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CIBC Announces Fourth Quarter and Fiscal 2008 Results
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CIBC's 2008 audited annual consolidated financial statements and
accompanying management's discussion & analysis (MD&A) will be available
today at www.cibc.com, along with the supplementary financial information
report which includes fourth quarter financial information.
-------------------------------------------------------------------------TORONTO, Dec. 4 /CNW/ - CIBC announced net income of $436 million for the
fourth quarter ended October 31, 2008, up from $71 million for the third
quarter ended July 31, 2008. Diluted earnings per share (EPS) were $1.06,
compared with $0.11 for the third quarter. Cash diluted EPS were $1.09(1),
compared with $0.13(1) last quarter. Return on equity for the fourth quarter
ended October 31, 2008 was 14.8%.
CIBC's Tier 1 capital ratio strengthened to 10.5% at October 31, 2008 up
from 9.8% at July 31, 2008.CIBC's results for the fourth quarter of 2008 were affected by the
following items of note aggregating to a negative impact of $0.48 per share.
- A net favourable impact from tax-related items of $463 million
($1.21 per share), including a tax benefit related to Enron-related
litigation settlements of $486 million ($1.27 per share);
- Loss on structured credit run-off activities of $479 million
($323 million after-tax, or $0.84 per share), which includes credit
valuation adjustments for financial guarantors of $1,269 million
($854 million after-tax, or $2.24 per share), a gain on the reduction
of an unfunded commitment to a variable funding note of $895 million
($603 million after-tax, or $1.58 per share), as well as other write-
downs and expenses totalling $105 million ($72 million after-tax, or
$0.18 per share);
- Other mark-to-market gains and losses, valuation adjustments and
write-downs aggregating to a loss of $193 million ($116 million
after-tax, or $0.31 per share);
- Foreign exchange gain of $112 million ($92 million loss after-tax, or
$0.24 loss per share) on the repatriation of capital and retained
earnings from foreign operations;
- Higher than normal severance accruals of $122 million ($82 million
after-tax, or $0.21 per share);
- Losses related to leveraged leases of $51 million ($34 million
after-tax, or $0.09 per share).
Consistent with recent amendments and clarifications of accounting
standards, the following changes in valuation and classification of certain
trading assets were made effective August 1, 2008:
- Given inactive markets for collateralized loan obligations (CLO) and
related credit derivatives, fair value estimates for these
instruments were adjusted to additionally consider values provided by
our internal models rather than rely exclusively on indicative broker
quotes. This resulted in a net improvement to fair values of
$310 million as at August 1, which reduced the above noted loss in
the quarter on our structured credit run-off activities.
- CLO and trust preferred securities notional totaling $6.4 billion
(US$6.3 billion) were reclassified from trading to held-to-maturity.
As a result, unrealized losses of $629 million during the quarter in
the estimated fair value of these securities were not charged to
earnings.
- Other securities notional totaling $0.9 billion (US$0.9 billion) were
reclassified from trading to available-for-sale. The change in fair
value of these securities during the quarter was not material.CIBC's net income of $436 million for the fourth quarter of 2008 compared
with net income of $884 million for the fourth quarter of 2007. Diluted EPS of
$1.06 and cash diluted EPS of $1.09(1) for the fourth quarter of 2008 compared
to diluted EPS of $2.53 and cash diluted EPS of $2.55(1), respectively, for
the same period last year, which included items of note aggregating to a
positive impact of $0.25 per share.
For the year ended October 31, 2008, CIBC reported a net loss of $2.1
billion and a diluted loss per share of $5.89, which included losses within
CIBC's structured credit run-off business of $4.9 billion, or $13.45 per
share. These results compared to net income of $3.3 billion and diluted EPS of
$9.21 for 2007.
"While conditions across the financial services industry were challenging
in 2008, we took broad-based actions across CIBC to manage through the
environment," says Gerry McCaughey, CIBC President and CEO. "As a result of
the actions we took to reduce risk and strengthen our capital position, we are
heading into 2009 with the strongest capital position among the major
commercial banks in North America. Our capital strength, combined with our
client focus and the strength of our Canadian concentrated core retail and
wholesale businesses, positions CIBC well in this uncertain environment."
Update on business priorities
Capital strength
Going into 2008, CIBC emphasized capital strength as a key priority.
