CIBC Announces First Quarter 2014 Results

TORONTO, Feb. 27, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its 
financial results for the first quarter ended January 31, 2014. 
First quarter highlights: 


        --  Reported net income was $1,177 million, compared with $785
            million for the first quarter a year ago, and $825 million for
            the prior quarter.
        --  Adjusted net income(1) was $951 million, compared with $882
            million for the first quarter a year ago, and $894 million for
            the prior quarter.
        --  Reported diluted earnings per share was $2.88, compared with
            $1.88 for the prior year quarter, and $2.02 for the prior
            quarter.
        --  Adjusted diluted earnings(1) per share was $2.31, compared with
            $2.12 for the prior year quarter, and $2.19 for the prior
            quarter.
        --  Reported return on common shareholders' equity (ROE) was 27.5%
            and adjusted ROE(1) was 22.1%.

Results for the first quarter of 2014 were affected by the following items of 
note aggregating to a positive impact of $0.57 per share:
        --  $239 million ($183 million after-tax, or $0.46 per share) gain
            in respect of the completed Aeroplan transactions with Aimia
            Canada Inc. (Aimia) and The Toronto-Dominion Bank (TD), net of
            costs relating to the development of our enhanced travel
            rewards program;
        --  $78 million ($57 million after-tax, or $0.14 per share) gain,
            net of associated expenses, on the sale of an equity investment
            in our exited European leveraged finance portfolio;
        --  $26 million ($19 million after-tax, or $0.05 per share)
            reduction in the portion of the collective allowance recognized
            in Corporate and Other, including lower estimated credit losses
            relating to the Alberta floods;
        --  $26 million ($19 million after-tax, or $0.05 per share) charge
            resulting from operational changes in the processing of
            write-offs in Retail and Business Banking;
        --  $11 million ($8 million after-tax, or $0.02 per share) loss
            from the structured credit run-off business; and
        --  $8 million ($6 million after-tax, or $0.01 per share)
            amortization of intangible assets.

CIBC's Basel III Common Equity Tier 1 ratio at January 31, 2014 was 9.5%, and 
our Tier 1 capital ratio and Total capital ratio were 11.5% and 14.2%, 
respectively, on an all-in basis compared to Basel III Common Equity Tier 1 
ratio of 9.4%, Tier 1 capital ratio of 11.6% and Total capital ratio of 14.6% 
in the prior quarter.

CIBC announced a quarterly dividend increase of 2 cents per common share to 98 
cents per share.

"Our record results this quarter reflect the progress we continue to make in 
executing our client-focused strategy," says Gerald T. McCaughey, CIBC 
President and Chief Executive Officer. "Each of our core businesses delivered 
strong results. The strength of our underlying fundamentals allows us to 
generate high returns for our shareholders."

Core business performance
Retail and Business Banking reported net income of $746 million for the first 
quarter, up $166 million or 29% from the same quarter last year. Adjusting for 
the items of note shown above, adjusted net income((1)) was $643 million, up 
$61 million or 11% from the same quarter last year as a result of higher 
revenue due to volume growth across most products and higher fees, and also 
due to lower loan losses as a result of lower write-offs and bankruptcies.

During the first quarter of 2014, Retail and Business Banking continued to 
make progress against our objectives of accelerating profitable revenue growth 
and enhancing the client experience:
        --  We launched a significant expansion of our industry-leading
            mobile payments offer with TELUS, giving more Canadians the
            opportunity to pay with their phone and furthering CIBC's
            leadership position in this growing market;
        --  We began implementing a new partnership with the Greater
            Toronto Airports Authority as its exclusive financial
            institution sponsor at Toronto Pearson International, providing
            CIBC clients and other travellers innovative access to
            financial services at Canada's largest airport;
        --  First of the major banks in Canada to offer remote deposit
            capture, CIBC eDepositTM, allowing CIBC clients to deposit
            cheques by simply taking a picture using their smartphone and
            CIBC's Mobile Banking App; and
        --  First among the big 5 Canadian banks to launch a pilot program
            for business banking clients to capture cheque images, enabling
            them to quickly scan, securely upload and deposit a high volume
            of cheques in a single transaction using a desktop cheque
            scanner.

Subsequent to the end of the quarter, we announced an agreement with Tim 
Hortons to launch a co-branded loyalty rewards Visa credit card.

Wealth Management reported net income of $114 million for the first quarter, 
up $25 million or 28% from the same quarter last year.

Revenue of $502 million was up $70 million or 16% compared with the first 
quarter of 2013, primarily due to higher client assets under management driven 
by market appreciation and net sales of long-term mutual funds, higher 
fee-based and commission revenue, the acquisition of Atlantic Trust on 
December 31, 2013, and higher contribution from our investment in American 
Century Investments..

During the first quarter of 2014, Wealth Management continued its progress in 
support of our strategic priority to build our wealth management platform:
        --  We completed our acquisition of Atlantic Trust, a U.S. private
            wealth management firm with US$24 billion in assets under
            management; and
        --  We achieved our 20th consecutive quarter of positive net retail
            sales of long-term mutual funds with $1.2 billion of net sales.

Wholesale Banking reported net income of $264 million for the first quarter, 
up $55 million or 26% from the prior quarter. Excluding items of note, 
adjusted net income((1)) was $215 million, comparable with the prior quarter.

In support of its objective to be a leading wholesale bank in Canada and in 
core Canadian industries in the rest of the world, Wholesale Banking acted as:
        --  Co-lead arranger and joint bookrunner on Progressive Waste
            Solutions' US$1.9 billion revolving credit facility;
        --  Joint bookrunner on Cardinal Energy's $248 million initial
            public offering;
        --  Financial advisor to Penn-West Petroleum on the sale of certain
            assets with a value of approximately $500 million in three
            separate transactions; and
        --  Joint bookrunner on TELUS' $800 million bond offering.

"In summary, CIBC delivered record performance during the quarter," says Mr. 
McCaughey. "The strategic focus that each of our businesses place on deepening 
client relationships and driving profitable revenue growth continues to 
contribute to our financial performance and our ongoing ability to deliver 
quality, consistent returns."

CIBC in our communities
CIBC is committed to supporting causes that matter to our clients, our 
employees and our communities. During the quarter:
        --  CIBC employees donated a record $4.6 million on CIBC Miracle
            Day to support kids in-need through over 450 children's
            charities across Canada, the U.S and in the U.K.;
        --  Through the generosity of 21,000 employees and retirees as well
            as a corporate donation, CIBC raised $12.4 million for the 2013
            United Way campaign, an 11% increase over last year;
        --  CIBC announced the 67 members of CIBC Team Next, a $2 million
            investment in amateur athletes from across the country; and
        --  Thousands joined CIBC to celebrate the Lunar New Year at CIBC
            Lunarfest in Vancouver and the inaugural CIBC Lion Dance
            Chinese New Year Celebration in Markham, Ontario.
    (1) For additional information, see the "Non-GAAP measures" section.

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

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

Management's discussion and analysis

Management's discussion and analysis (MD&A) is provided to enable readers to 
assess CIBC's financial condition and results of operations as at and for the 
quarter ended January 31, 2014, compared with corresponding periods. The MD&A 
should be read in conjunction with our 2013 Annual Report and the unaudited 
interim consolidated financial statements included in this report. Unless 
otherwise indicated, all financial information in this MD&A has been prepared 
in accordance with International Financial Reporting Standards (IFRS or GAAP) 
and all amounts are expressed in Canadian dollars. This MD&A is current as of 
February 26, 2014. Additional information relating to CIBC is available on 
SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission's 
(SEC) website at www.sec.gov. No information on CIBC's website (www.cibc.com) 
should be considered incorporated herein by reference. A glossary of terms 
used throughout this quarterly report can be found on pages 164 to 168 of our 
2013 Annual Report.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or 
oral forward-looking statements within the meaning of certain securities laws, 
including in this report, in other filings with Canadian securities regulators 
or the U.S. Securities and Exchange Commission and in other communications. 
All such statements are made pursuant to the "safe harbour" provisions of, and 
are intended to be forward-looking statements under, applicable Canadian and 
U.S. securities legislation, including the U.S. Private Securities Litigation 
Reform Act of 1995. These statements include, but are not limited to, 
statements made in the "Message from the President and Chief Executive 
Officer", "External reporting changes", "Overview - Financial results, 
"Overview - Significant events", "Overview - Outlook for calendar year 2014", 
"Strategic business units overview - Business unit allocations", "Financial 
condition - Capital resources", "Management of risk - Risk overview", 
"Management of risk - Credit risk", "Management of risk - Market risk", 
"Management of risk - Liquidity risk", "Accounting and control matters - 
Critical accounting policies and estimates", "Accounting and control matters - 
Regulatory developments" and "Accounting and control matters - Controls and 
procedures" sections of this report and other statements about our operations, 
business lines, financial condition, risk management, priorities, targets, 
ongoing objectives, strategies and outlook for calendar year 2014 and 
subsequent periods. Forward-looking statements are typically identified by the 
words "believe", "expect", "anticipate", "intend", "estimate", "forecast", 
"target", "objective" and other similar expressions or future or conditional 
verbs such as "will", "should", "would" and "could". By their nature, these 
statements require us to make assumptions, including the economic assumptions 
set out in the "Overview - Outlook for calendar year 2014" section of this 
report, and are subject to inherent risks and uncertainties that may be 
general or specific. A variety of factors, many of which are beyond our 
control, affect our operations, performance and results, and could cause 
actual results to differ materially from the expectations expressed in any of 
our forward-looking statements. These factors include: credit, market, 
liquidity, strategic, insurance, operational, reputation and legal, regulatory 
and environmental risk; the effectiveness and adequacy of our risk management 
and valuation models and processes; legislative or regulatory developments in 
the jurisdictions where we operate, including the Dodd-Frank Wall Street 
Reform and Consumer Protection Act and the regulations issued and to be issued 
thereunder, the Basel Committee on Banking Supervision's global standards for 
capital and liquidity reform, and those relating to the payments system in 
Canada; amendments to, and interpretations of, risk-based capital guidelines 
and reporting instructions, and interest rate and liquidity regulatory 
guidance; the resolution of legal and regulatory proceedings and related 
matters; the effect of changes to accounting standards, rules and 
interpretations; changes in our estimates of reserves and allowances; changes 
in tax laws; changes to our credit ratings; political conditions and 
developments; the possible effect on our business of international conflicts 
and the war on terror; natural disasters, public health emergencies, 
disruptions to public infrastructure and other catastrophic events; reliance 
on third parties to provide components of our business infrastructure; 
potential disruptions to our information technology systems and services, 
including the evolving risk of cyber attack; losses incurred as a result of 
internal or external fraud; the accuracy and completeness of information 
provided to us concerning clients and counterparties; the failure of third 
parties to comply with their obligations to us and our affiliates; 
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 and interest 
rate fluctuations; general business and economic conditions worldwide, as well 
as in Canada, the U.S. and other countries where we have operations, including 
increasing Canadian household debt levels, the high U.S. fiscal deficit and 
Europe's sovereign debt crisis; 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 report or in other communications except as required by 
law.

External reporting changes

The following external reporting changes were made in the first quarter of 
2014. Prior period amounts were restated accordingly.

Amendments to IAS 19 "Employee Benefits"
We adopted amendments to IAS 19 "Employee Benefits" commencing November 1, 
2011, which require us to recognize: (i) actuarial gains and losses in Other 
comprehensive income (OCI) in the period in which they arise; (ii) interest 
income on plan assets in net income using the same rate as that used to 
discount the defined benefit obligation; and (iii) all past service costs 
(gains) in net income in the period in which they arise.

Adoption of IFRS 10 "Consolidated Financial Statements"
We adopted IFRS 10 "Consolidated Financial Statements" commencing November 1, 
2012, which replaces IAS 27 "Consolidated and Separate Financial Statements" 
and Standards Interpretation Committee (SIC) - 12 "Consolidated - Special 
Purpose Entities". The adoption of IFRS 10 required us to deconsolidate CIBC 
Capital Trust from the consolidated financial statements, which resulted in a 
replacement of Capital Trust securities issued by CIBC Capital Trust with 
Business and government deposits for the senior deposit notes issued by us to 
CIBC Capital Trust.

Sale of Aeroplan portfolio
On December 27, 2013, we sold approximately 50 percent of our Aerogold VISA 
portfolio, consisting primarily of credit card only customers, to the Toronto- 
Dominion Bank (TD). Accordingly, the revenue related to the sold credit card 
portfolio was moved from Personal Banking to the Other line of business within 
Retail and Business Banking.

Allocation of Treasury activities
Treasury-related transfer pricing will continue to be charged or credited to 
each line of business within our Strategic Business Units (SBUs). We changed 
our approach to allocating the residual financial impact of Treasury 
activities. Certain fees will be charged directly to the lines of business, 
and the residual net revenue will now be retained in Corporate and Other.

Income statement presentation
We reclassified certain amounts associated with our self-managed credit card 
portfolio from Non-interest expenses to Non-interest income. There was no 
impact on consolidated net income due to this reclassification.

First quarter financial highlights 
                                             2014          2013              2013  
    Unaudited, as at or for the                                 (1)               (1)
    three months ended                    Jan. 31       Oct. 31           Jan. 31
    Financial results ($ millions)                                                 
    Net interest income                 $   1,905    $    1,893        $    1,855  
    Non-interest income                     1,729         1,287             1,310  
    Total revenue                           3,634         3,180             3,165  
    Provision for credit losses               218           271               265  
    Non-interest expenses                   1,979         1,930             1,988  
    Income before taxes                     1,437           979               912  
    Income taxes                              260           154               127  
    Net income                          $   1,177    $      825        $      785  
    Net income (loss) attributable      $            $      (7)        $        2  
    to non-controlling interests                3  
      Preferred shareholders                   25            24                25  
      Common shareholders                   1,149           808               758  
    Net income attributable to          $            $      832        $      783  
    equity shareholders                     1,174  
    Financial measures                                                             
    Reported efficiency ratio                54.5 %        60.7 %            62.8 %
    Adjusted efficiency ratio (2)            56.7 %        56.7 %            56.5 %
    Loan loss ratio                          0.38 %        0.41 %            0.42 %
    Reported return on common                              20.2 %            20.5 %
    shareholders' equity                     27.5 %
    Adjusted return on common                                            
    shareholders' equity (2)                 22.1 %        21.9 %            23.1 %
    Net interest margin                      1.84 %        1.85 %            1.83 %
    Net interest margin on average                         2.10 %            2.12 %
    interest-earning assets                  2.09 %
    Return on average assets                 1.14 %        0.81 %            0.77 %
    Return on average                                      0.91 %            0.90 %
    interest-earning assets                  1.29 %
    Total shareholder return               (1.36) %       15.15 %            7.13 %
    Reported effective tax rate              18.1 %        15.9 %            13.9 %
    Adjusted effective tax rate (2)          16.5 %        16.5 %            15.9 %
    Common share information                                                       
    Per share ($)  - basic earnings     $    2.88    $     2.02        $     1.88  
                   - reported                2.88          2.02              1.88  
                   diluted earnings      
                   - adjusted
                   diluted earnings                                                
                   (2)                       2.31          2.19              2.12
                   - dividends               0.96          0.96              0.94  
                   - book value             42.59         40.36             36.49  
    Share price    - high                                 88.70             84.10  
    ($)                                     91.58
                   - low                    86.57         76.91             76.70  
                   - closing                86.57         88.70             83.20  
    Shares         -
    outstanding    weighted-average                     399,819           403,332  
    (thousands)    basic                  398,539
                   -
                   weighted-average       399,217       400,255           403,770  
                   diluted               
                   - end of period        398,136       399,250           401,960  
    Market
    capitalization                                   $   35,413        $   33,443  
    ($ millions)                        $  34,467
    Value measures                                                                 
    Dividend yield (based on                                4.3 %             4.5 %
    closing share price)                      4.4 %
    Reported dividend payout ratio           33.3 %        47.6 %            50.0 %
    Adjusted dividend payout ratio                                       
    (2)                                      41.4 %        43.8 %            44.3 %
    Market value to book value                             2.20              2.28  
    ratio                                    2.03  
    On- and off-balance sheet                                                      
    information ($ millions)                       
    Cash, deposits with banks and       $            $   78,363        $   72,657  
    securities                             77,290  
    Loans and acceptances, net of                       256,380           251,145  
    allowance                             256,819  
    Total assets                                        398,006           392,508  
                                          400,955  
    Deposits                              314,336       315,164           307,967  
    Common shareholders' equity            16,955        16,113            14,668  
    Average assets                        410,019       405,239           402,059  
    Average interest-earning                            357,757           347,038  
    assets                                361,844  
    Average common shareholders'                         15,885            14,698  
    equity                                 16,581  
    Assets under administration (3)     1,603,022     1,513,126         1,429,049  
    Balance sheet quality measures                                                 
    Transitional                                                                   
    basis                                  
      Risk-weighted assets (RWA) ($                  $    151.3        $    134.8    
      billions)                         $   153.2
      Common Equity Tier 1 (CET1)                 %        11.0 %            11.5 %
      ratio                                  10.9
      Tier 1 capital ratio                   11.6 %        11.8 %            12.4 %
      Total capital ratio                    13.9 %        14.3 %            15.3 %
    All-in basis                                                                   
      RWA ($ billions)                  $   140.5    $    136.7        $    126.4    
      CET1 ratio                              9.5 %         9.4 %             9.6 %
      Tier 1 capital ratio                   11.5 %        11.6 %            12.0 %
      Total capital ratio                    14.2 %        14.6 %            15.3 %
    Other                                                                          
    information                            
    Full-time equivalent employees         43,573        43,039            42,793  
    (1) Certain information has been restated to reflect the
        changes in accounting policies stated in Note 1 to the
        interim consolidated financial statements and to conform
        to the presentation adopted in the current period. 
    (2) For additional information, see the "Non-GAAP measures"
        section.
    (3) Includes the full contract amount of assets under
        administration or custody under a 50/50 joint venture
        between CIBC and The Bank of New York Mellon.

Overview

Financial results
Reported net income for the quarter was $1,177 million, compared with $785 
million for the same quarter last year and $825 million for the prior quarter.

Adjusted net income((1)) for the quarter was $951 million, compared with $882 
million for the same quarter last year and $894 million for the prior quarter.

Reported diluted earnings per share (EPS) for the quarter was $2.88, compared 
with $1.88 for the same quarter last year and $2.02 for the prior quarter.

Adjusted diluted EPS((1)) for the quarter was $2.31, compared with $2.12 for 
the same quarter last year and $2.19 for the prior quarter.

Net income for the current quarter was affected by the following items of note:
        --  $239 million ($183 million after-tax) gain in respect of the
            Aeroplan transactions with Aimia Canada Inc. (Aimia) and TD,
            net of costs relating to the development of our enhanced travel
            rewards program ($123 million after-tax in Retail and Business
            Banking, and $60 million after-tax in Corporate and Other). See
            the "Significant events" section for further details;
        --  $78 million ($57 million after-tax) gain, net of associated
            expenses, on the sale of an equity investment in our exited
            European leveraged finance portfolio (Wholesale Banking);
        --  $26 million ($19 million after-tax) reduction in the portion of
            the collective allowance recognized in Corporate and Other(2),
            including lower estimated credit losses relating to the Alberta
            floods (Corporate and Other);
        --  $26 million ($19 million after-tax) charge resulting from
            operational changes in the processing of write-offs in Retail
            and Business Banking;
        --  $11 million ($8 million after-tax) loss from the structured
            credit run-off business (Wholesale Banking); and
        --  $8 million ($6 million after-tax) amortization of intangible
            assets(3) ($1 million after-tax in Retail and Business Banking,
            $3 million after-tax in Wealth Management, and $2 million
            after-tax in Corporate and Other).

