tax recovery related to the favourable
        resolution of an income tax audit in CIBC Retail Markets.
    -   $24 million ($17 million after-tax, or $0.05 per share) reversal of
        the general allowance for credit losses.
    -   $11 million ($0.03 per share) reversal of a portion of the valuation
        allowance related to a future tax asset from CIBC's U.S. operations.
    -   $10 million ($7 million after-tax, or $0.02 per share) due to the
        impact of changes in credit spreads on the mark-to-market of
        corporate loan credit derivatives.

    CIBC's net income, diluted EPS and cash diluted EPS(1) for the second
quarter of 2007 were up from net income of $770 million, diluted EPS of $2.11
and cash diluted EPS(1) of $2.12 for the prior quarter, which included items
of note aggregating to a decrease in earnings of $0.06 per share.

    Update on business priorities

    "Our second quarter results were strong, and reflect continued progress
against our priorities and objective of consistent and sustainable
performance," says Gerald T. McCaughey, President and Chief Executive Officer.

    Business strength
    CIBC's first priority is to sustain and enhance the strength of its core
businesses.
    CIBC Retail Markets reported revenue of $2,189 million, up from
$2,151 million for the prior quarter and $1,975 million for the same period
last year. Net income for the second quarter was $583 million, up 35% from a
year ago. Volume growth, lower taxes and the acquisition of a controlling
interest in FirstCaribbean International Bank (FirstCaribbean) contributed to
this result.
    CIBC Retail Markets' results for the second quarter of 2007 include the
consolidated second quarter results of FirstCaribbean. On February 2, 2007
CIBC announced the purchase of an additional 8.5% interest in FirstCaribbean,
increasing CIBC's ownership to approximately 91.5%.
    While the environment in Canada remains competitive, CIBC's retail
businesses continue to perform well overall and remain strongly positioned in
the market. CIBC's credit cards business is the market leader in Canada and
continues to grow in line with expectations. Card loans administered were up
10.6% from the second quarter of last year. CIBC Wood Gundy's assets under
administration surpassed $120 billion in the quarter. Mutual funds and managed
accounts assets under management grew to $61.1 billion in the quarter, up 9.7%
from a year ago. CIBC had market share increases during the quarter in key
areas such as mortgages, deposits and fixed term investments.
    In the area of personal lending, CIBC's focus on credit quality has been
reflected in improved loan loss performance over the past year, but lower
revenue growth than the market. As the actions CIBC has taken to improve its
risk profile run their course, CIBC expects its personal lending business to
resume overall revenue growth converging on industry levels.
    CIBC's retail strategy in Canada is to become the primary financial
institution for more of its clients. During the quarter, CIBC continued to
invest in the areas of advice, access and financial solutions to further its
relationships with clients:

        -  CIBC announced the completion of a major multi-year $90 million
           investment to upgrade CIBC's 3,800 bank machine network across
           Canada, offering better access for persons with disabilities,
           enhanced security and new transaction features.
        -  CIBC announced a limited-time, high interest rate offer on the
           CIBC Bonus Savings Account for new accounts and balances above
           $5,000 for existing accounts.
        -  Building on the success of the CIBC Financial HealthCheck™
           service, CIBC launched the CIBC Financial HealthCheck Tips to
           provide clients with information on how to achieve their financial
           goals, as well as select and use CIBC's financial services to
           their maximum advantage.

    CIBC World Markets reported another strong quarter. Revenue of
$726 million was down from $784 million in the prior quarter, but up from
$607 million for the same period last year. Net income for the second quarter
was $194 million, up 76% from a year ago.
    CIBC World Markets' solid performance reflects the strength of its client
relationships combined with continued balance and discipline in the area of
risk. In Canada, CIBC World Markets was the lead advisor, underwriter and
issuer to Fortis Inc. on its $3.7 billion purchase of Terasen Inc.'s gas
distribution business from Kinder Morgan, the largest domestic utility
distribution transaction in Canadian history. CIBC opened an investment
banking office in Winnipeg, making it the first major Canadian bank to offer a
full suite of personal, commercial and corporate banking services in the
Manitoba capital. In the U.S., CIBC World Markets' real estate finance
business completed its largest commercial mortgage-backed securities offering
ever, acting as co-lead manager with J.P. Morgan Securities Inc. on the
US$3.9 billion transaction.
    CIBC's target business mix is to invest 25% to 35% of the bank's economic
capital(1) in its wholesale business. Based on a second quarter business mix
of 27% wholesale, CIBC has capacity to allocate additional financial resources
to CIBC World Markets.

    Productivity
    CIBC's second priority is to improve productivity.
    CIBC's target in 2007 is to hold expenses flat to Q4 2006 levels,
excluding the FirstCaribbean acquisition, by absorbing normal inflationary
increases to its cost base. Expenses for the second quarter of $1,976 million
were up from $1,943 million in the prior quarter, primarily due to the impact
of a full quarter of consolidation of FirstCaribbean's results. CIBC's second
quarter expenses included $99 million related to FirstCaribbean, compared with
$33 million in the prior quarter. The higher FirstCaribbean expenses were
partially offset by the impact of three fewer days in the second quarter.
    CIBC's efficiency ratio for the second quarter improved to 64.8% from
66.1% for the same period last year. CIBC's cash efficiency ratio (TEB)(1) for
the second quarter improved to 63.2% from 64.9% a year ago.
    "Our second quarter results reflect the balance we are seeking between
expense constraint and revenue growth," says McCaughey. "We believe that the
impact of improved revenue through consistent investment in our core
businesses and continued expense discipline is the most balanced way to
achieve further productivity improvements."

    Balance sheet strength and capital usage
    CIBC's third priority is balance sheet strength and capital usage. CIBC's
Tier 1 ratio of 9.5% remains above its medium term target of 8.5%. CIBC's
capital usage plans are first to invest in core businesses, then balance
remaining deployment opportunities.
    "With the FirstCaribbean acquisition now complete, CIBC will consider
further opportunities for international growth, both through organic expansion
at FirstCaribbean and additional strategic acquisitions," says McCaughey.
"CIBC will balance these opportunities with capital returns to shareholders."
    During the quarter, CIBC announced its intention to repurchase up to
10 million common shares under a normal course issuer bid which expires
October 31, 2007.
    Dividends are also an important part of CIBC's capital management plan.
CIBC's dividend payout ratio for the quarter was 33.7%, up from 32.9% for the
prior quarter, but still below its medium term objective of 40% to 50%.


    Making a difference in communities

    CIBC remains committed to making a difference in the communities in which
we live and work.
    In February, a team of 22 CIBC employees, family members and friends
participated in the 2007 CIBC Wood Gundy Climb for the Cure. The team scaled
Africa's tallest peak, Mount Kilimanjaro, to raise over $520,000 for the
Canadian Breast Cancer Foundation (CBCF).
    In March, CIBC was the lead sponsor of the National Aboriginal
Achievement Awards held in Edmonton. CIBC invested more than $900,000 in 2006
in national and local programs supporting the Aboriginal community.
    In April, CIBC and the CBCF received the Sustained Success Award from the
Sponsorship Marketing Council of Canada in recognition of sponsorship
marketing programs that demonstrated the highest levels of accountability,
effectiveness and return on investment over a period of three years or longer.
    "I would like to thank our employees who have contributed their energy,
time and generous support to these campaigns," says McCaughey.

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

    The information on the following pages forms a part of this press
    release.

    (The board of directors of CIBC reviewed this press release prior to it
    being issued. CIBC's controls and procedures support the ability of the
    President and Chief Executive Officer and the Chief Financial Officer of
    CIBC to certify CIBC's second quarter financial report and controls and
    procedures. CIBC's CEO and CFO will voluntarily provide to the Securities
    and Exchange Commission a certification relating to CIBC's second quarter
    financial information, including the attached unaudited interim
    consolidated financial statements, and will provide the same
    certification to the Canadian Securities Administrators.)


    MANAGEMENT'S DISCUSSION AND ANALYSIS
    -------------------------------------------------------------------------

    Management's discussion and analysis (MD&A) should be read in conjunction
with the unaudited interim consolidated financial statements included in this
report and with the MD&A contained in our 2006 Annual Accountability Report.
The unaudited interim consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles (GAAP) and
are expressed in Canadian dollars. This MD&A is current as of May 31, 2007.
Additional information relating to CIBC is available on SEDAR at www.sedar.com
and on the U.S. Securities and Exchange Commission's (SEC) website at
www.sec.gov. No information on CIBC's website (www.cibc.com) should be
considered incorporated herein by reference. Certain comparative amounts have
been reclassified to conform with the presentation adopted in the current
period. A glossary of terms used throughout this quarterly report can be found
on pages 142 and 143 of our 2006 Annual Accountability Report.

    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 report, in
other filings with Canadian securities regulators or the U.S. Securities and
Exchange Commission and in other communications. These statements include, but
are not limited to, statements we make in the "Update on business priorities,"
"Outlook" and "Review of consolidated statement of operations - Income taxes"
sections of this report and other statements about our operations, business
lines, financial condition, risk management, priorities, targets, ongoing
objectives, strategies and outlook for 2007 and subsequent periods. Forward-
looking statements are typically identified by the words "believe," "expect,"
"anticipate," "intend," "estimate" and other similar expressions or future or
conditional verbs such as "will," "should," "would" and "could." By their
nature, these statements require us to make assumptions including the economic
assumptions set out in the "Outlook" section of this report, 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: legislative or regulatory developments in the
jurisdictions where we operate; amendments to, and interpretations of, risk-
based capital guidelines and reporting instructions; the resolution of legal
proceedings and related matters; the effect of applying future accounting
changes; changes in our estimates of reserves and allowances; changes in tax
laws; that our estimate of our sustainable effective tax rate will not be
achieved; political conditions and developments; the possible effect on our
business of international conflicts and the war on terror; natural disasters,
public health emergencies and other catastrophic events; reliance on third
parties to provide components of our business infrastructure; the accuracy and
completeness of information provided to us by clients and counterparties;
intensifying competition from established competitors and new entrants in the
financial services industry; technological change; global capital market
activity; interest rate and currency value fluctuations; general economic
conditions worldwide, as well as in Canada, the U.S. and other countries where
we have operations; changes in market rates and prices which may adversely
affect the value of financial products; our success in developing and
introducing new products and services, expanding existing distribution
channels, developing new distribution channels and realizing increased revenue
from these channels; changes in client spending and saving habits; and our
ability to anticipate and manage the risks associated with these factors. This
list is not exhaustive of the factors that may affect any of our forward-
looking statements. These and other factors should be considered carefully and
readers should not place undue reliance on our forward-looking statements. We
do not undertake to update any forward-looking statement that is contained in
this report or other communications.

     SECOND QUARTER FINANCIAL HIGHLIGHTS
    -------------------------------------------------------------------------

                                        As at or for the    As at or for the
                                      three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    Unaudited                Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Common share information

    Per share
      - basic earnings      $   2.29  $   2.13  $   1.65  $   4.42  $   3.28
      - cash basic
         earnings(1)            2.32      2.14      1.66      4.46      3.31
      - diluted earnings        2.27      2.11      1.63      4.37      3.25
      - cash diluted
         earnings(1)            2.29      2.12      1.65      4.41      3.28
      - dividends               0.77      0.70      0.68      1.47      1.36
      - book value             32.67     31.85     26.61     32.67     26.61
    Share price
      - high                  104.00    102.00     86.00    104.00     86.00
      - low                    97.70     88.96     77.95     88.96     72.90
      - closing                97.70    100.88     82.75     97.70     82.75
    Shares outstanding
     (thousands)
      - average basic        337,320   336,486   335,147   336,896   334,745
      - average diluted      340,613   339,942   338,544   340,272   338,117
      - end of period        337,487   337,139   335,519   337,487   335,519
    Market capitalization
     ($ millions)           $ 32,972  $ 34,011  $ 27,764  $ 32,972  $ 27,764
    ----------------------------------------------------- -------------------
    Value measures

    Price to earnings
     multiple (12 month
     trailing)                  11.4      12.7       n/m      11.4       n/m
    Dividend yield (based
     on closing share price)    3.2%      2.8%      3.4%      3.0%      3.3%
    Dividend payout ratio      33.7%     32.9%     41.4%     33.3%     41.5%
    Market value to book
     value ratio                2.99      3.17      3.11      2.99      3.11
    ----------------------------------------------------- -------------------
    Financial results ($ millions)

    Total revenue           $  3,050  $  3,091  $  2,777  $  6,141  $  5,635
    Provision for credit
     losses                      166       143       138       309       304
    Non-interest expenses      1,976     1,943     1,836     3,919     3,713
    Net income                   807       770       585     1,577     1,165
    ----------------------------------------------------- -------------------
    Financial measures

    Efficiency ratio           64.8%     62.9%     66.1%     63.8%     65.9%
    Cash efficiency ratio,
     taxable equivalent
     basis (TEB)(1)            63.2%     61.5%     64.9%     62.3%     64.6%
    Return on equity           28.9%     27.1%     25.7%     28.0%     25.6%
    Net interest margin        1.36%     1.33%     1.47%     1.34%     1.53%
    Net interest margin on
     average interest-earning
     assets                    1.55%     1.52%     1.71%     1.54%     1.79%
    Return on average assets   1.02%     0.97%     0.83%     0.99%     0.82%
    Return on average
     interest-earning assets   1.16%     1.10%     0.97%     1.13%     0.95%
    Total shareholder return  (2.4)%     16.0%      4.4%     13.2%     16.5%
    ----------------------------------------------------- -------------------
    On- and off-balance sheet
     information ($ millions)

    Cash, deposits with
     banks and securities   $100,204  $108,482  $ 90,295  $100,204  $ 90,295
    Loans and acceptances    164,797   159,530   145,826   164,797   145,826
    Total assets             326,580   322,608   290,721   326,580   290,721
    Deposits                 221,169   223,625   193,503   221,169   193,503
    Common shareholders'
     equity                   11,025    10,736     8,929    11,025     8,929
    Average assets           326,088   316,122   288,428   321,023   287,030
    Average interest-earning
     assets                  285,127   276,799   248,198   280,895   246,709
    Average common
     shareholders' equity     10,964    10,474     8,803    10,715     8,641
    Assets under
     administration        1,165,585 1,122,184 1,027,927 1,165,585 1,027,927
    ----------------------------------------------------- -------------------

    Balance sheet quality
     measures

    Common equity to
     risk-weighted assets       8.7%      8.7%      7.8%      8.7%      7.8%
    Risk-weighted assets
     ($ billions)           $  127.2  $  124.1  $  115.1  $  127.2  $  115.1
    Tier 1 capital ratio        9.5%      9.6%      9.2%      9.5%      9.2%
    Total capital ratio        14.1%     14.1%     13.7%     14.1%     13.7%
    ----------------------------------------------------- -------------------

    Other information
    Retail/wholesale
     ratio(2)                73%/27%   74%/26%   74%/26%   73%/27%   74%/26%
    Regular workforce
     headcount                40,488    40,559    36,741    40,488    36,741
    ----------------------------------------------------- -------------------
    (1) For additional information, see the "Non-GAAP measures" section.
    (2) Retail includes CIBC Retail Markets and commercial banking (reported
        as part of CIBC World Markets). Wholesale reflects CIBC World
        Markets, excluding commercial banking. The ratio represents the
        amount of capital attributed to the business lines as at the end of
        the period. For further details, see the "Non-GAAP measures" section
        on page 37 of the 2006 Annual Accountability Report.
    n/m - not meaningful due to the net loss over the 12 month trailing
        period.


    Overview

    CIBC is a leading North American financial institution. Through our two
distinct strategic business lines, CIBC Retail Markets and CIBC World Markets,
we provide a full range of products and services to over 11 million individual
and small business clients, and meet the financial needs of corporate and
institutional clients.

    Economic and market environment

    Economic growth was stronger in Canada than in the U.S. in the first
calendar quarter of 2007. U.S. consumer spending remained solid, but exports,
capital spending and homebuilding were weak. Canada benefited from gains in
the mining and energy sectors, and housing starts were stable. These factors
contributed to a strong job market which supported retail lending volumes.
Canadian equity markets remained healthy, lifted by strong earnings growth and
continued merger activity, leading to strong equities revenue. The yield curve
remained flat by historic standards, even with somewhat higher core inflation
in Canada. Some corporate bond spreads widened on increased prospects for
leveraged buyouts, negatively affecting our fixed income trading.

    Financial performance

    Net income for the quarter was $807 million, compared with $585 million
from the same quarter last year and $770 million from the prior quarter. Net
income for the six months ended April 30, 2007 was $1,577 million, compared
with $1,165 million for the same period in 2006.
    Diluted earnings per share (EPS) and return on equity (ROE) were $2.27
and 28.9%, respectively, compared with $1.63 and 25.7% for the same quarter
last year and $2.11 and 27.1% for the prior quarter. Diluted EPS and ROE for
the six months ended April 30, 2007 were $4.37 and 28.0%, respectively,
compared with $3.25 and 25.6% for the same period in 2006.
    Cash diluted EPS(1) were $2.29, compared with $1.65 for the same quarter
last year and $2.12 for the prior quarter. Cash diluted EPS(1) for the
six months ended April 30, 2007 were $4.41, compared with $3.28 for the same
period in 2006.
    Our results for the reported periods were affected by the following
items:

    Q2, 2007
    -  $91 million of favourable tax recoveries and reversals;
    -  $24 million ($17 million after-tax) reversal of the general allowance
       for credit losses; and
    -  $10 million ($7 million after-tax) positive impact of changes in
       credit spreads on the mark-to-market of our corporate loan credit
       derivatives.

    Q1, 2007
    -   $6 million ($4 million after-tax) negative impact of changes in
        credit spreads on the mark-to-market of our corporate loan credit
        derivatives.