In January of 2008 CIBC raised $2.9 billion of common equity before the
financial markets experienced broad-based deterioration. Our capital raise,
together with business exits, ongoing earnings and asset reduction
initiatives, contributed to CIBC's strong Tier 1 capital ratio of 10.5%, total
capital ratio of 15.4% and total common equity of $11.2 billion at the end of
2008.
CIBC's Tier 1 capital ratio of 10.5% exceeds regulatory requirements of
7% and CIBC's medium-term target of 8.5%. This capital strength is prudent
given the uncertain environment, and provides CIBC with a solid foundation for
future investment and growth.
"A major area of focus for CIBC in 2008 was building capital and reducing
our structured credit run-off portfolio as market conditions deteriorated,"
says McCaughey. "As we head into 2009, our capital position is strong and
contingent risk within the run-off portfolio has been significantly reduced."
Business strength
While emphasizing balance sheet strength and run-off activities, CIBC has
remained focused on its core businesses.
CIBC Retail Markets reported net income of $2.3 billion in 2008.
Profitability was supported by volume growth and expense discipline. The
fundamentals of our retail business remain strong.
Against the backdrop of highly competitive industry conditions and a more
challenging environment, CIBC Retail Markets maintained solid market share in
key product areas and continued to invest in its distribution, advisory and
product capabilities.
Throughout 2008, CIBC strengthened its distribution network through
investment in new branches, longer branch hours, upgrades to the ABM network
and expanded telephone banking capacity, all of which ensure the continued
strength and long-term growth of CIBC's retail platform.
In the area of advice, CIBC remains a market leader in Canada. During
2008, CIBC extended its client capabilities in areas such as tax, estate,
trust and succession planning, as well as portfolio management and financial
planning.
An important part of CIBC's retail strategy is to leverage its market
leadership in the key area of loyalty programs. During 2008, CIBC extended its
Aeroplan™ offer to more of its clients, including the addition of Aeroplan
miles to new products such as the CIBC Unlimited chequing account.CIBC World Markets reported a loss of $4.2 billion in 2008 as a result of
the structured credit losses.CIBC World Markets was repositioned in 2008 to reduce risk and strengthen
alignment with CIBC's desired risk profile and strategic imperative of
consistent and sustainable performance over the long term. CIBC World Markets
sold its U.S.-based investment banking, leveraged finance, equities and
related debt capital markets businesses to Oppenheimer Holdings Inc., exited
its leveraged finance activities in London, and placed its structured credit
business in run-off. Certain other activities within continuing businesses
were also reduced, including derivatives trading and asset-backed commercial
paper conduits.
Under a new management team, CIBC renewed its CIBC World Markets strategy
around four core businesses - global equities; fixed income and currencies;
investment, corporate and merchant banking; and real estate finance. In the
face of extremely challenging market conditions and the distractions of
internal repositioning, these businesses performed well in 2008 and continued
to provide value to clients.
Productivity
CIBC achieved further improvements in 2008 in the area of productivity.
CIBC's target for 2008 was to hold expenses flat relative to the fourth
quarter of 2006, excluding FirstCaribbean International Bank (FirstCaribbean)
and exited/sold businesses. For the third consecutive year, CIBC exceeded its
annual expense target.
CIBC's strategic target is to achieve a median efficiency ratio among its
Canadian bank peer group.
"In 2009, we expect further opportunities to maintain expense discipline,
particularly from reducing trailing infrastructure expenses associated with
our business exits," says McCaughey. "We are placing equal emphasis on
achieving revenue improvements, which are necessary to achieve our strategic
target on a sustainable basis over the long term."
Review of fourth quarter results
Net income of $436 million was down $448 million from the fourth quarter
of 2007 and up $365 million from the third quarter of 2008.
Net interest income of $1,377 million was up $137 million from the fourth
quarter of 2007, primarily due to volume growth in retail products, higher net
interest income from FirstCaribbean and lower trading-related interest
expense, partially offset by losses on leveraged leases. Net interest income
was up $50 million from the prior quarter, primarily due to lower
trading-related interest expense and volume growth in retail products,
partially offset by interest income on tax reassessments in the prior quarter.
