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CIBC Announces Fourth Quarter and Fiscal 2012 Results


CIBC's 2012 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. 6, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced net income of $852 million for the fourth quarter ended October 31, 2012, up from $757 million for the fourth quarter of 2011. Reported diluted earnings per share (EPS) of $2.02 and adjusted diluted EPS of $2.04((1)) for the fourth quarter of 2012, compared with reported diluted EPS of $1.79 and adjusted diluted EPS of $1.78((1)), respectively, for the same period last year.

CIBC's results for the fourth quarter of 2012 were affected by the following items of note aggregating to a negative impact of $0.02 per share:


    --  $57 million ($32 million after-tax, or $0.08 per share) loan
        losses in our exited U.S. leveraged finance portfolio;
    --  $51 million ($37 million after-tax, or $0.09 per share) gain
        from the structured credit run-off business;
    --  $33 million ($24 million after-tax, or $0.06 per share) loss
        relating to the change in valuation of collateralized
        derivatives to an overnight index swap (OIS) basis;
    --  $24 million ($19 million after-tax, or $0.05 per share) gain on
        sale of interests in entities in relation to the acquisition of
        TMX Group Inc. by Maple Group Acquisition Corporation, net of
        associated expenses; and
    --  $7 million ($6 million after-tax, or $0.02 per share)
        amortization of intangible assets.

CIBC's results for the fourth quarter of 2011 included items of note 
aggregating to a positive impact of $0.01 per share.

CIBC's net income of $852 million for the fourth quarter of 2012 compared with 
net income of $841 million for the third quarter ended July 31, 2012. Reported 
diluted EPS of $2.02 and adjusted diluted EPS of $2.04((1)) for the fourth 
quarter of 2012 compared with reported diluted EPS of $2.00 and adjusted 
diluted EPS of $2.06((1)) for the prior quarter.

For the year ended October 31, 2012, CIBC reported net income of $3.3 billion, 
reported diluted EPS of $7.85 and adjusted diluted EPS of $8.07((1)), which 
included items of note aggregating to a negative impact of $0.22 per share. 
These results compared with net income of $2.9 billion, reported diluted EPS 
of $6.71 and adjusted diluted EPS of $7.57((1)) for 2011, which included items 
of note aggregating to a negative impact of $0.86 per share.

CIBC's return on common shareholders' equity was 22.0% for the year ended 
October 31, 2012 and our Tier 1 capital and Tangible Common Equity ratios were 
13.8% and 11.6%((1)) respectively as at October 31, 2012.

"CIBC reported another year of solid progress in 2012," says Gerry McCaughey, 
CIBC President and Chief Executive Officer. "Our results reflect broad-based 
performance across our core businesses and the value of our strategy."

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

Performance against Objectives

 _____________________________________________________________________
| Our key measures of  |      Our Objectives  |        2012 results   |
|     performance      |                      |                       |
|______________________|______________________|_______________________|
|Adjusted Earnings per |Adjusted EPS growth of|  2012: $8.07, up 6.6% |
|share (EPS)((1))      |5%-10% per annum, on  |          from         |
|growth                |average, over the next|          2011         |
|                      |3-5 years             |                       |
|______________________|______________________|_______________________|
|Return on common      |Return on average     |                       |
|shareholders' equity  |common equity of 20%  |             22.0%     |
|(ROE)                 |through the           |                       |
|                      |cycle                 |                       |
|______________________|______________________|_______________________|
|Capital strength((2)) |Tier 1 capital ratio  |     Tier 1 capital    |
|                      |target of 8.5%        |       ratio:13.8%     |
|                      |Total capital ratio   |  Total capital ratio: |
|                      |target of 11.5%       |          17.3%        |
|______________________|______________________|_______________________|
|Business mix          |75% retail((3))/25%   |                       |
|                      |wholesale (as measured|        77%/23%        |
|                      |by                    | retail((3))/wholesale |
|                      |economic capital((1)))|                       |
|______________________|______________________|_______________________|
|Risk                  |Maintain provision for|                       |
|                      |credit losses as a    |                       |
|                      |percentage of         |                       |
|                      |average loans and     |                       |
|                      |acceptances (loan loss|      53 basis points  |
|                      |ratio((4)))           |                       |
|                      |between 50 and 65     |                       |
|                      |basis points through  |                       |
|                      |the business          |                       |
|                      |cycle                 |                       |
|______________________|______________________|_______________________|
|Productivity          |Achieve a median      |                       |
|                      |ranking within our    |                       |
|                      |industry group, in    |                       |
|                      |terms of our adjusted |             55.8%     |
|                      |non-interest expense  |                       |
|                      |to total              |                       |
|                      |revenue (adjusted     |                       |
|                      |efficiency ratio)((1))|                       |
|______________________|______________________|_______________________|
|Adjusted Dividend     |40%-50% (common share |                       |
|payout ratio((1))     |dividends paid as a   |                       |
|                      |percentage of adjusted|                       |
|                      |net income after      |             45.1%     |
|                      |preferred             |                       |
|                      |share dividends and   |                       |
|                      |premium on            |                       |
|                      |redemptions)          |                       |
|______________________|______________________|_______________________|
|Total shareholder     |Outperform the S&P/TSX|   Five years ended    |
|return                |Composite Banks Index |        October        |
|                      |(dividends reinvested)|31, 2012: CIBC - (0.1)%|
|                      |on a rolling five-year|     Index - 25.2%     |
|                      |basis                 |                       |
|______________________|______________________|_______________________|

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

(2)   Going forward, our capital strength will be measured by the Basel
      III Common Equity Tier 1 ratio to exceed the regulatory target
      set by the Office of the Superintendent of Financial Institutions
      (OSFI).

(3)   For the purpose of calculating this ratio, Retail includes Retail
      and Business Banking, Wealth Management and International banking
      operations, reported as part of Corporate and Other. The ratio
      represents the amount of economic capital attributed to these
      businesses as at the end of the period.

(4)   Going forward, our loan loss ratio target will be between 45 and
      60 basis points through the business cycle.

Core business performance

Retail and Business Banking reported net income of $2.3 billion in 2012, up 
from $2.2 billion in 2011, as a result of volume growth across most retail 
products and higher fees, partially offset by narrower spreads in the 
low-interest environment that continues to prevail.

Retail and Business Banking continued to make strategic investments throughout 
2012 in areas that are enhancing the relationship we have with, and the value 
we provide to, our clients:
    --  Continuing our leadership in mobile innovations, we announced
        the first point-of-sale mobile credit card transaction in
        Canada in partnership with Rogers Communications. This new
        mobile payments functionality allows our clients to use their
        existing CIBC credit card through their smartphone to purchase
        goods.
    --  We launched the CIBC Total Banking Rebate to recognize and
        reward clients with fee discounts for having deeper
        relationships with us.
    --  We delivered CIBC Home Power Plan which combines the benefits
        of a traditional mortgage and a line of credit to give clients
        a long-term borrowing solution.  In addition, we introduced
        Next Best Offer to enable our frontline sales teams to better
        understand our clients' needs and provide them with the best
        offer based on their current holdings.
    --  We were named the Best Commercial Bank in Canada by World
        Finance magazine for our strong client focus.
    --  We continued to invest in our branch network, with 28 new,
        relocated or expanded branches across the country this year and
        expanded hours of business.