The above items of note increased revenue by $353 million, non-interest 
expenses by $55 million, and income tax expenses by $72 million. In aggregate, 
these items of note increased net income by $226 million.

Net interest income((4))
Net interest income was up $50 million or 3% from the same quarter last year, 
primarily due to volume growth across most retail products and higher revenue 
from corporate banking. These factors were partially offset by lower cards 
revenue as a result of the Aeroplan transactions noted above, and lower 
revenue from our exited FirstLine mortgage broker business.

Net interest income was up $12 million or 1% from the prior quarter, primarily 
due to volume growth and wider spreads across most retail products, and higher 
interest income from Wholesale Banking, largely offset by lower cards revenue 
as a result of the Aeroplan transactions noted above.

Non-interest income((4))
Non-interest income was up $419 million or 32% from the same quarter last 
year, primarily due to the gains relating to the Aeroplan transactions with 
Aimia and TD and the sale of an equity investment in our exited European 
leveraged finance portfolio, both shown as items of note, and higher mutual 
fund fees. The same quarter last year included a gain on the sale of our 
private wealth management business (Asia), also shown as an item of note.

Non-interest income was up $442 million or 34% from the prior quarter, 
primarily due to the gains relating to the Aeroplan transactions and the sale 
of an equity investment noted above. The prior quarter included the impairment 
of an equity position associated with our exited U.S. leveraged finance 
portfolio, also shown as an item of note.

Provision for credit losses
Provision for credit losses was down $47 million or 18% from the same quarter 
last year. In Retail and Business Banking, the provision was down mainly due 
to lower write-offs and bankruptcies in the cards portfolio, partially offset 
by a charge resulting from operational changes in the processing of 
write-offs, shown as an item of note. In Wholesale Banking, the provision was 
down due to lower losses in the U.S. real estate finance portfolio. In 
Corporate and Other, the provision was down primarily due to a reduction in 
the collective allowance, including lower estimated credit losses relating to 
the Alberta floods, shown as an item of note. The current quarter also had 
higher losses in FirstCaribbean International Bank Limited (CIBC 
FirstCaribbean).

Provision for credit losses was down $53 million or 20% from the prior 
quarter. In Retail and Business Banking, the provision was down primarily due 
to lower losses in the commercial lending portfolio, partially offset by the 
charge relating to write-offs noted above. In Wholesale Banking, the provision 
was comparable with the prior quarter. In Corporate and Other, the provision 
was down primarily due to the reduction in the collective allowance noted 
above. The current quarter also had lower losses in CIBC FirstCaribbean.

Non-interest expenses
Non-interest expenses were down $9 million compared with the same quarter last 
year, primarily due to lower expenses in the structured credit run-off 
business, which included the Lehman-related settlement charge shown as an item 
of note in the same quarter last year, largely offset by the costs relating to 
the development of our enhanced travel rewards program, and to the Aeroplan 
transactions noted above, as well as higher employee-related compensation and 
computer, software and office equipment expenses in the current quarter.

Non-interest expenses were up $49 million or 3% from the prior quarter, 
primarily due to higher employee-related compensation, partially offset by a 
restructuring charge relating to CIBC FirstCaribbean, which was included as an 
item of note in the prior quarter.
    (1)  For additional information, see the "Non-GAAP measures" section.
    (2)  Relates to collective allowance, except for (i) residential
         mortgages greater than 90 days delinquent; (ii) personal loans and
         scored small business loans greater than 30 days delinquent, and
         (iii) net write-offs for the cards portfolio, which are all
         reported in the respective SBUs.
    (3)  Beginning in the fourth quarter of 2013, also includes
         amortization of intangible assets for equity-accounted associates.
    (4)  Trading activities and related risk management strategies can
         periodically shift trading income between net interest income and
         non-interest income. Therefore, we view total trading income as
         the most appropriate measure of trading performance.

Income taxes
Income tax expense was up $133 million or 105% from the same quarter last 
year, and up $106 million or 69% from the prior quarter, primarily due to 
higher income.

In prior years, the Canada Revenue Agency issued reassessments disallowing the 
deduction of approximately $3 billion of the 2005 Enron settlement payments 
and related legal expenses. The matter is currently in litigation. The Tax 
Court of Canada trial on the deductibility of the Enron payments is scheduled 
to commence in October 2015.

Should we successfully defend our tax filing position in its entirety, we 
would recognize an additional accounting tax benefit of $214 million and 
taxable refund interest of approximately $199 million. Should we fail to 
defend our position in its entirety, we would incur an additional tax expense 
of approximately $866 million and non-deductible interest of approximately 
$124 million.

Foreign exchange
The estimated impact of U.S. dollar translation on key lines of our interim 
consolidated statement of income, as a result of changes in average exchange 
rates, is as follows:
                                         Jan. 31, 2014    Jan. 31, 2014  
                                                   vs.              vs.  
    $ millions, for the three            Jan. 31, 2013    Oct. 31, 2013  
    months ended
    Estimated increase in:                                               
      Total revenue                     $           37    $          17  
      Provision for credit                           3                1  
      losses
      Non-interest expense                          15                7  
      Income taxes                                   1                1  
      Net income                                    18                8  
    Average US$ appreciation                       8.5 %            3.6 %
    relative to C$

Impact of items of note in prior periods 
Net income for the prior quarters was affected by the following items of note:

Q4, 2013
        --  $39 million ($37 million after-tax) restructuring charge
            relating to CIBC FirstCaribbean (Corporate and Other);
        --  $35 million ($19 million after-tax) impairment of an equity
            position associated with our exited U.S. leveraged finance
            portfolio (Wholesale Banking);
        --  $24 million ($18 million after-tax) expenses relating to the
            development of our enhanced travel rewards program and to the
            Aeroplan transactions with Aimia and TD (Retail and Business
            Banking);
        --  $15 million ($11 million after-tax) gain from the structured
            credit run-off business (Wholesale Banking); and
        --  $7 million ($6 million after-tax) amortization of intangible
            assets ($1 million after-tax in Retail and Business Banking, $2
            million after-tax in Wealth Management, and $3 million
            after-tax in Corporate and Other).

The above items of note decreased revenue by $20 million, increased 
non-interest expenses by $70 million, and decreased income tax expenses by $21 
million. These items of note decreased net income by $69 million.

Q1, 2013
        --  $148 million ($109 million after-tax) loss from the structured
            credit run-off business, including the charge in respect of a
            settlement of the U.S. Bankruptcy Court adversary proceeding
            brought by the Estate of Lehman Brothers Holdings, Inc.
            (Wholesale Banking);
        --  $16 million ($16 million after-tax) gain, net of associated
            expenses, on the sale of our Hong Kong and Singapore-based
            private wealth management business (Corporate and Other); and
        --  $5 million ($4 million after-tax) amortization of intangible
            assets ($2 million after-tax in Retail and Business Banking and
            $2 million after-tax in Corporate and Other).

The above items of note increased revenue by $28 million, non-interest 
expenses by $165 million, and decreased income tax expenses by $40 million. In 
aggregate, these items of note decreased net income by $97 million.

Significant events

Aeroplan Agreements and enhancements to CIBC travel rewards program 
On December 27, 2013, CIBC completed the transactions contemplated by the 
tri-party agreements with Aimia and TD that were announced on September 16, 
2013.

CIBC sold to TD approximately 50% of its existing Aerogold VISA credit card 
portfolio, consisting primarily of credit card only customers. Consistent with 
its strategy to invest in and deepen client relationships, CIBC retained the 
Aerogold VISA credit card accounts held by clients with broader banking 
relationships at CIBC.

The portfolio divested by CIBC consisted of $3.3 billion of credit card 
receivables. Upon closing, CIBC received a cash payment from TD equal to the 
credit card receivables outstanding being acquired by TD.

CIBC also received upon closing, in aggregate, $200 million in upfront 
payments from TD and Aimia.

In addition to these amounts, CIBC released $81 million of allowance for 
credit losses related to the sold portfolio, and incurred $3 million in direct 
costs related to the transaction in the three months ended January 31, 2014. 
The net gain on sale of the sold portfolio recognized in the three months 
ended January 31, 2014, which includes the upfront payments, release of 
allowance for credit losses and costs related to the transaction, is $278 
million ($211 million after-tax).

Under the terms of the agreements:
        --  CIBC continues to have rights to market the Aeroplan program
            and originate new Aerogold cardholders through its CIBC branded
            channels.
        --  The parties have agreed to certain provisions to compensate for
            the risk of cardholder migration from one party to another.
            There is potential for payments of up to $400 million by
            TD/Aimia or CIBC for net cardholder migration over a period of
            5 years.
        --  CIBC expects to receive annual commercial subsidy payments from
            TD of approximately $38 million per year in each of the three
            years after closing.
        --  The CIBC and Aimia agreement includes an option for either
            party to terminate the agreement after the third year and
            provides for penalty payments due from CIBC to Aimia if holders
            of Aeroplan credit cards from CIBC's retained portfolio switch
            to other CIBC credit cards above certain thresholds.
        --  CIBC is working with TD under an interim servicing agreement to
            effect a smooth transition of the cardholders moving to TD.

In conjunction with the completion of the Aeroplan transaction, CIBC has fully 
released Aimia and TD from any potential claims in connection with TD becoming 
Aeroplan's primary financial credit card partner.

Separate from the tri-party agreements, CIBC continues with its plan to 
provide enhancements to our proprietary travel rewards program, delivering on 
our commitment to give our clients access to a market leading travel rewards 
program. The enhanced program is built on extensive research and feedback from 
our clients and from Canadians about what they want from their travel rewards 
card.

CIBC incurred incremental costs of $39 million ($28 million after-tax) in 
respect of supporting the tri-party agreements and in respect of the 
development of our enhanced travel rewards program in the three months ended 
January 31, 2014.

The aggregate increase in pre-tax income of $239 million ($183 million 
after-tax) in respect of the above has been treated as an item of note.

Atlantic Trust Private Wealth Management
On December 31, 2013, CIBC completed the acquisition of Atlantic Trust Private 
Wealth Management (Atlantic Trust) from its parent company, Invesco Ltd., for 
$224 million (US$210 million) plus working capital and other adjustments. 
Atlantic Trust, which has approximately US$24 billion in assets under 
management (AUM), provides integrated wealth management solutions for 
high-net-worth individuals, families, foundations and endowments in the United 
States. The results of the acquired business have been consolidated from the 
date of close and are included in the Wealth Management SBU. For additional 
information, see Note 3 to our interim consolidated financial statements.

Sale of equity investment
On November 29, 2013, CIBC sold an equity investment that was previously 
acquired through a loan restructuring in CIBC's exited European leveraged 
finance business. The transaction resulted in an after-tax gain, net of 
associated expenses, of $57 million.

Review of quarterly financial information
    $ millions,
    except per share                                                                                       
    amounts,
    for the three                                                       (1)                               (1)
    months ended           2014                                    2013                              2012
                           Jan.      Oct.      Jul.      Apr.      Jan.          Oct.      Jul.      Apr.    
                             31        31        31        30        31            31        31        30
    Revenue                                                                                                  
      Retail and
      Business          $ 2,255   $ 2,087   $ 2,067   $ 1,985   $ 2,010       $ 2,012   $ 2,014   $ 1,935    
      Banking 
      Wealth                502       470       458       443       432           420       401       418    
      Management 
      Wholesale
      Banking (2)           680       520       589       574       557           567       519       455    
      Corporate and
      Other (2)             197       103       135       122       166           140       201       262    
    Total revenue       $ 3,634   $ 3,180   $ 3,249   $ 3,124   $ 3,165       $ 3,139   $ 3,135   $ 3,070    
    Net interest        $ 1,905   $ 1,893   $ 1,883   $ 1,822   $ 1,855       $ 1,848   $ 1,883   $ 1,753    
    income
    Non-interest          1,729     1,287     1,366     1,302     1,310         1,291     1,252     1,317    
    income
    Total revenue         3,634     3,180     3,249     3,124     3,165         3,139     3,135     3,070    
    Provision for           218       271       320       265       265           328       317       308    
    credit losses
    Non-interest          1,979     1,930     1,878     1,825     1,988         1,823     1,830     1,762    
    expenses
    Income before         1,437       979     1,051     1,034       912           988       988     1,000    
    income taxes
    Income taxes            260       154       173       172       127           145       156       198    
    Net income          $ 1,177   $   825   $   878   $   862   $   785       $   843   $   832   $   802    
    Net income (loss)                                                                                        
    attributable to:
      Non-controlling   $     3   $   (7)   $     1   $     2   $     2       $     3   $     2   $     1    
      interests
      Equity              1,174       832       877       860       783           840       830       801    
      shareholders
    EPS - basic         $  2.88   $  2.02   $  2.13   $  2.09   $  1.88       $  2.00   $  1.98   $  1.88    
        - diluted          2.88      2.02      2.13      2.09      1.88          2.00      1.98      1.87    
    (1) Certain information has been restated to reflect
        the changes in accounting policies stated in
        Note 1 to the interim consolidated financial        
        statements and to conform to the presentation
        adopted in the current period.
    (2) Wholesale Banking revenue and income taxes are
        reported on a taxable equivalent basis (TEB)
        with an equivalent offset in the revenue
        and income taxes of Corporate and Other. 

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

Revenue
Retail and Business Banking revenue has benefitted from volume growth across 
most retail products, offset to some extent by the continued low interest rate 
environment and attrition in our exited FirstLine mortgage broker business. 
The current quarter included the gain relating to the Aeroplan transactions 
with Aimia and TD, partially offset by lower cards revenue as a result of 
these transactions.

Wealth Management revenue has benefitted from higher average AUM and strong 
net sales of long-term mutual funds. The current quarter also included the 
impact of the acquisition of Atlantic Trust on December 31, 2013.

Wholesale Banking revenue is influenced to a large extent by capital markets 
conditions, and growth in the equity derivatives business which has resulted 
in higher tax-exempt income. Revenue has also been impacted by the volatility 
in the structured credit run-off business. The current quarter included a gain 
on the sale of an equity investment in our exited European leveraged finance 
portfolio. The fourth quarter of 2012 included a gain on sale of interests in 
entities in relation to the acquisition of TMX Group Inc. and the loss 
relating to the change in valuation of collateralized derivatives to an 
overnight index swap (OIS) basis. The second quarter of 2012 included a hedge 
accounting loss on leveraged leases.

Corporate and Other includes the offset related to tax-exempt income noted 
above. The current quarter included the gain relating to the Aeroplan 
transactions noted above and the first quarter of 2013 included the gain on 
sale of the private wealth management business (Asia).

Provision for credit losses
Provision for credit losses is dependent upon the credit cycle in general and 
on the credit performance of the loan portfolios. In Retail and Business 
Banking, losses in the cards portfolio declined throughout 2012 and 2013. The 
current quarter had a charge resulting from operational changes in the 
processing of write-offs and the third quarter of 2013 had a charge resulting 
from a revision of estimated loss parameters on our unsecured lending 
portfolios. In Wholesale Banking, the second and third quarter of 2013 had 
higher losses in the exited European leveraged finance portfolio, and the 
fourth quarter of 2012 included losses in the exited U.S. leveraged finance 
portfolio. 2012 also included higher losses in the U.S. real estate finance 
portfolio. In Corporate and Other, the third quarter of 2013 had an increase 
in the collective allowance, which included estimated credit losses relating 
to the Alberta floods, while the current quarter included a decrease in 
collective allowance, including partial reversal of the credit losses relating 
to the Alberta floods.

Non-interest expenses
Non-interest expenses have fluctuated over the period largely due to changes 
in employee-related compensation and benefits, including pension expense. The 
current quarter and the prior quarter had expenses relating to the development 
of our enhanced travel rewards program, and to the Aeroplan transactions with 
Aimia and TD. The prior quarter also had a restructuring charge relating to 
CIBC FirstCaribbean. The first quarter of 2013 had higher expenses in the 
structured credit run-off business.

Income taxes
Income taxes vary with changes in income subject to tax, and the jurisdictions 
in which the income is earned. Taxes can also be affected by the impact of 
significant items. Tax-exempt income has generally been trending higher for 
the periods presented in the table above.

Outlook for calendar year 2014
Global growth is expected to improve in 2014, helped by a diminished burden 
from fiscal tightening in both the U.S. and Europe, and a continuation of 
stimulative monetary policy. U.S. real gross domestic product (GDP) is 
expected to accelerate to approximately 3% as we move past the drag from tax 
hikes that affected 2013. A further climb in home building, and the lift to 
household incomes and credit quality from ongoing job creation should also 
help U.S. real GDP. Europe looks to have emerged from recession. Although some 
emerging markets are facing domestic policy challenges, they will benefit from 
improved global trade volumes. Canada's growth rate should improve to the 2.0% 
to 2.5% range, as firmer global conditions support exports and capital 
spending, offsetting a slower pace of housing construction and continued 
restraint in government program spending. Consumer demand will be sustained at 
moderate growth rates by job creation. Both the U.S. Federal Reserve and the 
Bank of Canada are likely to wait until 2015 before raising short-term 
interest rates, although longer term rates could increase through the year in 
anticipation of that future policy turn.

In Retail banking, household credit demand, which has picked up due to faster 
mortgage growth, could decelerate later in the year if mortgage rates begin to 
climb and housing sales slow. Demand for business credit should pick up later 
in the year as more optimism emerges on capital spending. A further drop in 
the unemployment rate should support household credit quality, but there is 
little room for business and household insolvency rates to drop from what are 
already very low levels. Wealth management should see an improvement in demand 
for equities and other higher risk assets as global growth improves. Wholesale 
banking should benefit from rising capital spending that increases the demand 
for corporate lending and debt financing, and provincial governments will 
still have elevated borrowing needs, including those related to infrastructure 
projects. A sturdier global climate could reduce uncertainties that held back 
equity issuance in the prior year.