    Q2, 2006
    -   $35 million of a favourable tax recovery;
    -   $25 million ($16 million after-tax) reversal of the general allowance
        for credit losses;
    -   $14 million ($9 million after-tax) negative impact of changes in
        credit spreads on the mark-to-market of our corporate loan credit
        derivatives; and
    -   $11 million ($7 million after-tax) negative impact due to a one-time
        accounting adjustment for mortgage loan prepayment fees.

    Compared with Q2, 2006
    Net income was up $222 million or 38%. Higher revenue from investment
banking and credit products and treasury, volume growth in cards, deposits and
mortgages and the impact of the FirstCaribbean acquisition (discussed on page
8), all contributed to the increase. Partially offsetting these were higher
performance-related compensation, spread compression in retail lending
products and higher provision for credit losses. In addition, the current
quarter benefited from the higher tax recoveries and reversals noted above.
Taxes were also lower as a result of an increase in the relative proportion of
earnings subject to lower rates of tax.

    Compared with Q1, 2007
    Net income was up $37 million or 5% largely driven by the tax recoveries
and reversals noted above. Income before taxes and non-controlling interests
was down $97 million or 10% mainly due to lower capital markets revenue and
the impact of three fewer days in the quarter. These were partially offset by
higher revenue from investment banking and credit products and treasury and
the impact of the FirstCaribbean acquisition. Higher specific provision for
credit losses was partially offset by the reversal of the general allowance
noted above.

    Compared with the six months ended April 30, 2006
    Net income was up $412 million or 35%. Revenue increases across most
business lines in CIBC World Markets and higher treasury revenue contributed
to the increase. The volume growth in cards, deposits and mortgages was offset
by spread compression in the retail lending products. The impact of the
FirstCaribbean acquisition also led to higher income. Performance-related
compensation was higher, driven by the increase in revenue. The current period
benefited from the higher tax recoveries and reversals noted above. Taxes were
also lower as a result of an increase in the relative proportion of earnings
subject to lower rates of tax.

    -------------------
    (1) Based upon net income available to common shareholders before
        amortization of other intangible assets. For additional information,
        see the "Non-GAAP measures" section.


    Outlook

    The economic outlook continues to point to moderate growth for the coming
quarters as interest rates are expected to remain relatively steady; however,
some softening in Canadian housing activity and only moderate growth in
consumer spending is anticipated. Product spreads are expected to remain
stable. Mortgage, lending and card balances are expected to continue
increasing at approximately the recent growth rates.
    While investment banking activities and capital markets are difficult to
predict, market liquidity and mergers and acquisition (M&A) activity should
remain robust. We expect the record level of equity new issue activity in the
current quarter will not likely continue into the third or fourth quarters.
The credit cycle should remain generally favourable in the near term, but the
current low level of corporate default rates is likely not sustainable over
the longer term, particularly given increased leveraged buyout activity
globally.

    Review of results of operations and financial position
    -------------------------------------------------------------------------

    Review of consolidated statement of operations

    ----------------------------------------------------- -------------------
                                                                     For the
                              For the three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Net interest income     $  1,079  $  1,059  $  1,036  $  2,138  $  2,184
    Non-interest income        1,971     2,032     1,741     4,003     3,451
    ----------------------------------------------------- -------------------
    Total revenue              3,050     3,091     2,777     6,141     5,635
    Provision for credit
     losses                      166       143       138       309       304
    Non-interest expenses      1,976     1,943     1,836     3,919     3,713
    ----------------------------------------------------- -------------------
    Income before taxes
     and non-controlling
     interests                   908     1,005       803     1,913     1,618
    Income taxes                  91       231       190       322       428
    Non-controlling
     interests                    10         4        28        14        25
    ----------------------------------------------------- -------------------
    Net income              $    807  $    770  $    585  $  1,577  $  1,165
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------


    Net interest income
    Net interest income was up $43 million or 4% from the same quarter last
year, primarily due to the impact of the FirstCaribbean acquisition and volume
growth in cards, deposits and mortgages. These factors were partially offset
by increased trading-related funding costs and spread compression in retail
lending products.
    Net interest income was up $20 million or 2% from the prior quarter, as a
result of the FirstCaribbean acquisition, offset in part by the impact of
three fewer days in the quarter.
    Net interest income for the six months ended April 30, 2007 was down
$46 million or 2% from the same period in 2006, largely due to increased
trading-related funding costs and spread compression in retail lending
products. These were partially offset by the impact of the FirstCaribbean
acquisition and volume growth in cards, deposits and mortgages.

    Non-interest income
    Non-interest income was up $230 million or 13% from the same quarter last
year, mainly due to higher gains net of write-downs on available-for-sale
(AFS) securities (classified in 2006 as investment securities and limited
partnership investments). Revenue on financial instruments designated at fair
value (FVO) (the majority of which was classified as trading in 2006) and
higher underwriting, advisory and credit fees also contributed to the
increase. In addition, losses associated with corporate loan hedging programs
were lower. Foreign exchange revenue of $47 million on the repatriation of
capital and retained earnings from our non-U.S. foreign operations was
included in the second quarter of 2006.
    Non-interest income was down $61 million or 3% from the prior quarter,
largely due to lower trading activities and lower revenue related to hedging
of stock appreciation rights (SARs). These were partially offset by lower
losses associated with corporate loan hedging programs.
    Non-interest income for the six months ended April 30, 2007 was up $552
million or 16% from the same period in 2006, mainly due to higher gains net of
write-downs on AFS securities and higher trading activities. Revenue on FVO
financial instruments and higher underwriting, advisory and mutual funds fees
also contributed to the increase. The prior period included foreign exchange
revenue of $47 million on the repatriation noted above.

    Provision for credit losses
    Provision for credit losses was up $28 million or 20% from the same
quarter last year, mainly driven by lower recoveries offset in part by lower
losses in the corporate lending portfolio. Increased losses on the cards
portfolio were largely offset by improvements in the unsecured personal
lending portfolio.
    Provision for credit losses was up $23 million or 16% from the prior
quarter, largely due to lower recoveries offset in part by lower losses in the
corporate lending portfolio. Losses in the cards and the small business
portfolios were higher. The current quarter benefited from the $24 million
reversal of the general allowance.
    Provision for credit losses for the six months ended April 30, 2007 was
up $5 million or 2% from the same period in 2006. The corporate lending
portfolio had lower reversals and recoveries. Improvements in the unsecured
personal lending portfolio were offset in part by higher losses in the cards
portfolio.

    Non-interest expenses
    Non-interest expenses were up $140 million or 8% from the same quarter
last year and up $206 million or 6% for the six months ended April 30, 2007
from the same period in 2006. The increase was mainly due to the impact of the
FirstCaribbean acquisition and higher performance-related compensation.
    Non-interest expenses were up $33 million or 2% from the prior quarter
resulting from the impact of the FirstCaribbean acquisition, offset in part by
lower expenses related to SARs and the impact of three fewer days in the
quarter. The current quarter's expenses included $99 million related to
FirstCaribbean, compared with $33 million in the prior quarter.

    Income taxes
    Income taxes were down $99 million or 52% from the same quarter last year
and down $106 million or 25% for the six months ended April 30, 2007 from the
same period in 2006. The current quarter benefited from an $80 million tax
recovery related to the favourable resolution of an income tax audit in CIBC
Retail Markets and an $11 million reversal of a portion of the valuation
allowance related to a future income tax asset from our U.S operations. The
increase in the relative proportion of earnings subject to lower rates of tax
also contributed to the decrease. The second quarter of 2006 included a tax
expense of $47 million on the repatriation of capital and retained earnings
from our non-U.S. foreign operations and the $35 million tax recovery related
to the favourable resolution of an income tax audit in CIBC Retail Markets.
    Income taxes were down $140 million or 61% from the prior quarter, mainly
due to the income tax recovery and the reversal of the valuation allowance
noted above, and lower income.
    The effective tax rate was 10.0% for the quarter, compared with 23.7% for
the same quarter last year and 23.0% for the prior quarter. The effective tax
rate for the six months ended April 30, 2007 was 16.8% compared with 26.5% for
the same period in 2006.
    The adjusted effective tax and taxable equivalent (TEB) rates for the
quarter ended April 30, 2007 (excluding the income tax recovery of $80 million
and the reversal of the valuation allowance of $11 million) were 20.0%(1) and
24.5%(1), respectively.
    While rates will vary from quarter to quarter, our current estimate is
that the adjusted sustainable effective tax rate will be in the 20-23% range
and the adjusted sustainable TEB tax rate will be in the 24-27% range. These
rates are determined based on the estimated earnings in various jurisdictions
over the near term and the expected enacted tax rates in these jurisdictions.
The impact of one-time items is excluded.

    Non-controlling interests
    Non-controlling interests were down $18 million or 64% from the same
quarter last year and down $11 million or 44% for the six months ended
April 30, 2007 from the same period in 2006. The decrease resulted from the
deconsolidation of a variable interest entity (VIE) in the third quarter of
2006, offset in part by the acquisition of a controlling interest in
FirstCaribbean.
    Non-controlling interests were up $6 million from the prior quarter,
largely due to the impact of the full three months of consolidation of
FirstCaribbean. This increase was partially offset by the purchase of an
additional 8.5% interest in FirstCaribbean on February 2, 2007.

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



    Review of consolidated balance sheet
    -------------------------------------------------------------------------
    CONDENSED CONSOLIDATED BALANCE SHEET

                                                              2007      2006
    $ millions, as at                                      Apr. 30   Oct. 31
    -------------------------------------------------------------------------
    Assets

    Cash and deposits with banks                          $ 16,441  $ 11,853
    Securities                                              83,763    83,498
    Securities borrowed or purchased under resale
     agreements                                             30,916    25,432
    Loans                                                  156,520   145,625
    Derivative instruments market valuation                 17,233    17,122
    Other assets                                            21,707    20,454
    -------------------------------------------------------------------------
    Total assets                                          $326,580  $303,984
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Liabilities and shareholders' equity

    Deposits                                              $221,169  $202,891
    Derivative instruments market valuation                 17,224    17,330
    Obligations related to securities lent or sold
     short or under repurchase agreements                   45,515    44,221
    Other liabilities                                       22,144    21,013
    Subordinated indebtedness                                6,011     5,595
    Preferred share liabilities                                600       600
    Non-controlling interests                                  161        12
    Shareholders' equity                                    13,756    12,322
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity            $326,580  $303,984
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Assets
    Total assets as at April 30, 2007 were up $22.6 billion or 7% from
October 31, 2006.
    Cash and deposits with banks increased as a result of the FirstCaribbean
acquisition and normal treasury funding requirements.
    The increase in securities driven by the FirstCaribbean acquisition was
largely offset by a decrease in trading securities in our wholesale banking
reflecting normal trading activities.
    The increase in securities borrowed or purchased under resale agreements
was primarily due to normal client-driven business activities.
    Loans increased largely due to the FirstCaribbean acquisition. There was
also volume growth in residential mortgages (net of securitizations) and
cards.
    Derivative instruments market valuation increased primarily due to the
reclassification of hedging derivative instruments from other assets under the
new financial instruments accounting standards (see Note 1 to the interim
consolidated financial statements for more details), partially offset by a
decrease in the market value of trading derivatives due to the weakening of
the U.S. dollar.
    Other assets increased mainly due to an increase in acceptances, and
goodwill and other intangible assets acquired resulting from the
FirstCaribbean acquisition. These increases were partially offset by the
reclassification of hedging derivative instruments to derivative instruments
market valuation and the investment in limited partnerships to AFS securities,
both under the new financial instruments accounting standards. In addition, as
a result of acquiring control, our investment in FirstCaribbean is no longer
included in other assets.

    Liabilities
    Total liabilities as at April 30, 2007 were up $21.2 billion or 7% from
October 31, 2006.
    Deposits increased mainly due to the FirstCaribbean acquisition and
volume growth in deposits attributed to funding requirements and client-driven
activities.
    Derivative instruments market valuation decreased primarily due to a
decrease in the market value of trading derivatives resulting from a weakening
of the U.S. dollar, partially offset by the reclassification of hedging
derivative instruments from other liabilities under the new financial
instruments accounting standards.
    The increase in obligations related to securities lent or sold short or
under repurchase agreements is largely as a result of the FirstCaribbean
acquisition and normal increases from client-driven and treasury funding
activities.
    Other liabilities increased primarily due to an increase in acceptances,
offset in part by the reclassification noted above for hedging derivative
instruments.
    Subordinated indebtedness increased primarily due to the FirstCaribbean
acquisition and a change in the fair value of hedged debentures as a result of
the implementation of the new financial instruments accounting standards.
    The increase in non-controlling interests mainly represents the minority
interest in FirstCaribbean.

    Shareholders' equity
    Shareholders' equity as at April 30, 2007 was up $1.4 billion or 12% from
October 31, 2006, primarily due to an increase in retained earnings and
preferred shares.

    FirstCaribbean International Bank
    On December 22, 2006, we obtained control of FirstCaribbean International
Bank (FirstCaribbean) by acquiring a further 39.3% ownership interest from
Barclays Bank PLC (Barclays) (FirstCaribbean acquisition). After completing
the transaction, we owned approximately 83.0% of the common shares of
FirstCaribbean with the remaining common shares held by both Barclays and
other minority shareholders. The transaction took place at a share price of
US$1.62 plus accrued dividends with a total transaction value of
US$989 million ($1,153 million), which we paid in cash to Barclays. In
addition, we incurred transaction costs, net of tax, of US$7 million
($8 million).
    On February 2, 2007, pursuant to a tender offer at the same price for the
remaining common shares held by Barclays and the other minority shareholders,
we acquired an additional 8.5% interest in FirstCaribbean in exchange for
additional cash consideration of US$212 million ($250 million), bringing our
total ownership to 91.5%. In addition, we incurred additional transaction
costs, net of tax, of US$2 million ($2 million).
    For additional details, see Note 2 to the interim consolidated financial
statements.

    Contingent liabilities
    CIBC is a party to a number of legal proceedings, including regulatory
investigations, in the ordinary course of its business. While there exists an
inherent difficulty in predicting the outcome of any such matters, based on
current knowledge and consultation with legal counsel, we do not expect that
the outcome of any of these matters, individually or in aggregate, would have
a material adverse effect on our consolidated financial position. However, the
outcome of any such matters, individually or in aggregate, may be material to
our operating results for a particular period.


    Review of quarterly financial information

                               2007                                     2006
    -------------------------------------------------------------------------
    $ millions,
    except per
    share amounts,
    for the three
    months ended   Apr. 30   Jan. 31   Oct. 31   Jul. 31   Apr. 30   Jan. 31
    -------------------------------------------------------------------------
    Revenue
      CIBC Retail
       Markets      $2,189    $2,151    $2,046    $2,038    $1,975    $2,068
      CIBC World
       Markets         726       784       697       677       607       679
      Corporate and
       Other           135       156       147       111       195       111
    -------------------------------------------------------------------------
    Total revenue    3,050     3,091     2,890     2,826     2,777     2,858
    Provision for
     credit losses     166       143        92       152       138       166
    Non-interest
     expenses        1,976     1,943     1,892     1,883     1,836     1,877
    -------------------------------------------------------------------------
    Income (loss)
     before taxes
     and non-
     controlling
     interests         908     1,005       906       791       803       815
    Income taxes        91       231        87       125       190       238
    Non-controlling
     interests          10         4         -         4        28        (3)
    -------------------------------------------------------------------------
    Net income
     (loss)         $  807    $  770    $  819    $  662    $  585    $  580
    -------------------------------------------------------------------------
    Per share
      - basic
         earnings
         (loss)     $ 2.29    $ 2.13    $ 2.34    $ 1.88    $ 1.65    $ 1.64
      - diluted
         earnings
         (loss)(1)  $ 2.27    $ 2.11    $ 2.32    $ 1.86    $ 1.63    $ 1.62
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                2005
    ---------------------------------
    $ millions,
    except per
    share amounts,
    for the three
    months ended   Oct. 31   Jul. 31
    ---------------------------------
    Revenue
      CIBC Retail
       Markets      $2,063    $2,025
      CIBC World
       Markets         964       929
      Corporate and
       Other           399       201
    ---------------------------------
    Total revenue    3,426     3,155
    Provision for
     credit losses     170       199
    Non-interest
     expenses        2,060     4,854
    ---------------------------------
    Income (loss)
     before taxes
     and non-
     controlling
     interests       1,196    (1,898)
    Income taxes       436      (106)
    Non-controlling
     interests          32       115
    ---------------------------------
    Net income
     (loss)         $  728   $(1,907)
    ---------------------------------
    ---------------------------------
    Per share
      - basic
         earnings
         (loss)     $ 2.08   $ (5.77)
      - diluted
         earnings
         (loss)(1)  $ 2.06   $ (5.77)
    ---------------------------------
    ---------------------------------
    (1) In case of a loss, the effect of stock options potentially
        exercisable on diluted earnings (loss) per share will be anti-
        dilutive; therefore, basic and diluted earnings (loss) per share
        will be the same.

    Our quarterly results are modestly affected by seasonal factors. The
first quarter is normally characterized by increased credit card purchases
over the holiday period. The second quarter has fewer days as compared with
the other quarters, generally leading to lower earnings. The summer months
(July - third quarter and August - fourth quarter) typically experience lower
levels of capital markets activity, which affects our brokerage, investment
management and wholesale activities.