Non-interest income of $827 million was down $879 million from the fourth
quarter of 2007, primarily due to higher charges on credit protection
purchased from financial guarantors, a gain from the completion of Visa's
worldwide restructuring in the fourth quarter of 2007, higher merchant banking
losses/write-downs, higher trading valuation adjustments, losses on
mortgage-backed securities and the impact of the sale of some of our U.S.
businesses. These factors were partially offset by a gain on the reduction of
our unfunded commitment to a variable funding note (VFN), higher gains
associated with corporate loan hedging programs, and the foreign exchange gain
on the repatriation of capital and retained earnings. Non-interest income was
up $249 million from the prior quarter, primarily due to the gain on the
reduction of our commitment to a VFN, higher gains associated with corporate
loan hedging programs and the foreign exchange gain on the repatriation of
capital and retained earnings. These factors were partially offset by higher
charges on credit protection purchased from financial guarantors, higher
merchant banking losses/write-downs and higher trading valuation adjustments.
Provision for credit losses of $222 million was up $90 million from the
fourth quarter of 2007, primarily due to higher losses in the cards portfolio,
as well as lower recoveries and higher losses in the corporate lending
portfolio. Provision for credit losses was up $19 million from the prior
quarter primarily due to higher losses in the cards portfolio, partially
offset by higher recoveries and reversals in the corporate lending portfolio.
Non-interest expenses of $1,927 million were up $53 million from the
fourth quarter of 2007, primarily due to higher severance accruals, higher
occupancy costs and higher computer and other equipment expenses, partially
offset by lower advertising and business development expenses and lower
communication expenses. Non-interest expenses were up $202 million from the
prior quarter, primarily due to higher severance accruals, higher occupancy
costs and higher computer and other equipment expenses.
An income tax benefit of $384 million in the fourth quarter of 2008
compared to an income tax expense of $45 million a year ago, primarily due to
the recognition of a tax benefit related to Enron-related litigation
settlements and lower income, partially offset by the impact of the
repatriation of capital and retained earnings. The income tax benefit of $384
million in the fourth quarter compared with an income tax benefit of $101
million in the prior quarter, primarily due to the recognition of the tax
benefit related to Enron-related litigation settlements, partially offset by
the impact of the repatriation of capital and retained earnings and higher
income.
CIBC Retail Markets
CIBC Retail Markets reported net income of $523 million, down $437
million from the fourth quarter of 2007, which included the Visa gain of $381
million after-tax.
Revenue of $2,288 million was down $506 million from the fourth quarter
of 2007, primarily due to the Visa gain of $456 million in the fourth quarter
of 2007. Strong volume growth primarily in cards, mortgages and deposits was
offset by the combination of weaker equity markets, lower spreads and lower
treasury revenue allocations.
Provision for credit losses of $232 million was up $82 million from the
fourth quarter of 2007, primarily due to higher losses in the cards portfolio
due to a combination of volume growth, higher loss rates and an increase in
the provision related to the expiry of previous card securitizations,
partially offset by lower personal lending loss rates.
Non-interest expenses of $1,363 million were down $39 million from the
fourth quarter of 2007 primarily due to lower variable compensation costs as a
result of the decline in market conditions in 2008, as well as the overall
favourable impact of productivity initiatives on direct operating expenses.
Income tax expense of $164 million was down $107 million from the fourth
quarter of 2007, primarily due to $75 million of tax on the Visa gain in the
fourth quarter of 2007 and lower income in the fourth quarter of 2008.
CIBC World Markets
CIBC World Markets reported net income of $133 million, compared with a
net loss of $538 million for the third quarter of 2008.
Revenue of $(318) million in the fourth quarter compared with revenue of
$(598) million in the third quarter. The improvement in revenue was primarily
due to lower losses related to structured credit run-off activities and higher
mark-to-market gains on corporate loan hedges, partially offset by higher
merchant banking losses/write-downs and higher valuation adjustments in
trading portfolios.
Non-interest expenses of $288 million were up $22 million from the third
quarter, primarily due to higher expenses related to structured credit run-off
and other exited activities.
Income tax benefit of $726 million was up from a benefit of $333 million
in the third quarter, primarily due to the recognition of the tax benefit
related to Enron-related litigation settlements, partially offset by a lower
net loss before tax.
As at October 31, 2008, the fair value, net of valuation adjustments, of
purchased protection from financial guarantor counterparties was $2.3 billion
(US$1.9 billion). Market and economic conditions relating to these financial
guarantors may change in the future, which could result in significant future
losses.