"As we close fiscal 2012, our business is well positioned for growth," says 
David Williamson, Group Head, Retail and Business Banking. "We have 
re-positioned our focus towards building deeper relationships with our 
clients, built more branches, extended our branch operating hours, launched 
new products and reinforced our leadership position in mobile banking with our 
launch of mobile payments."

"To further our business in 2013 and beyond, we are continuing to invest in 
building deeper relationships with our clients; improving our sales and 
service capabilities; and acquiring and retaining clients who seek deeper and 
more rewarding relationships," adds Williamson.

Wealth Management had net income of $339 million in 2012, up from $279 
million in 2011. Net income increased as a result of higher revenue in asset 
management partially offset by lower revenue in retail brokerage.

Wealth Management strengthened its business on many fronts in 2012 in support 
of our strategic priorities to attract and deepen client relationships, seek 
new sources of domestic assets and pursue acquisitions and investments. Key 
highlights included:
    --  Acquired MFS McLean Budden's private wealth management
        business, adding approximately $1.4 billion in client assets.
    --  Our investment in American Century Investments continues to
        generate solid results with positive net sales and was named
        Deal of the Year for its impact on the U.S. mutual fund
        landscape.
    --  For the 3(rd) consecutive year, achieved record long-term
        mutual funds net sales of $3.9 billion.
    --  Investment performance consistently ranked amongst the Canadian
        leaders, as measured against median.

"We will continue to invest in our Wealth Management platform, domestically 
and internationally, to enhance the client experience and strengthen 
shareholder returns," says Victor Dodig, Group Head, Wealth Management.

Despite ongoing volatility and uncertainty in global equity markets, Wholesale 
Banking delivered strong results, reporting net income of $613 million, 
compared with $543 million in 2011.

Wholesale Banking's objective is to be the premier client-focused wholesale 
bank centred in Canada, with a reputation for consistent and sustainable 
earnings, for risk-controlled growth, and for being a well-managed firm known 
for excellence in everything we do. During 2012, Wholesale Banking:
    --  Ranked among the leading foreign exchange providers globally,
        and was also ranked a top bank in Canadian dollar service in
        the FX Week Best Bank Awards 2012;
    --  Reinforced our energy advisory business with the acquisition of
        Griffis & Small, LLC;
    --  Ranked #1 overall in loan syndication by number of deals and #2
        by volume;
    --  Received Best Bank of the Year - Project Finance and
        Infrastructure - Canada by Deal Makers Monthly; and
    --  Led or co-led several key transactions, most notably the Canada
        Housing Trust No. 1 $15 billion Canada Mortgage Bond offerings.

"Wholesale Banking delivered high quality, consistent and risk-controlled 
performance in 2012, despite continued volatile market conditions globally," 
says Richard Nesbitt, Group Head, Wholesale, International, and Technology and 
Operations.

While investing in our core Wholesale Banking strategy, CIBC continued to 
actively manage and reduce its structured credit run-off portfolio. In 2012, 
notional exposures declined by $4.1 billion as a result of sales and 
terminations of positions, as well as normal amortization. The remaining 
portfolio of primarily collateralized loan obligations and corporate debt has 
experienced minimal defaults in the underlying collateral and continues to 
benefit from significant levels of subordination.

Strong fundamentals

While investing in its core businesses, CIBC has continued to strengthen its 
key fundamentals. In 2012, CIBC maintained its capital strength, competitive 
productivity and sound risk management:
    --  CIBC's capital ratios are strong, including Tier 1 and Tangible
        Common Equity((1)) ratios of 13.8% and 11.6% at October 31,
        2012;
    --  Credit quality has remained stable, with CIBC's loan loss ratio
        of 53((1)) basis points comparable to 51((1)) basis points in
        2011; and
    --  Market risk, as measured by average Value-at-Risk, was $4.9
        million in 2012 compared with $6.5 million in 2011.

With a pro forma Basel III Common Equity Tier 1 ratio estimated at 9.0% on a 
fully phased-in basis, CIBC is well in excess of the 7% minimum requirement as 
proposed by the Basel Committee on Banking Supervision and the Office of the 
Superintendent of Financial Institutions.

"CIBC's first principle is to be a lower risk bank that delivers consistent 
and sustainable earnings over the long term," adds McCaughey. "Within an 
environment that is impacted by the macro trends of uncertainty, deleveraging 
and re-regulation, CIBC has the right strategy to continue to deliver value."

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

Fourth Quarter Financial Highlights                                                                         
                                                                                                  As at or for
                                                           As at or for the                  the twelve months
                                                         three months ended                              ended
                                2012             2012              2011              2012             2011    
                             Oct. 31          Jul. 31 ( )       Oct. 31 ( )       Oct. 31          Oct. 31 ( )

Financial results ($                                                                         
millions)                                                                                                     

Net interest income      $     2,016      $     1,883       $     1,776       $     7,494      $     7,062    

Non-interest income            1,143            1,266             1,419             5,055            5,373    

Total revenue                  3,159            3,149             3,195            12,549           12,435    

Provision for credit                                                                         
losses                           328              317               306             1,291            1,144    

Non-interest expenses                                                                        
                               1,829            1,831             1,920             7,215            7,486    

Income before taxes            1,002            1,001               969             4,043            3,805    

Income taxes                     150              160               212               704              927    

Net income               $       852      $       841       $       757       $     3,339      $     2,878    

Net income
attributable to                                                                              
non-controlling
interests                $         2      $         2       $         3       $         8      $        11    

  Preferred                                                                                  
shareholders                      29               29                38               158              177    

  Common shareholders                                                                        
                                 821              810               716             3,173            2,690    

Net income
attributable to equity                                                                       
shareholders             $       850      $       839       $       754       $     3,331      $     2,867    
                                                                                                              

Financial measures                                                                                            

Reported efficiency                                                                          
ratio                           57.9 %           58.1   %          60.1   %          57.5 %           60.2   %

Adjusted efficiency                                                                          
ratio((1))                      56.5 %           56.1   %          58.7   %          55.8 %           56.4   %

Loan loss ratio                 0.53 %           0.52   %          0.52   %          0.53 %           0.51   %

Return on common                                                                             
shareholders' equity            21.7 %           21.8   %          22.6   %          22.0 %           22.2   %

Net interest margin             2.00 %           1.87   %          1.77   %          1.89 %           1.79   %

Net interest margin on
average                                                                                      
interest-earning
assets                          2.33 %           2.18   %          2.05   %          2.20 %           2.03   %

Return on average                                                                            
assets                          0.85 %           0.84   %          0.75   %          0.84 %           0.73   %