    Revenue
    CIBC Retail Markets revenue increased in the first and second quarters of
2007 as a result of the FirstCaribbean acquisition. Continued strength in
cards and deposits also contributed to revenue growth in the past few
quarters. Three fewer days contributed to lower revenue in the second quarters
of 2007 and 2006.
    CIBC World Markets revenue is influenced to a large extent by capital
markets conditions and the opportunity for merchant banking divestitures.
Increased capital markets volumes led to higher revenue in the first quarter
of 2007. Increased merchant banking gains net of write-downs contributed to
higher revenue in the third and fourth quarters of 2005.
    Corporate and Other revenue is affected by the impact of significant
items not included in the other business lines. Revenue in the third quarter
of 2006 was lower due to the deconsolidation of a VIE. Foreign exchange
revenue on the repatriation of capital and retained earnings from our foreign
operations led to an increase in revenue in the second quarter of 2006 and the
fourth quarter of 2005. Revenue was higher in the third quarter of 2005 due to
higher revenue in a consolidated VIE.

    Provision for credit losses
    The provision for credit losses is dependent upon the credit cycle in
general and on the credit performance of the loan portfolio. Retail lending
provisions increased in the first and second quarters of 2007 largely due to
higher losses in the cards portfolio. However, provisions are lower than the
previous quarters of 2005, reflecting a shift to a higher proportion of
secured personal lending products. Corporate lending recoveries have decreased
in the current quarter. The high level of recoveries and reversals in the
large corporate lending portfolio in the past is not expected to continue.
Reversals of the general allowance were included in the current quarter, the
fourth quarters of 2006 and 2005, and in the second quarter of 2006.

    Non-interest expenses
    Non-interest expenses have declined in recent quarters as a result of our
productivity initiative. The FirstCaribbean acquisition and higher performance-
related compensation contributed to an increase in expenses in the first and
second quarters of 2007. Severance costs were higher in the fourth quarter of
2005. The third quarter of 2005 included the Enron-related litigation and
hedge funds settlement provisions.

    Income taxes
    Income taxes vary with changes in income subject to tax and the
jurisdictions in which the income is earned. It can also be affected by the
impact of significant items. Income tax recoveries related to the favourable
resolution of various income tax audits and reduced tax contingencies were
included in the current quarter, the last three quarters of 2006 and the
fourth quarter of 2005. Income tax expense on the repatriation of capital and
retained earnings from our foreign operations was also included in the second
quarter of 2006 and the fourth quarter of 2005. The Enron-related litigation
provision led to an income tax benefit in the third quarter of 2005.

    Non-controlling interests
    Non-controlling interests were higher in the quarter due to the full
three months of consolidation of FirstCaribbean. During the first three
quarters of 2006, we deconsolidated certain VIEs which resulted in a decrease
in non-controlling interests. In the first quarter of 2006, we acquired the
remaining non-controlling interest in INTRIA Items Inc. The third quarter of
2005 included higher revenue in consolidated VIEs.

    CIBC Retail Markets
    -------------------------------------------------------------------------

    CIBC Retail Markets comprises CIBC's retail and wealth management
businesses. We provide a full range of financial products and services to
individual and small business clients, as well as investment management
services globally to retail and institutional clients.

    Results (1)
    ----------------------------------------------------- -------------------
                                                                     For the
                              For the three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Revenue
      Personal and small
       business banking     $    501  $    517  $    490  $  1,018  $  1,000
      Imperial Service           232       237       227       469       457
      Retail brokerage           306       314       319       620       616
      Cards                      360       371       337       731       684
      Mortgages and personal
       lending                   361       389       357       750       770
      Asset management           112       111       108       223       215
      FirstCaribbean(2)          150        50         -       200         -
      Other                      167       162       137       329       301
    ----------------------------------------------------- -------------------
    Total revenue              2,189     2,151     1,975     4,340     4,043
    Provision for credit
     losses                      182       153       180       335       360
    Non-interest expenses      1,353     1,288     1,237     2,641     2,482
    ----------------------------------------------------- -------------------
    Income before taxes          654       710       558     1,364     1,201
    Income taxes                  64       176       126       240       331
    Non-controlling
     interests                     7         4         -        11         -
    ----------------------------------------------------- -------------------
    Net income              $    583  $    530  $    432  $  1,113  $    870
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------

    ----------------------------------------------------- -------------------
    Efficiency ratio           61.8%     59.9%     62.6%     60.8%     61.4%
    Cash efficiency ratio
     (TEB)(3)                  61.3%     59.7%     62.6%     60.6%     61.4%
    ROE(3)                     52.9%     55.0%     47.0%     53.9%     46.4%
    Economic profit(3)      $    442  $    405  $    312  $    847  $    624
    Regular workforce
     headcount                27,266    27,254    23,108    27,266    23,108
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) For additional segmented information, see the notes to the interim
        consolidated financial statements.
    (2) Consistent with other businesses, revenue includes earnings on
        capital and internal funding charges.
    (3) For additional information, see the "Non-GAAP measures" section.


    Financial overview

    Net income was up $151 million or 35% from the same quarter last year.
Revenue increased as a result of the FirstCaribbean acquisition, volume growth
in cards, deposits and mortgages, and higher treasury revenue allocations,
partially offset by spread compression in lending products. Non-interest
expenses were higher resulting from the FirstCaribbean acquisition. The
current quarter benefited from a tax recovery of $80 million as compared with
$35 million in the prior year quarter, both related to the favourable
resolution of income tax audits.
    Net income was up $53 million or 10% from the prior quarter. Revenue was
up due to the FirstCaribbean acquisition, offset in part by the impact of
three fewer days in the quarter. Non-interest expenses were higher mainly due
to the FirstCaribbean acquisition. The current quarter benefited from the tax
recovery noted above.
    Net income for the six months ended April 30, 2007 was up $243 million or
28% from the same period in 2006. The increase in revenue was due mainly to
the FirstCaribbean acquisition, volume growth in cards, deposits and
mortgages, and higher treasury revenue allocations, offset in part by spread
compression in lending products. Non-interest expenses were up largely as a
result of the FirstCaribbean acquisition. Both the current and prior periods
benefited from the tax recoveries noted above.

    Revenue

    FirstCaribbean revenue is included from the date of acquisition on
December 22, 2006. Prior to December 22, 2006, FirstCaribbean was equity-
accounted and the revenue was included in "Other".

    Revenue was up $214 million or 11% from the same quarter last year.
    Personal and small business banking revenue was up $11 million, mainly
due to volume growth. Spread compression in fixed-term investments was largely
offset by improved spreads in deposits.
    Retail brokerage revenue was down $13 million, due to lower trading
commissions and new issue activity, partially offset by higher fee-based
revenue.
    Cards revenue was up $23 million, primarily due to volume growth,
partially offset by spread compression.
    Mortgages and personal lending revenue was up $4 million with higher fee
income and volume growth in mortgages largely offset by spread compression.
    Other revenue was up $30 million due mainly to higher treasury revenue
allocations.

    Revenue was up $38 million or 2% from the prior quarter.
    Personal and small business banking, Imperial Service and Mortgages and
personal lending revenue were down as a result of three fewer days in the
quarter and spread compression.
    Retail brokerage revenue was down $8 million, primarily due to lower new
issue activity and trading commissions.
    Cards revenue was down $11 million, largely due to lower fee income and
three fewer days in the quarter, partially offset by improved spreads.

    Revenue for the six months ended April 30, 2007 was up $297 million or 7%
from the same period in 2006.
    Personal and small business banking revenue was up $18 million led by
volume growth. Improved spreads in deposits were largely offset by spread
compression in fixed-term investments.
    Imperial Service revenue was up $12 million, mainly due to higher revenue
from investment product sales.
    Retail brokerage revenue was up $4 million as higher fee income resulting
from growth in asset values was largely offset by lower trading commissions.
    Cards revenue was up $47 million, primarily due to volume growth and
higher fee income, partially offset by spread compression.
    Mortgages and personal lending revenue was down $20 million, primarily
due to spread compression, partially offset by higher securitization revenue
and volume growth in mortgages.
    Asset management revenue was up $8 million with higher fee income driven
by growth in average funds managed largely offset by higher internal
commissions paid to Imperial Service.
    Other revenue was up $28 million resulting mainly from higher treasury
revenue allocations.

    Provision for credit losses

    Provision for credit losses was comparable with the same quarter last
year as improvements in the unsecured personal lending portfolio were offset
by increased losses in the cards portfolio.
    Provision for credit losses was up $29 million or 19% from the prior
quarter, mainly due to higher losses in the cards and small business
portfolios.
    Provision for credit losses for the six months ended April 30, 2007 was
down $25 million or 7% from the same period in 2006, primarily due to
improvements in the unsecured personal lending portfolio, partially offset by
increased losses in the cards portfolio.

    Non-interest expenses

    Non-interest expenses were up $116 million or 9% from the same quarter
last year and up $65 million or 5% from the prior quarter largely as a result
of the FirstCaribbean acquisition.
    Non-interest expenses for the six months ended April 30, 2007 were up
$159 million or 6% from the same period in 2006, primarily due to the
FirstCaribbean acquisition and higher corporate support costs.

    Income taxes

    Income taxes were down $62 million or 49% from the same quarter last year
and down $91 million or 27% for the six months ended April 30, 2007 from the
same period in 2006. A higher tax recovery and lower taxes attributable to an
increase in the relative proportion of earnings subject to lower rates of tax
contributed to the decrease.
     Income taxes were down $112 million or 64% from the prior quarter,
primarily due to the tax recovery noted above.

    Non-controlling interests

    Non-controlling interests represents the minority interest in
FirstCaribbean.

    Regular workforce headcount

    The regular workforce headcount was up 4,158 from the same quarter last
year, largely due to the FirstCaribbean acquisition and a realignment of staff
from Administration, Technology and Operations.

    CIBC World Markets

    CIBC World Markets is the wholesale and corporate banking arm of CIBC,
providing a range of integrated credit and capital markets, investment
banking, and merchant banking products and services to clients in key
financial markets in North America and around the world. We provide capital
solutions and advisory expertise across a wide range of industries as well as
research for our corporate, government and institutional clients.

    Results (1)
    ----------------------------------------------------- -------------------
                                                                     For the
                              For the three months ended    six months ended
                           ------------------------------ -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Revenue (TEB)(2)
      Capital markets       $    351  $    449  $    354  $    800  $    725
      Investment banking
       and credit
       products(3)               247       204       119       451       356
      Commercial banking(3)      121       121       119       242       243
      Merchant banking            85        77        69       162        81
      Other                      (24)       (5)      (12)      (29)      (31)
    ----------------------------------------------------- -------------------
    Total revenue (TEB)(2)       780       846       649     1,626     1,374
    TEB adjustment                54        62        42       116        88
    ----------------------------------------------------- -------------------
    Total revenue                726       784       607     1,510     1,286
    Provision for (recovery
     of) credit losses             4       (10)      (16)       (6)      (31)
    Non-interest expenses        524       551       505     1,075     1,038
    ----------------------------------------------------- -------------------
    Income before taxes and
     non-controlling
     interests                   198       243       118       441       279
    Income taxes                   1        33         7        34        39
    Non-controlling
     interests                     3         -         1         3         2
    ----------------------------------------------------- -------------------
    Net income              $    194  $    210  $    110  $    404  $    238
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------

    ----------------------------------------------------- -------------------
    Efficiency ratio           72.2%     70.3%     83.4%     71.2%     80.7%
    Cash efficiency ratio
     (TEB)(2)                  67.1%     65.2%     77.9%     66.1%     75.5%
    ROE(2)                     36.8%     41.6%     23.5%     39.2%     24.6%
    Economic profit(2)      $    127  $    146  $     50  $    273  $    114
    Regular workforce
     headcount                 2,353     2,384     2,222     2,353     2,222
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) For additional segmented information, see the notes to the interim
        consolidated financial statements.
    (2) For additional information, see the "Non-GAAP measures" section.
    (3) Effective November 1, 2006, all cash management revenue previously
        allocated to investment banking and credit products was transferred
        to commercial banking on a retroactive basis.

    Financial overview

    Net income was up $84 million or 76% from the same quarter last year,
largely as a result of higher revenue in U.S. real estate finance which
completed its largest commercial mortgage-backed securities offering, and
Canadian investment banking. Taxes were lower driven by an increase in the
relative proportion of earnings subject to lower rates. These were partially
offset by higher non-interest expenses and provision for credit losses.
    Net income was down $16 million or 8% from the prior quarter, primarily
due to lower capital markets revenue, partially offset by higher investment
banking and credit products revenue and lower non-interest expenses.
    Net income for the six months ended April 30, 2007 was up $166 million or
70% from the same period in 2006, mainly due to higher revenue across most
business lines and lower taxes resulting from an increase in the relative
proportion of earnings subject to lower rates. These were partially offset by
higher non-interest expenses and a lower recovery of credit losses.

    Revenue

    Revenue was up $119 million or 20% from the same quarter last year.
    Investment banking and credit products revenue was up $128 million.
Higher revenue in U.S. real estate finance and Canadian investment banking
accounted for almost half of the increase. In addition, losses associated with
corporate loan hedging programs were lower.
    Merchant banking revenue was up $16 million, resulting from higher gains
and lower write-downs.

    Revenue was down $58 million or 7% from the prior quarter.
    Capital markets revenue was down $98 million. Lower revenue in debt
capital markets, equity and commodity structured products and Canadian
equities contributed to the decrease.
    Investment banking and credit products revenue was up $43 million,
primarily due to higher revenue in U.S. real estate finance and lower losses
associated with corporate loan hedging programs, partially offset by lower
revenue in investment banking.

    Revenue for the six months ended April 30, 2007 was up $224 million or
17% from the same period in 2006.
    Capital markets revenue was up $75 million, driven by higher revenue in
equity and commodities structured products.
    Investment banking and credit products revenue was up $95 million,
primarily due to higher revenue in U.S. real estate finance and lower losses
associated with corporate loan hedging programs, partially offset by lower
revenue in European investment banking.
    Merchant banking revenue was up $81 million, resulting from higher gains
and lower write-downs.

    Provision for (recovery of) credit losses

    Provision for credit losses was $4 million, compared with a recovery of
$16 million for the same quarter last year. Lower recoveries in the U.S. were
partially offset by lower losses net of recoveries in commercial banking.
    Provision for credit losses was $4 million, compared with a recovery of
$10 million for the prior quarter. Lower recoveries in Europe and higher
losses net of recoveries in commercial banking were partially offset by lower
losses net of recoveries in the U.S.
    Recovery of credit losses for the six months ended April 30, 2007 was
down $25 million or 81% from the same period in 2006, primarily due to higher
losses and lower recoveries in the U.S., partially offset by higher recoveries
in Europe and lower losses in commercial banking.

    Non-interest expenses

    Non-interest expenses were up $19 million or 4% from the same quarter
last year, primarily due to higher performance-related compensation, partially
offset by lower litigation provisions.
    Non-interest expenses were down $27 million or 5% from the prior quarter,
mainly due to lower litigation provisions.
    Non-interest expenses for the six months ended April 30, 2007 were up
$37 million or 4% from the same period in 2006, primarily due to higher
performance-related compensation, partially offset by lower litigation
provisions and corporate support costs.

    Income taxes

    Despite higher income, income taxes were down $6 million or 86% from the
same quarter last year and down $5 million or 13% for the six months ended
April 30, 2007 from the same period in 2006. The increase in the relative
proportion of earnings subject to lower rates of tax, including tax-exempt
income, contributed to the decrease. The current quarter benefited from the
$11 million reversal of a portion of the valuation allowance related to a
future tax asset from our U.S. operations.
    Income taxes were down $32 million or 97% from the prior quarter,
resulting from lower income and the valuation allowance reversal noted above.

    Regular workforce headcount

    The regular workforce headcount was up 131 from the same quarter last
year, primarily due to a realignment of staff from Administration, Technology
and Operations.

    Corporate and Other
    -------------------

    Corporate and Other comprises the five functional groups -
Administration, Technology and Operations; Corporate Development; Finance;
Legal and Regulatory Compliance; and Treasury and Risk Management - that
support CIBC's business lines, as well as CIBC Mellon joint ventures, and
other income statement and balance sheet items, including the general
allowance, not directly attributable to the business lines. The general
allowance applicable to FirstCaribbean is determined locally and is included
in CIBC Retail Markets. The revenue and expenses of the functional groups are
generally allocated to the business lines.

    Results(1)
    -------------------------------------------------------------------------
                                                                     For the
                              For the three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Total revenue           $    135  $    156  $    195  $    291  $    306
    Recovery of credit
     losses                      (20)        -       (26)      (20)      (25)
    Non-interest expenses         99       104        94       203       193
    ----------------------------------------------------- -------------------
    Income before taxes and
     non-controlling
     interests                    56        52       127       108       138
    Income taxes                  26        22        57        48        58
    Non-controlling interests      -         -        27         -        23
    ----------------------------------------------------- -------------------
    Net income              $     30  $     30  $     43  $     60  $     57
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------

    Regular workforce
     headcount                10,869    10,921    11,411    10,869    11,411
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) For additional segmented information, see the notes to the interim
        consolidated financial statements.

    Financial overview

    Net income was down $13 million or 30% from the same quarter last year,
mainly due to higher unallocated corporate support costs. The second quarter
of 2006 included foreign exchange revenue of $47 million and the related tax
expense of the same amount on the repatriation of capital and retained
earnings from our non-U.S. foreign operations.
    Net income was unchanged from the prior quarter, as the reversal of the
$20 million of general allowance for credit losses was offset by higher
unallocated corporate support costs.
    Net income for the six months ended April 30, 2007 was up $3 million or
5% from the same period in 2006. Higher revenue from treasury and the CIBC
Mellon joint ventures and lower project costs contributed to the increase.
These were partially offset by higher unallocated corporate support costs.