Corporate and Other
Corporate and Other reported a net loss of $220 million, compared with
net income of $36 million for the fourth quarter of 2007.
Revenue of $234 million was up $87 million from the fourth quarter of
2007, primarily due to the net foreign exchange gain from the repatriation of
capital and retained earnings during the fourth quarter of 2008, partially
offset by lower revenue from hedges of share appreciation rights (SARs).
Non-interest expenses of $276 million were up $161 million from the
fourth quarter of 2007, primarily due to higher unallocated corporate support
costs, including higher severance accruals, partially offset by lower expenses
related to SARs.
An income tax expense of $178 million in the fourth quarter of 2008
compared to an income tax benefit of $4 million in the fourth quarter of 2007.
The fourth quarter of 2008 included higher tax expense related to the
repatriation of capital and retained earnings from foreign operations.Our Balanced Scorecard
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Medium-term 2008
objectives Results(2) Comments
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Earnings Per Diluted EPS growth 2008 loss per EPS was affected
Share (EPS) of 5-10% per annum, share of $5.89 by items
Growth on average, over the compared to 2007 discussed in the
next 3-5 years. EPS of $9.21 "Overview"
section of the
MD&A.
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Return on Return on average (19.4)% ROE was affected
Equity common equity of at by items
(ROE) least 20% through the discussed in the
cycle (calculated as "Overview"
net income less section of the
preferred share MD&A.
dividends and premium
on redemptions
expressed as a
percentage of average
common shareholders'
equity).
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Capital Tier 1 capital ratio Tier 1 capital Capital ratios
Strength target of 8.5%. ratio: are well above
10.5% our targets.
Total capital ratio Total capital
target of 11.5%. ratio: 15.4%
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Business Mix At least 75% retail 65%/35% Business mix was
(as measured by retail/wholesale affected by
economic capital). capital allocated
to the structured
Going forward, CIBC credit run-off
World Markets has an portfolio.
objective to achieve
annual net income
between $300 and $500
million through the
cycle from its
continuing businesses.
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Risk Maintain provision Loan loss ratio: Loan loss
for credit losses as 42 basis points performance was
a percentage of loans better than our
and bankers' objective.
acceptances, net of
reverse repurchase
agreements (loan loss
ratio) between 50 and
65 basis points
through the business
cycle.
Maintain the carrying Merchant banking The carrying
value of our merchant portfolio: $1.1 value of our
banking portfolio billion merchant banking
below $1.2 portfolio
billion(3). remains below
our target.
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Productivity Achieve a median Cash efficiency Cash efficiency
ranking within our ratio (TEB) ratio was
industry group, in (1): 183.5% affected by items
terms of our non- discussed in the
interest expenses "Overview"
to total revenue section of the
(cash efficiency MD&A.
ratio (TEB)(1)).
Hold expenses flat 2008 non- We achieved our
relative to interest expense target
annualized 2006 expenses of for the third
fourth quarter $7,201 million consecutive year.
expenses, excluding (includes
FirstCaribbean and expenses related
exited/sold to exited/sold
businesses businesses of
(annualized 2006 $183 million and
fourth quarter FirstCaribbean
expenses of $7,568 expenses of
million includes $372 million)
annualized 2006
fourth quarter
expenses related to
exited/sold
businesses of $464
million and no
expenses related to
FirstCaribbean).
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Dividend 40%-50% (common share Dividend payout Dividend payout
Payout Ratio dividends paid as a ratio: (greater ratio was
percentage of net than) 100% affected by items
income after discussed in the
preferred share "Overview"
dividends and premium section
on redemptions). of the MD&A.
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Total Outperform the Five years ended We underperformed
Shareholder S&P/TSX Composite October 31, in 2008 as a
Return Banks Index 2008: CIBC: result of our
(dividends reinvested) 11.4% Bank structured
on a rolling five- Index: 43.7% credit
year basis. exposures.
-------------------------------------------------------------------------Making a difference in our communities
With a strategic focus on health, education and youth, CIBC is committed
to supporting causes that matter to clients, employees and communities.