Non-GAAP measures

We use a number of financial measures to assess the performance of our 
business lines. Some measures are calculated in accordance with GAAP (IFRS), 
while other measures do not have a standardized meaning under GAAP, and 
accordingly, these measures may not be comparable to similar measures used by 
other companies. Investors may find these non-GAAP measures useful in 
analyzing financial performance. For a more detailed discussion on our 
non-GAAP measures, see page 12 of the 2013 Annual Report. The following table 
provides a reconciliation of non-GAAP to GAAP measures related to CIBC on a 
consolidated basis.
                                      2014         2013  (1)       2013  (1)
    $ millions, as
    at or for the                                             
    three months
    ended                          Jan. 31       Oct. 31         Jan. 31  
    Reported and
    adjusted diluted                                          
    EPS                                                                   
    Reported net
    income
    attributable to                                           
    diluted common
    shareholders          A      $   1,149     $     808       $     758  
    After-tax impact
    of items of note                                          
    (2)                              (226)            69              97  
    Adjusted net
    income
    attributable to                                           
    diluted common
    shareholders (3)      B      $     923     $     877       $     855  
    Diluted
    weighted-average
    common shares                                             
    outstanding                                                         
    (thousands)           C        399,217       400,255         403,770  
    Reported diluted                                          
    EPS ($)              A/C     $    2.88     $    2.02       $    1.88  
    Adjusted diluted                                          
    EPS ($) (3)          B/C          2.31          2.19            2.12  
    Reported and
    adjusted                                                  
    efficiency ratio                                                      
    Reported total                                            
    revenue               D      $   3,634     $   3,180       $   3,165  
    Pre-tax impact
    of items of                                               
    note (2)                         (353)            20            (28)  
    TEB                                110            78              92  
    Adjusted total                                            
    revenue (3)           E      $   3,391     $   3,278       $   3,229  
    Reported
    non-interest                                              
    expenses              F      $   1,979     $   1,930       $   1,988  
    Pre-tax impact
    of items of                                               
    note (2)                          (55)          (70)           (165)  
    Adjusted
    non-interest                                              
    expenses (3)          G      $   1,924     $   1,860       $   1,823  
    Reported                                                  
    efficiency ratio     F/D          54.5 %        60.7 %          62.8 %
    Adjusted
    efficiency                                                
    ratio (3)            G/E          56.7 %        56.7 %          56.5 %
    Reported and
    adjusted                                                  
    dividend payout
    ratio                                                                 
    Reported net
    income
    attributable to                                           
    common
    shareholders          H      $   1,149     $     808       $     758  
    After-tax impact
    of items of note                                          
    (2)                              (226)            69              97  
    Adjusted net
    income
    attributable to                                           
    common
    shareholders (3)      I      $     923     $     877       $     855  
    Dividends paid
    to common                                                 
    shareholders          J      $     382     $     384       $     379  
    Reported
    dividend payout                                           
    ratio                J/H          33.3 %        47.6 %          50.0 %
    Adjusted
    dividend payout                                           
    ratio (3)            J/I          41.4 %        43.8 %          44.3 %
    Reported and
    adjusted return
    on common                                                 
    shareholders'
    equity                                                                
    Average common
    shareholders'                                             
    equity                K      $  16,581     $  15,885       $  14,698  
    Reported return
    on common                                                 
    shareholders'
    equity               H/K          27.5 %        20.2 %          20.5 %
    Adjusted return
    on common                                                 
    shareholders'
    equity (3)           I/K          22.1 %        21.9 %          23.1 %
    Reported and
    adjusted                                                  
    effective tax
    rate                                                                  
    Reported income
    before income                                             
    taxes                 L      $   1,437     $     979       $     912  
    Pre-tax impact
    of items of                                               
    note (2)                         (298)            90             137  
    Adjusted income
    before income                                             
    taxes (3)             M      $   1,139     $   1,069       $   1,049  
    Reported income                                           
    taxes                 N      $     260     $     154       $     127  
    Tax impact of
    items of note                                             
    (2)                               (72)            21              40  
    Adjusted income                                           
    taxes (3)             O      $     188     $     175       $     167  
    Reported
    effective tax                                             
    rate                 N/L          18.1 %        15.9 %          13.9 %
    Adjusted
    effective tax                                             
    rate (3)             O/M          16.5 %        16.5 %          15.9 %
                                                                                   
                              Retail                                             
                                 and                                                      
                            Business       Wealth    Wholesale    Corporate           CIBC
    $ millions, for
    the three months         Banking                   Banking               
    ended                              Management                 and Other          Total
            Reported
    Jan.    net                                                                    
    31      income          $    746    $     114    $     264    $      53    $     1,177
            After-tax
            impact of                                                              
            items of
    2014    note (2)           (103)            3         (49)         (77)          (226)
            Adjusted
            net
            income                                                                 
            (loss)
            (3)             $    643    $     117    $     215    $    (24)    $       951
            Reported
            net                                                                    
    Oct.    income
    31      (loss)          $    613    $     103    $     209    $   (100)    $       825
            After-tax
            impact of                                                              
    2013    items of
    (1)     note (2)              19            2            8           40             69
            Adjusted
            net
            income                                                                 
            (loss)
            (3)             $    632    $     105    $     217    $    (60)    $       894
            Reported
    Jan.    net                                                                    
    31      income          $    580    $      89    $      86    $      30    $       785
            After-tax
            impact of                                                              
    2013    items of
    (1)     note (2)               2            -          109         (14)             97
            Adjusted
            net                                                                    
            income 
            (3)             $    582    $      89    $     195    $      16    $       882
    (1) Certain information has been restated to reflect the
        changes in accounting policies stated in Note 1 to the
        interim
        consolidated financial statements and to conform to the
        presentation adopted in the current period.
    (2) Reflects impact of items of note under "Financial
        results" section.
    (3) Non-GAAP measure.

Strategic business units overview

CIBC has three SBUs - Retail and Business Banking, Wealth Management and 
Wholesale Banking. These SBUs are supported by six functional groups - 
Technology and Operations, Corporate Development, Finance, Treasury, 
Administration, and Risk Management, which form part of Corporate and Other. 
The expenses of these functional groups are generally allocated to the 
business lines within the SBUs. Corporate and Other also includes our 
International banking operations comprising mainly CIBC FirstCaribbean, 
strategic investments in the CIBC Mellon joint ventures and The Bank of N.T. 
Butterfield & Son Limited, and other income statement and balance sheet items 
not directly attributable to the business lines.

Business unit allocations
Treasury activities impact the reported financial results of the SBUs. Each 
line of business within our SBUs is charged or credited with a market-based 
cost of funds on assets and liabilities, respectively, which impacts the 
revenue performance of the SBUs. Once the interest and liquidity risk inherent 
in our client-driven assets and liabilities is transfer priced into Treasury, 
it is managed within CIBC's risk framework and limits. The residual financial 
results associated with Treasury activities are reported in Corporate and 
Other. Capital is attributed to the SBUs in a manner that is intended to 
consistently measure and align economic costs with the underlying benefits and 
risks associated with SBU activities. Earnings on unattributed capital remain 
in Corporate and Other. We review our transfer pricing methodologies on an 
ongoing basis to ensure they reflect changing market environments and industry 
practices.

To measure and report the results of operations of the lines of business 
within our Retail and Business Banking and Wealth Management SBUs, we use a 
Manufacturer/Customer Segment/Distributor Management Model. The model uses 
certain estimates and allocation methodologies in the preparation of segmented 
financial information. Under this model, internal payments for sales and 
trailer commissions and distribution service fees are made among the lines of 
business and SBUs. Periodically, the sales and trailer commission rates paid 
to customer segments for certain products are revised and applied 
prospectively.

Non-interest expenses are attributed to the SBUs to which they relate based on 
appropriate criteria. Revenue, expenses, and other balance sheet resources 
related to certain activities are fully allocated to the lines of business 
within the SBUs.

The individual allowances and related provisions are reported in the 
respective SBUs. The collective allowances and related provisions are reported 
in Corporate and Other except for: (i) residential mortgages greater than 90 
days delinquent; (ii) personal loans and scored small business loans greater 
than 30 days delinquent; and (iii) net write-offs for the cards portfolio, 
which are all reported in the respective SBUs. All allowances and related 
provisions for CIBC FirstCaribbean are reported in Corporate and Other.

Retail and Business Banking

Retail and Business Banking provides clients across Canada with financial 
advice, banking, investment, and authorized insurance products and services 
through a strong team of advisors and more than 1,100 branches, as well as our 
ABMs, mobile sales force, telephone banking, online and mobile banking.

Results((1) )
                                  2014           2013 (2)         2013 (2)
    $ millions, for
    the three                     Jan.                                    
    months ended                    31        Oct. 31          Jan. 31
    Revenue                                                               
      Personal                   1,576          1,555            1,482    
      banking                 $            $                $
      Business                     380            386              383    
      banking                                                
      Other (3)                    299            146              145    
    Total revenue                2,255          2,087            2,010    
    Provision for                                                         
    credit losses                  210            215              241
    Non-interest                                                          
    expenses                     1,055          1,055              997
    Income before                                                         
    taxes                          990            817              772
    Income taxes                   244            204              192    
    Net income                $    746     $      613       $      580    
    Net income
    attributable                                                          
    to:                                                               
      Equity
      shareholders                 746            613              580    
      (a)                     $            $                $
    Efficiency                         %              %                %
    ratio                         46.8           50.5             49.6
    Return on                                              
    equity (4)                    77.9 %         61.5 %           63.8 %
    Charge for
    economic                                                              
    capital (4) (b)           $  (119)     $    (125)       $    (115)
    Economic
    profit (4)                                                            
    (a+b)                     $    627     $      488       $      465
    Full-time
    equivalent                                                            
    employees                   22,243         21,781           22,063
    (1) For additional segmented information, see the notes to the interim
        consolidated financial
        statements.
    (2) Certain information has been restated to reflect the changes in
        accounting policies stated
        in Note 1 to the interim consolidated financial statements and to
        conform to the
        presentation adopted in the current period.
    (3) Includes run-off portfolios relating to FirstLine mortgage broker
        business, student loans
        and cards. 
    (4) For additional information, see the "Non-GAAP measures" section.

Financial overview
Net income for the quarter was $746 million, up $166 million from the same 
quarter last year, primarily due to higher revenue, partially offset by higher 
non-interest expenses.

Net income was up $133 million from the prior quarter, mainly due to higher 
revenue.

Revenue
Revenue was up $245 million or 12% from the same quarter last year.

Personal banking revenue was up $94 million, due to volume growth across most 
products, higher fees and wider spreads.

Business banking revenue was comparable with the same quarter last year, as 
narrower spreads were offset by volume growth and higher fees.

Other revenue was up $154 million, mainly due to the gain relating to the 
Aeroplan transactions with Aimia and TD shown as an item of note, partially 
offset by lower cards revenue as a result of these transactions, and lower 
revenue from our exited FirstLine mortgage broker business.

Revenue was up $168 million or 8% from the prior quarter.

Personal banking revenue was up $21 million, primarily due to volume growth 
and wider spreads.

Business banking revenue was down $6 million, primarily due to narrower 
spreads.

Other revenue was up $153 million, mainly due to the gain relating to the 
Aeroplan transactions noted above, partially offset by lower cards revenue as 
a result of these transactions.

Provision for credit losses
Provision for credit losses was down $31 million from the same quarter last 
year, mainly due to lower write-offs and bankruptcies in the cards portfolio, 
partially offset by a charge resulting from operational changes in the 
processing of write-offs, shown as an item of note.

Provision for credit losses was down $5 million from the prior quarter, 
primarily due to lower losses in the commercial lending portfolio, partially 
offset by the charge relating to write-offs noted above.

Non-interest expenses
Non-interest expenses were up $58 million or 6% from the same quarter last 
year, primarily due to the costs relating to the development of our enhanced 
travel rewards program, and to the Aeroplan transactions noted above.

Non-interest expenses were comparable with the prior quarter.

Income taxes
Income taxes were up $52 million and $40 million from the same quarter last 
year and the prior quarter, respectively, primarily due to higher income.

Wealth Management

Wealth Management provides relationship-based advisory services and an 
extensive suite of leading investment solutions to meet the needs of 
institutional, retail and high net worth clients. Our asset management, retail 
brokerage and private wealth management businesses combine to create an 
integrated offer, delivered through more than 1,500 advisors across Canada and 
the U.S.

Results((1) )
                                 2014         2013 (2)         2013 (2)   
    $ millions, for
    the three months          Jan. 31      Oct. 31          Jan. 31       
    ended
    Revenue                                                               
      Retail brokerage     $      284   $      272       $      259       
      Asset management            172          165              144       
      Private wealth               46           33               29       
      management
    Total revenue                 502          470              432       
    Provision for
    (reversal of)                 (1)            1                -       
    credit losses
    Non-interest                  351          335              316       
    expenses
    Income before                 152          134              116       
    taxes 
    Income taxes                   38           31               27       
    Net income             $      114   $      103       $       89       
    Net income                                                            
    attributable to:
      Non-controlling      $        1   $        -       $        -       
      interests
      Equity
      shareholders                113          103               89       
      (a)
    Efficiency ratio             69.9 %       71.4   %         73.2    %   
    Return on equity             22.5 %       21.5   %         19.0    %  
    (3)
    Charge for
    economic capital       $     (62)   $     (59)       $     (58)       
    (3)(b)
    Economic profit        $       51   $       44       $       31       
    (3)(a+b)
    Full-time
    equivalent                  4,056        3,840            3,765       
    employees
    (1) For additional segmented information, see the notes to
        the interim consolidated
        financial statements.
    (2) Certain information has been restated to reflect the
        changes in accounting policies
        stated in Note 1 to the interim consolidated financial
        statements and to conform to the
        presentation adopted in the current period.
    (3) For additional information, see the "Non-GAAP measures"
        section.
     

Financial overview
Net income for the quarter was $114 million, up $25 million from the same 
quarter last year, and up $11 million from the prior quarter, primarily due to 
higher revenue, partially offset by higher non-interest expenses.

Revenue
Revenue was up $70 million or 16% from the same quarter last year.

Retail brokerage revenue was up $25 million, mainly due to higher fee-based 
and commission revenue.

Asset management revenue was up $28 million, primarily due to higher client 
AUM driven by market appreciation and net sales of long-term mutual funds, and 
higher contribution from our equity-accounted investment in American Century 
Investments.

Private wealth management revenue was up $17 million, mainly due to the 
acquisition of Atlantic Trust on December 31, 2013, and higher AUM driven by 
client growth.

Revenue was up $32 million or 7% from the prior quarter.

Retail brokerage revenue was up $12 million, primarily due to higher fee-based 
revenue.

Asset management revenue was up $7 million, primarily due to higher client AUM 
driven by market appreciation and net sales of long-term mutual funds.

Private wealth management revenue was up $13 million, mainly due to higher 
AUM, including the impact of the acquisition noted above.

Non-interest expenses
Non-interest expenses were up $35 million or 11% from the same quarter last 
year, and up $16 million or 5% from the prior quarter, primarily due to higher 
employee-related compensation.

Income taxes
Income taxes were up $11 million from the same quarter last year and up $7 
million from the prior quarter mainly due to higher income.

Wholesale Banking

Wholesale Banking provides a wide range of credit, capital markets, investment 
banking and research products and services to government, institutional, 
corporate and retail clients in Canada and in key markets around the world.

Results((1)) 
                                     2014        2013 (2)         2013 (2)
    $ millions, for
    the three                        Jan.        Oct.        
    months ended                       31          31          Jan. 31  
    Revenue                                                             
      Capital                                                             
      markets                     $   330     $   279       $      327
      Corporate and
      investment                                                          
      banking                         250         246              211
      Other                           100         (5)               19    
    Total revenue                                            
    (3)                               680         520              557  
    Provision for
    (reversal of)                                            
    credit losses                       2         (1)               10  
    Non-interest                                             
    expenses                          329         271              445  
    Income before                                            
    taxes                             349         250              102  
    Income taxes                                             
    (3)                                85          41               16  
    Net income                    $   264     $   209       $       86  
    Net income
    attributable                                             
    to:                                                                 
      Equity
      shareholders                                                        
      (a)                         $   264     $   209       $       86
    Efficiency                                               
    ratio (3)                        48.3 %      52.3 %           79.9 %
    Return on                                                
    equity (4)                       44.9 %      36.5 %           15.8 %
    Charge for
    economic                                               
    capital (4) (b)               $  (73)     $  (72)       $     (67)  
    Economic
    profit (4)                                             
    (a+b)                         $   191     $   137       $       19  
    Full-time
    equivalent                                               
    employees                       1,244       1,273            1,261  
    (1) For additional segmented information, see the notes to
        the interim consolidated financial
        statements.
    (2) Certain information has been restated to reflect the
        changes in accounting policies stated
        in Note 1 to the interim consolidated financial
        statements and to conform to the presentation
        adopted in the current period.
    (3) Revenue and income taxes are reported on a TEB basis.
        Accordingly, revenue and income
        taxes include a TEB adjustment of $110 million for the
        quarter ended January 31, 2014
        (October 31, 2013: $78 million; January 31, 2013: $92
        million). The equivalent amounts
        are offset in the revenue and income taxes of Corporate
        and Other.
    (4) For additional information, see the "Non-GAAP measures"
        section.

Financial overview
Net income for the quarter was $264 million, up $178 million from the same 
quarter last year, mainly due to higher revenue and lower non-interest 
expenses.  Net income was up $55 million from the prior quarter, mainly due to 
higher revenue, partially offset by higher non-interest expenses.

Revenue 
Revenue was up $123 million or 22% from the same quarter last year.

Capital markets revenue was up $3 million, primarily due to higher revenue 
from foreign exchange and equity derivatives trading, partially offset by a 
lower reversal of credit valuation adjustments (CVA) against credit exposures 
to derivative counterparties (other than financial guarantors) and lower debt 
and equity issuance revenue.

Corporate and investment banking revenue was up $39 million, mainly due to 
higher revenue from corporate banking and U.S. real estate finance and higher 
investment portfolio gains, partially offset by lower advisory and equity new 
issuance revenue.

Other revenue was up $81 million, primarily due to the gain on the sale of an 
equity investment in our exited European leveraged finance portfolio, shown as 
an item of note, partially offset by losses in the structured credit run-off 
business compared with gains in the prior year quarter.

Revenue was up $160 million or 31% from the prior quarter.

Capital markets revenue was up $51 million, mainly due to higher revenue from 
foreign exchange and equity derivatives trading, partially offset by lower 
debt issuance revenue.

Corporate and investment banking revenue was up $4 million, primarily due to 
higher corporate banking and advisory revenue, partially offset by lower 
revenue in U.S. real estate finance.

Other revenue was up $105 million from the prior quarter, primarily due to the 
gain on the sale of an equity investment noted above, partially offset by 
losses in the structured credit run-off business compared with gains in the 
prior quarter. The prior quarter included the impairment of an equity position 
associated with our exited U.S. leveraged finance portfolio, shown as an item 
of note.

Provision for credit losses
Provision for credit losses was down $8 million from the same quarter last 
year, due to lower losses in the U.S. real estate finance portfolio.

Provision for credit losses was comparable with the prior quarter.

Non-interest expenses
Non-interest expenses were down $116 million or 26% from the same quarter last 
year, mainly due to higher expenses in the structured credit run-off business 
related to the charge in respect of a settlement of the U.S. Bankruptcy Court 
adversary proceeding brought by the Estate of Lehman Brothers Holdings, Inc. 
in the prior year quarter, partially offset by higher performance-based 
compensation.

Non-interest expenses were up $58 million or 21% from the prior quarter, 
mainly due to higher performance-based compensation.

Income taxes
Income taxes for the quarter were up $69 million from the same quarter last 
year, primarily due to higher income.

Income taxes for the quarter were up $44 million from the prior quarter, 
primarily due to higher income and the impact of changes in the proportion of 
income subject to varying rates of tax in different jurisdictions.