Return on average
interest-earning                                                                             
assets                          0.99 %           0.98   %          0.87   %          0.98 %           0.83   %

Total shareholder                                                                            
return                          8.42 %         (0.33)   %          4.19   %          9.82 %           0.43   %
                                                                                                              

Common share                                                                                 
information                                                                                                   

Per                                                                                          
share - basic earnings   $      2.02      $      2.00       $      1.80       $      7.86      $      6.79    
      - reported                                                                             
      diluted earnings          2.02             2.00              1.79              7.85             6.71    
      - adjusted
      diluted earnings                                                                       
      ((1))                     2.04             2.06              1.78              8.07             7.57    
      - dividends               0.94             0.90              0.90              3.64             3.51    
      - book value             37.48            36.57             32.88             37.48            32.88  

Share                                                                                        
price - high                   78.56            74.68             76.50             78.56            85.49    
      - low                    72.97            69.70             67.84             68.43            67.84    
      - closing                78.56            73.35             75.10             78.56            75.10    

Shares outstanding                                                                           
(thousands)                                                                                                   
      -
      weighted-average                                                                       
      basic                  405,404          405,165           399,105           403,685          396,233    
      -
      weighted-average                                                                       
      diluted                405,844          405,517           401,972           404,145          406,696    
      - end of period        404,485          405,626           400,534           404,485          400,534    

Market capitalization                                                                        
($ millions)             $    31,776      $    29,753       $    30,080       $    31,776      $    30,080    
                                                                                                              

Value measures                                                                                                

Dividend yield (based
on closing share                                                                             
price)                           4.8 %            4.9   %           4.8   %           4.6 %            4.7   %

Reported dividend                                                                            
payout ratio                    46.4 %           45.0   %          50.1   %          46.3 %           51.7   %

Adjusted dividend                                                                            
payout ratio((1))               46.1 %           43.7   %          50.6   %          45.1 %           46.3   %

Market value to book                                                                         
value ratio                     2.10             2.01              2.28              2.10             2.28    
                                                                                                              

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

Cash, deposits with                                                                          
banks and securities     $    70,061      $    70,776       $    65,437 ( )   $    70,061      $    65,437    

Loans and acceptances,                                                                       
net of allowance             252,732          253,616           248,409 ( )       252,732          248,409    

Total assets                 393,385          401,010           383,758           393,385          383,758    

Deposits                     300,344          305,096           289,220           300,344          289,220    

Common shareholders'                                                                         
equity                        15,160           14,834            13,171            15,160           13,171    

Average assets               401,092          400,543           398,386           397,382          394,527    

Average
interest-earning                                                                             
assets                       343,840          342,883           343,076           341,053          347,634    

Average common                                                                               
shareholders' equity          15,077           14,760            12,599            14,442           12,145    

Assets under                                                                                              
administration( )          1,445,870        1,377,012         1,317,799         1,445,870        1,317,799    
                                                                                                              

Balance sheet quality                                                                        
measures                                                                                                      

Risk-weighted assets                                                                         
($ billions)             $     115.2          $ 114.9           $ 110.0       $     115.2      $     110.0    

Tangible common equity                                                                       
ratio((1))                      11.6 %           11.3   %          11.4   %          11.6 %           11.4   %

Tier 1 capital ratio            13.8 %           14.1   %          14.7   %          13.8 %           14.7   %

Total capital ratio             17.3 %           17.7   %          18.4   %          17.3 %           18.4   %

Other information                                                                                             

Retail / wholesale            77 % /           76 % /            77 % /            77 % /           77 % /
ratio((2))                        23 %             24   %            23   %            23 %             23   %

Full-time equivalent                                                                         
employees((3))                42,595           42,380            42,239            42,595           42,239    

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

(2)   For the purpose of calculating this ratio, Retail includes Retail
      and Business Banking, Wealth Management, and International
      banking operations (reported as part of Corporate and Other). 
      The ratio represents the amount of economic capital attributed to
      these businesses as at the end of the period.

(3)   Full-time equivalent headcount is a measure that normalizes the
      number of full-time and part-time employees, base plus
      commissioned employees, and 100% commissioned employees into
      equivalent full-time units based on actual hours of paid work
      during a given period.

Review of CIBC Fourth Quarter Results

Net income was $852 million, up $95 million from the fourth quarter of 2011 
and up $11 million from the prior quarter.

Net interest income of $2,016 million was up $240 million from the fourth 
quarter of 2011, primarily due to higher trading-related net interest income 
and volume growth across most retail products. Net interest income was up $133 
million from the prior quarter, primarily due to higher trading-related net 
interest income.

Non-interest income of $1,143 million was down $276 million from the fourth 
quarter of 2011, primarily due to higher trading losses, including the loss 
relating to the methodology change in valuing collateralized derivatives shown 
as an item of note. The current quarter included a gain on sale of interests 
in relation to the acquisition of TMX Group by Maple, while the prior year 
quarter included a gain on sale of a merchant banking investment, both shown 
as items of note. Non-interest income was down $123 million from the prior 
quarter, primarily due to higher trading losses, including the loss relating 
to the methodology change in valuing collateralized derivatives noted above.

Provision for credit losses of $328 million was up $22 million from the fourth 
quarter of 2011. Higher losses in the exited U.S. leveraged finance portfolio, 
identified as an item of note, as well as higher losses in the business 
lending portfolio, were partially offset by lower losses in the exited 
European leveraged finance portfolio, identified as an item of note in the 
prior year quarter, lower losses in CIBC FirstCaribbean and lower write-offs 
and bankruptcies in our cards portfolio. In addition, net provision reversals 
related to the collective allowance were lower in the current quarter. 
Provision for credit losses was up $11 million from the prior quarter. Higher 
losses in the exited U.S. leveraged finance portfolio, identified as an item 
of note, were partially offset by lower losses in U.S. real estate finance and 
lower write-offs and bankruptcies in our cards portfolio.

Non-interest expenses of $1,829 million were down $91 million from the fourth 
quarter of 2011, primarily due to lower employee compensation and benefits. 
The prior year quarter included expenses relating to the sale of a merchant 
banking investment, which is shown as an item of note.  Non-interest expenses 
were comparable to the prior quarter.

Income tax expense of $150 million in the fourth quarter of 2012 was down from 
$212 million in the fourth quarter of 2011, primarily due to higher tax-exempt 
income, an increase in the relative proportion of income taxed at lower income 
tax rates, and a lower statutory income tax rate. Income tax expense was down 
$10 million from the prior quarter primarily due to higher tax-exempt income.