    Revenue

    Revenue was down $60 million or 31% from the same quarter last year and
down $15 million or 5% for the six months ended April 30, 2007 from the same
period in 2006. Foreign exchange revenue of $47 million on the repatriation
noted above was included in the second quarter of 2006. The deconsolidation of
a VIE in the third quarter of 2006 offset in part by higher revenue from
treasury and CIBC Mellon joint ventures also contributed to the decline.
    Revenue was down $21 million or 13% from the prior quarter, mainly due to
lower revenue related to the hedging of SARs.

    Recovery of credit losses

    The current quarter included the $20 million reversal of the general
allowance compared with $25 million in the same quarter last year.

    Non-interest expenses

    Non-interest expenses were up $5 million or 5% from the same quarter last
year and up $10 million or 5% for the six months ended April 30, 2007 from the
same period in 2006. The increase was mainly due to higher unallocated
corporate support costs, partially offset by lower project costs.
     Non-interest expenses were down $5 million or 5% from the prior quarter,
primarily due to lower expenses related to SARs, partially offset by higher
unallocated corporate support costs.

    Income taxes

    Income taxes were down $31 million or 54% from the same quarter last
year. An income tax expense of $47 million on the repatriation noted above was
included in the second quarter of 2006.
     Income taxes for the six months ended April 30, 2007 were down
$10 million or 17% from the same period in 2006, mainly due to the income tax
expense of $47 million on the repatriation noted above, partially offset by
the impact of higher income subject to tax.

    Non-controlling interests

    Non-controlling interests in the second quarter of 2006 and the six
months ended April 30, 2006 represents the minority interest in a consolidated
VIE. The VIE was deconsolidated in the third quarter of 2006.

    Regular workforce headcount

    The regular workforce headcount was down 542 from the same quarter last
year, primarily due to the reduction of back office functions and the
realignment of staff to the business groups. These decreases were partially
offset by the transfer of staff from an external service provider relating to
the repatriation of desktop support and related network management services to
CIBC.

    Management of risk
    ------------------

    Our approach to the management of risk and capital resources has not
changed significantly from that described on pages 53 to 66 of the 2006 Annual
Accountability Report.

    Management of credit risk

    -------------------------------------------------------------------------
    CREDIT QUALITY PERFORMANCE
                                                              2007      2006
    $ millions, as at                                      Apr. 30   Oct. 31
    -------------------------------------------------------------------------
    Gross impaired loans
    Consumer                                              $    555  $    386
    Business and government                                    426       244
    -------------------------------------------------------------------------
    Total gross impaired loans                            $    981  $    630
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Allowance for credit losses
    Consumer                                              $    374  $    363
    Business and government                                    248       181
    -------------------------------------------------------------------------
    Specific allowance                                         622       544
    General allowance                                          894       900
    -------------------------------------------------------------------------
    Total allowance for credit losses                     $  1,516  $  1,444
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Gross impaired loans were up $351 million or 56% from October 31, 2006.
Consumer gross impaired loans were up $169 million or 44%. Business and
government gross impaired loans were up $182 million or 75%. The overall
increase in gross impaired loans was largely due to the FirstCaribbean
acquisition. During the six months ended April 30, 2007, gross impaired loans
increased $22 million in Canada, $22 million in the U.S. and $307 million in
other countries.
    Allowance for credit losses was up $72 million or 5% from October 31,
2006. Specific allowance was up $78 million or 14% from year-end, primarily
due to the FirstCaribbean acquisition. This increase was partially offset by a
reduction in the specific allowance of the personal loans portfolio in Canada.
The general allowance totalled $894 million, down $6 million from the year-
end. The reversal of $24 million of general allowance, and a transfer of
$5 million to specific allowance related to the student loans portfolio were
largely offset by the FirstCaribbean acquisition.
    For details on the provision for credit losses, see the "Review of
consolidated statement of operations" section.


    Management of market risk

    Trading activities
    ------------------
    The following table shows Value-at-Risk (VaR) by risk-type for CIBC's
trading activities. Total average risk was down from the same quarter last
year primarily due to lower levels of credit spread risk, partially offset by
higher levels of interest rate risk. Risk changes have not been significant
and do not reflect any material change in business activity.
    Trading revenue (TEB)(A) was positive for 79% of the days in the quarter
and 86% of the days for the six months ended April 30, 2007 and trading losses
did not exceed VaR for any day during the three and six months ended April 30,
2007.

    --------------
    (A) For additional information, see the "Non-GAAP measures" section on
        page 37 of our 2006 Annual Accountability Report.


    -------------------------------------------------------------------------
    VaR BY RISK TYPE - TRADING PORTFOLIO

                                         As at or for the three months ended
                                       --------------------------------------
                                                               Apr. 30, 2007
                                       --------------------------------------
    $ millions                            High       Low     As at   Average
    -------------------------------------------------------------------------
    Interest rate risk                 $   8.8   $   4.9   $   7.5   $   7.0
    Credit spread risk                     4.8       3.0       4.7       3.9
    Equity risk                            7.4       5.2       5.8       5.9
    Foreign exchange risk                  1.1       0.1       0.4       0.5
    Commodity risk                         1.9       0.9       1.0       1.4
    Diversification effect(1)            n/m(2)    n/m(2)     (9.7)     (9.5)
    ----------------------------                           ------------------
    Total risk                         $  10.3   $   8.0   $   9.7   $   9.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                         As at or for the three months ended
                                       --------------------------------------
                                           Jan. 31, 2007       Apr. 30, 2006
                                       --------------------------------------
    $ millions                           As at   Average     As at   Average
    -------------------------------------------------------------------------
    Interest rate risk                 $   8.6   $   7.0   $   6.1   $   6.3
    Credit spread risk                     3.2       3.5       4.8       5.0
    Equity risk                            5.8       6.4       6.5       6.4
    Foreign exchange risk                  0.6       0.4       0.5       0.2
    Commodity risk                         1.5       1.6       2.1       1.7
    Diversification effect(1)            (10.2)     (9.9)    (10.2)    (10.0)
    ----------------------------       --------------------------------------
    Total risk                         $   9.5   $   9.0   $   9.8   $   9.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                 For the
                                        six months ended
                                       ------------------
                                       Apr. 30,  Apr. 30,
                                          2007      2006
                                       ------------------
    $ millions                         Average   Average
    -----------------------------------------------------
    Interest rate risk                 $   7.0   $   5.0
    Credit spread risk                     3.7       4.7
    Equity risk                            6.1       6.1
    Foreign exchange risk                  0.4       0.2
    Commodity risk                         1.5       1.6
    Diversification effect(1)             (9.6)     (8.7)
    ----------------------------       ------------------
    Total risk                         $   9.1   $   8.9
    -----------------------------------------------------
    -----------------------------------------------------
    (1) Aggregate VaR is less than the sum of the VaR of the different market
        risk types due to risk offsets resulting from portfolio
        diversification effect.
    (2) Not meaningful. It is not meaningful to compute a diversification
        effect because the high and low may occur on different days for
        different risk types.


    Non-trading activities
    ----------------------
    The following table shows the potential impact of an immediate 100 basis
points increase and decrease in interest rates over the next 12 months, as
adjusted for estimated prepayments.

    -------------------------------------------------------------------------
    INTEREST RATE SENSITIVITY -
    NON TRADING (AFTER-TAX)                         2007      2007      2006
    $ millions, as at                            Apr. 30   Jan. 31   Apr. 30
    -------------------------------------------------------------------------
    100 basis points increase in interest rates
    Impact on net interest income               $     22  $     12  $     79
    Impact on shareholders' equity(1)                292       183       260

    100 basis points decrease in interest rates
    Impact on net interest income               $    (95) $    (72) $   (149)
    Impact on shareholders' equity(1)               (326)     (239)     (260)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Measured on a present value basis.


    Management of liquidity risk

    Consistent with our liquidity risk mitigation strategies, we continue to
source term funding in the wholesale markets from a variety of clients and
geographic locations, borrowing across a range of maturities using a mix of
funding instruments.
    Core personal deposits remain a prime source of dependable retail
funding. As at April 30, 2007, Canadian dollar deposits from individuals
totalled $82.0 billion (October 31, 2006: $77.4 billion).
    Strategies for managing liquidity risk include maintaining diversified
sources of wholesale term funding, asset securitization initiatives, capital
and subordinated debt issuance, and maintenance of segregated pools of high-
quality liquid assets that can be sold or pledged as security to provide a
ready source of cash.
    One factor that can affect our access to wholesale markets and funding
costs in those markets is our credit ratings. Over the course of the quarter,
DBRS Limited upgraded our senior and subordinated debt ratings from AA(low) to
AA and from A(high) to AA(low), respectively. Moody's Investors Service
implemented a new bank rating methodology, the final outcome of which was a
revision of our senior debt rating from Aa3 to Aa2 and our subordinated debt
rating from A1 to Aa3. These changes have resulted in minimal impact to our
access and cost of wholesale funding.


    The following table summarizes our liquid assets:

    -------------------------------------------------------------------------
                                                              2007      2006
    $ billions, as at                                      Apr. 30   Oct. 31
    -------------------------------------------------------------------------
    Cash                                                  $    1.0  $    0.9
    Deposits with banks                                       15.4      10.9
    Securities(1)                                             66.1      66.8
    Securities borrowed or purchased under resale
     agreements                                               30.9      25.4
    -------------------------------------------------------------------------
                                                          $  113.4  $  104.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Includes available-for-sale securities (2006: investment securities)
        and securities designated at fair value with residual term to
        contractual maturity within one year, and trading securities.

    In the course of our regular business activities, certain assets are
pledged as part of collateral management, including those necessary for day-to-
day clearing and settlement of payments and securities. Pledged assets as at
April 30, 2007 totalled $22.3 billion (October 31, 2006: $25.5 billion).

    Management of capital resources

    Regulatory capital
    ------------------
    We manage capital in accordance with policies established by the Board
and a Board-approved annual capital plan.
    Regulatory capital is determined in accordance with guidelines issued by
the Office of the Superintendent of Financial Institutions (OSFI).


    -------------------------------------------------------------------------
                                                              2007      2006
    $ millions, as at                                      Apr. 30   Oct. 31
    -------------------------------------------------------------------------
    Tier 1 capital                                        $ 12,111  $ 11,935
    Total regulatory capital                                17,954    16,583
    Risk-weighted assets                                   127,186   114,780
    Tier 1 capital ratio                                      9.5%     10.4%
    Total capital ratio                                      14.1%     14.5%
    Assets-to-capital multiple                               17.9x     18.0x
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Our Tier 1 ratio was down 90 basis points from the year-end, largely due
to an increase in risk-weighted assets and goodwill, both arising from the
acquisition of FirstCaribbean. These factors were partially offset by the
increase in retained earnings, the minority interest in FirstCaribbean, and
the issue of common shares from the exercise of options.
    Our Total capital ratio was down 40 basis points from year-end, largely
due to the factors noted above. The total capital ratio benefited from the
reduction in equity-accounted investments as a result of our FirstCaribbean
acquisition.


    Significant capital management activities
    -----------------------------------------

    The following table summarizes our significant capital management
activities:

    -------------------------------------------------------------------------
                                                           For the   For the
                                                             three       six
                                                            months    months
                                                             ended     ended
                                                          April 30, April 30,
    $ millions                                                2007      2007
    -------------------------------------------------------------------------
    Issue of Class A Preferred Shares                     $    300  $    750
    Redemption of Class A Preferred Shares                       -     416(1)
    Issue of common shares (options exercised)                  21        71
    Dividends
      Preferred shares - classified as equity                   35        73
      Preferred shares - classified as liabilities               8        16
      Common shares                                            259       494
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
     (1) Includes $16 million premium on redemption.

    For additional details, see Note 5 to the interim consolidated financial
statements.

    Normal course issuer bid
    ------------------------
    On April 30, 2007, the Toronto Stock Exchange accepted our notice of
intention to commence a normal course issuer bid. Purchases under this bid
commenced on May 2, 2007 and will conclude on the earlier of the termination
of the bid, the date on which purchases under the bid have been completed, or
October 31, 2007. Under this bid, from time to time we may purchase for
cancellation up to 10 million common shares. Between the commencement of the
bid and May 30, 2007, we repurchased and cancelled approximately 1.3 million
shares at an average price of $102.13 for a total amount of $130 million.

    Dividends
    ---------
    During the quarter, we increased our quarterly common share dividend from
$0.70 per share to $0.77 per share.

    Regulatory approval to pay dividends
    ------------------------------------
    We obtained the approval of OSFI under section 79(5) of the Bank Act to
pay dividends on our common shares and Class A Preferred Shares for the
quarters ended January 31, 2007 and April 30, 2007.
    On April 20, 2007, section 79(5) of the Bank Act was repealed and further
OSFI approvals will not be required.


    Off-balance sheet arrangements and contractual obligations
    ----------------------------------------------------------

    Off-balance sheet arrangements

    We enter into several types of off-balance sheet arrangements in the
normal course of our business. These include transactions with VIEs,
derivatives, credit-related arrangements and guarantees. Details on our off-
balance sheet arrangements are provided on pages 67 to 69 of the 2006 Annual
Accountability Report. For additional details on securitizations and
guarantees, see the notes to the interim consolidated financial statements.
There were no other significant changes to off-balance sheet arrangements for
the three and six months ended April 30, 2007.

    Contractual obligations

    Details on our contractual obligations are provided on page 69 of the
2006 Annual Accountability Report.
    On November 1, 2006, we amended an information technology services
contract with an external service provider to extend an existing three year
commitment to seven years, and thereby increased the purchase obligation by
approximately $600 million through 2013. There were no significant changes to
contractual obligations that were not in the ordinary course of our business.

    Critical accounting policies and estimates
    ------------------------------------------

    A summary of significant accounting policies is presented in Note 1 to
the 2006 consolidated financial statements.
    Certain accounting policies of CIBC are critical to understanding the
results of operations and financial condition of CIBC. These critical
accounting policies require management to make certain judgments and
estimates, some of which may relate to matters that are uncertain. Significant
changes in accounting policies were adopted on November 1, 2006 related to the
financial instruments standards noted below. For a description of the
judgments and estimates involved in the application of critical accounting
policies and assumptions made for pension and other benefit plans, see pages
70 to 73 of the 2006 Annual Accountability Report.

    Changes in accounting policy
    ----------------------------

    Financial instruments

    On November 1, 2006, we adopted the Canadian Institute of Chartered
Accountants (CICA) handbook sections 3855 "Financial Instruments - Recognition
and Measurement," 3865 "Hedges" (including the amendments to the transitional
provisions finalized by the CICA on December 15, 2006 by way of a Board
Notice), 1530 "Comprehensive Income," and 3251 "Equity."
    The standards require that all financial assets be classified as trading,
designated at fair value, available for sale, held to maturity, or loans and
receivables. In addition, the standards require that all financial assets,
including all derivatives, be measured at fair value with the exception of
loans and receivables, debt securities classified as held-to-maturity, and
available-for-sale equities that do not have quoted market values in an active
market. As required, these standards have been applied as an adjustment to
opening retained earnings and accumulated other comprehensive income (AOCI).
As a result, retained earnings decreased by $50 million; and AOCI increased by
$123 million, excluding the impact of the reclassification of the foreign
currency translation adjustments opening balance to AOCI. Prior period
balances have not been restated.
    For further details, see Note 1 to the interim consolidated financial
statements.

    Future accounting changes
    -------------------------

    Leveraged leases

    In July 2006, the Financial Accounting Standards Board (FASB) issued a
FASB Staff Position (FSP) FAS 13-2, "Accounting for a Change or Projected
Change in the Timing of Cash Flows Relating to Income Taxes Generated by a
Leveraged Lease Transaction," which amends Statement of Financial Accounting
Standard 13, "Accounting for Leases," certain aspects of which are
incorporated in the CICA Emerging Issues Abstract (EIC) 46, "Leveraged
Leases." The FSP is effective for CIBC beginning November 1, 2007.
    For additional details, see page 130 of our 2006 Annual Accountability
Report.

    Capital disclosures

    In December 2006, the CICA issued a new handbook section 1535, "Capital
Disclosures," which requires an entity to disclose its objectives, policies
and processes for managing capital. This new standard is effective for CIBC
beginning November 1, 2007.

    Financial instruments

    In December 2006, the CICA issued two new handbook sections, 3862
"Financial Instruments - Disclosures" and 3863 "Financial Instruments -
Presentation." These new standards are effective for CIBC beginning
November 1, 2007.
    These sections replace CICA handbook section 3861, "Financial Instruments
- Disclosure and Presentation." These new sections enhance disclosure
requirements on the nature and extent of risks arising from financial
instruments and how the entity manages those risks.

    Controls and procedures
    -----------------------

    Disclosure controls and procedures

    CIBC's management, with the participation of the Chief Executive Officer
and Chief Financial Officer, has evaluated the effectiveness, as at April 30,
2007, of CIBC's disclosure controls and procedures (as defined in the rules of
the SEC and the Canadian Securities Administrators) and has concluded that
such disclosure controls and procedures are effective.

    Changes in internal control over financial reporting

    There have been no changes in CIBC's internal control over financial
reporting during the quarter ended April 30, 2007 that have materially
affected, or are reasonably likely to materially affect, its internal control
over financial reporting.