Structured credit run-off business 
The results of the structured credit run-off business are included in the 
Wholesale Banking SBU.

Results 
                                           2014          2013          2013
    $ millions, for
    the three months                    Jan. 31       Oct. 31       Jan. 31
    ended
    Net interest                      $    (13)     $    (12)     $    (14)
    income (expense)
    Trading income                            5            15            18
    Designated at
    fair value (FVO)                        (2)           (2)           (3)
    losses 
    Other income                              -            16             5
    Total revenue                          (10)            17             6
    Non-interest                              1             2           154
    expenses
    Income (loss)                          (11)            15         (148)
    before taxes 
    Income taxes                            (3)             4          (39)
    Net income (loss)                 $     (8)     $      11     $   (109)

Net loss for the quarter was $8 million (US$7 million), compared with $109 
million (US$110 million) for the same quarter last year and net income of $11 
million (US$10 million) for the prior quarter.

Net loss for the quarter was mainly due to net interest expense and a decrease 
in the value of receivables related to protection purchased from financial 
guarantors (on loan assets that are carried at amortized cost), resulting from 
an increase in the mark-to-market (MTM) of the underlying positions, partially 
offset by gains on unhedged positions and a reduction in CVA relating to 
financial guarantors.

Position summary
The following table summarizes our positions within our structured credit 
run-off business:
                                                                   Written credit                                 
                                                                     derivatives,     Credit protection purchased
                                                                        liquidity                from
    US$ millions, as
    at January 31,                                                     and credit      Financial             Other
    2014                           Investments and loans (1)           facilities     guarantors    counterparties
                                        Fair    Carrying                                                          
                       Fair value                                    
                               of   value of    value of                     Fair                                 
                         trading,                                                           Fair              Fair
                              AFS securities  securities                 value of          value             value
                                                                          written            net
                          and FVO classified  classified                   credit             of            net of
              Notional securities   as loans    as loans     Notional derivatives Notional   CVA Notional      CVA
    USRMM -                                                 
    CDO       $      - $        -  $       -  $        -     $    229 $       160  $     - $   -  $   229 $    160
    CLO          2,335          1      2,264       2,272        2,257          37    4,175    58      126        3
    Corporate                                               
    debt             -          -          -           -        4,000          11        -     -    4,000       14
    Other          676        450         37          36          500          40      185    10       12        2
    Unmatched        -          -          -           -            -           -        -     -      449        2
                                                                                                         
              $  3,011 $      451  $   2,301  $    2,308     $  6,986 $       248  $ 4,360 $  68  $ 4,816 $    181
    October                                                 
    31, 2013  $  3,269 $      494  $   2,497  $    2,507     $  7,543 $       269  $ 4,718 $  87  $ 5,145 $    188
    (1) Excluded from the table above are equity
        available-for-sale (AFS) securities that we
        obtained in consideration for commutation of our
        U.S.
        residential mortgage market (USRMM) contracts
        with financial guarantors with a carrying value
        of US$14 million (October 31, 2013:
        US$10 million).

USRMM - collateralized debt obligation (CDO)
Our net USRMM position, consisting of a written credit derivative, amounted to 
US$69 million. This position was hedged through protection purchased from a 
large U.S.-based diversified multinational insurance and financial services 
company with which we have market-standard collateral arrangements.

Collateralized loan obligation (CLO)
CLO positions consist of senior tranches of CLOs backed by diversified pools 
of primarily U.S. (63%) and European-based (35%) senior secured leveraged 
loans. As at January 31, 2014, approximately 32% of the total notional amount 
of the CLO tranches was rated equivalent to AAA, 64% was rated between the 
equivalent of AA+ and AA-, and the remainder was the equivalent of A+ or 
lower. As at January 31, 2014, approximately 17% of the underlying collateral 
was rated equivalent to BB- or higher, 56% was rated between the equivalent of 
B+ and B-, 6% was rated equivalent to CCC+ or lower, with the remainder 
unrated. The CLO positions have a weighted-average life of 2.0 years and 
average subordination of 30%.

Corporate debt
Corporate debt exposure consists of a large matched super senior derivative, 
where CIBC has purchased and sold credit protection on the same reference 
portfolio. The reference portfolio consists of highly diversified, 
predominantly investment grade corporate credit. Claims on these contracts do 
not occur until cumulative credit default losses from the reference portfolio 
exceed 30% during the remaining 35-month term of the contract. On this 
reference portfolio, we have sold protection to an investment dealer.

Other
Our significant positions in the Investments and loans section within Other, 
as at January 31, 2014, include:
        --  Variable rate Class A-1/A-2 notes classified as trading
            securities with a notional value of US$260 million and a fair
            value of US$231 million, tracking notes classified as AFS with
            a notional value of US$6 million and a fair value of US$2
            million, and loans with a notional value of US$57 million and
            fair value and carrying value of nil. These notes were
            originally received in exchange for our non-bank sponsored
            asset-backed commercial paper (ABCP) in January 2009, upon the
            ratification of the Montreal Accord restructuring;
        --  US$156 million notional value of CDOs consisting of trust
            preferred securities (TruPs) collateral, which are Tier I
            Innovative Capital Instruments issued by U.S. regional banks
            and insurers. These securities are classified as FVO securities
            and had a fair value of US$130 million;
        --  US$95 million notional value of CDO trading securities with
            collateral consisting of high-yield corporate debt portfolios
            with a fair value of US$81 million; and
        --  US$40 million notional value of an asset-backed security (ABS)
            classified as a loan, with fair value of US$37 million and
            carrying value of US$36 million.

Our significant positions in the Written credit derivatives, liquidity and 
credit facilities section within Other, as at January 31, 2014, include:
        --  US$269 million notional value of written credit derivatives
            with a fair value of US$39 million, on inflation-linked notes,
            and CDO tranches with collateral consisting of non-U.S.
            residential mortgage-backed securities and TruPs; and
        --  US$177 million of undrawn Margin Funding Facility related to
            the Montreal Accord restructuring.

Unmatched
The underlying in our unmatched position is a reference portfolio of corporate 
debt.

Credit protection purchased from financial guarantors and other counterparties
The following table presents the notional amounts and fair values of credit 
protection purchased from financial guarantors and other counterparties by 
counterparty credit quality, based on external credit ratings (Standard & 
Poor's (S&P) and/or Moody's Investors Service (Moody's)), and the underlying 
referenced assets. Excluded from the table below are certain performing loans 
and tranched securities positions in our continuing businesses, with a total 
notional amount of approximately US$45 million, which are partly secured by 
direct guarantees from financial guarantors or by bonds guaranteed by 
financial guarantors.
                                                                                        Credit protection
                                                                                            purchased
                                                                                          from financial
                                                                                            guarantors
                                       Notional amounts of referenced assets                 and other
                                                                                          counterparties
                               Corporate     CDO                            Total      Fair            Fair
                                               -                                      value           value
    US$ millions, as                                                                 before          net of
    at January 31,         CLO      debt   USRMM     Other   Unmatched   notional       CVA     CVA     CVA
    2014
    Financial                                                                                              
    guarantors (1)
      Investment       $ 2,513  $      -  $    -  $     28    $      -  $   2,541    $   53  $  (9)  $   44
      grade
      Non-investment        44         -       -       129           -        173        16     (9)       7
      grade
      Unrated            1,618         -       -        28           -      1,646        29    (12)      17
                         4,175         -       -       185           -      4,360        98    (30)      68
    Other
    counterparties                                                                                         
    (1)
      Investment           126        10     229        12           -        377       164       1     165
      grade
      Unrated                -     3,990       -         -         449      4,439        16       -      16
                           126     4,000     229        12         449      4,816       180       1     181
                       $ 4,301  $  4,000  $  229  $    197    $    449  $   9,176    $  278  $ (29)  $  249
    October 31, 2013   $ 4,642  $  4,271  $  241  $    229    $    480  $   9,863    $  312  $ (37)  $  275
        In cases where more than one credit rating agency
    (1) provides ratings and those ratings differ, we use
        the lowest rating.

The unrated other counterparties is primarily one Canadian conduit. The 
conduit is in compliance with collateral posting arrangements and has posted 
collateral exceeding current market exposure. The fair value of the collateral 
as at January 31, 2014 was US$271 million relative to US$16 million of net 
exposure.

Lehman Brothers bankruptcy proceedings
During 2013, we recognized a US$150 million charge (US$110 million after-tax) 
in respect of the full settlement of the U.S. Bankruptcy Court adversary 
proceeding brought by the Estate of Lehman Brothers Holdings, Inc. challenging 
the reduction to zero of our unfunded commitment on a variable funding note. 
In 2008, we recognized a US$841 million gain on the variable funding note.

Corporate and Other

Corporate and Other includes the six functional groups - Technology and 
Operations, Corporate Development, Finance, Treasury, Administration, and Risk 
Management - that support CIBC's SBUs. The expenses of these functional groups 
are generally allocated to the business lines within the SBUs. Corporate and 
Other also includes our International banking operations comprising mainly 
CIBC FirstCaribbean, strategic investments in the CIBC Mellon joint ventures 
and The Bank of N.T. Butterfield & Son Limited, and other income statement and 
balance sheet items not directly attributable to the business lines.

Results((1) )
                                          2014       2013 (2)       2013 (2)
    $ millions, for
    the three months                      Jan.       Oct.           Jan.    
    ended                                   31         31             31
    Revenue                                                                 
      International                        154        148            163    
      banking                         $          $              $
      Other                                 43       (45)              3    
    Total revenue (3)                      197        103            166    
    Provision for                                                           
    credit losses                            7         56             14
    Non-interest                                                            
    expenses                               244        269            230
    Loss before                                                             
    taxes                                 (54)      (222)           (78)
    Income taxes (3)                     (107)      (122)          (108)    
    Net income (loss)                 $     53   $  (100)       $     30    
    Net income (loss)                                                       
    attributable to:                                                    
      Non-controlling                        2        (7)              2    
      interests                       $          $              $
      Equity                                51       (93)             28    
      shareholders                                               
    Full-time
    equivalent                                                              
    employees                           16,030     16,145         15,704
    (1)  For additional segmented information, see the notes to the
         interim consolidated
         financial statements.
    (2)  Certain information has been restated to reflect the
         changes in accounting policies
         stated in Note 1 to the interim consolidated financial
         statements and to conform to
         the presentation adopted in the current period.
    (3)  TEB adjusted. See footnote 3 in "Wholesale Banking"
         section for additional details.

Financial overview
Net Income for the quarter was $53 million, up $23 million from the same 
quarter last year, mainly due to higher revenue, partially offset by higher 
non-interest expenses.

Net Income for the quarter was $53 million, compared to net loss of $100 
million in the prior quarter, mainly due to higher revenue, lower provision 
for credit losses and non-interest expenses.

Revenue
Revenue was up $31 million or 19% from the same quarter last year.

International banking revenue was down $9 million, primarily due to the gain 
on the sale of our private wealth management (Asia) business included as an 
item of note in the same quarter last year, partially offset by higher revenue 
from CIBC FirstCaribbean.

Other revenue was up $40 million, mainly due to the gain relating to the 
Aeroplan transactions with Aimia and TD, shown as an item of note. This was 
partially offset by lower treasury revenue and a higher TEB adjustment.

Revenue was up $94 million or 91% from the prior quarter.

International banking revenue was up $6 million, due to higher revenue from 
CIBC FirstCaribbean.

Other revenue was up $88 million, primarily due to the gain relating to the 
Aeroplan transactions noted above.

Provision for credit losses
Provision for credit losses was down $7 million from the same quarter last 
year, primarily due to a reduction in the collective allowance, including 
lower estimated credit losses relating to the Alberta floods, shown as an item 
of note. The current quarter also had higher losses in CIBC FirstCaribbean.

Provision for credit losses was down $49 million from the prior quarter, 
primarily due to the reduction in the collective allowance noted above. The 
current quarter also had lower losses in CIBC FirstCaribbean.

Non-interest expenses
Non-interest expenses were up $14 million or 6% compared with the same quarter 
last year, primarily due to higher expenses relating to CIBC FirstCaribbean 
and higher unallocated corporate support costs.

Non-interest expenses were down $25 million or 9% from the prior quarter, 
mainly due to a restructuring charge relating to CIBC FirstCaribbean shown as 
an item of note in the prior quarter, partially offset by higher unallocated 
corporate support costs.

Income taxes
Income tax benefit was comparable with the same quarter last year.

Income tax benefit was down $15 million from the prior quarter, primarily due 
to a lower loss, partially offset by a higher TEB adjustment.

Financial condition

Review of condensed consolidated balance sheet
                                                    2014           2013 (1)
    $ millions, as at                            Jan. 31        Oct. 31    
    Assets                                                                 
    Cash and deposits with banks               $   6,273     $    6,379    
    Securities                                    71,017         71,984    
    Securities borrowed or purchased              27,195         28,728    
    under resale agreements
    Loans and acceptances, net of                256,819        256,380    
    allowance
    Derivative instruments                        24,489         19,947    
    Other assets                                  15,162         14,588    
                                               $ 400,955     $  398,006    
    Liabilities and equity                                                 
    Deposits                                   $ 314,336     $  315,164    
    Obligations related to
    securities lent or sold short or              20,786         20,313    
    under repurchase agreements
    Derivative instruments                        22,244         19,724    
    Other liabilities                             20,469         20,583    
    Subordinated indebtedness                      4,233          4,228    
    Equity                                        18,887         17,994    
                                               $ 400,955     $  398,006    
    (1) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 to the interim
        consolidated financial statements and to conform to the
        presentation adopted in the current period.

Assets
As at January 31, 2014, total assets were up $2.9 billion or 1% from October 
31, 2013.

Cash and deposits with banks decreased by $106 million or 2%, mostly due to 
lower treasury deposit placements.

Securities decreased by $967 million or 1%, primarily due to a decrease in AFS 
securities, partially offset by an increase in trading securities. AFS 
securities decreased primarily due to lower Canadian government securities, 
partially offset by an increase in corporate debt securities. Trading 
securities increased primarily due to an increase in foreign government 
securities.

Securities borrowed or purchased under resale agreements decreased $1.5 
billion or 5%, primarily due to treasury investment management activities.

Net loans and acceptances increased by $439 million. Residential mortgages 
were up $1.0 billion, primarily due to growth in CIBC-branded mortgages, 
partially offset by attrition in the exited FirstLine mortgage broker 
business. Credit card loans were down $3.3 billion, primarily due to the sale 
to TD. Business and government loans and acceptances were up $2.8 billion, 
largely due to an increase in our foreign lending portfolio.

Derivative instruments increased by $4.5 billion or 23%, largely driven by 
foreign exchange derivatives valuation.

Other assets increased $574 million or 4%, primarily due to the assets 
acquired as a result of the acquisition of Atlantic Trust.

Liabilities
As at January 31, 2014, total liabilities were up $2.1 billion or 1% from 
October 31, 2013.

Deposits decreased by $828 million, primarily due to lower outstanding secured 
borrowings, partially offset by retail volume growth. Further details on the 
composition of deposits are provided in Note 7 to the interim consolidated 
financial statements.

Obligations related to securities lent or sold short or under repurchase 
agreements increased $473 million or 2%, primarily due to client-driven 
activities.

Derivative instruments increased by $2.5 billion or 13%, largely driven by 
foreign exchange derivatives valuation.

Equity
As at January 31, 2014, equity increased by $893 million or 5% from October 
31, 2013, primarily due to a net increase in retained earnings and accumulated 
other comprehensive income (AOCI).

Capital resources
We actively manage our capital to maintain a strong and efficient capital 
base, to maximize risk-adjusted returns to shareholders, and to meet 
regulatory requirements. For additional details on capital resources, see 
pages 29 to 36 of the 2013 Annual Report.

Regulatory capital requirements under Basel III
Our regulatory capital requirements are determined in accordance with 
guidelines issued by the Office of the Superintendent of Financial 
Institutions (OSFI) which are based upon the risk-based capital standards 
developed by the Basel Committee on Banking Supervision (BCBS).

OSFI mandated all institutions to have established a target CET1 ratio of 7%, 
comprised of the 2019 all-in minimum ratio plus a conservation buffer 
effective the first quarter of 2013. For the Tier 1 and Total capital ratios, 
the all-in capital targets are 8.5% and 10.5%, respectively, effective the 
first quarter of 2014. "All-in" is defined by OSFI as capital calculated to 
include all of the regulatory adjustments that will be required by 2019, but 
retaining the phase-out rules for non-qualifying capital instruments. Certain 
deductions from CET1 capital are phased in at 20% per year from 2014. Amounts 
not yet deducted from capital under OSFI's transitional rules are risk 
weighted, creating a difference between RWAs on a transitional and all-in 
basis.

A comparison of the BCBS transitional capital ratio requirements and the OSFI 
all-in target capital ratio requirements is as follows.

To view graph of "Transitional basis (BCBS)" and " All-in basis (OSFI)", 
please click http://files.newswire.ca/256/CIBCgraph1.pdf

CET1 capital includes common shares, retained earnings and AOCI (excluding 
AOCI relating to cash flow hedges), less regulatory adjustments for items such 
as goodwill and other intangible assets, deferred tax assets, assets related 
to defined benefit pension plans as reported on our consolidated balance 
sheet, and certain investments. Additional Tier 1 capital primarily includes 
preferred shares and innovative Tier 1 notes, and Tier 2 capital consists 
primarily of subordinated debentures, subject to phase-out rules for capital 
instruments that are non-qualifying.

OSFI has released its guidance on domestic systemically important banks 
(DSIBs) and the associated capital surcharge. CIBC is considered to be a DSIB 
in Canada along with the Bank of Montreal, the Bank of Nova Scotia, the 
National Bank of Canada, the Royal Bank of Canada, and TD. DSIBs will be 
subject to a 1% CET1 surcharge commencing January 1, 2016.

Basel leverage ratio requirement
The Basel III capital reforms included a non-risk-based capital metric, the 
leverage ratio, to supplement risk-based capital requirements. On January 12, 
2014, the BCBS issued the full text of its leverage ratio framework which 
contained some modifications to its consultative document dated June 2013.

The leverage ratio is defined as the Capital Measure (Tier 1 capital) divided 
by the Exposure Measure. The Exposure Measure includes the sum of:
    (i)      On-balance sheet assets;
    (ii)     Adjustments for securities financing transaction exposures
             with a limited form of netting available if certain conditions
             are met;
    (iii)    Derivative exposures as specified under the rules; and
    (iv)     Other off-balance sheet exposures, such as credit commitments
             and direct credit substitutes, converted into credit exposure
             equivalents using Basel Standardized Approach credit
             conversion factors.

Items deducted from Tier 1 capital will be excluded from the Exposure Measure.

The BCBS requires banks to disclose their leverage ratio beginning in 2015. 
The document states that the BCBS will continue to test whether a minimum 
requirement of 3% for the leverage ratio is appropriate. Any final adjustments 
to the rule will be made by 2017, for implementation on January 1, 2018.

OSFI has indicated that it will issue a new leverage guideline later this 
year. The guideline will be effective in January 2015 and will replace the 
current assets-to-capital multiple (ACM) test with the Basel III leverage 
ratio test. Federally regulated deposit-taking institutions will be expected 
to have Basel III leverage ratios in excess of 3%.