Review of Retail and Business Banking Fourth Quarter Results
                                                           
                           2012               2012               2011  

$ millions, for
the three months                                        
ended              ( )  Oct. 31 ( )   ( )  Jul. 31 ( )   ( )  Oct. 31  

Revenue                                                                

  Personal                                              
  banking            $    1,616         $    1,595         $    1,568  

  Business                                              
  banking                   378                382                358  

  Other                      42                108                150  

Total revenue             2,036              2,085              2,076  

Provision for                                           
credit losses               255                273                266  

Non-interest              1,030              1,035              1,023  
expenses 

Income before                                           
taxes                       751                777                787  

Income taxes                182                183                190  

Net income           $      569         $      594         $      597  

Net income                                              
attributable to:                                                       

  Equity
  shareholders                                          
  (a)                $      569         $      594         $      597  

Efficiency                                              
ratio                      50.6   %           49.7   %           49.3 %

Return on equity                                        
((1))                      57.1   %           60.1   %           64.9 %

Charge for
economic capital                                        
((1)) (b)            $    (126)         $    (126)         $    (122)  

Economic profit                                         
((1)) (a+b)          $      443         $      468         $      475  

Full-time
equivalent                                              
employees                21,857             21,588             21,658  

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

Net income was $569 million, down $28 million from the fourth quarter of 2011.

Revenue of $2,036 million was down $40 million from the fourth quarter of 
2011. Revenue was impacted by lower Treasury allocations.  Excluding the 
impact of Treasury, revenue was up $65 million from the fourth quarter of 
2011. Personal banking and business banking revenue increased primarily due to 
volume growth across most lines of business, partially offset by lower spreads 
in deposits. Other revenue was down primarily due to lower treasury 
allocations.

Provision for credit losses of $255 million was down $11 million from the 
fourth quarter of 2011, primarily due to lower write-offs in cards, partially 
offset by higher losses in commercial banking.

Non-interest expenses of $1,030 million were up $7 million from the fourth 
quarter of 2011, primarily as a result of higher corporate support costs and 
employee compensation, partially offset by cost savings from operational 
efficiencies.

Income tax expense of $182 million was down $8 million from the fourth quarter 
of 2011 due to a lower pre-tax income.

Review of Wealth Management Fourth Quarter Results
                                                                       
                                                           
                             2012             2012             2011    

$ millions, for the                                     
three months ended        Oct. 31 ( )      Jul. 31 ( )      Oct. 31 ( )

Revenue                                                                

  Retail brokerage     $      256       $      246       $      256    

  Asset management            138              130              115    

  Private wealth                                        
  management                   26               25               25    

Total revenue                 420              401              396    

Non-interest                                            
expenses                      308              299              299    

Income before taxes           112              102               97    

Income taxes                   28               26               27    

Net income             $       84       $       76       $       70    

Net income                                              
attributable to:                                                       

  Equity                                                
  shareholders (a)     $       84       $       76       $       70    

Efficiency ratio             73.4   %         74.6   %         75.4   %

Return on equity(                                       
(1))                         18.9   %         17.4   %         29.9   %

Charge for economic                                     
capital ((1) )(b)      $     (55)       $     (55)       $     (31)    

Economic profit (                                       
(1)) (a+b)             $       29       $       21       $       39    

Full-time equivalent                                    
employees                   3,783            3,708            3,731    

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

Net Income for the quarter was $84 million, up $14 million from the fourth 
quarter of 2011.

Revenue of $420 million was up $24 million from the fourth quarter of 2011, 
primarily due to higher asset management revenue from higher average client 
assets under management driven by record net sales of long term mutual funds 
and income from our proportionate share in American Century Investments 
(included from September 2011).

Non-interest expenses of $308 million were up $9 million from the fourth 
quarter of 2011, primarily due to higher performance-based compensation.

Review of Wholesale Banking Fourth Quarter Results
                                                                       
                                                           
                             2012             2012             2011    

$ millions, for the                                     
three months ended        Oct. 31 ( )      Jul. 31 ( )      Oct. 31 ( )

Revenue                                                                

  Capital markets      $      295       $      308       $      242    

  Corporate and                                         
  investment banking          206              223              328    

  Other                        74              (4)              (9)    

Total revenue((1))            575              527              561    

Provision for credit                                    
losses                         66               34               32    

Non-interest                                            
expenses                      263              284              347    

Income before taxes           246              209              182    

Income taxes((1))              53               53               60    

Net income             $      193       $      156       $      122    

Net income                                              
attributable to:                                                       

  Equity                                                
  shareholders (a)            193              156              122    

Efficiency ratio             45.7   %         53.8   %         61.9    

Return on equity(                                       
(2))                         35.0   %         27.9   %         25.9   %

Charge for economic                                     
capital ((2)) (b)      $     (70)       $     (70)       $     (61)    

Economic profit (                                       
(2)) (a+b)             $      123       $       86       $       61    

Full-time equivalent                                    
employees                   1,268            1,274            1,206    

(1)  Revenue and income taxes are reported on a TEB basis, and
     accordingly include a TEB adjustment of $92 million (Q3/12: $71
     million; Q4/11: $56 million).  The equivalent amounts are offset
     in Corporate and Other.

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

Net income for the quarter was $193 million, compared to net income of $156 
million for the third quarter.

Revenue of $575 million was up $48 million from the third quarter, primarily 
due to gains in the structured credit run-off business, a gain on sale of 
interests in entities in relation to the acquisition of TMX Group by Maple, 
and higher derivatives trading revenue, partially offset by a loss relating to 
the methodology change in valuing collateralized derivatives to an OIS basis 
and lower merchant banking gains.

Provision for credit losses of $66 million was up $32 million from the third 
quarter, mainly attributable to increased losses in our U.S. Leveraged Finance 
portfolio, partially offset by lower losses in our U.S. Real Estate Finance 
and Canadian credit portfolios.

Non-interest expenses of $263 million were down $21 million from the third 
quarter, primarily due to lower performance-based compensation.

Income tax expense of $53 million was comparable to the third quarter. The 
impact of an increased Taxable equivalent basis (TEB) adjustment on higher 
tax-exempt income was offset by the impact of a decrease in the relative 
proportion of income earned in higher tax jurisdictions.

Review of Corporate and Other Fourth Quarter Results
                                                                      
                                                           
                                2012             2012             2011

$ millions, for the                                      
three months ended           Oct. 31     ( )  Jul. 31     ( )  Oct. 31

Revenue                                                               

  International banking   $      149       $      146       $      139

  Other                         (21)             (10)               23

Total revenue((1))               128              136              162

Provision for credit               7               10                8
losses

Non-interest expenses            228              213              251

Loss before taxes              (107)             (87)             (97)

Income taxes((1))              (113)            (102)             (65)

Net income (loss)         $        6       $       15       $     (32)

Net income (loss)                                        
attributable to:                                                      

  Non-controlling                                        
  interests               $        2       $        2       $        3

  Equity shareholders              4               13             (35)

Full-time equivalent                                     
employees                     15,687           15,810           15,644

 (1)  Wholesale Banking revenue and income taxes are reported on a TEB
      basis with an equivalent offset in the revenue and income taxes
      of Corporate and Other.  Accordingly, revenue and income taxes
      include a TEB adjustment of $92 million (Q3/12: $71 million;
      Q4/11: $56 million).