    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 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 financial measures useful
in analyzing financial performance. For a more detailed discussion on our non-
GAAP measures, see page 37 of the 2006 Annual Accountability Report.
    The following tables provide a reconciliation of our non-GAAP to GAAP
measures:


    Statement of operations measures

    -------------------------------------------------------------------------
                                          CIBC      CIBC
    $ millions, for the                 Retail     World  Corporate     CIBC
     three months ended                Markets   Markets  and Other    Total
    -------------------------------------------------------------------------
    Apr. 30, 2007
      Total revenue                   $  2,189  $    726  $    135  $  3,050
      Add: adjustment for TEB                -        54         -        54
    -------------------------------------------------------------------------
      Revenue (TEB)                   $  2,189  $    780  $    135  $  3,104
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net income                      $    583  $    194  $     30  $    807
      Less: charge for economic
       capital                             141        67         1       209
    -------------------------------------------------------------------------
      Economic profit                 $    442  $    127  $     29  $    598
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Efficiency ratio                   61.8%     72.2%       n/m     64.8%
      Less: adjustment for
             impact of TEB                   -       5.1       n/m       1.1
            amortization of other
             intangible assets             0.5         -       n/m       0.5
    -------------------------------------------------------------------------
      Cash efficiency ratio (TEB)        61.3%     67.1%       n/m     63.2%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Jan. 31, 2007
      Total revenue                   $  2,151  $    784  $    156  $  3,091
      Add: adjustment for TEB                -        62         -        62
    -------------------------------------------------------------------------
      Revenue (TEB)                   $  2,151  $    846  $    156  $  3,153
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net income                      $    530  $    210  $     30  $    770
      Less: charge for economic
       capital                             125        64         4       193
    -------------------------------------------------------------------------
      Economic profit                 $    405  $    146  $     26  $    577
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Efficiency ratio                   59.9%     70.3%       n/m     62.9%
      Less: adjustment for
             impact of TEB                   -       5.1       n/m       1.3
            amortization of other
             intangible assets             0.2         -       n/m       0.1
    -------------------------------------------------------------------------
      Cash efficiency ratio (TEB)        59.7%     65.2%       n/m     61.5%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Apr. 30, 2006
      Total revenue                   $  1,975  $    607  $    195  $  2,777
      Add: adjustment for TEB                -        42         -        42
    -------------------------------------------------------------------------
      Revenue (TEB)                   $  1,975  $    649  $    195  $  2,819
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net income                      $    432  $    110  $     43  $    585
      Less: charge for economic
             capital                       120        60         4       184
    -------------------------------------------------------------------------
      Economic profit                 $    312  $     50  $     39  $    401
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Efficiency ratio                   62.6%     83.4%       n/m     66.1%
      Less: adjustment for
             impact of TEB                   -       5.5       n/m       1.0
            amortization of other
             intangible assets               -         -       n/m       0.2
    -------------------------------------------------------------------------
      Cash efficiency ratio (TEB)        62.6%     77.9%       n/m     64.9%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    n/m - not meaningful


    -------------------------------------------------------------------------
                                          CIBC      CIBC
    $ millions, for the                 Retail     World  Corporate     CIBC
     six months ended                  Markets   Markets  and Other    Total
    -------------------------------------------------------------------------
    Apr. 30, 2007
      Total revenue                   $  4,340  $  1,510  $    291  $  6,141
      Add: adjustment for TEB                -       116         -       116
    -------------------------------------------------------------------------
      Revenue (TEB)                   $  4,340  $  1,626  $    291  $  6,257
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net income                      $  1,113  $    404  $     60  $  1,577
      Less: charge for economic
             capital                       266       131         5       402
    -------------------------------------------------------------------------
      Economic profit                 $    847  $    273  $     55  $  1,175
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Efficiency ratio                   60.8%     71.2%       n/m     63.8%
      Less: adjustment for
             impact of TEB                   -       5.1       n/m       1.2
            amortization of other
             intangible assets             0.2         -       n/m       0.3
    -------------------------------------------------------------------------
      Cash efficiency ratio (TEB)        60.6%     66.1%       n/m     62.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Apr. 30, 2006
      Total revenue                   $  4,043  $  1,286  $    306  $  5,635
      Add: adjustment for TEB                -        88         -        88
    -------------------------------------------------------------------------
      Revenue (TEB)                   $  4,043  $  1,374  $    306  $  5,723
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net income                      $    870  $    238  $     57  $  1,165
      Less: charge for economic
             capital                       246       124         9       379
    -------------------------------------------------------------------------
      Economic profit                 $    624  $    114  $     48  $    786
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Efficiency ratio                   61.4%     80.7%       n/m     65.9%
      Less: adjustment for
             impact of TEB                   -       5.2       n/m       1.0
            amortization of other
             intangible assets               -         -       n/m       0.3
    -------------------------------------------------------------------------
      Cash efficiency ratio (TEB)        61.4%     75.5%       n/m     64.6%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    n/m - not meaningful


    Adjusted income taxes

    Adjusted effective tax rate is calculated by adjusting the tax expense
for significant tax recoveries and other tax adjustments. The adjusted
effective tax rate (TEB) is calculated by also grossing up income and income
taxes with the tax-exempt income to an equivalent before-tax basis.


    -------------------------------------------------------------------------
                                                                     For the
                              For the three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Income before
     taxes and
     non-controlling
     interests         A    $    908  $  1,005  $    803  $  1,913  $  1,618
    TEB adjustment     B          54        62        42       116        88
    ----------------------------------------------------- -------------------
    Income before
     taxes and
     non-controlling
     interests (TEB)   C    $    962  $  1,067  $    845  $  2,029  $  1,706
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Reported income
     taxes per
     financial
     statements        D    $     91  $    231  $    190  $    322  $    428
      TEB adjustment   B          54        62        42       116        88
      Income tax
       recoveries      E          80         -        35        80        35
      Reversal of
       valuation
       allowance       F          11         -         -        11         -
    ----------------------------------------------------- -------------------
    Adjusted income
     taxes             G    $    236  $    293  $    267  $    529  $    551
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Reported
     effective
     income
     tax rate
     (TEB)         (D+B)/C     15.1%     27.5%     27.5%     21.6%     30.2%
    Adjusted
     effective
     income
     tax rate     (D+E+F)/A    20.0%     23.0%     28.0%     21.6%     28.6%
    Adjusted
     effective
     income
     tax rate
     (TEB)           G/C       24.5%     27.5%     31.6%     26.1%     32.3%
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------

    Cash basis measures

    Cash basis measures are calculated by adjusting the amortization of other
intangible assets to net income and non-interest expenses. Management believes
these measures permit uniform measurement, which may enable users of our
financial information to make comparisons more readily.


    -------------------------------------------------------------------------
                                                                     For the
                              For the three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Net income              $    807  $    770  $    585  $  1,577  $  1,165
    Add: after-tax effect
     of amortization of
     other intangible assets       9         4         5        13        10
    ----------------------------------------------------- -------------------
    Cash net income         $    816  $    774  $    590  $  1,590  $  1,175
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Non-interest expenses   $  1,976  $  1,943  $  1,836  $  3,919  $  3,713
    Less: amortization of
     other intangible
     assets                       12         5         7        17        14
    ----------------------------------------------------- -------------------
    Cash non-interest
     expenses               $  1,964  $  1,938  $  1,829  $  3,902  $  3,699
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Cash basic EPS          $   2.32  $   2.14  $   1.66  $   4.46  $   3.31
    Cash diluted EPS        $   2.29  $   2.12  $   1.65  $   4.41  $   3.28
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------


    CIBC INTERIM CONSOLIDATED FINANCIAL STATEMENTS

    -------------------------------------------------------------------------
    CONSOLIDATED STATEMENT OF OPERATIONS

                                                                     For the
                              For the three months ended    six months ended
    ----------------------------------------------------- -------------------
                                2007      2007      2006      2007      2006
    Unaudited, $ millions    Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Interest income
    Loans                   $  2,350  $  2,304  $  2,008  $  4,654  $  4,041
    Securities borrowed or
     purchased under resale
     agreements                  499       472       366       971       699
    Securities                   719       762       640     1,481     1,260
    Deposits with banks          200       173        98       373       185
    ----------------------------------------------------- -------------------
                               3,768     3,711     3,112     7,479     6,185
    ----------------------------------------------------- -------------------
    Interest expense
    Deposits                   1,928     1,903     1,444     3,831     2,772
    Other liabilities            678       665       552     1,343     1,069
    Subordinated
     indebtedness                 75        76        72       151       144
    Preferred share
     liabilities                   8         8         8        16        16
    ----------------------------------------------------- -------------------
                               2,689     2,652     2,076     5,341     4,001
    ----------------------------------------------------- -------------------
    Net interest income        1,079     1,059     1,036     2,138     2,184
    ----------------------------------------------------- -------------------
    Non-interest income
    Underwriting and
     advisory fees               178       185       137       363       317
    Deposit and payment fees     193       193       187       386       382
    Credit fees                   82        69        62       151       150
    Card fees                     60        70        52       130       116
    Investment management
     and custodial fees          130       130       118       260       232
    Mutual fund fees             216       212       201       428       395
    Insurance fees, net
     of claims                    62        58        46       120       104
    Commissions on
     securities transactions     226       229       230       455       459
    Trading revenue (Note 8)     296       375       307       671       569
    Investment securities
     losses, net                 n/a       n/a        (5)      n/a        (7)
    Realized net gains on
     available for sale
     securities                  119       132       n/a       251       n/a
    Revenue on financial
     instruments designated
     at fair value and
     related economic
     hedges (Note 9)              59        43       n/a       102       n/a
    Income from
     securitized assets          136       129       129       265       245
    Foreign exchange
     other than trading          101        84       104       185       168
    Other                        113       123       173       236       321
    ----------------------------------------------------- -------------------
                               1,971     2,032     1,741     4,003     3,451
    ----------------------------------------------------- -------------------
    Total revenue              3,050     3,091     2,777     6,141     5,635
    ----------------------------------------------------- -------------------
    Provision for credit
     losses (Note 3)             166       143       138       309       304
    ----------------------------------------------------- -------------------
    Non-interest expenses
    Employee compensation
     and benefits              1,126     1,160     1,054     2,286     2,134
    Occupancy costs              152       150       144       302       290
    Computer and office
     equipment                   279       263       274       542       547
    Communications                88        71        75       159       150
    Advertising and
     business development         66        50        54       116       101
    Professional fees             43        39        41        82        85
    Business and
     capital taxes                34        35        35        69        66
    Other                        188       175       159       363       340
    ----------------------------------------------------- -------------------
                               1,976     1,943     1,836     3,919     3,713
    ----------------------------------------------------- -------------------
    Income before income
     taxes and
     non-controlling
     interests                   908     1,005       803     1,913     1,618
    Income tax expense            91       231       190       322       428
    ----------------------------------------------------- -------------------
                                 817       774       613     1,591     1,190
    Non-controlling
     interests                    10         4        28        14        25
    ----------------------------------------------------- -------------------
    Net income              $    807  $    770  $    585  $  1,577  $  1,165
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Earnings per share
     (in dollars)
     (Note 11)   - Basic    $   2.29  $   2.13  $   1.65  $   4.42  $   3.28
                 - Diluted  $   2.27  $   2.11  $   1.63  $   4.37  $   3.25
    Dividends per common
     share (in dollars)     $   0.77  $   0.70  $   0.68  $   1.47  $   1.36
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    n/a   not applicable. Beginning November 1, 2006, certain new accounting
          categories have been created pursuant to adoption of the Canadian
          Institute of Chartered Accountants (CICA) handbook sections 3855,
          3865, 1530 and 3251. These sections were adopted on a prospective
          basis with no restatement of prior period information. See Note 1
          for additional details.

    The accompanying notes are an integral part of these interim consolidated
    financial statements.


    -------------------------------------------------------------------------
    CONSOLIDATED BALANCE SHEET

                                                              2007      2006
    Unaudited, $ millions, as at                           Apr. 30   Oct. 31
    --------------------------------------------------------------- ---------
    ASSETS
    Cash and non-interest-bearing deposits with banks     $  1,707  $  1,317
    --------------------------------------------------------------- ---------
    Interest-bearing deposits with banks                    14,734    10,536
    --------------------------------------------------------------- ---------
    Securities
    Trading (Note 8)                                        63,404    62,331
    Available for sale                                      14,227       n/a
    Designated at fair value (Note 9)                        6,132       n/a
    Investment                                                 n/a    21,167
    --------------------------------------------------------------- ---------
                                                            83,763    83,498
    --------------------------------------------------------------- ---------
    Securities borrowed or purchased under
     resale agreements                                      30,916    25,432
    --------------------------------------------------------------- ---------
    Loans
    Residential mortgages                                   87,075    81,358
    Personal                                                28,970    28,052
    Credit card                                              7,998     7,253
    Business and government (Notes 8 and 9)                 33,992    30,404
    Allowance for credit losses (Note 3)                    (1,515)   (1,442)
    --------------------------------------------------------------- ---------
                                                           156,520   145,625
    --------------------------------------------------------------- ---------
    Other
    Derivative instruments market valuation (Note 7)        17,233    17,122
    Customers' liability under acceptances                   8,277     6,291
    Land, buildings and equipment                            2,142     2,032
    Goodwill                                                 1,983       982
    Other intangible assets                                    475       192
    Other assets                                             8,830    10,957
    --------------------------------------------------------------- ---------
                                                            38,940    37,576
    --------------------------------------------------------------- ---------
                                                          $326,580  $303,984
    --------------------------------------------------------------- ---------
    --------------------------------------------------------------- ---------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Deposits
    Personal                                              $ 90,490  $ 81,829
    Business and government (Note 9)                       116,338   107,468
    Bank                                                    14,341    13,594
    --------------------------------------------------------------- ---------
                                                           221,169   202,891
    --------------------------------------------------------------- ---------
    Other
    Derivative instruments market valuation (Note 7)        17,224    17,330
    Acceptances                                              8,277     6,297
    Obligations related to securities sold short            13,743    13,788
    Obligations related to securities lent
     or sold under repurchase agreements                    31,772    30,433
    Other liabilities                                       13,867    14,716
    --------------------------------------------------------------- ---------
                                                            84,883    82,564
    --------------------------------------------------------------- ---------
    Subordinated indebtedness                                6,011     5,595
    --------------------------------------------------------------- ---------
    Preferred share liabilities                                600       600
    --------------------------------------------------------------- ---------
    Non-controlling interests                                  161        12
    --------------------------------------------------------------- ---------
    Shareholders' equity
    Preferred shares                                         2,731     2,381
    Common shares                                            3,135     3,064
    Treasury shares                                             (4)      (19)
    Contributed surplus                                         76        70
    Foreign currency translation adjustments                   n/a      (442)
    Retained earnings                                        8,200     7,268
    Accumulated other comprehensive income
     (AOCI) (Note 6)                                          (382)      n/a
    --------------------------------------------------------------- ---------
                                                            13,756    12,322
    --------------------------------------------------------------- ---------
                                                          $326,580  $303,984
    --------------------------------------------------------------- ---------
    --------------------------------------------------------------- ---------

    n/a   not applicable. See the "Consolidated statement of operations" for
          additional details.

    The accompanying notes are an integral part of these interim consolidated
    financial statements.



    -------------------------------------------------------------------------
    CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                                                     For the
                              For the three months ended    six months ended
    ----------------------------------------------------- -------------------
                                2007      2007      2006      2007      2006
    Unaudited, $ millions    Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Preferred shares
    Balance at beginning
     of period              $  2,431  $  2,381  $  2,381  $  2,381  $  2,381
    Issue of preferred
     shares                      300       450         -       750         -
    Redemption of
     preferred shares              -      (400)        -      (400)        -
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $  2,731  $  2,431  $  2,381  $  2,731  $  2,381
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Common shares
    Balance at beginning
     of period              $  3,114  $  3,064  $  2,992  $  3,064  $  2,952
    Issue of common shares        21        50        39        71        79
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $  3,135  $  3,114  $  3,031  $  3,135  $  3,031
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Treasury shares
    Balance at beginning
     of period              $     (1) $    (19) $     (5) $    (19) $      -
    Purchases                 (1,213)   (1,356)     (664)   (2,569)   (2,069)
    Sales                      1,210     1,374       665     2,584     2,065
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $     (4) $     (1) $     (4) $     (4) $     (4)
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Contributed surplus
    Balance at beginning
     of period              $     74  $     70  $     56  $     70  $     58
    Stock option expense           1         2         2         3         3
    Stock options exercised       (1)       (4)       (5)       (5)       (8)
    Net premium on treasury
     shares                        2         6         -         8         -
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $     76  $     74  $     53  $     76  $     53
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Foreign currency
     translation adjustments
    Balance at beginning of
     period                 $      -  $   (442) $   (375) $   (442) $   (327)
    Transitional adjustment
     on adoption of new
     accounting policies(1)        -       442         -       442         -
    Foreign exchange losses
     from investment in
     subsidiaries and other
     items                       n/a       n/a      (208)      n/a      (754)
    Foreign exchange gains
     from hedging activities     n/a       n/a       161       n/a       907
    Income tax expense           n/a       n/a       (44)      n/a      (292)
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $      -  $      -  $   (466) $      -  $   (466)
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Retained earnings
    Balance at beginning
     of period, as
     previously reported    $  7,693  $  7,268  $  5,987  $  7,268  $  5,667
    Transitional adjustment
     on adoption of new
     accounting policies(1)        -       (50)        -       (50)        -
    ----------------------------------------------------- -------------------
    Balance at beginning of
     period, as restated       7,693     7,218     5,987     7,218     5,667
    Net income                   807       770       585     1,577     1,165
    Dividends
      Preferred                  (35)      (38)      (33)      (73)      (66)
      Common                    (259)     (235)     (229)     (494)     (456)
    Premium on redemption
     of preferred shares
     (classified as equity)        -       (16)        -       (16)        -
    Other                         (6)       (6)        5       (12)        5
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $  8,200  $  7,693  $  6,315  $  8,200  $  6,315
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Accumulated other
     comprehensive income,
     net of tax (Note 6)
    Balance at beginning of
     period                 $   (144)      n/a       n/a       n/a       n/a
    Transitional adjustment
     on adoption of new
     accounting policies(1)        -      (319)      n/a      (319)      n/a
    Other comprehensive
     income                     (238)      175       n/a       (63)      n/a
    ----------------------------------------------------- -------------------
    Balance at end of
     period                 $   (382) $   (144)      n/a  $   (382)      n/a
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Retained earnings and
     AOCI                   $  7,818  $  7,549  $  6,315  $  7,818  $  6,315
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Shareholders' equity at
     end of period          $ 13,756  $ 13,167  $ 11,310  $ 13,756  $ 11,310
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------

    (1) Represents the transitional adjustment on adoption of the CICA
        handbook sections 3855, 3865, 1530 and 3251. See Note 1 for
        additional details.
    n/a not applicable. See the "Consolidated statement of operations" for
        additional details.