On October 5, 2008, in 55 communities across Canada, 170,000 people
joined together in the annual Canadian Breast Cancer Foundation CIBC Run for
the Cure, the largest one-day fundraising event for breast cancer research. In
total, $28.5 million was raised, including $3 million from Team CIBC and pink
products to help create a future without breast cancer. CIBC also announced
additional contributions this quarter totaling more than $2 million in support
of breast cancer initiatives to organizations including: William Osler Health
Centre Foundation, Credit Valley Hospital, Dr. H. Bliss Murphy Cancer Care
Foundation and Women's College Hospital.
As part of its ongoing commitment to support youth and education, CIBC
awarded 30 CIBC Youthvision™ Scholarships, valued at up to $34,000 each to
Grade 10 students enrolled in a mentoring program with Big Brothers Big
Sisters Canada and the YMCA. A total of 300 scholarships have been awarded to
students across Canada since the first scholarship was awarded in 1999. This
program represents a multi-year commitment of more than $10 million. CIBC also
has a long-standing history of working with Frontier College to support their
literacy programs for children, youth and adults across the country. A new
commitment of $225,000 will include funding for a number of the Homework Clubs
across Canada to provide one-to-one after school tutoring for children in
grades three to eight.-------------------------------------------
The information below forms a part of this press release.
Nothing in CIBC's corporate website (www.cibc.com) should be considered
incorporated herein by reference.
(The board of directors of CIBC reviewed this press release prior to it
being issued.)
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(1) For additional information, see the "Non-GAAP measures" section in
CIBC's Q4/08 Supplementary Financial Information available on
www.cibc.com.
(2) For additional information, see the "Overview" section of CIBC's 2008
Management Discussion and Analysis available at www.cibc.com.
(3) Going forward, we are withdrawing this objective from our balanced
scorecard.A note about forward-looking statements
From time to time, we make written or oral forward-looking statements
within the meaning of certain securities laws, including in this press
release, in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications. These
statements include, but are not limited to, statements we make about our
operations, business lines, financial condition, risk management, priorities,
targets, ongoing objectives, strategies and outlook for 2009 and subsequent
periods. Forward-looking statements are typically identified by the words
"believe", "expect", "anticipate", "intend", "estimate" and other similar
expressions or future or conditional verbs such as "will", "should", "would"
and "could". By their nature, these statements require us to make assumptions
and are subject to inherent risks and uncertainties that may be general or
specific. A variety of factors, many of which are beyond our control, affect
our operations, performance and results and could cause actual results to
differ materially from the expectations expressed in any of our
forward-looking statements. These factors include: credit, market, liquidity,
strategic, operational, reputation and legal, regulatory and environmental
risk; legislative or regulatory developments in the jurisdictions where we
operate; amendments to, and interpretations of, risk-based capital guidelines
and reporting instructions; the resolution of legal proceedings and related
matters; the effect of changes to accounting standards, rules and
interpretations; changes in our estimates of reserves and allowances; changes
in tax laws; that our estimate of sustainable effective tax rate will not be
achieved; political conditions and developments; the possible effect on our
business of international conflicts and the war on terror; natural disasters,
public health emergencies, disruptions to public infrastructure and other
catastrophic events; reliance on third parties to provide components of our
business infrastructure; the accuracy and completeness of information provided
to us by clients and counterparties; the failure of third parties to comply
with their obligations to us and our affiliates; intensifying competition from
established competitors and new entrants in the financial services industry;
technological change; global capital market activity; interest rate and
currency value fluctuations; general economic conditions worldwide, as well as
in Canada, the U.S. and other countries where we have operations; changes in
market rates and prices which may adversely affect the value of financial
products; our success in developing and introducing new products and services,