Net income was up $38 million from the fourth quarter of 2011 mainly due to 
lower expenses.

Revenue was down $34 million from the fourth quarter of 2011 mainly due to a 
higher TEB adjustment.

Provision for credit losses was comparable to the fourth quarter of 2011.

Non-interest expenses were down $23 million from the fourth quarter of 2011, 
mainly due to lower unallocated corporate support costs.

Income tax benefit was up $48 million from the fourth quarter of 2011 mainly 
due to a higher TEB adjustment.

Making a Difference in Our Communities

As a leader in community investment, CIBC is committed to supporting causes 
that matter to its clients, employees and communities. During the fourth 
quarter of 2012:
    --  CIBC continued its long term commitment to supporting breast
        cancer initiatives. The 2012 Canadian Breast Cancer Foundation
        CIBC Run for the Cure raised more than $30 million, including
        $3 million contributed by Team CIBC through pledges,
        fundraising activities and donations to the CIBC Pink
        Collection and more than $500,000 raised by students across
        Canada as part of the Post Secondary Challenge. CIBC was also
        proud to co-sponsor the Pink Tour, which made its final stop in
        October after bringing breast health education to 122
        communities across Ontario over a six month period.
    --  CIBC marked its third year as title sponsor of the CIBC 401
        Bike Challenge, a three-day, 576-kilometre ride from Toronto's
        Hospital for Sick Children to the Montreal Children's Hospital.
        A number of CIBC employees and their fellow riders raised more
        than $276,000 to support kids with cancer and their families
        through the Sarah Cook Fund of the Cedars Cancer Institute.
    --  CIBC employees joined Gerry McCaughey, CIBC's President and CEO
        and the 2012 United Way Toronto Campaign Chair, to kick off the
        United Way GTA campaign and demonstrate CIBC's commitment to
        building stronger, more vibrant communities through its work
        within the charitable sector.
    --  CIBC presented Hope Rising, a concert benefiting the Stephen
        Lewis Foundation. CIBC has been a long term supporter of the
        Foundation, which has raised more than $40 million since 2003
        to support HIV/AIDS projects in Africa.
    --  CIBC joined the Toronto Pan Am and Parapan Am organizing
        committee to celebrate the ground breaking for the new Pan Am
        and Parapan Am Aquatics Centre and Field House presented by
        CIBC - the largest investment ever in Canadian amateur sport
        infrastructure and a lasting legacy for the University of
        Toronto (Scarborough) campus.

"Our performance in 2012 demonstrates the value of strategy and our further 
potential as we head into 2013," says Mr. McCaughey. "CIBC has the right 
strategy that will continue to deliver value to all our key stakeholders."
                                 CONSOLIDATED BALANCE SHEET
                                                                       
                                       2012          2011          2010

$ millions, as at                    Oct 31        Oct 31         Nov 1

ASSETS                                                                 

Cash and non-interest-bearing                                
deposits with banks               $   2,613     $   1,481     $   1,817

Interest-bearing deposits with                               
banks                                 2,114         3,661         9,005

Securities                                                             

Trading                              40,330        32,713        29,074

Available-for-sale (AFS)             24,700        27,118        24,369

Designated at fair value (FVO)          304           464           875
                                     65,334        60,295        54,318

Cash collateral on securities                                
borrowed                              3,311         1,838         2,401

Securities purchased under                                   
resale agreements                    25,163        25,641        34,722

Loans                                                                  

Residential mortgages               150,056       150,509       143,284

Personal                             35,323        34,842        34,335

Credit card                          15,153        15,744        15,914

Business and government              43,624        39,663        37,946

Allowance for credit losses         (1,860)       (1,803)       (1,886)
                                    242,296       238,955       229,593

Other                                                                  

Derivative instruments               27,039        28,270        24,700

Customers' liability under                                   
acceptances                          10,436         9,454         7,633

Land, buildings and equipment         1,683         1,580         1,568

Goodwill                              1,701         1,677         1,907

Software and other intangible                                
assets                                  656           633           579

Investments in equity-accounted                              
associates and joint ventures         1,635         1,394           495

Other assets                          9,404         8,879        10,570
                                     52,554        51,887        47,452
                                  $ 393,385     $ 383,758     $ 379,308

LIABILITIES AND EQUITY                                                 

Deposits                                                               

Personal                          $ 118,153     $ 116,592     $ 113,294

Business and government             125,055       117,143       115,841

Bank                                  4,723         4,177         5,618

Secured borrowings                   52,413        51,308        43,518
                                    300,344       289,220       278,271

Obligations related to                                       
securities sold short                13,035        10,316         9,673

Cash collateral on securities                                
lent                                  1,593         2,850         4,306

Capital Trust securities              1,678         1,594         1,600

Obligations related to
securities sold under                                        
repurchase agreements                 6,631         8,564        20,651

Other                                                                  

Derivative instruments               27,091        28,792        25,363

Acceptances                          10,481         9,489         7,633

Other liabilities                    10,671        11,704        12,239
                                     48,243        49,985        45,235

Subordinated indebtedness             4,823         5,138         4,773

Equity                                                                 

Preferred shares                      1,706         2,756         3,156

Common shares                         7,769         7,376         6,804

Contributed surplus                      85            93            98

Retained earnings                     7,042         5,457         4,157

Accumulated other comprehensive                              
income (AOCI)                           264           245           416

Total shareholders' equity           16,866        15,927        14,631

Non-controlling interests               172           164           168

Total equity                         17,038        16,091        14,799
                                  $ 393,385     $ 383,758     $ 379,308

 
                                                                 
                                                                 
                             CONSOLIDATED STATEMENT OF INCOME
                                                                      
                                   For the three        For the twelve
                                    months ended          months ended
                        2012      2012      2011       2012       2011

$ millions,             Oct.      Jul.      Oct.       Oct.       Oct.
except as noted           31        31        31         31         31

Interest income                                                       

Loans                                                        
                   $   2,494   $ 2,532   $ 2,536   $ 10,020   $ 10,184

Securities               545       394       350      1,690      1,421

Securities
borrowed or
purchased under                                              
resale
agreements                87        83        82        323        365

Deposits with                                                
banks                     11        11        15         42         63
                       3,137     3,020     2,983     12,075     12,033

Interest expense                                                      

Deposits                 895       910       960      3,630      3,843

Securities sold                                              
short                     84        85        89        333        388

Securities lent
or sold under                                                
repurchase
agreements                30        33        47        156        264

Subordinated                                                 
indebtedness              52        52        52        208        215

Capital Trust                                                
securities                36        36        36        144        142

Other                     24        21        23        110        119
                       1,121     1,137     1,207      4,581      4,971

Net interest                                                 
income                 2,016     1,883     1,776      7,494      7,062

Non-interest                                                 
income                                                                

Underwriting and                                             
advisory fees            118        99        94        438        514