Continuous enhancement to risk-based capital requirements
Last year the BCBS published a number of proposals for changes to the existing 
risk-based capital requirements (see page 30 of the 2013 Annual Report), and 
continues to do so with the objective of clarifying and increasing the capital 
requirements for certain business activities. In addition to the leverage 
ratio document discussed above, since the start of the fiscal year, the BCBS 
has published the following updated proposal: "Revisions to the securitisation 
framework - consultative document".

"Capital requirements for banks' equity investments in funds - final standard" 
was published in December 2013. The final revised framework applies to banks' 
investments in the equity of funds that are held in the banking book. The 
implementation date is January 1, 2017. Banks should look-through to the 
underlying assets of the fund in order to more properly reflect the risk of 
those investments. A fund's use of leverage should also be considered when 
determining risk-based capital requirements associated with investments in the 
fund. The BCBS recognizes that a full look-through approach may not always be 
feasible to apply, and that alternative approaches are warranted under certain 
circumstances.

Regulatory capital 
Our capital ratios and ACM are presented in the table below:
                                                    2014           2013  
    $ millions, as at                            Jan. 31        Oct. 31  
    Transitional basis                                                   
    CET1 capital                               $  16,705     $   16,698  
    Tier 1 capital                                17,851         17,830  
    Total capital                                 21,295         21,601  
    RWA                                          153,245        151,338  
    CET1 ratio                                      10.9 %         11.0 %
    Tier 1 capital ratio                            11.6 %         11.8 %
    Total capital ratio                             13.9 %         14.3 %
    ACM                                             18.4 x         18.0 x
    All-in basis                                                         
    CET1 capital                               $  13,347     $   12,793  
    Tier 1 capital                                16,189         15,888  
    Total capital                                 19,890         19,961  
    RWA                                          140,505        136,747  
    CET1 ratio                                       9.5 %          9.4 %
    Tier 1 capital ratio                            11.5 %         11.6 %
    Total capital ratio                             14.2 %         14.6 %

Capital ratios (All-in basis)
CET1 ratio increased 0.1% from October 31, 2013. CET1 capital increased due to 
internal capital generation (net income less dividends and shares repurchased 
for cancellation). This helped to offset an increase in RWAs during the 
quarter.

RWAs increased by $3.8 billion over the quarter, primarily driven by the 
impact of foreign exchange movements, commencement of the phase-in of the 
credit valuation capital charge and normal business growth, partially offset 
by the sale of the Aeroplan portfolio.

ACM
The ACM increased 0.4 times from October 31, 2013. This was due to a 
combination of a decrease in capital for ACM purposes along with an increase 
in gross assets for ACM purposes this quarter.

Significant capital management activity
Normal course issuer bid
On September 5, 2013, we announced that the Toronto Stock Exchange had 
accepted the notice of CIBC's intention to commence a new normal course issuer 
bid. Purchases under this bid commenced on September 18, 2013 and will 
terminate upon the earlier of (i) CIBC purchasing up to a maximum of 8 million 
common shares, (ii) CIBC providing a notice of termination, or (iii) September 
8, 2014.

During the quarter ended January 31, 2014, we purchased and cancelled an 
additional 1,415,100 common shares under this bid at an average price of 
$89.87 for a total amount of $127 million.

Dividends
On February 26, 2014, the Board of Directors approved an increase in our 
quarterly common share dividend from $0.96 per share to $0.98 per share for 
the quarter ending April 30, 2014.

Off-balance sheet arrangements
We enter into off-balance sheet arrangements in the normal course of our 
business. We consolidate all of our sponsored trusts that securitize our own 
assets with the exception of the commercial mortgage securitization trust.

CIBC-sponsored conduits
We sponsor a single-seller conduit and several multi-seller conduits 
(collectively, the conduits) in Canada.

As at January 31, 2014, the underlying collateral for various asset types in 
our non-consolidated sponsored multi-seller conduits amounted to $2.0 billion 
(October 31, 2013: $2.1 billion). The estimated weighted-average life of these 
assets was 1.0 years (October 31, 2013: 1.1 years). Our holdings of commercial 
paper issued by our non-consolidated sponsored multi-seller conduits that 
offer commercial paper to external investors were $15 million (October 31, 
2013: $9 million). Our committed backstop liquidity facilities to these 
conduits were $3.1 billion (October 31, 2013: $3.2 billion). We also provided 
credit facilities of $30 million (October 31, 2013: $30 million) to these 
conduits as at January 31, 2014.

We participated in a syndicated facility for a 3-year commitment of $575 
million to our single-seller conduit that provides funding to franchisees of a 
major Canadian retailer. Our portion of the commitment was $110 million 
(October 31, 2013: $110 million). As at January 31, 2014, we funded $84 
million (October 31, 2013: $81 million) through the issuance of bankers' 
acceptances.
                                                         2014                                            2013    
    $ millions, as                                    Jan. 31                                         Oct. 31    
    at
                                        Undrawn                                         Undrawn                  
                                      liquidity       Written                         liquidity       Written    
                    Investment       and credit        credit       Investment       and credit        credit    
                     and loans (1)   facilities   derivatives (2)    and loans (1)   facilities   derivatives (2)
    CIBC-sponsored  $       99       $    2,049    $        -        $      90        $   2,151    $        -    
    conduits
    CIBC-structured        129               46           131              135               43           134    
    CDO vehicles
    Third-party
    structured                                                                                                   
    vehicles
      Structured
      credit             3,450              202         2,892            3,456              236         2,966    
      run-off
      Continuing           619               23             -              540                -             -    
    Pass-through
    investment           3,087                -             -            3,090                -             -    
    structures
    Commercial
    mortgage                12                -             -                5                -             -    
    securitization
    trust
    (1) Excludes securities issued by, retained interest
        in, and derivatives with entities established by
        Canada Mortgage and Housing
        Corporation (CMHC), Federal National Mortgage
        Association (Fannie Mae), Federal Home Loan
        Mortgage Corporation
        (Freddie Mac), Government National Mortgage
        Association (Ginnie Mae), Federal Home Loan Banks,
        Federal Farm Credit
        Bank, and Student Loan Marketing Association
        (Sallie Mae). $3.0 billion (October 31, 2013: $3.0
        billion) of the exposures
        related to CIBC-structured vehicles and
        third-party structured vehicles - structured
        credit run-off were hedged.
    (2) The negative fair value recorded on the interim
        consolidated balance sheet was $348 million
        (October 31, 2013: $368 million).
        Notional of $2.6 billion (October 31, 2013: $2.7
        billion) was hedged with credit derivatives
        protection from third parties. The fair
        value of these hedges net of CVA was $212 million
        (October 31, 2013: $213 million). An additional
        notional of $156 million
        (October 31, 2013: $161 million) was hedged
        through a limited recourse note. Accumulated fair
        value losses were $14 million
        (October 31, 2013: $15 million) on unhedged
        written credit derivatives. 

Additional details of our structured entities are provided in Note 6 to the 
interim consolidated financial statements. Details of our other off-balance 
sheet arrangements are provided on pages 36 and 37 of the 2013 Annual Report.

Management of risk

Our approach to management of risk, and our governance structure, have not 
changed significantly from that described on pages 38 to 72 of the 2013 Annual 
Report. Certain disclosures in this section have been shaded as they are 
required under IFRS 7 "Financial Instruments - Disclosures" and form an 
integral part of the interim consolidated financial statements.

Risk overview
Most of CIBC's business activities involve, to a varying degree, a variety of 
risks, and effective management of risks is fundamental to CIBC's success. Our 
objective is to balance the level of risk with our business objectives for 
growth and profitability in order to achieve consistent and sustainable 
performance while remaining within our risk appetite.

Our risk appetite defines tolerance levels for various risks. This is the 
foundation for our risk management culture, and our risk management framework. 
Our risk management framework includes:
        --  The Board-approved risk appetite statement;
        --  Risk policies, procedures and limits to align activities with
            our risk appetite;
        --  Regular risk reports to identify and communicate risk levels;
        --  An independent control framework to identify and test
            compliance with key controls;
        --  Stress testing to consider potential impacts of changes in the
            business environment on capital, liquidity and earnings;
        --  Proactive consideration of risk mitigation options in order to
            optimize results; and
        --  Oversight through our risk-focused committees and governance
            structure.

Managing risk is a shared responsibility at CIBC. Business units and risk 
management professionals work in collaboration to ensure that business 
strategies and activities are consistent with our risk appetite. CIBC's 
approach to enterprise-wide risk management aligns with the three lines of 
defence model:
    (1)    CIBC's lines of business are responsible for all risks
           associated with their activities - this is the first line of
           defence;
    (2)    As the second line of defence, CIBC's risk management,
           compliance and other control functions are responsible for
           independent oversight of the enterprise-wide risks inherent in
           CIBC's business activities; and
    (3)    As the third line of defence, CIBC's Internal Audit function
           provides an independent assessment of the design and operating
           effectiveness of risk management controls, processes and
           systems.

We continuously monitor our risk profile against our defined risk appetite and 
related limits, taking actions as needed to maintain an appropriate balance of 
risk and return. Monitoring our risk profile includes forward-looking analysis 
of sensitivity to local and global market factors, economic conditions, and 
political and regulatory environments that influence our overall risk profile.

Regular and transparent risk reporting and discussion at senior management 
committees facilitate communication of risks and discussion of risk management 
strategies across the organization.

Additional information on our risk governance, risk management process and 
risk culture are provided on pages 39 to 43 of the 2013 Annual Report.

Risk management structure
The Risk Management group, led by our Chief Risk Officer, is responsible for 
setting risk strategies and for providing independent oversight of the 
businesses. Risk Management works to identify, assess, mitigate, monitor and 
control the risks associated with business activities and strategies, and is 
responsible for providing an effective challenge to the lines of businesses.

There were changes made during the quarter to the Risk Management structure. 
The current structure is illustrated below.

To view the Risk Management structure please click 
http://files.newswire.ca/256/Risk_Management_Structure.pdf

The Risk Management group performs several important activities including:
        --  Developing CIBC's risk appetite and associated management
            control metrics;
        --  Setting risk strategy to manage risks in alignment with our
            risk appetite and business strategy;
        --  Establishing and communicating risk policies, procedures and
            limits to control risks in alignment with risk strategy;
        --  Measuring, monitoring and reporting on risk levels;
        --  Identifying and assessing emerging and potential strategic
            risks; and
        --  Deciding on transactions that fall outside of risk limits
            delegated to business lines.

The ten key groups within Risk Management, independent of the originating 
businesses, contribute to our management of risk:
        --  Global Regulatory Affairs and Risk Control - This team provides
            expertise in risk, controls and regulatory reporting, and
            oversees regulatory interactions across CIBC to ensure
            coordinated communication and the effective development of and
            adherence to action plans.
        --  Capital Markets Risk Management - This unit provides
            independent oversight of the measurement, monitoring and
            control of market risks (both trading and non-trading), and
            trading credit risk across CIBC's portfolios.
        --  Balance Sheet, Liquidity and Pension Risk Management - This
            unit has primary global accountability for providing an
            effective challenge and sound risk oversight to the
            treasury/liquidity management function within CIBC.
        --  Global Credit Risk Management - This unit is responsible for
            the adjudication and oversight of credit risks associated with
            our commercial and wholesale lending activities globally,
            management of the risks in our investment portfolios, as well
            as management of special loan portfolios.
        --  Wealth Risk Management - This unit is responsible for the
            independent governance and oversight of the wealth management
            business/activities in CIBC globally.
        --  Retail Lending Risk Management - This unit primarily oversees
            the management of credit and fraud risk in the retail lines of
            credit and loans, residential mortgage, and small business loan
            portfolios, including the optimization of credit portfolio
            quality.
        --  Card Products Risk Management - This unit oversees the
            management of credit risk in the card products portfolio,
            including the optimization of credit portfolio quality.
        --  Global Operational Risk Management - This team has global
            accountability for the identification, measurement and
            monitoring of all operational risks, including locations,
            people, insurance, technology, subsidiaries/affiliates and
            vendors.
        --  Enterprise Risk Management - This unit is responsible for
            enterprise-wide analysis, including enterprise-wide stress
            testing and reporting, risk systems and models, as well as
            economic capital methodologies.
        --  Special Initiatives - This unit is responsible for assisting in
            the design, delivery and implementation of new initiatives
            aligned with Risk Management's strategic plan, while enhancing
            internal client partnerships and efficiency.

Top and emerging risks
We monitor and review top and emerging risks that may affect our future 
results, and take action to mitigate potential risks if required. We perform 
an in-depth analysis, which can include stress testing our exposures relative 
to the risks, and provide updates and related developments to the Board on a 
regular basis. The main top and emerging risks that we consider with potential 
negative implications, that are material for CIBC, have not changed 
significantly from those described on pages 43 to 44 of the 2013 Annual Report.

Risks arising from business activities
The chart below shows our business activities and related risk measures based 
upon regulatory RWAs and economic capital as at January 31, 2014:

To view the chart please click http://files.newswire.ca/256/CIBC_chart_3.pdf

Credit risk
Credit risk is defined as the risk of financial loss due to a borrower or 
counterparty failing to meet its obligations in accordance with contractual 
terms.

Credit risk arises mainly from our Retail and Business Banking and our 
Wholesale lending businesses. Other sources of credit include our trading 
activities, including our over-the-counter (OTC) derivatives, debt securities, 
and our repo-style transaction activity. In addition to losses on the default 
of a borrower or counterparty, unrealized gains or losses may occur due to 
changes in the credit spread of the counterparty, which could impact the 
carrying or fair value of our asset.

Exposure to credit risk
                                                     2014       2013
    $ millions, as at                             Jan. 31    Oct. 31
    Business and government
    portfolios-advanced internal                                    
    ratings-based (AIRB) approach
    Drawn                                      $   83,710 $   84,016
    Undrawn commitments                            38,304     35,720
    Repo-style transactions                        58,861     57,975
    Other off-balance sheet                        63,880     51,885
    OTC derivatives                                16,753     13,255
    Gross exposure at default (EAD) on            261,508    242,851
    business and government portfolios
    Less: repo collateral                          50,544     51,613
    Net EAD on business and government            210,964    191,238
    portfolios
    Retail portfolios-AIRB approach                                 
    Drawn                                         193,067    195,796
    Undrawn commitments                            62,319     65,424
    Other off-balance sheet                           279        417
    Gross EAD on retail portfolios                255,665    261,637
    Standardized portfolios                        11,592     10,798
    Securitization exposures                       16,303     16,799
    Gross EAD                                  $  545,068 $  532,085
    Net EAD                                    $  494,524 $  480,472

Forbearance policy
We employ forbearance techniques to manage customer relationships and to 
minimize credit losses due to default, foreclosure or repossession. In certain 
circumstances, it may be necessary to modify a loan for economic or legal 
reasons related to a borrower's financial difficulties and we may grant a 
concession in the form of below-market rates or terms that would not otherwise 
be considered, for the purpose of maximizing recovery of our exposure to the 
loan. In circumstances where the concession is considered below market, the 
modification is reported as a troubled debt restructuring (TDR). TDRs are 
subject to our normal quarterly impairment review which considers, amongst 
other factors, covenants and/or payment delinquencies. An appropriate level of 
loan loss provision by portfolio segment is then established.

In retail lending, forbearance techniques include interest capitalization, 
amortization amendments and debt consolidations. We have a set of eligibility 
criteria which allow our Client Account Management team to determine suitable 
remediation strategies and propose products based on each borrower's 
situation. These solutions are intended to increase the ability of borrowers 
to service their obligation by providing often more favourable conditions than 
those originally provided.

The solutions available to corporate and commercial clients vary based on the 
individual nature of the client's situation and are undertaken selectively 
where it has been determined that the client has or is likely to have 
repayment difficulties servicing its obligations. Covenants often reveal 
changes in the client's financial situation before there is a change in 
payment behaviour and typically allow for a right to reprice or accelerate 
payments. Solutions may be temporary in nature or may involve other special 
management options.

During the current quarter, $20 million ($3 million for the quarter ended 
January 31, 2013) of loans have undergone TDR.

Real estate secured personal lending
Real estate secured personal lending comprises residential mortgages and 
personal loans and lines secured by residential property (HELOC). This 
portfolio is low risk as we have a first charge on the majority of the 
properties, and second lien on only a small portion of the portfolio. We use 
the same lending criteria in the adjudication of both first lien and second 
lien loans.

The following table provides details on our Canadian residential mortgage and 
HELOC portfolios:
                                Residential mortgages             HELOC (1)                              Total
    $
    billions,
    as at                                                                                            
    January
    31, 2014           Insured (2)           Uninsured            Uninsured           Insured (2)           Uninsured
                                                                                                                  
    Ontario       $  46.0       68 %   $  21.8       32 %   $  9.3       100 %   $  46.0       60 %   $ 31.1       40 %
    British                                                                                                       
    Columbia         18.8       64        10.5       36        3.9       100        18.8       57       14.4       43  
                                                                                                                  
    Alberta          17.0       74         6.0       26        2.8       100        17.0       66        8.8       34  
    Quebec            7.7       72         3.0       28        1.4       100         7.7       63        4.4       37  
                                                                                                                  
    Other            11.8       76         3.7       24        1.8       100        11.8       68        5.5       32  
    Total
    Canadian
    portfolio                                                                                               
    (3)           $ 101.3       69 %   $  45.0       31 %   $ 19.2       100 %   $ 101.3       61 %   $ 64.2       39 %
    October                                                                                                       
    31, 2013      $ 102.6       71 %   $  42.9       29 %   $ 19.3       100 %   $ 102.6       62 %   $ 62.2       38 %
    (1) We did not have any insured HELOCs as at
        January 31, 2014 and October 31, 2013.
    (2) 94% (October 31, 2013: 94%) is insured by
        CMHC and the remaining by two private
        Canadian insurers, both rated at least AA
        (low) by DBRS.
    (3) Geographical allocation is based on the
        address of the property managed. 

The average loan-to-value (LTV) ratios((1)) for our uninsured Canadian 
residential mortgages and HELOCs originated during the quarter are provided in 
the following table. We did not acquire uninsured residential mortgages and 
HELOCs from a third party for the periods presented in the table below.
                                           2014                        2013                        2013  
                                        Jan. 31                     Oct. 31                     Jan. 31  
                        Residential                 Residential                 Residential              
    For the
    three                 mortgages       HELOC       mortgages       HELOC       mortgages       HELOC  
    months
    ended
    Ontario                      71 %        70 %            71 %        70 %            71 %        69 %
    British                      66          65              67          66              67          65  
    Columbia
    Alberta                      72          71              72          70              72          69  
    Quebec                       72          72              72          71              72          70  
    Other                        74          73              73          72              73          71  
    Total
    Canadian
    portfolio
    (2)                          70 %        70 %            70 %        69 %            71 %        69 %
    (1) LTV ratios for newly originated residential mortgages
        and HELOCs are calculated based on weighted average. 
    (2) Geographical allocation is based on the address of the
        property managed. 