expanding existing distribution channels, developing new distribution channels
and realizing increased revenue from these channels; changes in client
spending and saving habits; our ability to attract and retain key employees
and executives; and our ability to anticipate and manage the risks associated
with these factors. This list is not exhaustive of the factors that may affect
any of our forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on our
forward-looking statements. We do not undertake to update any forward-looking
statement that is contained in this press release or in other communications
except as required by law.FOURTH QUARTER FINANCIAL HIGHLIGHTS
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As at or for the As at or for the
three months ended year ended
-------------------------------- ---------------------
2008 2008 2007 2008 2007
Unaudited Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31
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Common share
information
Per share
- basic earnings
(loss) $ 1.07 $ 0.11 $ 2.55 $ (5.89) $ 9.30
- cash basic
earnings
(loss)(1) 1.09 0.13 2.57 (5.80) 9.38
- diluted
earnings
(loss) 1.06 0.11 2.53 (5.89) 9.21
- cash diluted
earnings
(loss)(1) 1.09 0.13 2.55 (5.80) 9.30
- dividends 0.87 0.87 0.87 3.48 3.11
- book value 29.40 28.40 33.31 29.40 33.31
Share price
- high 65.11 76.75 103.30 99.81 106.75
- low 49.00 49.56 87.00 49.00 87.00
- closing 54.66 61.98 102.00 54.66 102.00
Shares outstanding
(thousands)
- average basic 380,782 380,877 334,849 370,229 336,092
- average diluted 381,921 382,172 337,927 371,763 339,316
- end of period 380,805 380,732 334,989 380,805 334,989
Market
capitalization
($ millions) $ 20,815 $ 23,598 $ 34,169 $ 20,815 $ 34,169
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Value measures
Price to earnings
multiple (12 month
trailing) n/m n/m 11.1 n/m 11.1
Dividend yield
(based on closing
share price) 6.3% 5.6% 3.4% 6.4% 3.0%
Dividend payout
ratio 81.6% n/m 34.1% n/m 33.4%
Market value to
book value ratio 1.86 2.18 3.06 1.86 3.06
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Financial results
($ millions)
Total revenue $ 2,204 $ 1,905 $ 2,946 $ 3,714 $ 12,066
Provision for
credit losses 222 203 132 773 603
Non-interest
expenses 1,927 1,725 1,874 7,201 7,612
Net income (loss) 436 71 884 (2,060) 3,296
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Financial measures
Efficiency ratio 87.4% 90.5% 63.6% n/m 63.1%
Cash efficiency
ratio, taxable
equivalent basis
(TEB)(1) 86.0% 88.0% 60.9% n/m 61.3%
Return on equity 14.8% 1.6% 30.3% (19.4)% 28.7%
Net interest margin 1.60% 1.54% 1.45% 1.51% 1.39%
Net interest margin
on average
interest-earning
assets 1.90% 1.82% 1.67% 1.78% 1.59%
Return on average
assets 0.51% 0.08% 1.03% (0.60)% 1.00%
Return on average
interest-earning
assets 0.60% 0.10% 1.19% (0.71)% 1.15%
Total shareholder
return (10.61)% (15.25)% 11.2% (43.50)% 20.2%
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On- and off-balance
sheet information
($ millions)
Cash, deposits with
banks and
securities $ 88,130 $ 89,468 $ 100,247 $ 88,130 $ 100,247
Loans and
acceptances 180,323 173,386 170,678 180,323 170,678
Total assets 353,930 329,040 342,178 353,930 342,178
Deposits 232,952 228,601 231,672 232,952 231,672
Common
shareholders'
equity 11,200 10,813 11,158 11,200 11,158
Average assets 342,621 343,396 340,236 344,865 328,520
Average interest-
earning assets 288,544 290,598 294,591 292,159 286,682
Average common
shareholders'
equity 10,896 10,664 11,191 11,261 10,905
Assets under
administration 1,047,326 1,134,843 1,170,407 1,047,326 1,170,407
--------------------------------------------------- ---------------------
Balance sheet
quality measures
Common equity to
risk-weighted
assets(2) 9.5% 9.1% 8.8% 9.5% 8.8%
Risk-weighted assets
($ billions)(2) $ 117.9 $ 118.5 $ 127.4 $ 117.9 $ 127.4
Tier 1 capital
ratio(2) 10.5% 9.8% 9.7% 10.5% 9.7%
Total capital
ratio(2) 15.4% 14.4% 13.9% 15.4% 13.9%
--------------------------------------------------- ---------------------
--------------------------------------------------- ---------------------
Other information
Retail/wholesale
ratio(3) 65%/35% 67%/33% 73%/27% 65%/35% 73%/27%
Regular workforce
headcount 39,698 40,251 40,457 39,698 40,457
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--------------------------------------------------- ---------------------
(1) For additional information, see the "Non-GAAP measures" section in
the "Q4/08 Supplementary Financial Information" available on
www.cibc.com.
(2) Beginning Q1/08, these measures are based upon Basel II framework
whereas prior quarters were based upon Basel I methodology.
(3) The ratio represents the amount of capital attributed to the
business lines as at the end of the period.
n/m Not meaningful due to the net loss.%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