Deposit and                                                  
payment fees             194       203       192        775        756

Credit fees              111       112        97        418        379

Card fees                152       154       152        619        609

Investment
management and                                               
custodial fees           110       107       104        424        411

Mutual fund fees         230       219       210        880        849

Insurance fees,                                              
net of claims             92        81        86        335        320

Commissions on
securities                                                   
transactions              98        96       109        402        496

Trading income                                               
(loss)                 (185)      (16)      (13)      (115)         44

AFS securities
gains (losses),                                              
net                       61        70       236        264        397

FVO gains                                                    
(losses), net            (4)       (9)      (12)       (32)        (7)

Foreign exchange
other than                                                   
trading                    9        17        48         91        204

Income from
equity-accounted                                             
associates and
joint ventures            44        30         9        160        111

Other                    113       103       107        396        290
                       1,143     1,266     1,419      5,055      5,373

Total revenue          3,159     3,149     3,195     12,549     12,435

Provision for                                                
credit losses            328       317       306      1,291      1,144

Non-interest                                                 
expenses                                                              

Employee
compensation and                                             
benefits               1,001     1,036     1,054      4,044      4,052

Occupancy costs          182       170       177        697        667

Computer,
software and                                                 
office equipment         266       259       254      1,022        989

Communications            74        75        76        304        296

Advertising and
business                                                     
development               69        63        61        233        213

Professional                                                 
fees                      45        47        58        174        178

Business and                                                 
capital taxes             12        15         5         50         38

Other                    180       166       235        691      1,053
                       1,829     1,831     1,920      7,215      7,486

Income before                                                
income taxes           1,002     1,001       969      4,043      3,805

Income taxes             150       160       212        704        927

Net income               852       841       757      3,339      2,878

Net income
attributable to                                              
non-controlling
interests                  2         2         3          8         11

  Preferred                                                  
  shareholders            29        29        38        158        177

  Common                                                     
  shareholders           821       810       716      3,173      2,690

Net income
attributable to                                              
equity
shareholders             850       839       754      3,331      2,867

Earnings per
share (in                                                    
dollars)                                                              
    - Basic                                                  
                   $    2.02   $  2.00   $  1.80   $   7.86   $   6.79
    - Diluted      $    2.02   $  2.00   $  1.79   $   7.85   $   6.71

Dividends per
common share (in                                             
dollars)           $    0.94   $  0.90   $  0.90   $   3.64   $   3.51

 
                                                                      
                                                                      
                  CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                      
                                                               For the
                                   For the three                twelve
                                    months ended          months ended
                      2012       2012       2011       2012       2011

$ millions            Oct.       Jul.       Oct.       Oct.       Oct.
                        31         31         31         31         31

Net income                                                            
                  $    852   $    841   $    757   $  3,339   $  2,878

Other
comprehensive                                                
income (OCI),
net of tax                                                            

  Net foreign
  currency                                                   
  translation
  adjustments                                                         

  Net gains
  (losses) on
  investments                                                
  in foreign
  operations            36         83        224         65      (101)

  Net (gains)
  losses on
  investments
  in foreign                                                 
  operations
  reclassified
  to net income          -          -          -          1          -

  Net gains
  (losses) on
  hedges of                                                  
  investments
  in foreign
  operations          (50)       (35)       (92)       (65)         13

  Net (gains)
  losses on
  hedges of
  investments                                                
  in foreign
  operations
  reclassified
  to net income          -          -          -        (1)          -
                      (14)         48        132          -       (88)

  Net change in
  AFS                                                        
  securities                                                          

  Net  gains
  (losses) on                                                
  AFS
  securities            36         89        (1)        208        182

  Net (gains)
  losses on AFS
  securities                                                 
  reclassified
  to net income       (48)       (51)      (145)      (196)      (241)
                      (12)         38      (146)         12       (59)

  Net change in
  cash flow                                                  
  hedges                                                              

  Net gains
  (losses) on
  derivatives                                                
  designated as
  cash flow
  hedges                21        (1)         15         20       (40)

  Net (gains)
  losses on
  derivatives
  designated as                                              
  cash flow
  hedges
  reclassified
  to net income       (15)        (2)        (8)       (13)         16
                         6        (3)          7          7       (24)

Total OCI                                                            
                  $   (20)   $     83   $    (7)   $     19   $  (171)

Comprehensive                                                
income            $    832   $    924   $    750   $  3,358   $  2,707

Comprehensive
income
attributable to   $      2   $      2   $      3   $      8   $     11
non-controlling
interests

  Preferred                                                  
  shareholders          29         29         38        158        177

  Common                                                     
  shareholders         801        893        709      3,192      2,519

Comprehensive
income
attributable to                                              
equity
shareholders      $    830   $    922   $    747   $  3,350   $  2,696
                                                                      
                                                                      
                                                                      
                                   For the three        For the twelve
                                    months ended          months ended
                      2012       2012       2011       2012       2011

$ millions            Oct.       Jul.       Oct.       Oct.       Oct.
                        31         31         31         31         31

Income tax
(expense)                                                    
benefit                                                               

  Net foreign
  currency                                                   
  translation
  adjustments                                                         

  Net gains
  (losses) on
  investments                                                
  in foreign
  operations      $    (9)   $    (3)   $    (4)   $   (10)   $    (1)

  Net gains
  (losses) on
  hedges of                                                  
  investments
  in foreign
  operations             7          8         22         11        (2)
                       (2)          5         18          1        (3)

  Net change in
  AFS                                                        
  securities                                                          

  Net gains
  (losses) on                                                
  AFS
  securities           (7)       (20)       (10)       (49)       (82)

  Net (gains)
  losses on AFS
  securities                                                 
  reclassified
  to net income         18          7         66         65        112
                        11       (13)         56         16         30

  Net change in
  cash flow                                                  
  hedges                                                              

  Net gains
  (losses) on
  derivatives                                                
  designated as
  cash flow
  hedges               (4)        (1)        (6)        (4)         14

  Net (gains)
  losses on
  derivatives
  designated as                                              
  cash flow
  hedges
  reclassified
  to net income          5          1          3          4        (4)
                         1          -        (3)          -         10
                  $     10   $    (8)   $     71   $     17   $     37

 
                                                                         
                                                                         
                      CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                         
                                    For the three  
                                                           For the twelve
                                     months ended            months ended
                      2012        2012       2011        2012        2011

$ millions            Oct.        Jul.       Oct.        Oct.        Oct.
                        31          31         31          31          31

Preferred                                                      
shares                                                                   

Balance at
beginning of                                                   
period            $  2,006   $   2,006   $  2,756   $   2,756   $   3,156

Redemption of
preferred                                                      
shares               (300)           -          -     (1,050)       (400)

Balance at end                                                 
of period         $  1,706   $   2,006   $  2,756   $   1,706   $   2,756

Common shares                                                            

Balance at
beginning of                                                   
period            $  7,744   $   7,697   $  7,254   $   7,376   $   6,804