The following table provides the average LTV ratios on our total Canadian 
residential mortgage portfolio:
                                                Insured     Uninsured    
    January 31, 2014                           
    (1)                                              60 %          60 %
    October 31, 2013                           
    (1)                                              59 %          60 %
    (1) LTV ratios for residential mortgages are calculated based
        on weighted average. The house price
        estimates for October 31, 2013 and January 31, 2014 are
        based on Teranet - National Bank
        National Composite House Price Index (Teranet) as of
        September 30, 2013 and December 31,
        2013, respectively. Teranet is an independent estimate of
        the rate of change of Canadian home
        prices. The sale prices are based on the property records
        of public land registries. The monthly
        indices cover eleven Canadian metropolitan areas which are
        combined to form a national
        composite index.

The tables below summarize the remaining amortization profile of our total 
Canadian residential mortgages. The first table provides the remaining 
amortization periods based on the minimum contractual payment amounts. The 
second table provides the remaining amortization periods based upon current 
customer payment amounts, which incorporate payments larger than the minimum 
contractual amount and/or higher frequency of payments.
    Contractual payment basis
                 Less                                                                              35
                 than        5-10       10-15       15-20       20-25       25-30       30-35   years  
                    5                                                                             and
                years       years       years       years       years       years       years   above  
    As at
    January                                                                            
    31,
    2014            - %         1 %         3 %        11 %        20 %        42 %        23 %     - %
    As at
    October                                                                            
    31,
    2013            1 %         1 %         3 %        12 %        19 %        39 %        25 %     - %
                                                                                                       
    Current customer payment basis
                 Less                                                                              35
                 than        5-10       10-15       15-20       20-25       25-30       30-35   years  
                    5                                                                             and
                years       years       years       years       years       years       years   above  
    As at
    January                                                                            
    31,
    2014            3 %         6 %        11 %        15 %        25 %        29 %        11 %     - %
    As at
    October                                                                            
    31,
    2013            3 %         6 %        11 %        15 %        24 %        28 %        12 %     1 %

We have two types of condominium exposures in Canada: mortgages and developer 
loans. Both are primarily concentrated in the Toronto and Vancouver areas. As 
at January 31, 2014, our Canadian condominium mortgages were $16.6 billion 
(October 31, 2013: $16.6 billion) of which 73% (October 31, 2013: 74%) were 
insured. Our drawn developer loans were $798 million (October 31, 2013: $920 
million) or 1% of our business and government portfolio and our related 
undrawn exposure was $1.9 billion (October 31, 2013: $2.1 billion). The 
condominium developer exposure is diversified across 70 projects.

We stress test our mortgage and HELOC portfolio to determine the potential 
impact of different economic events. Our stress tests can use variables such 
as GDP, unemployment, bankruptcy rates, debt service ratios and delinquency 
trends, which are reflective of potential ranges of housing price declines, to 
model potential outcomes for a given set of circumstances. The stress testing 
involves variables that could behave differently in certain situations. Our 
main tests use economic variables in a similar range to the early 1980s and 
early 1990s when Canada experienced economic downturns. Our results show that 
in an economic downturn, our strong capital position should be sufficient to 
absorb mortgage and HELOC losses.

Counterparty credit exposure 
We have counterparty credit exposure that arises from our interest rate, 
foreign exchange, equity, commodity, and credit derivatives trading, hedging, 
and portfolio management activities, as explained in Note 12 of the 2013 
annual consolidated financial statements.

The following table shows the rating profile of OTC derivative MTM receivables 
(after derivative master netting agreements, but before any collateral):
                                                 2014                     2013  
                                                                                
    $ billions, as                               Jan.                     Oct.  
    at                                             31                       31  
                                                           Exposure (1)
    Investment                     $     6.94    84.8 %     $     4.59    85.0 %
    grade
    Non-investment                       1.07    13.0             0.78    14.5  
    grade                                                                       
    Watchlist                            0.16     1.9             0.03     0.5  
                                                                                
    Unrated                              0.02     0.3                -      -   
                                                                                
                                   $     8.19   100.0 %     $     5.40   100.0 %
    (1) MTM of the OTC derivative contracts is after the impact of master
        netting
        agreements, but before any collateral.

The following table provides details of our impaired loans, allowances and 
provisions for credit losses.
    $ millions,
    as at or for                                   2014                                 2013                            
    the three                                      Jan.                                 Oct.                            
      2013


months ended                                     31                                   31                             
Jan. 31 


                    Business                               Business                             Business
                    and                                         and                                  and                
          
                    government    Consumer               government    Consumer               government    Consumer    
          
                         loans       loans        Total       loans       loans        Total       loans      loans     
    Total 
    Gross
    impaired                                                                                                            
    loans (GIL)                                                                                                         
          
    Balance at
    beginning of                                                                                                        


period          $      843   $     704     $  1,547 $       955   $     668     $  1,623 $     1,128   $     739    
 $   1,867 


      Classified
      as impaired                                                                                                     
      during the
      period                65         352          417          62         362          424          65         376    
       441
      Transferred
      to not
      impaired                                                                                                        
      during the
      period               (3)        (20)         (23)        (13)        (22)         (35)         (2)        (15)    
      (17)
      Net                                                                                                             
      repayments          (85)        (60)        (145)        (16)        (83)         (99)       (132)        (73)    
     (205)
      Amounts                                                                                                         
      written-off         (22)       (255)        (277)       (156)       (226)        (382)        (67)       (269)    
     (336)
      Recoveries
      of loans
      and                                                                                                             
      advances
      previously
      written off            -           -            -           -           -            -           -           -    
         -
      Disposals                                                                                                       
      of loans               -           -            -           -           -            -           -           -    
         -
      Foreign
      exchange                                                                                                        
      and other             43          25           68          11           5           16           -         (1)    
       (1)
    Balance at                                                                                                          


end of period   $      841   $     746     $  1,587 $       843   $     704     $  1,547 $       992   $     757    
 $   1,749 


    Allowance for
    impairment                                                                                                          
    (1)                                                                                                                 
          
    Balance at
    beginning of                                                                                                        


period          $      323   $     224     $    547 $       405   $     217     $    622 $       492   $     229    
 $     721 


      Amounts                                                                                                         
      written-off         (22)       (255)        (277)       (156)       (226)        (382)        (67)       (269)    
     (336)
      Recoveries
      of amounts
      written-off                                                                                                     
      in previous
      periods                5          45           50           1          44           45           3          41    
        44
      Charge to
      income                                                                                                          
      statement             36         207          243          62         199          261          35         234    
       269
      Interest
      accrued on                                                                                                      
      impaired
      loans                (6)         (3)          (9)         (4)         (5)          (9)         (6)         (3)    
       (9)
      Disposals                                                                                                       
      of loans               -           -            -           -           -            -           -           -    
         -
      Foreign
      exchange                                                                                                        
      and other             12           9           21          15         (5)           10           1           1    
         2
    Balance at                                                                                                          


end of period   $      348   $     227     $    575 $       323   $     224     $    547 $       458   $     233    
 $     691 


    Net impaired                                                                                                        
    loans                                                                                                               
          
    Balance at
    beginning of                                                                                                        


period          $      520   $     480     $  1,000 $       550   $     451     $  1,001 $       636   $     510    
 $   1,146 


      Net change
      in gross                                                                                                        
      impaired             (2)          42           40       (112)          36         (76)       (136)          18    
     (118)
      Net change
      in                                                                                                              
      allowance           (25)         (3)         (28)          82         (7)           75          34         (4)    
        30
    Balance at                                                                                                          


end of period   $      493   $     519     $  1,012 $       520   $     480     $  1,000 $       534   $     524    
 $   1,058 


    GIL less
    allowance for
    impairment as                                                                                                     
    a percentage
    of  related
    assets (2)                                    0.36%                                0.35%                            
     0.38%
    (1)  Includes collective allowance relating to personal,
         scored small business and mortgage impaired loans
         that are greater than 90 days delinquent, and
         individual allowance.
    (2)  The related assets include loans, securities
         borrowed or purchased under resale agreements, and
         acceptances. 

Impaired loans
During the quarter, $417 million of loans were newly classified as impaired. 
New classification as impaired was down $24 million from the same quarter last 
year, mainly attributable to consumer loans. New classification was down $7 
million from the prior quarter, due to decrease in consumer loans, partially 
offset by an increase in the business and government loans.

Reductions in GIL due to transfer out of impaired loans and net repayments 
were $168 million. These reductions were down $54 million from the same 
quarter last year, due to a decrease in reduction in both business and 
government loans and consumer loans. They were up $34 million from the prior 
quarter, mainly driven by an increase in reduction in business and government 
loans, partially offset by a decrease in consumer loans.

The write-offs for the quarter totalled $277 million. The write-offs were down 
from the same quarter last year due to a decrease in both business and 
government loans and consumer loans. The write-offs were down $105 million 
from the prior quarter, primarily due to a decrease in business and government 
loan write-offs, partially offset by an increase in consumer loans resulting 
from operational changes in the processing of write-offs.

After experiencing an increase during the 2009 recession, GIL stabilized in 
2011 and showed some improvements in 2012 and 2013. About half of the consumer 
GIL in this quarter were from Canada, in which insured mortgages accounted for 
the majority, and where losses are expected to be minimal. Consumer GIL in 
CIBC FirstCaribbean increased this quarter mainly due to continued economic 
pressure in the Caribbean region. GIL in business and government loans were 
comparable to the prior quarter, but lower than the same quarter last year due 
to write-offs of impaired accounts in the sectors of business services, 
publishing and transportation sectors, as well as U.S. real estate finance 
accounts originated before 2009.

Allowance for Impairment 
The allowance for impairment was down $116 million or 17% from the same 
quarter last year. The individually assessed allowance for business and 
government loans decreased by $100 million or 23%, mainly driven by decreases 
in the real estate, construction, and transportation sectors. The decrease in 
the real estate and construction sectors was primarily in the U.S., and was 
consistent with the decrease in GIL. The decrease in the transportation sector 
was attributable to the write-off of an account in the U.S. in the second 
quarter of 2013. The individually assessed allowance for consumer loans was 
comparable to the same quarter last year. The collectively assessed allowance 
for consumer impairment was down $7 million or 3% due to a revision of 
estimated loss parameters on unsecured lending portfolios implemented in the 
third quarter of 2013, partially offset by an increase in the mortgage 
portfolio of CIBC FirstCaribbean. The collectively assessed allowance for 
business and government impairment was down $10 million, with small decreases 
spread across various sectors.

The allowance for impairment was $575 million, up $28 million or 5% from the 
prior quarter. The individually assessed allowance for business and government 
loans increased by $27 million or 9%, largely driven by an increase in the 
business services and real estate and construction sectors. Both of these 
movements were primarily in the Caribbean region and they were consistent with 
the changes in GIL. Business and government GIL decreased $40 million in the 
U.S., where individually assessed allowances decreased $8 million. The 
decrease in both GIL and the individually assessed allowance was largely 
driven by the U.S. real estate finance accounts originated before 2009. Both 
of the individually assessed allowance for consumer loans and the collectively 
assessed allowance for impairment were comparable to the prior quarter.

Exposure to certain countries and regions
Several European countries, especially Greece, Ireland, Italy, Portugal, and 
Spain, have continued to experience credit concerns. The following tables 
provide our exposure to these and other European countries, both within and 
outside the Eurozone. Except as noted in our indirect exposures section below, 
we do not have any other exposure through our special purpose entities (SPEs) 
to the countries included in the tables below.

We do not have material exposure to the countries in the Middle East and North 
Africa that have either experienced or may be at risk of unrest. These 
countries include Algeria, Bahrain, Egypt, Jordan, Lebanon, Libya, Morocco, 
Oman, Saudi Arabia, Syria, Tunisia, and Yemen.

Direct exposures to certain countries and regions
Our direct exposures presented in the tables below comprise (A) funded - 
on-balance sheet loans (stated at amortized cost net of allowances, if any), 
deposits with banks (stated at amortized cost net of allowances, if any) and 
securities (stated at fair value); (B) unfunded - unutilized credit 
commitments, letters of credit, and guarantees (stated at notional amount net 
of allowances, if any) and sold credit default swap (CDS) contracts where we 
do not benefit from subordination (stated at notional amount less fair value); 
and (C) derivative MTM receivables (stated at fair value) and repo-style 
transactions (stated at fair value).

Of our total direct exposures to Europe, approximately 94% (2013: 96%) is to 
entities in countries with Aaa/AAA ratings from at least one of Moody's or S&P.

The following tables provide a summary of our positions in this business:
                                                                        Direct exposures
                      
                                                   Funded                                 Unfunded
                      
                                                              Total                                 Total
                                                             funded                              unfunded
    $ millions,
    as at               Corporate  Sovereign        Bank        (A)    Corporate          Bank        (B)
    January 31,
    2014
    Austria            $        -  $       1    $      -  $       1    $       -      $      -  $       -
    Belgium                     5          -          99        104            -             -          -
    Finland                     1          1           2          4          313             -        313
    France                     49          -           1         50          177             8        185
    Germany                   392         92           5        489           14             -         14
    Greece                      -          -           -          -            -             -          -
    Ireland                     -          -           2          2            -            17         17
    Italy                       1          -           -          1            -             -          -
    Luxembourg                 16          -         177        193           13             -         13
    Malta                       -          -           -          -            -             -          -
    Netherlands                10        249         109        368            -             2          2
    Portugal                    -          -           -          -            -             -          -
    Spain                       -          -           1          1            -             -          -
    Total              $      474  $     343    $    396  $   1,213    $     517      $     27  $     544
    Eurozone
    Czech                       -          -           -          -            -             -          -
    Republic
    Denmark                     -          -          28         28            -             9          9
    Norway                      1        142         140        283            -             -          -
    Sweden                    177        100         302        579           40             -         40
    Switzerland               259          -         362        621          207             -        207
    Turkey                      -          -          96         96            -            12         12
    United                    667        374         338      1,379        2,096 (1)       196      2,292
    Kingdom
    Total              $    1,104  $     616    $  1,266  $   2,986    $   2,343      $    217  $   2,560
    non-Eurozone
    Total Europe       $    1,578  $     959    $  1,662  $   4,199    $   2,860      $    244  $   3,104
    October 31,        $    1,610  $     815    $  1,548  $   3,973    $   1,910      $    220  $   2,130
    2013
    (1) Includes $188 million of exposure (notional value of
        $215 million and fair value of $27 million) on a CDS
        sold on a
        bond issue of a U.K. corporate entity, which is
        guaranteed by a financial guarantor. We currently
        hold the CDS sold
        as part of our structured credit run-off business. A
        payout on the CDS sold would be triggered by the
        bankruptcy
        of the reference entity, or a failure of the entity
        to make a principal or interest payment as it is
        due; as well as
        failure of the financial guarantor to meet its
        obligation under the guarantee.
                                                                     Direct exposures (continued)
                                         Derivative MTM receivables and repo-style transactions              Total
                                                                                                   Net      direct
                                                               Gross        Collateral        exposure    exposure
    $ millions,
    as at                                                            (1)               (2)      
    January 31,                                                                                           (A)+(B)+
    2014              Corporate  Sovereign         Bank     exposure              held             (C)         (C)
    Austria          $        -  $       -    $       1    $       1        $        -        $      1  $        2
    Belgium                   -          1            1            2                 -               2         106
    Finland                   -          -            5            5                 -               5         322
    France                    3          -           11           14                 -              14         249
    Germany                   -         12          230          242                 1             241         744
    Greece                    -          -            -            -                 -               -           -
    Ireland                   -          -            1            1                 -               1          20
    Italy                     -          -            5            5                 -               5           6
    Luxembourg                -          -            3            3                 -               3         209
    Malta                     -          2            -            2                 -               2           2
    Netherlands               -          -           12           12                 -              12         382
    Portugal                  -          -            -            -                 -               -           -
    Spain                     -          -            -            -                 -               -           1
    Total            $        3  $      15    $     269    $     287        $        1        $    286  $    2,043
    Eurozone
    Czech                     -          -           55           55                55               -           -
    Republic
    Denmark                   -          -            3            3                 3               -          37
    Norway                    -        109            -          109               109               -         283
    Sweden                    1          -           36           37                36               1         620
    Switzerland               -         18          815          833               804              29         857
    Turkey                    -          -            -            -                 -               -         108
    United                  218          2        4,077        4,297             4,004             293       3,964
    Kingdom
    Total            $      219  $     129    $   4,986    $   5,334        $    5,011        $    323  $    5,869
    non-Eurozone
    Total Europe     $      222  $     144    $   5,255    $                $    5,012        $    609  $    7,912
                                                               5,621
    October 31,      $      177  $     317    $   5,336    $   5,830        $    5,346        $    484  $    6,587
    2013
    (1) The amounts are shown net of CVA. 
    (2) Collateral on derivative MTM receivables was $1.0
        billion (October 31, 2013: $1.4 billion),
        collateral on repo-style transactions
        was $4.0 billion (October 31, 2013: $4.0 billion),
        and both are comprised of cash and investment-grade
        debt securities. 

Indirect exposures to certain countries and regions
Our indirect exposures comprise securities (primarily CLOs classified as loans 
on our consolidated balance sheet), and written credit protection on 
securities in our structured credit run-off business where we benefit from 
subordination to our position. Our gross exposure before subordination is 
stated at carrying value for securities and notional, less fair value for 
derivatives where we have written protection. We have no indirect exposures to 
Portugal, Turkey, Guernsey, or Russia.
                                                                 Total
                                                              indirect
    $ millions, as at January 31, 2014                        exposure
    Austria                                                $         -
    Belgium                                                         40
    Finland                                                         21
    France                                                         403
    Germany                                                        279
    Greece                                                          11
    Ireland                                                         20
    Italy                                                           70
    Luxembourg                                                      80
    Malta                                                            -
    Netherlands                                                    252
    Portugal                                                         -
    Spain                                                          147
    Total Eurozone                                         $     1,323
    Denmark                                                $        25
    Norway                                                          14
    Sweden                                                          59
    Switzerland                                                      8
    United Kingdom                                                 390
    Total non-Eurozone                                     $       496
    Total exposure                                         $     1,819
    October 31, 2013                                       $     1,888

In addition to the indirect exposures above, we have indirect exposures to 
European counterparties when we have taken debt or equity securities issued by 
European entities as collateral for our securities lending and borrowing 
activity, from entities that are not in Europe. Our indirect exposure was $156 
million (October 31, 2013: $211 million).

Selected exposures in certain selected activities
In response to the recommendations of the Financial Stability Board, this 
section provides information on our other selected activities within our 
continuing and exited businesses that may be of particular interest to 
investors based on their risk characteristics and the current market 
environment. For additional information on these selected exposures, refer to 
pages 57 to 58 of the 2013 Annual Report.

U.S. real estate finance 
The following table provides a summary of our positions in this business:
    $ millions, as at January 31,                    Drawn         Undrawn
    2014
    Construction program                           $   158       $      58
    Interim program                                  5,983             408
    Permanent program                                  226               -
    Exposure, net of allowance                     $ 6,367       $     466
    Of the above:                                                         
      Net impaired                                 $   103       $       -
      On credit watch list                             168               2
    Exposure, net of allowance, as                 $ 5,938       $     467
    at October 31, 2013

As at January 31, 2014, the allowance for credit losses for this portfolio was 
$48 million (October 31, 2013: $55 million). During the quarter ended January 
31, 2014, we recorded provision for credit losses of $3 million ($9 million 
for the quarter ended January 31, 2013).