    The accompanying notes are an integral part of these interim consolidated
    financial statements.



    -------------------------------------------------------------------------
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                         For
                                                                     the six
                                                     For the three    months
                                                      months ended     ended
    --------------------------------------------------------------- ---------
                                                    2007      2007      2007
    Unaudited, $ millions                        Apr. 30   Jan. 31   Apr. 30
    --------------------------------------------------------------- ---------
    Net income                                  $    807  $    770  $  1,577
    --------------------------------------------------------------- ---------
    Other comprehensive income, net of tax
      Foreign currency translation adjustments
      Net (losses) gains on investment in
       self-sustaining foreign operations(1)      (1,089)      805      (284)
      Net gains (losses) on hedges of foreign
       currency translation adjustments(2)           840      (603)      237
    --------------------------------------------------------------- ---------
                                                    (249)      202       (47)
    --------------------------------------------------------------- ---------
      Unrealized gains (losses) on available
       for sale securities
      Net unrealized gains (losses) on
       securities available for sale(3)               74       (43)       31
      Transfer of net losses (gains) to net
       income(4)                                       1       (28)      (27)
    --------------------------------------------------------------- ---------
                                                      75       (71)        4
    --------------------------------------------------------------- ---------
      Gains (losses) on cash flow hedges
      Net (losses) gains on derivatives
       designated as cash flow hedges(5)             (55)       73        18
      Net gains on derivatives designated as
       cash flow hedges transferred to net
       income(6)                                      (9)      (29)      (38)
    --------------------------------------------------------------- ---------
                                                     (64)       44       (20)
    --------------------------------------------------------------- ---------
    Total other comprehensive (loss) income(7)      (238)      175       (63)
    --------------------------------------------------------------- ---------
    --------------------------------------------------------------- ---------
    Comprehensive income                        $    569  $    945  $  1,514
    --------------------------------------------------------------- ---------
    --------------------------------------------------------------- ---------
    (1) Net of income tax benefit (expense) of $10 million (Jan. 31, 2007:
        $(10) million).
    (2) Net of income tax (expense) benefit of $(425) million (Jan. 31, 2007:
        $313 million).
    (3) Net of income tax (expense) benefit of $(52) million (Jan. 31, 2007:
        $29 million).
    (4) Net of income tax (expense) benefit of $(1) million (Jan. 31, 2007:
        $16 million).
    (5) Net of income tax benefit (expense) of $29 million (Jan. 31, 2007:
        $(39) million).
    (6) Net of income tax benefit of $5 million (Jan. 31, 2007: $15 million).
    (7) Includes non-controlling interest of nil (Jan. 31, 2007: $1 million).

    The accompanying notes are an integral part of these interim consolidated
    financial statements.


    CONSOLIDATED STATEMENT OF CASH FLOWS

                                                 For the             For the
                                      three months ended    six months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    Unaudited, $ millions    Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Cash flows provided by
     (used in) operating
     activities
    Net income              $    807  $    770  $    585  $  1,577  $  1,165
    Adjustments to
     reconcile net income
     to cash flows provided
     by (used in) operating
     activities:
      Provision for credit
       losses                    166       143       138       309       304
      Amortization of
       buildings, furniture,
       equipment and
       leasehold
       improvements               59        53        51       112       105
      Amortization of other
       intangible assets          12         5         7        17        14
      Stock-based
       compensation               (2)       18         6        16        21
      Future income taxes         51        63        93       114       170
      Investment securities
       losses realized, net      n/a       n/a         5       n/a         7
      Realized net gains on
       available for sale
       securities               (119)     (132)      n/a      (251)        -
      Gains on disposal of
       land, buildings and
       equipment                   -         -        (1)        -        (1)
      Other non-cash items,
       net                       (11)       50         -        39         -
      Changes in operating
       assets and
       liabilities
        Accrued interest
         receivable               74      (106)     (122)      (32)     (105)
        Accrued interest
         payable                  29      (474)      200      (445)      213
        Amounts receivable
         on derivative
         contracts               450      (404)      790        46     1,721
        Amounts payable on
         derivative
         contracts               629      (958)   (1,379)     (329)   (1,437)
        Net change in
         trading securities    4,709    (4,238)    1,797       471    (5,320)
        Net change in
         securities
         designated at fair
         value                   837      (629)      n/a       208       n/a
        Net change in other
         assets and
         liabilities
         designated at fair
         value                 1,194       187       n/a     1,381       n/a
        Current income taxes    (457)     (377)      220      (834)      273
        Other, net             1,325    (1,742)       35      (417)   (1,855)
    ----------------------------------------------------- -------------------
                               9,753    (7,771)    2,425     1,982    (4,725)
    ----------------------------------------------------- -------------------
    Cash flows provided by
     (used in) financing
     activities
    Deposits, net of
     withdrawals              (3,619)    5,554      (163)    1,935       769
    Obligations related to
     securities sold short       (14)      (69)    2,785       (83)    3,113
    Net obligations related
     to securities lent or
     sold under repurchase
     agreements                2,517    (1,178)   (2,277)    1,339     7,357
    Issue of subordinated
     indebtedness                 59         -     1,300        59     1,300
    Redemption of
     subordinated
     indebtedness                  -         -      (250)        -      (500)
    Redemption of preferred
     shares                        -      (416)        -      (416)        -
    Issue of preferred
     shares                      300       450         -       750         -
    Issue of common shares        21        50        39        71        79
    Net proceeds from
     treasury shares
     (purchased) sold             (3)       18         1        15        (4)
    Dividends                   (294)     (273)     (262)     (567)     (522)
    Other, net                  (154)      353      (295)      199      (145)
    ----------------------------------------------------- -------------------
                              (1,187)    4,489       878     3,302    11,447
    ----------------------------------------------------- -------------------
    Cash flows provided by
     (used in) investing
     activities
    Interest-bearing
     deposits with banks       1,020    (2,494)     (765)   (1,474)      714
    Loans, net of repayments  (5,976)    1,295    (2,301)   (4,681)   (1,946)
    Proceeds from
     securitizations           1,698     2,537     1,868     4,235     3,894
    Investment securities
      Purchase of securities     n/a       n/a    (3,384)      n/a    (9,395)
      Proceeds from sale of
       securities                n/a       n/a     1,247       n/a     2,541
      Proceeds from maturity
       of securities             n/a       n/a       896       n/a     1,537
    Available for sale
     securities
      Purchase of securities  (2,618)   (1,787)      n/a    (4,405)      n/a
      Proceeds from sale of
       securities              3,353     1,462       n/a     4,815       n/a
      Proceeds from maturity
       of securities             986     2,396       n/a     3,382       n/a
    Net securities borrowed
     or purchased under
     resale agreements        (6,948)    1,464       (23)   (5,484)   (3,208)
    Net cash used in
     acquisition(1)             (262)     (778)        -    (1,040)      (75)
    Purchase of land,
     buildings and equipment       -      (233)        -      (233)       (6)
    Proceeds from disposal
     of land, buildings and
     equipment                     -         -         7         -         7
    ----------------------------------------------------- -------------------
                              (8,747)    3,862    (2,455)   (4,885)   (5,937)
    ----------------------------------------------------- -------------------
    Effect of exchange rate
     changes on cash and
     non-interest-bearing
     deposits with banks         (50)       41       (10)       (9)      (22)
    ----------------------------------------------------- -------------------
    Net increase (decrease)
     in cash and non-
     interest-bearing
     deposits with banks
     during period              (231)      621       838       390       763
    Cash and non-interest-
     bearing deposits with
     banks at beginning of
     period                    1,938     1,317     1,235     1,317     1,310
    ----------------------------------------------------- -------------------
    Cash and non-interest-
     bearing deposits with
     banks at end of period $  1,707  $  1,938  $  2,073  $  1,707  $  2,073
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Cash interest paid      $  2,660  $  3,126  $  1,876  $  5,786  $  3,788
    Cash income taxes paid
     (recovered)            $    496  $    545  $   (123) $  1,041  $    (15)
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1)  Primarily relates to acquisition of FirstCaribbean International
         Bank and acquisition of the remaining non-controlling interest in
         INTRIA Items Inc.
    n/a  not applicable. See the "Consolidated statement of operations" for
         additional details.

    The accompanying notes are an integral part of these interim consolidated
    financial statements.


    NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


    The interim consolidated financial statements of Canadian Imperial Bank
    of Commerce and its subsidiaries (CIBC) have been prepared in accordance
    with Canadian generally accepted accounting principles (GAAP). These
    financial statements follow the same accounting policies and their
    methods of application as CIBC's consolidated financial statements for
    the year ended October 31, 2006, except as noted below. CIBC's interim
    consolidated financial statements do not include all disclosures required
    by Canadian GAAP for annual financial statements and, accordingly, should
    be read in conjunction with the consolidated financial statements for the
    year ended October 31, 2006, as set out on pages 80 to 130 of the 2006
    Annual Accountability Report.

    During the first quarter of 2007, we revisited our presentation of
    certain revenue and expense items for prior periods to better reflect the
    nature of these items. Accordingly, certain comparative amounts have been
    reclassified to conform with the presentation adopted in the first
    quarter of 2007.

    1.  Change in accounting policy

    On November 1, 2006, we adopted the CICA handbook sections 3855
    "Financial Instruments - Recognition and Measurement," 3865 "Hedges"
    (including the amendments to the transitional provisions finalized by the
    CICA on December 15, 2006 by way of a Board Notice), 1530 "Comprehensive
    Income," and 3251 "Equity."

    The standards require that all financial assets be classified as trading,
    designated at fair value (FVO), available for sale (AFS), held to
    maturity (HTM), or loans and receivables. The investment securities
    classification is no longer applicable under the new rules. In addition,
    the standards require that all financial assets, including all
    derivatives, be measured at fair value with the exception of loans and
    receivables, debt securities classified as HTM, and AFS equities that do
    not have quoted market values in an active market.

    Fair values are based on quoted market prices where available from active
    markets, otherwise fair values are estimated using a variety of valuation
    techniques and models. Commencing November 1, 2006, quoted market values
    of financial assets and liabilities classified as trading or FVO are in
    reference to bid or asking prices where available, as appropriate,
    instead of closing prices. Where bid and asking prices are unavailable,
    we continue to use the closing price.

    Transaction costs related to trading and FVO securities are expensed as
    incurred. Transaction costs related to AFS and HTM securities and fees
    and costs relating to loans and receivables are generally capitalized and
    are then amortized over the expected life of the instrument using the
    effective yield method.

    Settlement date accounting continues to be used for all securities,
    except that changes in fair value between the trade date and settlement
    date are reflected in income for trading and FVO securities, while
    changes in fair value between trade date and settlement date are
    reflected in other comprehensive income (OCI) for AFS securities.

    Classification of financial instruments
    Trading financial assets are securities purchased for resale, generally
    within a short period of time. Trading financial liabilities include
    obligations related to securities sold short. They are measured at fair
    value at the balance sheet date. Gains and losses realized on disposal
    and unrealized gains and losses from market fluctuations continue to be
    reported in income as trading revenue. Dividends and interest earned and
    interest incurred are included in interest income and expense,
    respectively. Obligations related to securities sold short that are held
    as economic hedges rather than trading and FVO are also measured at fair
    value with the realized and unrealized gains and losses reported in other
    non-interest income.

    Designated at fair value (FVO) financial assets and financial liabilities
    are those that an entity designates on initial recognition as instruments
    that it will measure at fair value through the consolidated statement of
    operations. These are accounted for in the same manner as trading
    financial assets and financial liabilities. In addition to the
    requirement that reliable fair values are available, there are regulatory
    restrictions imposed by the Office of the Superintendent of Financial
    Institutions (OSFI) on the use of this designation including that retail
    asset exposures are precluded from being designated and that the fair
    value designated financial instruments are managed on a fair value basis.

    Held-to-maturity (HTM) financial assets are non-derivative financial
    assets with fixed or determinable payments and a fixed maturity, other
    than loans and receivables, that an entity has the positive intention and
    ability to hold to maturity. These financial assets are accounted for at
    amortized cost. We have not currently designated any financial assets as
    HTM.

    Available-for-sale (AFS) financial assets are those non-derivative
    financial assets that are designated as AFS, or that are not classified
    as loans and receivables, HTM investments, trading or designated at fair
    value. Securities included in this category comprise debt and equity
    securities, including investments over which we have no significant
    influence. Except for equities that do not have quoted market values in
    an active market, AFS securities are carried at fair value whereby the
    unrealized gains and losses are included in accumulated other
    comprehensive income (AOCI) until sale or other-than-temporary impairment
    when the cumulative gain or loss is transferred to the consolidated
    statement of operations. Equities that do not have quoted market values
    in an active market are carried at cost. Realized gains and losses on
    sale, determined on an average cost basis, and write-downs to reflect
    other-than-temporary impairments in value are included in non-interest
    income. Dividends and interest income from these securities are included
    in interest income.

    Loans and receivables continue to be accounted for at amortized cost.

    Financial liabilities recorded at amortized cost include all liabilities,
    other than derivatives, obligations related to securities sold short, or
    liabilities to which the FVO has been applied.

    Derivatives are always carried at fair value and are reported as assets
    where they have a positive fair value and as liabilities where they have
    a negative fair value, in both cases as derivative instruments market
    valuation. Derivatives embedded in other financial instruments are valued
    as separate derivatives when their economic characteristics and risks are
    not clearly and closely related to those of the host contract; the terms
    of the embedded derivative are the same as those of a free standing
    derivative; and the combined contract is not held for trading or
    designated at fair value. These embedded derivatives are classified
    together with the host instrument and measured at fair value with changes
    therein recognized in the consolidated statement of operations. We
    elected to apply this accounting treatment to all host contracts
    containing such embedded derivatives at November 1, 2006.

    Equity
    Accumulated other comprehensive income is included on the consolidated
    balance sheet as a separate component of shareholders' equity (net of
    tax), and includes net unrealized gains and losses on AFS securities, the
    effective portion of gains and losses on derivative instruments
    designated within effective cash flow hedges, and unrealized foreign
    currency translation gains and losses on self-sustaining foreign
    operations net of gains or losses on related hedges.

    Hedge accounting
    Where derivatives are held for risk management purposes, and when
    transactions meet the criteria specified in the CICA handbook
    section 3865, we apply fair value hedge accounting, cash flow hedge
    accounting, or accounting for hedges of net investments in self-
    sustaining foreign operations (NIFO), as appropriate, to account for the
    risks being hedged. When hedge accounting is not applied, the change in
    the fair value of the derivative is always recognized in income,
    including for instruments used for economic hedging purposes such as
    seller swaps that do not meet the requirements for hedge accounting.

    In order for derivatives to qualify for hedge accounting, the hedge
    relationship must be designated and formally documented at its inception
    in accordance with the CICA handbook section 3865, outlining the
    particular risk management objective and strategy, the specific asset,
    liability or cash flow being hedged, as well as how hedge effectiveness
    is assessed.

    We document our assessment of the effectiveness of the derivatives that
    are used in hedging transactions in offsetting changes in fair values or
    cash flows of the hedged items both at the hedge inception and on an
    ongoing basis. Ineffectiveness results to the extent that the changes in
    the fair value of the hedging derivative differ from changes in the fair
    value of the hedged risk in the hedged item; or the cumulative change in
    the fair value of the hedging derivative differs from the cumulative
    change in the fair value of expected future cash flows of the hedged
    item. Effectiveness requires a high correlation of changes in fair values
    or cash flows. The amount of ineffectiveness, provided that it is not to
    the extent as to disqualify the entire hedge from hedge accounting, is
    recorded immediately in income.

    The change in fair value of derivatives and non-derivatives not
    designated as accounting hedges but used to economically hedge FVO
    financial assets or liabilities is included in revenue on financial
    instruments designated at fair value and related economic hedges. The
    change in fair value of other derivatives not designated as accounting
    hedges but used for other economic hedging purposes is included in either
    foreign exchange other than trading (FXOTT) or other non-interest income.
    The change in fair value of all other trading derivatives is included in
    trading revenue.

    Fair value hedges
    -----------------
    We designate fair value hedges as part of interest rate risk management
    strategies that use derivatives to hedge changes in the fair value of
    financial instruments with fixed interest rates. These hedges minimize
    fluctuations in income that are caused by interest rate volatility
    through the creation of "basis adjustments" to the hedged financial
    instruments that are recognized in net interest income against the change
    in fair value recognized in net interest income from the hedging
    derivatives. Accordingly, any hedge ineffectiveness, representing the
    difference between change in fair value of the hedging derivative and the
    change in the basis adjustment to the hedged item, is also recognized in
    net interest income.

    We also designate fair value hedges as part of foreign exchange risk
    management strategies that use derivatives and other financial
    instruments to hedge changes in the fair value of financial instruments
    denominated in a currency other than the functional currency. These
    hedges minimize fluctuations in income that are caused by foreign
    exchange rate changes through the creation of basis adjustments to the
    hedged financial instruments that are recognized in FXOTT against the
    change in fair value recognized in FXOTT from the hedging financial
    instruments. Accordingly, any hedge ineffectiveness is reflected in
    FXOTT.