Issue of common                                                
shares                  64          49        126         430         575

Purchase of
common shares                                                  
for
cancellation          (39)           -          -        (39)           -

Treasury shares          -         (2)        (4)           2         (3)

Balance at end                                                 
of period         $  7,769   $   7,744   $  7,376   $   7,769   $   7,376

Contributed                                                    
surplus                                                                  

Balance at
beginning of                                                   
period            $     87   $      86   $     91   $      93   $      98

Stock option                                                   
expense                  1           2          3           7           6

Stock options                                                  
exercised              (3)         (1)        (2)        (15)        (12)

Other                    -           -          1           -           1

Balance at end                                                 
of period         $     85   $      87   $     93   $      85   $      93

Retained                                                       
earnings                                                                 

Balance at
beginning of                                                   
period            $  6,719   $   6,276   $  5,100   $   5,457   $   4,157

Net income
attributable to                                                
equity
shareholders           850         839        754       3,331       2,867

Dividends                                                                

  Preferred           (29)        (29)       (38)       (128)       (165)

  Common             (381)       (365)      (359)     (1,470)     (1,391)

Premium on
redemption of                                                  
preferred
shares                   -           -          -        (30)        (12)

Premium on
purchase of                                                    
common shares        (118)           -          -       (118)           -

Other                    1         (2)          -           -           1

Balance at end                                                 
of period         $  7,042   $   6,719   $  5,457   $   7,042   $   5,457

AOCI, net of                                                   
tax                                                                      

  Net foreign
currency                                                       
translation
adjustments                                                              

  Balance at
beginning of                                                   
period            $   (74)   $   (122)   $  (220)   $    (88)   $       -

  Net change in
foreign
currency                                                       
translation
 adjustments          (14)          48        132           -        (88)

  Balance at                                                   
end of period     $   (88)   $    (74)   $   (88)   $    (88)   $    (88)

  Net gains
(losses) on AFS                                                
securities                                                               

  Balance at
beginning of                                                   
period            $    362   $     324   $    484   $     338   $     397

  Net change in                                                
AFS securities        (12)          38      (146)          12        (59)

Balance at end of period $ 350 $ 362 $ 338 $ 350 $ 338

Net gains (losses) on cash flow hedges

Balance at beginning of period $ (4) $ (1) $ (12) $ (5) $ 19

Net change in cash flow hedges 6 (3) 7 7 (24)

Balance at end of period $ 2 $ (4) $ (5) $ 2 $ (5)

Total AOCI, net of tax $ 264 $ 284 $ 245 $ 264 $ 245

Non-controlling interests

Balance at beginning of period $ 167 $ 163 $ 156 $ 164 $ 168

Net income attributable to non-controlling interests 2 2 3 8 11

Dividends - (3) - (5) (8)

Other 3 5 5 5 (7)

Balance at end of period $ 172 $ 167 $ 164 $ 172 $ 164

Equity at end of period $ 17,038 $ 17,007 $ 16,091 $ 17,038 $ 16,091

 


                                                                                                  
                                                                                                  
                                              CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                                  
                                                   For the three                  For the twelve  
                                                    months ended                    months ended  
                               2012          2012           2011           2012             2011  

$ millions                     Oct.          Jul.                                                 
                                 31            31        Oct. 31        Oct. 31          Oct. 31

Cash flows provided
by (used in)                                                                                      
operating activities(
(1))                                                                                            

Net income                $     852     $     841     $      757     $    3,339       $    2,878  
                                                                                                  

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

  Provision for                                                                                   
  credit losses                 328           317            306          1,291            1,144

  Amortization((2))              83            91             90            357              556  

  Stock option                                                                                    
  expense                         1             2              3              7                6

  Deferred income                                                                                 
  taxes                          15           188             34            167              518

  AFS securities                                                                                  
  (gains) losses, net          (61)          (70)          (236)          (264)            (397)

  Net (gains) losses
  on disposal of                                                                                  
  land, buildings and
  equipment                    (14)           (3)              -           (17)              (5)

  Other non-cash                                                                                  
  items, net                  (102)            82            212             91              381

  Net changes in
  operating assets                                                                                
  and liabilities                                                                               
    Interest-bearing
    deposits with                                                                                 
    banks                     4,366       (2,523)         14,865          1,547            5,344
    Loans, net of                                                                                 
    repayments                  854       (1,257)        (3,132)        (5,023)         (10,279)
    Deposits, net of                                                                              
    withdrawals             (4,592)         8,156        (5,787)         11,339           11,644
    Obligations
    related to                                                                                    
    securities sold
    short                     1,091         2,053          (489)          2,719              643
    Accrued interest                                                                              
    receivable                 (81)            96           (41)           (22)              115
    Accrued interest                                                                              
    payable                     279         (212)            224           (95)            (167)
    Derivative assets         1,721       (2,919)        (3,622)            146          (3,047)  
    Derivative                                                                                    
    liabilities             (1,986)         2,955          4,757           (54)            2,616
    Trading                                                                                       
    securities              (1,183)       (1,496)            903        (7,617)          (3,639)
    FVO securities               20            33             53            160              411  
    Other FVO assets                                                                              
    and liabilities            (95)         (469)        (1,083)          (639)          (1,164)
    Current income                                                                                
    taxes                      (22)         (225)            117          (749)              191
    Cash collateral
    on securities                                                                                 
    lent                      (691)         (757)        (2,198)        (1,257)          (1,456)
                                                                                                  
    Obligations
    related to
    securities sold                                                                               
    under repurchase
    agreements              (1,896)           724        (5,949)        (1,933)         (12,087)
    Cash collateral
    on securities               679         (874)          1,876        (1,473)              563  
    borrowed
    Securities
    purchased under                                                                               
    resale agreements         3,842       (5,523)          5,681            516            9,081
    Other, net                (263)         (284)            219          (916)            1,253  
                              3,145       (1,074)          7,560          1,620            5,103  

Cash provided by
(used in) financing                                                                               
activities((1))                                                                                 

Issue of subordinated                                                                             
indebtedness                      -             -              -              -            1,500

Redemption/repurchase
of subordinated                                                                                   
indebtedness                      -         (272)           (19)          (272)          (1,099)

Redemption of                                                                                     
preferred shares              (300)             -          (412)        (1,080)          (1,016)

Issue of common                                                                                   
shares for cash                  61            48            124            415              563

Purchase of common
shares for                                                                                        
cancellation                  (157)             -              -          (157)                -

Net proceeds from                                                                                 
treasury shares                   -           (2)            (4)              2              (3)

Dividends paid                (410)         (394)          (397)        (1,598)          (1,556)  
                              (806)         (620)          (708)        (2,690)          (1,611)  

Cash flows provided
by (used in)                                                                                      
investing activities                                                                            

Purchase of AFS                                                                                   
securities                  (7,691)       (7,951)       (12,672)       (38,537)         (33,645)

Proceeds from sale of                                                                             
AFS securities                3,608         7,995          2,249         23,815           13,514