The business also maintains commercial mortgage-backed securities (CMBS) 
trading and distribution capabilities. As at January 31, 2014, we had CMBS 
inventory with a notional amount of $9 million and a fair value of less than 
$1 million (October 31, 2013: notional of $9 million and fair value of less 
than $1 million).

Leveraged finance 
The exposures in our leveraged finance activities in Europe and U.S. are 
discussed below.

European leveraged finance 
The following table provides a summary of our positions in this exited 
business:
    $ millions, as at January 31,                     Drawn         Undrawn
    2014
    Manufacturing - capital goods                   $   199       $       8
    Publishing, printing and                              5               -
    broadcasting
    Utilities                                            10               -
    Transportation                                        4               1
    Exposure, net of allowance                      $   218       $       9
    Of the above:                                                          
      Net impaired                                  $     5       $       -
      On credit watch list                              175               8
    Exposure, net of allowance, as at                            
    October 31, 2013 (1)                            $   359       $      28
    (1) Excludes $21 million of carrying value relating to equity
        received pursuant to a
        reorganization. We sold this equity investment during the
        quarter. See "Overview"
        section for additional information.

Our exposure declined primarily due to loan repayments in the current quarter. 
These repayments occurred in conjunction with our sale of an equity investment 
in the borrower that we had previously received pursuant to an earlier 
reorganization. See "Overview" section for additional information.

As at January 31, 2014, the allowance for credit losses for this portfolio was 
$37 million (October 31, 2013: $35 million). During the quarter ended January 
31, 2014, the provision for credit losses was nil (nil for the quarter ended 
January 31, 2013).

U.S. leveraged finance 
The following table provides a summary of our positions in this business:
    $ millions, as at January 31,                    Drawn         Undrawn
    2014
    Transportation                                 $    38       $       -
    Publishing, printing and                             8               -
    broadcasting
    Exposure, net of allowance                     $    46       $       -
    Of the above:                                                         
      Net impaired                                 $    38       $       -
      On credit watch list                               8               -
    Exposure, net of allowance, as                 $    44       $       4
    at October 31, 2013

As at January 31, 2014, the allowance for credit losses for this portfolio was 
$2 million (October 31, 2013: $2 million). During the quarter ended January 
31, 2014, the provision for credit losses was nil (net reversal of $1 million 
for the quarter ended January 31, 2013).

Market risk
Market risk arises from positions in currencies, securities and derivatives 
held in our trading portfolios, and from our retail banking business, 
investment portfolios, and other non-trading activities. Market risk is 
defined as the potential for financial loss from adverse changes in underlying 
market factors, including interest and foreign exchange rates, credit spreads, 
and equity and commodity prices.

Risk measurement 
The following table provides balances on the consolidated balance sheet which 
are subject to market risk. Certain differences between accounting and risk 
classifications are detailed in the footnotes below:
                                                                       2014                                             
    2013                
                                                                                                                        
    Oct.
    $ millions, as at                                               Jan. 31                                             
      31 (1)            
                                        Subject to market risk                                Subject to market risk    
                        
                                                                                                                        
              Non-traded
                         Consolidated                                   Not   Consolidated                              
     Not            risk


                                                                subject                                             
 subject         primary 


                              balance                      Non-          to        balance                       Non-   
      to            risk


                                                                 market                                             
  market 


                                sheet     Trading       trading        risk          sheet     Trading        trading   
    risk     sensitivity
    Cash and
    non-interest-bearing                                                                                                
                 Foreign


deposits with banks  $      2,239   $       -     $   1,279   $     960   $      2,211   $       -     $    1,165   
$  1,046        exchange 


    Interest-bearing                                                                                                    
                Interest
    deposits with banks         4,034          51         3,983           -          4,168         111          4,057   
       -            rate
                                                                                                                        
                 Equity,
                                                                                                                        
                interest
    Securities                 71,017      44,386 (2)    26,631           -         71,984      43,160 (2)     28,824   
       -            rate
    Cash collateral on                                                                                                  
                Interest
    securities borrowed         3,050           -         3,050           -          3,417           -          3,417   
       -            rate
    Securities purchased
    under resale                                                                                                        
                        
                                                                                                                        
                Interest
      agreements               24,145           -        24,145           -         25,311           -         25,311   
       -            rate
                                                                                                                        
      Loans                                                                                                               
                        
      Residential                                                                                                       
                Interest
      mortgages               151,934           -       151,934           -        150,938           -        150,938   
       -            rate
                                                                                                                        
                Interest
      Personal                 34,363           -        34,363           -         34,441           -         34,441   
       -            rate
                                                                                                                        
                Interest
      Credit card              11,434           -        11,434           -         14,772           -         14,772   
       -            rate
      Business and                                                                                                      
                Interest
      government               50,256       1,830 (3)    48,426           -         48,207       2,148 (3)     46,059   
       -            rate
      Allowance for                                                                                                     
                Interest
      credit losses           (1,620)           -       (1,620)           -        (1,698)           -        (1,698)   
       -            rate
    Derivative                                                                                                          
                Interest
    instruments                24,489      21,377 (4)     3,112           -         19,947      17,626 (4)      2,321   
       -           rate,
                                                                                                                        
                 foreign
                                                                                                                        
                exchange
    Customers' liability                                                                                                
                Interest
    under acceptances          10,452           -        10,452           -          9,720           -          9,720   
       -            rate
                                                                                                                        
                Interest
                                                                                                                        
                   rate,


Other assets               15,162       1,116         6,963       7,083         14,588       1,226          6,537    
6,825         equity, 


                                                                                                                        
                 foreign
                                                                                                                        
                exchange


                     $    400,955   $  68,760     $ 324,152   $   8,043   $    398,006   $  64,271     $  325,864   
$  7,871                 


                                                                                                                        
                Interest


Deposits             $    314,336   $     397 (5) $ 279,839   $  34,100   $    315,164   $     388 (5) $  281,027   
$ 33,749            rate 


    Obligations related
    to securities                                                                                                       
                        
                                                                                                                        
                Interest
      sold short               13,214      12,870           344           -         13,327      13,144            183   
       -            rate
    Cash collateral on                                                                                                  
                Interest
    securities lent             1,176           -         1,176           -          2,099           -          2,099   
       -            rate
    Obligations related                                                                                                 
                Interest
    to securities sold                                                                                                  
                    rate
      under repurchase                                                                                                  
                Interest
      agreements                6,396           -         6,396           -          4,887           -          4,887   
       -            rate
    Derivative                                                                                                          
                Interest
    instruments                22,244      20,196 (4)     2,048           -         19,724      18,220 (4)      1,504   
       -           rate,
                                                                                                                        
                 foreign
                                                                                                                        
                exchange
                                                                                                                        
                Interest
    Acceptances                10,452           -        10,452           -          9,721           -          9,721   
       -            rate
                                                                                                                        
                Interest


Other liabilities          10,017         593         4,190       5,234         10,862         872          4,143    
5,847            rate 


    Subordinated                                                                                                        
                Interest
    indebtedness                4,233           -         4,233           -          4,228           -          4,228   
       -            rate


                     $    382,068   $  34,056     $ 308,678   $  39,334   $    380,012   $  32,624     $  307,792   
$ 39,596                 


    (1) Certain information has been restated to
        reflect the changes in accounting policies
        stated in Note 1 to the interim
        consolidated financial statements and to
        conform to the
        presentation adopted in the current
        period.
    (2) Excludes structured credit run-off
        business of $861 million (October 31,
        2013: $837 million). These are considered
        non-trading for market risk purposes.
    (3) Excludes $228 million (October 31, 2013:
        $63 million) of loans that are warehoused
        for future securitization purposes. These
        are considered non-trading for market risk
        purposes.
    (4) Excludes derivatives relating to the
        structured credit and other run-off
        businesses which are considered
        non-trading for market risk purposes.
    (5) Comprises FVO deposits which are
        considered trading for market risk
        purposes.

Trading activities
The following three tables show value at risk (VaR), stressed VaR and 
incremental risk charge for our trading activities based on risk type under an 
internal models-based approach.

Trading revenue (TEB) comprises both trading net interest income and 
non-interest income and excludes underwriting fees and commissions. Trading 
revenue (TEB) for the purposes of these tables excludes positions described in 
the "Structured credit run-off business" section of the MD&A and certain other 
exited portfolios.

Average total VaR for the three months ended January 31, 2014 was up 2% from 
the last quarter, driven mainly by an increase in our equity and debt specific 
risks, partially offset by a decrease in interest rate and credit spread risks.

Average total stressed VaR for the three months ended January 31, 2014 was up 
115% from the last quarter. During the current stressed VaR period from 
January 7, 2008 to January 6, 2009, the market exhibited not only increased 
volatility in interest rate but also increased volatility in equity price 
combined with a reduction in the level of interest rates, and an increase in 
credit spreads.

Average incremental risk charge for the three months ended January 31, 2014 
was up 4% from the last quarter, mainly due to an increase in the investment 
grade trading inventory.

VaR by risk type - trading portfolio
                                                                2014                     2013                     2013
    $ millions, as
    at or for the                                                                                            
    three months                                                Jan.
    ended                                                         31                  Oct. 31                  Jan. 31
                                                      As                      As                       As    
                             High        Low          at     Average          at      Average          at      Average
    Interest rate       $           $          $           $           $           $            $           $
    risk                      2.8        0.7         1.6         1.2         1.2          2.0         3.7          3.0
    Credit spread                                                                                            
    risk                      1.4        0.9         1.2         1.1         1.2          1.3         1.8          1.7
    Equity risk               9.1        1.8         1.9         2.6         1.9          2.0         2.2          2.2
    Foreign                                                                                                  
    exchange risk             0.8        0.4         0.6         0.6         0.5          0.6         1.3          0.5
    Commodity risk            1.7        0.6         0.9         0.9         0.6          0.9         0.8          1.0
    Debt specific                                                                                            
    risk                      3.5        1.9         3.0         2.5         2.5          2.3         2.4          2.6
    Diversification                                                                                          
    effect (1)                n/m        n/m       (4.9)       (4.5)       (4.3)        (4.8)       (7.3)        (6.0)
    Total VaR
    (one-day            $           $          $           $           $           $            $           $
    measure)                  9.7        3.3         4.3         4.4         3.6          4.3         4.9          5.0
    (1) Total VaR is less than the sum of the VaR of the
        different market risk types due to risk offsets
        resulting from portfolio diversification effect.
    n/m Not meaningful. It is not meaningful to compute a
        diversification effect because the high and low may
        occur on different days for different risk types.

Stressed VaR by risk type - trading portfolio
                                                                2014                     2013                    2013
    $ millions, as
    at or for the                                                                                            
    three months                                                Jan.                     Oct.                    Jan.
    ended                                                         31                       31                      31
                                                                                                       As    
                            High        Low        As at     Average        As at     Average          at     Average
    Interest rate       $          $          $            $           $            $                       $
    risk                    18.0        0.5         18.0         7.1          3.9         5.1   $     8.9         9.5
    Credit spread                                                                                            
    risk                     9.0        1.3          7.1         6.8          4.9         4.7         6.0         5.1
    Equity risk             21.3        0.9          1.1         4.8          1.9         2.5         1.3         3.1
    Foreign                                                                                                  
    exchange risk            3.8        0.4          0.7         1.0          0.7         0.6         1.9         1.7
    Commodity risk          14.7        0.3          1.2         3.0          0.8         1.2         0.4         1.3
    Debt specific                                                                                            
    risk                     4.0        0.7          3.0         2.2          1.7         1.3         1.4         1.5
    Diversification                                                                                          
    effect (1)               n/m        n/m       (15.3)      (14.8)       (10.5)      (10.7)       (9.4)      (10.4)
    Total stressed
    VaR (one-day        $          $          $            $           $            $                       $
    measure)                18.1        3.1         15.8        10.1          3.4         4.7   $    10.5        11.8
    (1)  Total stressed VaR is less than the sum of the VaR of
         the different market risk types due to risk offsets
         resulting from portfolio diversification effect.
    n/m  Not meaningful. It is not meaningful to compute a
         diversification effect because the high and low may
         occur on different days for different risk types.

Incremental risk charge - trading portfolio
                                                                2014                     2013                    2013
    $ millions,
    as at or
    for the                                                     Jan.                  Oct. 31                 Jan. 31
    three                                                         31
    months
    ended
                            High         Low          As     Average          As      Average         As      Average
                                                      at                      at                      at
    Default           $    117.0   $    71.1   $    86.6   $    86.5   $   102.9   $     81.0   $   36.0   $     51.7
    risk
    Migration               58.5                                43.9        45.4         44.4       40.4         41.9
    risk                                30.1        51.3
    Incremental
    risk charge       $    170.2   $   105.0   $   137.9   $   130.4   $   148.3   $    125.4   $   76.4   $     93.6
    (one-year
    measure)

Trading revenue 
The trading revenue (TEB) and VaR graph below shows the current quarter and 
the three previous quarters' actual daily trading revenue (TEB) against the 
previous day close of business VaR measures. Trading revenue distribution on 
which VaR is calculated is not on a TEB basis.

During the quarter, trading revenue (TEB)( )was positive for 98% of the days. 
Trading loss did not exceed VaR during the quarter. During the quarter, the 
largest loss totalling $1.7 million occurred on January 24, 2014. The loss was 
driven by a sharp increase in commodity prices. The largest gain of $15.7 
million occurred on January 23, 2014. It was attributable to the normal course 
of business within our capital markets group, notably in the equity 
derivatives business. Average daily trading revenue (TEB) was $4.2 million 
during the quarter and the average daily TEB was $1.7 million.

Trading revenue (TEB)((1)) versus VaR

To view the "Trading revenue (TEB)((1)) versus VaR" graph, please click 
http://files.newswire.ca/256/TradngRevenueTEB.pdf

(1) Certain fair value adjustments such as OIS are recorded only at month end 
but allocated throughout the month for the table above.

Non-trading activities
Interest rate risk
Non-trading interest rate risk consists primarily of risk inherent in 
asset/liability management activities and the activities of domestic and 
foreign subsidiaries. Interest rate risk results from differences in the 
maturities or repricing dates of assets and liabilities, both on- and 
off-balance sheet, as well as from embedded optionality in retail products. 
This optionality arises predominantly from the prepayment exposures of 
mortgage products, mortgage commitments and some GIC products with early 
redemption features; this optionality is measured consistent with our actual 
experience. A variety of cash instruments and derivatives, principally 
interest rate swaps, futures and options, are used to manage and control these 
risks.

The following table shows the potential impact over the next 12 months, 
adjusted for structural assumptions (excluding shareholders' equity), 
estimated prepayments and early withdrawals, of an immediate 100 and 200 basis 
point increase or decrease in interest rates. In addition, we have a floor in 
place in the downward shock to accommodate for the current low interest rate 
environment (i.e. the analysis uses the floor to stop interest rates from 
going into a negative position in the lower rate scenarios).

Interest rate sensitivity - non-trading (after-tax)
                                                2014                           2013                           2013
    $ millions, as                              Jan.                           Oct.                           Jan.
    at                                            31                             31                             31
                             C$       US$      Other        C$       US$      Other        C$       US$      Other
    100 basis
    points increase                                                                                          
    in interest
    rates
    Increase
    (decrease) in                                                                                            
    net income 
      attributable
      to equity         $   150   $   (1)   $      5   $   167   $     1   $      4   $   109   $  (14)   $      3
      shareholders
    Increase
    (decrease) in                                                                                                 
    present value
    of
      shareholders'         (4)     (141)       (41)        28     (155)       (38)      (35)     (145)       (42)
      equity 
    100 basis
    points decrease                                                                                          
    in interest
    rates
    Increase
    (decrease) in                                                                                            
    net income
      attributable                                           
      to equity           (216)         -        (4)     (235)         -        (3)     (169)         7        (2)
      shareholders
    Increase
    (decrease) in                                                                                                 
    present value
    of
      shareholders'                   114         42     (191)       126         40      (58)       110         43
      equity               (16)
    200 basis
    points increase                                                                                          
    in interest
    rates
    Increase
    (decrease) in                                                                                            
    net income
      attributable
      to equity         $   279   $   (1)   $     10   $   314   $     2   $      8   $   202   $  (28)   $      7
      shareholders
    Increase
    (decrease) in                                                                                            
    present value
    of
      shareholders'        (37)     (282)       (81)        10     (310)       (77)     (122)                 (84)
      equity                                                                                      (290)
    200 basis
    points decrease                                                                                          
    in interest
    rates
    Increase
    (decrease) in                                                                                            
    net income
      attributable                                                                          
      to equity           (424)       (8)        (7)     (460)       (5)        (6)     (330)         1        (5)
      shareholders
    Increase
    (decrease) in                                                                                                 
    present value
    of
      shareholders'       (140)       155         64     (513)       184         62                 137         68
      equity                                                                            (268)

Liquidity risk 
Liquidity risk is the risk of having insufficient cash resources to meet 
financial obligations as they fall due, in their full amount and stipulated 
currencies, without raising funds at adverse rates or selling assets on a 
forced basis.

Our liquidity risk management strategies seek to maintain sufficient liquid 
financial resources and diversified funding sources to continually fund our 
balance sheet and contingent obligations under both normal and stressed market 
environments.

Liquid and encumbered assets
Our policy is to hold a pool of high quality unencumbered liquid assets that 
will be immediately available to meet outflows determined under the stress 
scenario. Liquid assets are cash, short-term bank deposits, high quality 
marketable securities and other assets that can be readily pledged at central 
banks and in repo markets or converted into cash in a timely fashion. 
Encumbered assets comprise assets pledged as collateral and other assets that 
we consider restricted for legal or other reasons. Unencumbered assets 
comprise assets that are readily available in the normal course of business to 
secure funding or meet collateral needs and other assets that are not subject 
to any restrictions on their use to secure funding or as collateral.