    The basis adjustment included in income is equal to the change in fair
    value of the hedged item attributed to the risk being hedged. If the
    hedging instrument expires or is sold, terminated or exercised, or where
    the hedge no longer meets the criteria for hedge accounting, the hedge
    relationship is terminated and the basis adjustment to the hedged item is
    amortized over the remaining term of the original hedge. If the hedged
    item is derecognized, the unamortized basis adjustment is recognized
    immediately in income.

    Upon the adoption of the new standards we re-established various fair
    value hedging relationships pursuant to which certain deferred hedge
    balances have been included as a basis adjustment to the hedged item. The
    accumulated ineffectiveness related to these hedges has been recognized
    in retained earnings together with deferred hedge balances related to
    hedging relationships that have not been continued or would not qualify
    for hedge effectiveness under the new rules.

    Cash flow hedges
    ----------------
    We designate cash flows hedges as part of risk management strategies that
    use derivatives and other financial instruments to mitigate our risk from
    variable cash flows by converting certain variable rate financial
    instruments to fixed rate financial instruments and by hedging forecasted
    foreign currency denominated cash flows.

    The effective portion of the change in fair value of the derivative
    instrument is offset through OCI until the variability in cash flows
    being hedged is recognized in earnings in future accounting periods, at
    which time the amount that was in the AOCI is reclassified into income.
    The ineffective portion of the change in fair value of the hedging
    derivative is recognized either in FXOTT or net interest income
    immediately as it arises. If the hedging instrument expires or is sold,
    terminated or exercised, or where the hedge no longer meets the criteria
    for hedge accounting, the hedge relationship is terminated and any
    remaining amount in AOCI remains therein until it is recognized in income
    when the variability in cash flows hedged or the hedged forecast
    transaction is ultimately recognized in income. When the forecasted
    transaction is no longer expected to occur, the related cumulative gain
    or loss that was reported in the AOCI is immediately recognized in
    income.

    Upon the adoption of the new standards we re-established various cash
    flow hedging relationships pursuant to which certain deferred hedge
    balances have been included as an adjustment to the AOCI. The accumulated
    ineffectiveness related to these hedges has been recognized in retained
    earnings together with deferred hedge balances related to hedging
    relationships that have not been continued or would not qualify for hedge
    effectiveness under the new rules.

    Hedges of net investments in self-sustaining foreign operations
    ---------------------------------------------------------------
    We designate NIFO hedges to protect our investment in self sustaining
    operations against adverse movement in foreign exchange rates.

    These hedges are accounted for in a similar manner to cash flow hedges as
    the effective portion of the changes in fair value of the hedging
    derivative instruments is included in OCI until reduction in the net
    investment at which time any gains or losses in the AOCI are recognized
    in FXOTT. The ineffective portion of the change in fair value of the
    hedging derivative is recognized in FXOTT.

    Transitional adjustment
    As required, these standards have been applied as an adjustment to
    opening retained earnings and AOCI as at November 1, 2006. Prior period
    balances have not been restated. The impact of adopting these standards
    was as follows:

    -------------------------------------------------------------------------
                                                       Adjustment
                                                             upon
                                                 As at   adoption      As at
    $ millions                                 Oct. 31,    of new     Nov. 1,
                                                  2006  standards       2006
    -------------------------------------------------------------------------
    ASSETS
    Securities
      Investment                              $ 21,167   $(21,167)  $      -
      Available for sale                             -     16,006     16,006
      Trading                                   62,331       (552)    61,779
      Designated at fair value                       -      6,340      6,340
    -------------------------------------------------------------------------
                                                83,498        627     84,125
    -------------------------------------------------------------------------
    Loans                                      145,625        136    145,761
    Derivative instruments market valuation     17,122      1,585     18,707
    Other assets                                10,957     (1,701)     9,256
    -------------------------------------------------------------------------
    Impact on total assets                    $257,202   $    647   $257,849
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Deposits                                  $202,891   $    (44)  $202,847
    Derivative instruments market valuation     17,330      1,565     18,895
    Other liabilities                           14,716       (947)    13,769
    -------------------------------------------------------------------------
    Impact on total liabilities                234,937        574    235,511
    -------------------------------------------------------------------------
    Shareholders' equity
      Foreign currency translation adjustments    (442)       442          -
      Retained earnings                          7,268        (50)     7,218
      Accumulated other comprehensive income
        Foreign currency translation
         adjustments                                 -       (442)      (442)
        Unrealized losses on AFS securities          -        (29)       (29)
        Gains on cash flow hedges                    -        152        152
    -------------------------------------------------------------------------
    Impact on shareholders' equity               6,826         73      6,899
    -------------------------------------------------------------------------
    Impact on liabilities and shareholders'
     equity                                   $241,763   $    647   $242,410
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The $16,006 million of financial assets classified as AFS included
    $15,429 million (fair value $15,391 million) and $615 million (fair value
    $615 million) of financial assets previously classified as investment
    securities and other assets, respectively. The $6,340 million of
    financial assets classified as designated at fair value securities
    included $5,738 million (fair value $5,799 million) and $541 million
    (fair value $541 million) of financial assets previously classified as
    investment securities and trading securities, respectively.

    2.  Acquisition

    Step 1 Acquisition

    On December 22, 2006, we obtained control of FirstCaribbean International
    Bank (FirstCaribbean) by acquiring 90% of Barclay's Bank PLC's (Barclays)
    interest in FirstCaribbean, which represents a further 39.3% ownership
    interest. As a result of this transaction ("the Step 1 Acquisition"), as
    at January 31, 2007, we owned approximately 83.0% of the common shares of
    FirstCaribbean with the remaining common shares held by both Barclays and
    other minority shareholders. The common shares were acquired at US$1.62
    each plus accrued dividends for total cash consideration of
    US$989 million ($1,153 million) paid to Barclays. In addition, we
    incurred transaction costs, net of tax, of US$7 million ($8 million).

    Step 2 Acquisition

    On February 2, 2007, pursuant to a tender offer at the same price for the
    remaining common shares held by Barclays and the other minority
    shareholders, we acquired an additional 8.5% interest in FirstCaribbean
    ("the Step 2 Acquisition) in exchange for additional cash consideration
    of US$212 million ($250 million), bringing our total ownership to 91.5%.
    In addition, we incurred additional transaction costs, net of tax, of
    US$2 million ($2 million).

    The Step 1 Acquisition and the Step 2 Acquisition transactions have been
    accounted for using the purchase method. The results of FirstCaribbean's
    operations have been included within CIBC Retail Markets strategic
    business line in the interim consolidated financial statements since
    December 22, 2006. Prior to that date, we accounted for our 43.7%
    interest in FirstCaribbean using the equity method of accounting.

    Details of the aggregate consideration given and the fair value of net
    assets acquired in respect of the Step 1 Acquisition and the Step 2
    Acquisition are as follows:

    -------------------------------------------------------------------------
                                                Step 1       Step 2
    $ millions                             Acquisition  Acquisition    Total
    -------------------------------------------------------------------------
    Aggregate consideration
    Purchase consideration (paid in cash)     $  1,153   $    250   $  1,403
    Transaction costs, net of tax                    8          2         10
    Carrying value of equity investment in
      FirstCaribbean prior to acquisition          840          -        840
    -------------------------------------------------------------------------
                                              $  2,001   $    252   $  2,253
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Fair value of net assets acquired
      Cash and deposits with banks            $  3,107   $      -   $  3,107
      Securities                                 3,934          -      3,934
      Loans                                      6,667          -      6,667
      Goodwill                                     958         84      1,042
      Other intangible assets                      267         45        312
      Other assets                                 876          8        884
    -------------------------------------------------------------------------
    Total assets acquired                       15,809        137     15,946
    -------------------------------------------------------------------------
      Deposits                                  10,921          -     10,921
      Other liabilities                          2,386          4      2,390
      Subordinated indebtedness                    232          -        232
      Non-controlling interest                     269       (119)       150
    -------------------------------------------------------------------------
    Total liabilities assumed                   13,808       (115)    13,693
    -------------------------------------------------------------------------
    Net assets acquired                       $  2,001   $    252   $  2,253
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The goodwill may be adjusted throughout 2007 as part of the finalization
    of the allocation of the purchase price to the assets acquired and
    liabilities assumed from FirstCaribbean in respect of the Step 1
    Acquisition and the Step 2 Acquisition.

    Subsequent to the Step 2 Acquisition transaction, the total acquired
    intangible assets include a core deposit intangible of $288 million and
    the FirstCaribbean brand name of $24 million. The core deposit intangible
    is amortized at 12% per annum using the declining balance method, while
    the brand has an indefinite life and is not amortized.

    Goodwill recognized as a result of the Step 1 Acquisition and the Step 2
    Acquisition is not deductible for tax purposes.

    3. Allowance for credit losses

    -------------------------------------------------------------------------
    $ millions, for the three months ended                    April 30, 2007
    -------------------------------------------------------------------------
                                              Specific    General      Total
                                             allowance  allowance  allowance
    -------------------------------------------------------------------------
    Balance at beginning of period            $    636   $    920   $  1,556
    Provision for (recovery of) credit losses      190        (24)       166
    Write-offs                                    (220)         -       (220)
    Recoveries                                      22          -         22
    Transfer from general to specific(1)             2         (2)         -
    Other(2)                                        (8)         -         (8)
    -------------------------------------------------------------------------
    Balance at end of period                  $    622   $    894   $  1,516
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprised of:
      Loans                                   $    621   $    894   $  1,515
      Letters of credit(3)                           1          -          1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    $ millions, for the three months ended                  January 31, 2007
    -------------------------------------------------------------------------
                                              Specific    General      Total
                                             allowance  allowance  allowance
    -------------------------------------------------------------------------
    Balance at beginning of period            $    544   $    900   $  1,444
    Provision for (recovery of) credit losses      143          -        143
    Write-offs                                    (224)         -       (224)
    Recoveries                                      53          -         53
    Transfer from general to specific(1)             3         (3)         -
    Other(2)                                       117         23        140
    -------------------------------------------------------------------------
    Balance at end of period                  $    636   $    920   $  1,556
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprised of:
      Loans                                   $    634   $    920   $  1,554
      Letters of credit(3)                           2          -          2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    $ millions, for the three months ended                    April 30, 2006
    -------------------------------------------------------------------------
                                              Specific    General      Total
                                             allowance  allowance  allowance
    -------------------------------------------------------------------------
    Balance at beginning of period            $    647   $    975   $  1,622
    Provision for (recovery of) credit losses      163        (25)       138
    Write-offs                                    (208)         -       (208)
    Recoveries                                      50          -         50
    Transfer from general to specific(1)             -          -          -
    Other(2)                                         2          -          2
    -------------------------------------------------------------------------
    Balance at end of period                  $    654   $    950   $  1,604
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprised of:
      Loans                                   $    652   $    950   $  1,602
      Letters of credit(3)                           2          -          2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    $ millions, for the six months ended                      April 30, 2007
    -------------------------------------------------------------------------
                                              Specific    General      Total
                                             allowance  allowance  allowance
    -------------------------------------------------------------------------
    Balance at beginning of period            $    544   $    900   $  1,444
    Provision for (recovery of) credit losses      333        (24)       309
    Write-offs                                    (444)         -       (444)
    Recoveries                                      75          -         75
    Transfer from general to specific(1)             5         (5)         -
    Other(2)                                       109         23        132
    -------------------------------------------------------------------------
    Balance at end of period                  $    622   $    894   $  1,516
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprised of:
      Loans                                   $    621   $    894   $  1,515
      Letters of credit(3)                           1          -          1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    $ millions, for the six months ended                      April 30, 2006
    -------------------------------------------------------------------------
                                              Specific    General      Total
                                             allowance  allowance  allowance
    -------------------------------------------------------------------------
    Balance at beginning of period            $    663   $    975   $  1,638
    Provision for (recovery of) credit losses      329        (25)       304
    Write-offs                                    (416)         -       (416)
    Recoveries                                      73          -         73
    Transfer from general to specific(1)             -          -          -
    Other(2)                                         5          -          5
    -------------------------------------------------------------------------
    Balance at end of period                  $    654   $    950   $  1,604
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprised of:
      Loans                                   $    652   $    950   $  1,602
      Letters of credit(3)                           2          -          2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Related to student loan portfolio.
    (2) First quarter of 2007 includes $117 million in specific allowance and
        $23 million in general allowance related to the FirstCaribbean
        acquisition.
    (3) Included in other liabilities.

    4.  Securitizations

    -------------------------------------------------------------------------
                                                  For the three months ended
                         ----------------------------------------------------
                              Apr. 30,     Jan. 31,                  Apr. 30,
    $ millions                   2007         2007                      2006
    -------------------------------------------------------------------------
                          Residential  Residential  Residential
                            mortgages    mortgages    mortgages        Cards
    -------------------------------------------------------------------------
    Securitized              $  1,356     $  3,850     $  2,246     $    109
    Sold(1)                     1,707        2,549        1,768          109
    Net cash proceeds           1,698        2,537        1,759          109
    Retained interests(2)          34           33           27            9
    Gain on sale, net of
     transaction costs             16           10            9            -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Retained interest
     assumptions:
      Prepayment/payment
       rate(3)             11.0-39.0%   11.0-39.0%   11.0-39.0%        43.8%
      Discount rate          4.1-4.4%     4.1-4.3%     4.1-4.6%         9.0%
      Expected credit
       losses                0.0-0.1%     0.0-0.1%     0.0-0.1%         3.6%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                    For the six months ended
                                      ---------------------------------------
                                           Apr. 30,                  Apr. 30,
    $ millions                                2007                      2006
    -------------------------------------------------------------------------
                                       Residential  Residential
                                         mortgages    mortgages        Cards
    -------------------------------------------------------------------------
    Securitized                           $  5,206     $  5,031     $    381
    Sold(1)                                  4,256        3,533          381
    Net cash proceeds                        4,235        3,513          381
    Retained interests(2)                       67           58           32
    Gain on sale, net of
     transaction costs                          26           17            1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Retained interest
     assumptions:
      Prepayment/payment
       rate(3)                          11.0-39.0%   11.0-39.0%   43.5-43.8%
      Discount rate                       4.1-4.4%     3.5-4.6%         9.0%
      Expected credit
       losses                             0.0-0.1%     0.0-0.1%         3.6%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Assets securitized and not sold are reported as FVO securities (2006:
        investment securities) on the consolidated balance sheet.
    (2) Retained interests arising from securitization are reported as AFS
        securities (2006: investment securities) on the consolidated balance
        sheet.
    (3) Annual prepayment rate for residential mortgages and monthly payment
        rate for cards.

    5.  Significant capital transactions

    On November 15, 2006, we issued 18 million Non-cumulative Class A Series
    31 Preferred Shares with a par value of $25.00 each for an aggregate
    amount of $450 million.

    On January 31, 2007, we redeemed all 16 million outstanding Non-
    cumulative Class A Series 24 Preferred Shares at a price of $26.00 per
    share for an aggregate consideration of $416 million.

    On February 14, 2007, we issued 12 million Non-cumulative Class A Series
    32 Preferred Shares with a par value of $25.00 each for an aggregate
    amount of $300 million.

    During the quarter, we issued 0.4 million common shares for $21 million
    (for the six months ended April 30, 2007: 1.3 million common shares for
    $71 million), pursuant to stock option plans.

    On April 30, 2007, the Toronto Stock Exchange accepted our notice of
    intention to commence a normal course issuer bid. Purchases under this
    bid commenced on May 2, 2007 and will conclude on the earlier of the
    termination of the bid, the date on which purchases under the bid have
    been completed, or October 31, 2007. Under this bid, from time to time we
    may purchase for cancellation up to 10 million common shares. Between the
    commencement of the bid and May 30, 2007, we repurchased and cancelled
    approximately 1.3 million shares at an average price of $102.13 for a
    total amount of $130 million.

    Regulatory approval to pay dividends
    ------------------------------------
    We obtained the approval of the OSFI under section 79(5) of the Bank Act
    to pay dividends on our common shares and Class A Preferred Shares for
    the quarters ended January 31, 2007 and April 30, 2007.

    On April 20, 2007, section 79(5) of the Bank Act was repealed and further
    OSFI approvals will not be required.

    6.  Accumulated other comprehensive income (net of tax)

    -------------------------------------------------------------------------
                                                                    2007
    $ millions, as at                                             Apr. 30
    -------------------------------------------------------------------------
    Foreign currency translation adjustments                    $   (489)
    Net unrealized losses on AFS securities                          (25)(1)
    Net gains on cash flow hedges                                     132(2)
    -------------------------------------------------------------------------
                                                                 $   (382)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Includes $186 million of cumulative loss related to AFS securities
        measured at fair value.
    (2) A net gain of $22 million, deferred in AOCI, as at April 30, 2007, is
        expected to be reclassified to net income during the next 12 months.
        Remaining amounts will be reclassified to net income over periods up
        to 13 years thereafter.

    7. Derivative instruments market valuation

    -------------------------------------------------------------------------
                                                                        2007
    $ millions, as at                                                Apr. 30
    -------------------------------------------------------------------------
                                                         Assets  Liabilities
    -------------------------------------------------------------------------
    Trading (Note 8)                                   $ 15,970     $ 15,993
    Designated accounting hedges (Note 12)                  731          291
    Economic hedges(1)
      Economic hedges of FVO financial assets and
       liabilities                                          157          223
      Other economic hedges                                 375          717
    -------------------------------------------------------------------------
                                                       $ 17,233     $ 17,224
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Comprises derivatives not part of qualifying hedging relationships
        for accounting purposes under the CICA handbook section 3865.

    8.  Trading financial instruments

    The following tables present the assets and liabilities and income
    related to trading financial instruments. Net interest income arises from
    interest and dividends related to trading assets and liabilities other
    than derivatives, and is reported net of interest expense and income
    associated with funding these assets and liabilities. Non-interest income
    includes unrealized gains and losses on security positions held, and
    gains and losses that are realized from the purchase and sales of
    securities. Non-interest income also includes all income from trading
    derivative instruments.