Proceeds from
maturity of AFS                                                                                   
securities                    2,147         2,048          3,957         17,421           17,400

Net cash used in                                                                                  
acquisitions                   (30)         (202)          (831)          (235)            (855)

Net cash provided by                                                                              
dispositions                     42             -              -             42               10

Net purchase of land,
buildings and                                                                                     
equipment                     (117)          (94)           (91)          (309)            (234)
                            (2,041)         1,796        (7,388)          2,197          (3,810)  

Effect of exchange
rate changes on cash
and                                                                                               
non-interest-bearing
deposits with banks             (4)            17             12              5             (18)

Net increase
(decrease) in cash
and                                                                                               
non-interest-bearing
deposits with banks
during period                   294           119          (524)          1,132            (336)

Cash and
non-interest-bearing
deposits with banks                                                                               
at beginning of
period                        2,319         2,200          2,005          1,481            1,817

Cash and
non-interest-bearing                                                            ( )               
deposits with banks
at end of period( )       $   2,613     $   2,319     $    1,481     $    2,613       $    1,481

Cash interest paid        $     842     $   1,349     $      983     $    4,676       $    5,138  

Cash income taxes                                                                                 
paid                      $     157     $     197     $       61     $    1,286       $      218

Cash interest and                                                                                 
dividends received        $   3,056     $   3,116     $    2,942     $   12,053       $   12,148

(1) Certain prior period information has been reclassified to conform
    to the presentation in the current period.

(2) Comprises amortization of buildings, furniture, equipment,
    leasehold improvements, and software and other intangible assets. 
    In addition, third quarter of 2011 includes impairment loss on
    goodwill.
     

Non-GAAP measures

We use a number of financial measures to assess the performance of our 
business lines. Some measures are calculated in accordance with International 
Financial Reporting Standards (IFRS or GAAP), while other measures do not have 
a standardized meaning under GAAP, and accordingly, these measures may not be 
comparable to similar measures used by other companies. Investors may find 
these non-GAAP useful in analyzing financial performance. For a more detailed 
discussion, see the "Non-GAAP measures" section of CIBC's 2012 Annual Report.

The following table provides a quarterly reconciliation of non-GAAP to GAAP 
measures related to CIBC on a consolidated basis. For an annual reconciliation 
of non-GAAP to GAAP measures, see the "Non-GAAP measures" section of CIBC's 
2012 Annual Report.
                                                                       
                                   2012           2012           2011  

$ millions, as at or
for the three months            Oct. 31        Jul. 31        Oct. 31  
ended

Reported and adjusted                                                  
diluted EPS 

Reported net income
attributable to                                                        
diluted

  common shareholders   A     $     821      $     810      $     718  

Adjusting items:                                                       

  After-tax impact of                 6             25            (6)  
items of note 

  Dividends on
convertible preferred                 -              -            (2)  
shares 

Adjusted net income
attributable to                                                        
diluted

  common shareholders   B     $     827      $     835      $     710  
  ( (1))

Reported diluted
weighted-average                                                       
common shares

  outstanding           C       405,844        405,517        401,972  
  (thousands)

Removal of impact of                                                   
convertible preferred

  shares (thousands)                  -              -        (2,235)  

Adjusted diluted
weighted-average                                                       
shares

  outstanding           D       405,844        405,517        399,737  
  (thousands) ((1))

Reported diluted EPS   A/C    $    2.02      $    2.00      $    1.79  
($)

Adjusted diluted EPS   B/D         2.04           2.06           1.78  
($) ((1) )

Reported and adjusted                                                  
efficiency ratio

Reported total revenue  E     $   3,159      $   3,149      $   3,195  

Adjusting items:                                                       

  Pre-tax impact of                (52)             24          (105)  
  items of note 

  TEB                                92             71             56  

Adjusted total revenue  F     $   3,199      $   3,244      $   3,146  
((1))

Reported non-interest   G     $   1,829      $   1,831      $   1,920  
expenses

Adjusting items:                                                       

  Pre-tax impact of                (21)            (9)           (72)  
  items of note 

Adjusted non-interest   H     $   1,808      $   1,822      $   1,848  
expenses ((1))

Reported efficiency    G/E         57.9 %         58.1 %         60.1 %
ratio

Adjusted efficiency    H/F         56.5 %         56.1 %         58.7 %
ratio ((1))

Reported and adjusted                                                  
dividend payout ratio

Reported net income
attributable to common  I     $     821      $     810      $     716  
shareholders

Adjusting items:                                                       

  After-tax impact of                 6             25            (6)  
  items of note 

Adjusted net income
attributable to common  J     $     827      $     835      $     710  
shareholders ((1))

Dividends paid to       K     $     381      $     365      $     359  
common shares

Reported dividend      K/I         46.4 %         45.0 %         50.1 %
payout ratio

Adjusted dividend      K/J         46.1 %         43.7 %         50.6 %
payout ratio ((1))

(1)  Non-GAAP measure.
    Basis of presentation

The interim consolidated financial information in this news release is 
prepared in accordance with IFRS and is unaudited whereas the annual 
consolidated financial information is derived from audited financial 
statements. These interim financial statements follow the same accounting 
policies and methods of application as CIBC's consolidated financial 
statements for the year ended October 31, 2012.

The information below forms a part of this press release.

Nothing in CIBC's corporate website (www.cibc.com) should be considered 
incorporated herein by reference.

(The board of directors of CIBC reviewed this press release prior to it being 
issued.)

A NOTE ABOUT FORWARD-LOOKING STATEMENTS
From time to time, we make written or oral forward-looking statements within 
the meaning of certain securities laws, including in this 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 made in the "Performance against Objectives", 
"Core business performance", "Strong Fundamentals" and "Making a Difference in 
Our Communities" sections of this press release, and other statements we make 
about our operations, business lines, financial condition, risk management, 
priorities, targets, ongoing objectives, strategies and outlook for 2013 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; the effectiveness and adequacy of our risk management models and 
processes; 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; 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; changes in monetary and 
economic policy; 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; our ability to successfully execute our 
strategies and complete and integrate acquisitions and joint ventures; and our 
ability to anticipate and manage the risks associated with these factors. This 
list is not exhaustive of the factors that may affect any of our 
forward-looking statements. These and other factors should be considered 
carefully and readers should not place undue reliance on our forward-looking 
statements. 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.

 

 

 

Investor and analyst inquiries should be directed to Geoff Weiss, Senior  
Vice-President, Investor Relations, at 416-980-5093. Media inquiries should be 
directed to Kevin Dove, Senior Director,  Communications and Public Affairs, 
at 416-980-8835, or to Mary Lou  Frazer, Senior Director, Investor & Financial 
Communications, at  416-980-4111.

SOURCE: CIBC

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/06/c4631.html

CO: CIBC - Investor Relations
ST: Ontario
NI: FIN ERN 

-0- Dec/06/2012 10:50 GMT

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