    -------------------------------------------------------------------------
                                                           2007         2006
    $ millions, as at                                   Apr. 30      Oct. 31
    -------------------------------------------------------------------------
    Securities
      Debt                                             $ 33,161     $ 28,493
      Equity                                             30,243       33,838
    -------------------------------------------------------------------------
                                                         63,404       62,331
    -------------------------------------------------------------------------
    Loans
      Business and government                                 -        3,641
      Derivative instruments                             15,970       16,805
    -------------------------------------------------------------------------
                                                       $ 79,374     $ 82,777
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Obligations related to securities sold short       $ 13,651     $ 12,716
    Derivative instruments                               15,993       16,891
    -------------------------------------------------------------------------
                                                       $ 29,644     $ 29,607
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                                                                 For the six
                              For the three months ended        months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Trading income consists
     of:

    Interest income         $    669  $    729  $    561  $  1,398  $  1,137
    Interest expense             842       920       697     1,762     1,337
    ----------------------------------------------------- -------------------
    Net interest expense        (173)     (191)     (136)     (364)     (200)
    Non-interest income          296       375       307       671       569
    ----------------------------------------------------- -------------------
                            $    123  $    184  $    171  $    307  $    369
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Income by product line:

    Interest rates          $     50  $     65  $     26  $    115  $     92
    Foreign exchange              48        44        41        92        80
    Equities                      22        43        43        65        66
    Commodities                    2         6         8         8        15
    Other                          1        26      53(1)       27     116(1)
    ----------------------------------------------------- -------------------
                            $    123  $    184  $    171  $    307  $    369
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) Comprises primarily loan trading activities.

    9.  Financial instruments designated at fair value (FVO)

    FVO financial instruments include the following:
    -   Certain commercial real estate fixed rate loans, real estate related
        securities and loans held to hedge structured total return swap
        transactions, and certain loans hedged through credit derivatives are
        designated at fair value to significantly reduce measurement
        inconsistencies that would arise if the related derivatives were
        treated as trading and marked-to-market and the underlying financial
        instruments were carried at amortized cost.
    -   Secondary traded loans are designated at fair value to match both the
        accounting and the economics of the portfolio. These financial
        instruments are managed as trading loans with a documented trading
        strategy pursuant to which the positions are intended to be sold
        within six months.
    -   Certain financial assets, such as mortgage-backed securities,
        Government of Canada bonds and treasury bills, debt securities, and
        certain fixed rate deposit liabilities are designated at fair value
        to significantly reduce measurement inconsistencies that would arise
        if the related hedging derivatives, such as interest rate swaps,
        seller swaps and other asset swaps, were treated as trading and
        marked-to-market and the underlying financial asset accounted for at
        amortized cost.

    The following tables present the FVO assets and liabilities, the income
    earned from these financial instruments and the income and losses on
    derivatives used to economically hedge these financial instruments. Net
    interest income arises from interest and dividends related to the FVO
    assets and liabilities, and is reported net of interest expense and
    income associated with funding these assets and liabilities. Non-interest
    income includes unrealized gains and losses on the FVO assets and
    liabilities and all income from the derivative instruments held to
    economically hedge these financial instruments.

    -------------------------------------------------------------------------
                                                                        2007
    $ millions, as at                                                Apr. 30
    -------------------------------------------------------------------------
    FVO assets
    Securities
      Debt                                                          $  6,132
    Loans
      Business and government                                          4,225
    -------------------------------------------------------------------------
                                                                    $ 10,357
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    FVO liabilities
    Deposits
      Business and government                                       $  5,502
    Obligations related to securities sold short                          38
    -------------------------------------------------------------------------
                                                                    $  5,540
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    ------------------------------------------------------------ ------------
                                                        For the      For the
                                                   three months   six months
                                                          ended        ended
                                         ----------------------- ------------
                                              2007         2007         2007
    $ millions                             Apr. 30      Jan. 31      Apr. 30
    ------------------------------------------------------------ ------------
    Interest income                       $    143     $    153     $    296
    Interest expense                           127          150          277
    ------------------------------------------------------------ ------------
    Net interest income                         16            3           19
    ------------------------------------------------------------ ------------
    Non-interest income
      FVO financial instruments                 80          (11)          69
      Economic hedges(1)                       (21)          54           33
    ------------------------------------------------------------ ------------
                                                59           43          102
    ------------------------------------------------------------ ------------
                                          $     75     $     46     $    121
    ------------------------------------------------------------ ------------
    ------------------------------------------------------------ ------------
    (1) Comprises derivative instruments held to economically hedge FVO
        financial instruments.


    Deposits designated at fair value

    As at April 30, 2007, the carrying amount of FVO deposits was $2 million
    lower than the amount if the deposits were carried on an amortized cost
    basis.

    For the three and six months ended April 30, 2007, the cumulative net
    loss attributable to changes in CIBC's credit risk for FVO deposits was
    not significant.

    10. Employee future benefit expenses

    ----------------------------------------------------- -------------------
                                           For the three         For the six
                                            months ended        months ended
                            ----------------------------- -------------------
                                2007      2007      2006      2007      2006
    $ millions               Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Defined benefit plan

      Pension benefit plans $     47  $     48  $     52  $     95  $    102
      Other benefit plans         11         8        18        19        37
    ----------------------------------------------------- -------------------
                            $     58  $     56  $     70  $    114  $    139
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Defined contribution
     plan

      CIBC's pension plans  $      5  $      4  $      4  $      9  $      7
      Government pension
       plans(1)                   22        22        22        44        43
    ----------------------------------------------------- -------------------
                            $     27  $     26  $     26  $     53  $     50
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal
        Insurance Contributions Act.

    11. Earnings per share

    ----------------------------------------------------- -------------------
                                           For the three         For the six
                                            months ended        months ended
                            ----------------------------- -------------------
    $ millions, except          2007      2007      2006      2007      2006
     per share amounts       Apr. 30   Jan. 31   Apr. 30   Apr. 30   Apr. 30
    ----------------------------------------------------- -------------------
    Basic EPS
      Net income            $    807  $    770  $    585  $  1,577  $  1,165
      Preferred share
       dividends and
       premium                   (35)      (54)      (33)      (89)      (66)
    ----------------------------------------------------- -------------------
    Net income applicable
     to common shares       $    772  $    716  $    552  $  1,488  $  1,099
    ----------------------------------------------------- -------------------
    Weighted-average common
     shares outstanding
     (thousands)             337,320   336,486   335,147   336,896   334,745
    ----------------------------------------------------- -------------------
    Basic EPS               $   2.29  $   2.13  $   1.65  $   4.42  $   3.28
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    Diluted EPS

    Net income applicable
     to common shares       $    772  $    716  $    552  $  1,488  $  1,099
    ----------------------------------------------------- -------------------
    Weighted-average common
     shares outstanding
     (thousands)             337,320   336,486   335,147   336,896   334,745
    Add: stock options
     potentially
     exercisable(1)
     (thousands)               3,293     3,456     3,397     3,376     3,372
    ----------------------------------------------------- -------------------
    Weighted-average diluted
     common shares
     outstanding(2)
     (thousands)             340,613   339,942   338,544   340,272   338,117
    ----------------------------------------------------- -------------------
    Diluted EPS             $   2.27  $   2.11  $   1.63  $   4.37  $   3.25
    ----------------------------------------------------- -------------------
    ----------------------------------------------------- -------------------
    (1) Excludes average options outstanding of 1,698 with a weighted-
        average exercise price of $102.07; average options outstanding of
        3,249 with a weighted-average exercise price of $98.30; and average
        options outstanding of 10,151 with a weighted-average exercise price
        of $84.69 for the three months ended April 30, 2007, January 31, 2007
        and April 30, 2006, respectively, as the options' exercise prices
        were greater than the average market price of CIBC's common shares.
    (2) Convertible preferred shares and preferred share liabilities have not
        been included in the calculation since we have the right to redeem
        them for cash prior to the conversion date.

    12. Designated accounting hedges

    For fair value, cash flow and NIFO hedging activities, a gain relating to
    net ineffectiveness of approximately $3 million for the quarter (for the
    three months ended January 31, 2007: loss of approximately $2 million)
    was included in the consolidated statement of operations. Portions of
    derivative gains (losses) that were excluded from the assessment of hedge
    effectiveness for fair value and cash flow hedging activities are
    included in the consolidated statement of operations and are not
    significant for the three and six months ended April 30, 2007.

    The following table presents notional amounts and carrying value of our
    hedging-related derivative instruments:

    -------------------------------------------------------------------------
                                                                        2007
    $ millions, as at                                                Apr. 30
    -------------------------------------------------------------------------
                                             Derivatives    Carrying value
                                                notional  -------------------
                                                  amount  Positive  Negative
    -------------------------------------------------------------------------
    Fair value hedges                           $ 70,742  $    395  $    285
    Cash flow hedges                               5,081       239         6
    NIFO hedges                                    6,154        97         -
    -------------------------------------------------------------------------
                                                $ 81,977  $    731  $    291
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    In addition, foreign currency denominated deposit liabilities of
    $197 million and $16.3 billion have been designated as fair value hedges
    of foreign exchange risk and NIFO hedges, respectively.

    13. Guarantees

    -------------------------------------------------------------------------
                                                             2007       2006
    $ millions, as at                                     Apr. 30    Oct. 31
    -------------------------------------------------------------------------
                                                          Maximum    Maximum
                                                        potential  potential
                                                           future     future
                                                          payment    payment
    -------------------------------------------------------------------------
    Securities lending with indemnification(1)           $ 45,517   $ 37,921
    Standby and performance letters of credit               6,754      6,094
    Credit enhancement facilities                              22          -
    Credit derivatives written options                     82,110     59,769
    Other derivative contracts                                 (2)        (2)
    Other indemnification agreements                           (2)        (2)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Comprises the full contract amount of custodial client securities
        lent by CIBC Mellon Global Securities Services (GSS), which is a
        50/50 joint venture between CIBC and Mellon Financial Corporation.
    (2) See page 120 of the 2006 Annual Accountability Report for further
        details.

    As at April 30, 2007, we had a liability of $221 million (October 31,
    2006: $43 million) on our consolidated balance sheet related to the
    guarantees noted above (excluding other derivative contracts). For other
    derivative contracts, as at April 30, 2007, we had a liability of
    $3.3 billion (October 31, 2006: $5.4 billion) on our consolidated balance
    sheet. As at April 30, 2007, the total collateral available relating to
    these guarantees was $63.2 billion (October 31, 2006: $48.9 billion).

    14. Segmented information

    CIBC has two strategic business lines: CIBC Retail Markets and CIBC World
    Markets. These business lines are supported by five functional groups -
    Administration, Technology and Operations; Corporate Development;
    Finance; Legal and Regulatory Compliance; and Treasury and Risk
    Management. The activities of these functional groups are included within
    Corporate and Other, with their revenue, expenses and balance sheet
    resources generally being allocated to the business lines.

    As discussed in Note 2, the results of FirstCaribbean are included in the
    CIBC Retail Markets strategic business line since December 22, 2006.

    -------------------------------------------------------------------------
                                 CIBC         CIBC
    $ millions, for the        Retail        World    Corporate         CIBC
     three months ended       Markets      Markets    and Other        Total
    -------------------------------------------------------------------------
    Apr. 30, 2007
      Net interest income
       (expense)             $  1,134     $   (140)    $     85     $  1,079
      Non-interest income       1,107          812           52        1,971
      Intersegment revenue(1)     (52)          54           (2)           -
    -------------------------------------------------------------------------
      Total revenue             2,189          726          135        3,050
      Provision for
       (recovery of) credit
       losses                     182            4          (20)         166
      Amortization(2)              31            5           35           71
      Other non-interest
       expenses                 1,322          519           64        1,905
    -------------------------------------------------------------------------
      Income before income
       taxes and non-
       controlling interests      654          198           56          908
      Income tax expense           64            1           26           91
      Non-controlling
       interests                    7            3            -           10
    -------------------------------------------------------------------------
      Net income             $    583     $    194     $     30     $    807
    -------------------------------------------------------------------------
      Average assets(3)      $213,981     $111,404     $    703     $326,088
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Jan. 31, 2007
      Net interest income
       (expense)             $  1,101     $   (124)    $     82     $  1,059
      Non-interest income       1,105          851           76        2,032
      Intersegment revenue(1)     (55)          57           (2)           -
    -------------------------------------------------------------------------
      Total revenue             2,151          784          156        3,091
      Provision for
       (recovery of) credit
       losses                     153          (10)           -          143
      Amortization(2)              20            5           33           58
      Other non-interest
       expenses                 1,268          546           71        1,885
    -------------------------------------------------------------------------
      Income before income
       taxes and non-
       controlling interests      710          243           52        1,005
      Income tax expense          176           33           22          231
      Non-controlling
       interests                    4            -            -            4
    -------------------------------------------------------------------------
      Net income             $    530     $    210     $     30     $    770
    -------------------------------------------------------------------------
      Average assets(3)      $204,984     $110,594     $    544     $316,122
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Apr. 30, 2006
      Net interest income
       (expense)             $  1,058     $    (83)    $     61     $  1,036
      Non-interest income         970          636          135        1,741
      Intersegment revenue(1)     (53)          54           (1)           -
    -------------------------------------------------------------------------
      Total revenue             1,975          607          195        2,777
      Provision for
       (recovery of) credit
       losses                     180          (16)         (26)         138
      Amortization(2)              20            5           34           59
      Other non-interest
       expenses                 1,217          500           60        1,777
    -------------------------------------------------------------------------
      Income before income
       taxes and non-
       controlling interests      558          118          127          803
      Income tax expense          126            7           57          190
      Non-controlling
       interests                    -            1           27           28
    -------------------------------------------------------------------------
      Net income             $    432     $    110     $     43     $    585
    -------------------------------------------------------------------------
      Average assets(3)      $186,162     $101,663     $    603     $288,428
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                 CIBC         CIBC
    $ millions, for the        Retail        World    Corporate         CIBC
     six months ended         Markets      Markets    and Other        Total
    -------------------------------------------------------------------------
    Apr. 30, 2007
      Net interest income
       (expense)             $  2,235     $   (264)    $    167     $  2,138
      Non-interest income       2,212        1,663          128        4,003
      Intersegment revenue(1)    (107)         111           (4)           -
    -------------------------------------------------------------------------
      Total revenue             4,340        1,510          291        6,141
      Provision for
       (recovery of) credit
       losses                     335           (6)         (20)         309
      Amortization(2)              51           10           68          129
      Other non-interest
       expenses                 2,590        1,065          135        3,790
    -------------------------------------------------------------------------
      Income before income
       taxes and non-
       controlling interests    1,364          441          108        1,913
      Income tax expense          240           34           48          322
      Non-controlling
       interests                   11            3            -           14
    -------------------------------------------------------------------------
      Net income             $  1,113     $    404     $     60     $  1,577
    -------------------------------------------------------------------------
      Average assets(3)      $209,400     $111,000     $    623     $321,023
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Apr. 30, 2006
      Net interest income
       (expense)             $  2,182     $   (107)    $    109     $  2,184
      Non-interest income       1,970        1,282          199        3,451
      Intersegment revenue(1)    (109)         111           (2)           -
    -------------------------------------------------------------------------
      Total revenue             4,043        1,286          306        5,635
      Provision for
       (recovery of) credit
       losses                     360          (31)         (25)         304
      Amortization(2)              42           11           66          119
      Other non-interest
       expenses                 2,440        1,027          127        3,594
    -------------------------------------------------------------------------
      Income before income
       taxes and non-
       controlling interests    1,201          279          138        1,618
      Income tax expense          331           39           58          428
      Non-controlling
       interests                    -            2           23           25
    -------------------------------------------------------------------------
      Net income             $    870     $    238     $     57     $  1,165
    -------------------------------------------------------------------------
      Average assets(3)      $185,341     $101,067     $    622     $287,030
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Intersegment revenue represents internal sales commissions and
        revenue allocations under the Manufacturer / Customer Segment /
        Distributor Management Model.
    (2) Includes amortization of buildings, furniture, equipment, leasehold
        improvements and finite-lived other intangible assets.
    (3) Assets are disclosed on an average basis as this measure is most
        relevant to a financial institution and is the measure reviewed by
        management.

    15. Future accounting changes

    Leveraged leases

    In July 2006, the Financial Accounting Standards Board (FASB) issued a
    FASB Staff Position (FSP) FAS 13-2, "Accounting for a Change or Projected
    Change in the Timing of Cash Flows Relating to Income Taxes Generated by
    a Leveraged Lease Transaction," which amends Statement of Financial
    Accounting Standard 13, "Accounting for Leases," certain aspects of which
    are incorporated in the CICA Emerging Issues Abstract (EIC) 46,
    "Leveraged Leases." The FSP is effective for CIBC beginning November 1,
    2007.

    For additional details, see page 130 of our 2006 Annual Accountability
    Report.

    Capital disclosures

    In December 2006, the CICA issued a new handbook section 1535, "Capital
    Disclosures," which requires an entity to disclose its objectives,
    policies and processes for managing capital. This new standard is
    effective for CIBC beginning November 1, 2007.

    Financial instruments

    In December 2006, the CICA issued two new handbook sections, 3862
    "Financial Instruments - Disclosures" and 3863 "Financial Instruments -
    Presentation." These new standards are effective for CIBC beginning
    November 1, 2007.

    These sections replace CICA handbook section 3861, "Financial Instruments
    - Disclosure and Presentation." These new sections enhance disclosure
    requirements on the nature and extent of risks arising from financial
    instruments and how the entity manages those risks.%SEDAR: 00002543EF



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

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