Liquid assets net of encumbrances constitute our unencumbered pool of liquid 
assets and are summarized in the following table:
                                                                                          2014          2013    
    $ millions, as                                                                                
    at                                                                                 Jan. 31       Oct. 31 (1)
                                                             Encumbered liquid
                              Gross liquid assets                assets (2)          Unencumbered liquid assets
                             CIBC       Third-party           CIBC
                            owned            assets          owned   Third-party                  
                           assets                           assets        assets                                
    Cash and
    deposits with                 (3)                                                                           
    banks               $   6,272       $         -       $    379   $         -     $   5,893     $   5,527
    Securities             69,354 (4)        54,106 (5)     16,035        32,915        74,510        77,368    
    NHA
    mortgage-backed               (6)                                                                           
    securities             57,861                 -         30,541             -        27,320        22,671
    Mortgages              11,433 (7)             -         11,433             -             -             -    
    Credit cards            4,713 (8)             -          4,713             -             -             -    
    Other assets            2,928 (9)             -          2,546             -           382           334    
                        $ 152,561       $    54,106       $ 65,647   $    32,915     $ 108,105     $ 105,900    
    (1) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 to the interim consolidated
        financial statements and to
        conform to the presentation adopted in the current period.
    (2) Excludes intraday pledges to the Bank of Canada related to the
        Large Value Transfer System as these are normally released at the
        end of the settlement
        cycle each day. 
    (3) Comprises cash, non-interest bearing deposits and interest-bearing
        deposits with contractual maturities of less than 30 days.
    (4) Comprises trading, AFS and FVO securities. Excludes securities in
        our structured credit run-off business, private debt and private
        equity securities of
        $1,663 million (October 31, 2013: $1,621 million). 
    (5) Comprises $3,050 million (October 31, 2013: $3,417 million) of cash
        collateral on securities borrowed, $24,145 million (October 31,
        2013: $25,311 million)
        of securities purchased under resale agreements, $25,200 million
        (October 31, 2013: $24,157 million) of securities borrowed against
        securities lent, and
        $1,711 million (October 31, 2013: $759 million) of securities
        received for derivative collateral.
    (6) Includes securitized and transferred residential mortgages under
        the Canada Mortgage Bond and the Government of Canada's Insured
        Mortgage Purchase
        programs, and securitized mortgages that were not transferred to
        external parties including those in the Covered Bond Programme.
        These are reported
        in Loans on our interim consolidated balance sheet.
    (7) Comprises mortgages, excluding NHA mortgage-backed securities,
        included in the Covered Bond Programme.
    (8) Comprises assets held in consolidated trusts supporting funding
        liabilities. 
    (9) Comprises $2,546 million (October 31, 2013: $2,727 million) of cash
        pledged for derivatives collateral and $382 million (October 31,
        2013: $334 million)
        of gold and silver certificates.

In the course of our regular business activities, a portion of our total 
assets are pledged for collateral management purposes, including those 
necessary for day-to-day clearing and settlement of payments and securities. 
For additional details, see Note 22 to the 2013 annual consolidated financial 
statements.

Our unencumbered liquid assets increased by $2.2 billion or 2% from October 
31, 2013, primarily due to a decrease in the encumbrances related to NHA 
mortgage-backed securities, partially offset by an increase in the 
encumbrances related to securities.

In addition to the above, we have access to the Bank of Canada Emergency 
Lending Assistance (ELA) program through the pledging of non-mortgage assets. 
We do not include ELA borrowing capacity as a source of available liquidity 
when evaluating surplus liquidity.

The following table summarizes unencumbered liquid assets held by CIBC parent 
bank and significant subsidiaries:
                                                                   
                                              2014           2013  
    $ millions, as at                      Jan. 31        Oct. 31 (1)
    CIBC parent bank                     $  80,264     $   78,761  
    Broker/dealer (2)                       15,074         15,049    
    Other significant                       12,767         12,090  
    subsidiaries
                                         $ 108,105     $  105,900  
    (1) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 to the interim
        consolidated
        financial statements and to conform to the presentation adopted
        in the current period.
    (2) Relates to CIBC World Markets Inc. and CIBC World Markets Corp.

Asset encumbrance 
The following table provides a summary of our total encumbered and 
unencumbered assets:
                                                                                   Encumbered       Unencumbered
       
                                        CIBC    Third-party                Pledged as                 Available         
                                         owned                                                                 as


$ millions, as at                 assets         assets       Total    collateral       Other    collateral         
  Other 


                                                                 assets
    Jan.       Cash and deposits                                                                                (1)  
      31       with banks          $   6,273   $          -   $   6,273   $        12   $     367   $     5,894       $ 
      -


2014       Securities                                 -                    16,035           -        53,319         
  1,663 


                                      71,017                     71,017
               Securities borrowed                                                                                      
       
               or purchased under
                 resale agreements         -         27,195      27,195        13,940           -        13,255         
      -


           Loans                 246,367              -     246,367        46,687         350        27,320         
172,010 


               Other                                                                                                    
       
                 Derivative           24,489              -      24,489             -           -             -         
       


             instruments                                                                                            
 24,489 


                 Customers'                                                                                             
       


             liability under      10,452              -      10,452             -           -             -         
 10,452 
             acceptances 
             Land, building        1,795              -       1,795             -           -             -         
  1,795 
             and equipment 
             Goodwill              1,870              -       1,870             -           -             -         
  1,870 


                 Software and
                 other intangible        881              -         881             -           -             -         
    881
                 assets
                 Investments in                                                                                         
       
                 equity-accounted 


               associates and      1,715              -       1,715             -           -             -         
  1,715 
               joint ventures 
             Other assets          8,901              -       8,901         2,546           -           382         
  5,973 
                               $ 373,760   $     27,195   $ 400,955   $    79,220   $     717   $   100,170       $ 
220,848 


    Oct.       Cash and deposits                                                                                (1)  
      31       with banks          $   6,379   $          -   $   6,379   $        11   $     771   $     5,597       $ 
      -


2013 (2)   Securities             71,984              -      71,984        14,103           -        56,260         
  1,621 


               Securities borrowed                                                                                      
       
               or purchased under
                 resale agreements         -         28,728      28,728        17,166           -        11,562         
      -


           Loans                 246,660              -     246,660        50,107         422        22,671         
173,460 


               Other                                                                                                    
       


             Derivative           19,947              -      19,947             -           -             -         
 19,947 


                 instruments
                 Customers'


             liability under       9,720              -       9,720             -           -             -         
  9,720 
             acceptances 
             Land, building        1,719              -       1,719             -           -             -         
  1,719 
             and equipment 
             Goodwill              1,733              -       1,733             -           -             -         
  1,733 


                 Software and
                 other intangible        756              -         756             -           -             -         
    756
                 assets
                 Investments in
                 equity-accounted                                                                                       
       
                 associates 


               and joint           1,695              -       1,695             -           -             -         
  1,695 
               ventures 
             Other assets          8,685              -       8,685         2,727           -           334         
  5,624 
    
                               $ 369,278   $     28,728   $ 398,006   $    84,114   $   1,193   $    96,424       $ 
216,275 


       
    (1) Includes $1 million (October 31, 2013: $70
        million) of interest-bearing deposits with
        contractual maturities greater than 30 days.
    (2) Certain information has been restated to reflect
        the changes in accounting policies stated in
        Note 1 to the interim consolidated financial
        statements and to conform to the presentation
        adopted in the current period.

Funding 
We manage liquidity to meet both short- and long-term cash requirements. 
Reliance on wholesale funding is maintained at prudent levels and within 
approved limits, consistent with our desired liquidity profile.

Our funding strategy includes access to funding through retail deposits and 
wholesale funding and deposits.  Personal deposits are a significant source of 
funding and totalled $127.3 billion as at January 31, 2014 (October 31, 2013: 
$125.0 billion).

The following table provides the contractual maturities at carrying values of 
funding sourced by CIBC from the wholesale market:
                           Less        1 - 3      3 - 6      6 - 12       Less      1 - 2       Over      
                           than                                           than
    $ millions, as at           1     months     months      months     1 year      years          2       Total
    January 31, 2014        month                                        total                 years
    Deposits from        $  3,069   $  1,637   $    116   $       -   $  4,822   $      -   $      -   $   4,822
    banks
    Certificates of
    deposit and             2,540      2,682      2,108       2,584      9,914      5,935      5,962      21,811
    commercial paper
    Bearer deposit
    notes and bankers       3,832        428        837         558      5,655          -          -       5,655
    acceptances
    Asset-backed                -          -          -           -          -          -          -           -
    commercial paper
    Senior unsecured           10        432      2,240       2,912      5,594     10,123     13,281            
    medium-term notes                                                                                     28,998
    Senior unsecured            -        287         23         289        599         14          -         613
    structured notes
    Covered
    bonds/Asset-backed                                                                                          
    securities
      Mortgage                  -      1,818          -       3,716      5,534      3,045     19,554      28,133
      securitization
      Covered bonds             -          -          -       5,743      5,743      4,444      3,348      13,535
      Cards                     -        351          -       1,114      1,465      1,541      1,707       4,713
      securitization
    Subordinated                -          -          -         258        258          -      3,975       4,233
    liabilities
    Other                       -          -          -           -          -          -          -           -
                         $  9,451   $  7,635   $  5,324   $           $          $ 25,102   $          $ 112,513
                                                             17,174     39,584                47,827
    Of which:                                                                                                   
      Secured            $      -   $  2,169   $      -   $  10,573   $ 12,742   $  9,030   $          $  46,381
                                                                                              24,609
      Unsecured             9,451      5,466      5,324       6,601                16,072     23,218      66,132
                                                                        26,842
                         $  9,451   $  7,635   $  5,324   $           $          $ 25,102   $          $ 112,513
                                                             17,174     39,584                47,827
    October 31, 2013     $ 11,705   $  9,081   $  9,316   $  15,126   $ 45,228   $ 20,419   $ 55,271   $ 120,918

The following table provides a currency breakdown, in Canadian dollar 
equivalent, of funding sourced by CIBC in the wholesale market:
                                                 2014                        2013  
    $
    billions,                                 Jan. 31                     Oct. 31  
    as at 
    CAD                           $    63.1        56 %       $    69.2        57 %
    USD                                42.3        38              44.2        37  
    EUR                                 1.3         1               1.3         1  
    Other                               5.8         5               6.2         5  
                                  $   112.5       100 %       $   120.9       100 %

Our funding and liquidity levels remained stable and sound over the year and 
we do not anticipate any events, commitments or demands that will materially 
impact our liquidity risk position.

Impact on collateral if there is a downgrade of CIBC's credit rating 
We are required to deliver collateral to certain derivative counterparties in 
the event of a downgrade to our current credit risk rating. The collateral 
requirement is based on MTM exposure, collateral valuations, and collateral 
arrangement thresholds as applicable. The following table presents the 
additional collateral requirements (cumulative) for rating downgrades:
                                                  2014             2013 
    $ billions, as at                          Jan. 31          Oct. 31 
    One-notch downgrade                     $      0.1       $       0.1
    Two-notch downgrade                            0.3               0.3
    Three-notch downgrade                          0.7               0.9

Liquidity Coverage Ratio Disclosure Standards 
In January 2014, the BCBS published the Liquidity Coverage Ratio (LCR) 
Disclosure Standards. The document outlines the minimum standards applicable 
for public disclosure of the LCR by all internationally active banks. Banks 
will be required to disclose quantitative information about the LCR using a 
common template, supplemented by qualitative discussion, as appropriate, on 
key elements of the liquidity metric. These standards are effective for the 
first reporting period after January 1, 2015. OSFI has indicated that 
additional implementation guidance, applicable to Canadian banks, will be 
provided in due course. We are currently updating processes and systems to 
meet the stipulated timeline and requirements.

Contractual obligations
Contractual obligations give rise to commitments of future payments affecting 
our short- and long-term liquidity and capital resource needs. These 
obligations include financial liabilities, credit and liquidity commitments, 
and other contractual obligations.

Assets and liabilities

The following table provides the contractual maturity profile of our 
on-balance sheet assets and liabilities at their carrying values. CIBC models 
the behaviour of both assets and liabilities on a net cash flow basis by 
applying recommended regulatory stress assumptions, supplemented by business 
experience, against contractual maturities and contingent exposures to 
construct its behavioural balance sheet. The behavioural balance sheet is a 
key component of CIBC's liquidity risk management framework and is the basis 
by which CIBC manages its liquidity risk profile.


                                                                                                                   
No       
                    Less      1 - 3      3 - 6       6 - 9     9 - 12      1 - 2       2 - 5       Over     
specified              


                        than                                                                                            
     
    $ millions,
    as at January          1                                                                              5             


    31, 2014           month     months     months      months     months      years       years      years      
maturity        Total 


    Assets                                                                                                              
              
    Cash and
    non-interest
    bearing                                          $                                                                  
        deposits with


banks           $  2,239   $      -   $      -           -   $      -   $      -   $       -   $      -   $         
-   $    2,239 


    Interest
    bearing                                                                                                             
        deposits with


banks              4,033          -          1           -          -          -           -          -             
-        4,034 
Securities                                                                                                           
                       2,052      3,294      1,557         707        779      4,396      14,219     12,165        
31,848       71,017 


    Cash
    collateral on                                                                                                       
        securities


borrowed           3,050          -          -           -          -          -           -          -             
-        3,050 


    Securities
    purchased                                                                                                           
        under resale                                  


agreements        14,413      6,680      2,010         628        414          -           -          -             
-       24,145 


    Loans                                                                                                               
              


  Residential        199      3,424      6,684       4,836                34,759      90,954      6,259             
-      151,934 


      mortgages                                                     4,819                                               
     


  Personal                      618        861         938        984         80         183        669        
28,497       34,363 


                       1,533                                                                                            
     


  Credit card        229        457        686         686        686      2,744       5,946          -             
-       11,434 
  Business                                                            
  and              4,928      1,359      2,601       2,441      2,192      4,666      15,270     16,799             
-       50,256 


      government                                                                                                        
     
      Allowance


  for credit           -          -          -           -          -          -           -          -       
(1,620)      (1,620) 


      losses                                                                                                            
     
    Derivative                                                                                                          


    instruments        6,611      1,331        944         645        855      3,173       5,362      5,568             
-       24,489 


    Customers'
    liability                                                                                                           
        under                              


acceptances        8,518      1,934          -           -          -          -           -          -             
-       10,452 
Other assets           -          -          -           -          -          -           -          -        
15,162       15,162 
                $ 47,805   $ 19,097   $ 15,344   $  10,881   $ 10,729   $ 49,818   $ 131,934   $ 41,460   $    
73,887   $  400,955 
October 31,                                                                                                          
    2013 (1)        $ 43,037   $ 16,420   $ 10,578   $  14,461   $ 11,500   $ 44,524   $ 140,137   $ 44,355   $    
72,994   $  398,006 


    Liabilities                                                                                                         
              


Deposits (2)    $ 20,067   $ 12,296   $ 14,665   $  17,181   $ 15,788   $ 33,788   $  46,982   $ 13,571   $   
139,998   $  314,336 


    Obligations
    related to                                                                                                          
        securities


sold short        13,214          -          -           -          -          -           -          -             
-       13,214 


    Cash
    collateral on                                                                                                       
        securities              


lent               1,176          -          -           -          -          -           -          -             
-        1,176 


    Obligations
    related to                                                                                                          
        securities
    sold                                                                                                                
              
      under                 


  repurchase       5,941        455          -           -          -          -           -          -             
-        6,396 


      agreements                                                                                                        
     
    Derivative                                                                                                          


    instruments        6,369      1,129        748         453        589      2,879       5,158      4,919             
-       22,244 
Acceptances                                                                                                          
                       8,518      1,934          -           -          -          -           -          -             
-       10,452 
Other                                                                                                                
    liabilities            -          -          -           -          -          -           -          -        
10,017       10,017 
Subordinated                                                                                                         
    indebtedness           -          -          -         258          -          -          32      3,943             
-        4,233 
                $ 55,285   $ 15,814   $ 15,413   $  17,892   $ 16,377   $ 36,667   $  52,172   $ 22,433   $   
150,015   $  382,068 
October 31,                                      $                                                                   
    2013 (1)        $ 50,494   $ 15,659   $ 19,347      13,414   $ 18,836   $ 31,600   $  55,290   $ 28,371   $   
147,001   $  380,012 


    (1) Certain information has been restated to reflect
        the changes in accounting policies stated in Note
        1 to the interim consolidated financial
        statements and to conform to the
        presentation adopted in the current period.
    (2) Comprises $127.3 billion (October 31, 2013:
        $125.0 billion) of personal deposits of which
        $122.9 billion (October 31, 2013: $120.4 billion)
        are in Canada and $4.4 billion
        (October 31, 2013: $4.6 billion) in other
        countries; $181.3 billion (October 31, 2013:
        $182.9 billion) of business and government
        deposits of which $144.6 billion
        (October 31, 2013: $149.0 billion) are in Canada
        and $36.7 billion (October 31, 2013: $33.9
        billion) in other countries; and $5.7 billion
        (October 31, 2013: $5.6 billion)
        of bank deposits of which $1.9 billion (October
        31, 2013: $2.0 billion) are in Canada and $3.8
        billion (October 31, 2013: $3.6 billion) in other
        countries.

Our net asset position remained unchanged relative to October 31, 2013. The 
changes in the contractual maturity profile were primarily due to the natural 
migration of maturities and also reflect the impact of our regular business 
activities.

Credit-related commitments
The following table provides the contractual maturity of notional amounts of 
credit-related commitments. Since a significant portion of commitments are 
expected to expire without being drawn upon, the total of the contractual 
amounts is not representative of future liquidity requirements.
                                                                                                      No                
                        Less than   1 - 3    3 - 6    6 - 9   9 - 12   1 - 2    2 - 5    Over     specified                 
        $ millions,
    as at         
    January 31,                                                                          5
    2014            1 month    months   months   months   months   years    years   years      maturity  (1)      Total 
        Securities                                                                                                          
       lending (2)     $  25,200 $      - $      - $      - $      - $     - $      - $     - $           -       $  25,200
    Unutilized
    credit                                                                                                              
       commitments         1,158    3,503    1,142    1,199      978   4,853   28,653   1,510       109,854         152,850
    Backstop
    liquidity                                                                                                           
       facilities              -      396        -      303    3,059       -        -       -             -           3,758
    Standby and                                                                                                         
       performance                                                                                                         


  letters of                                                                                       -           
9,567   


      credit              928    1,279    1,874    1,380    2,339     455      977     335                      
    Documentary
    and                                                                                                                 
       commercial                                                                                                          


  letters of                                                                                       -             
311   


      credit               84      201       26        -        -       -        -       -                      
    Underwriting
    commitments                                                                                                         
       (3)                   371      275      110        -        -       -        -       -             -             756


Other                 248        -        -        -        -       -        -       -             -             
248   


                                                                                                 109,854                
                        $ 27,989 $  5,654 $  3,152 $  2,882 $  6,376 $ 5,308 $ 29,630 $ 1,845 $                   $ 192,690
    October 31,                                                                                                         
       2013 (4)        $  26,147 $  9,615 $  3,343 $  3,035 $  2,528 $ 5,435 $ 25,942 $ 2,051 $     116,487       $ 194,583
        Includes $88.3 billion (October 31, 2013: $94.7
    (1) billion) of personal, home equity and credit
        card lines which are unconditionally
        cancellable at our discretion.                   
        Excludes securities lending of $1.2 billion
    (2) (October 31, 2013: $2.1 billion) for cash
        because it is reported on the interim
        consolidated balance sheet.                      
        Includes $6 million (October 31, 2013: nil)
    (3) pertaining to our portion of joint and several
        underwriting agreements with other syndicates.   
    (4) Certain information has been restated to
        reflect the changes in accounting policies
        stated in Note 1 to the interim consolidated
        financial statements and to conform to the
        presentation adopted in the current period.      


Other contractual obligations
The following table provides the contractual maturities of other contractual 
obligations affecting our funding needs: 
                      Less            3 - 6            9 - 12           2 - 5 
                      than   1 - 3             6 - 9            1 - 2            Over         
    $ millions,          1
    as at January   month            months            months           years        5
    31, 2014                months            months            years           years   Total 
    Operating       $      $        $        $        $        $       $       $       $      
    leases              33       67      101      100      100     379     949   1,289   3,018
    Purchase
    obligations                                                                               
    (1)                 15      146      227      153      156     475     957     302   2,431
    Pension
    contributions                                                                       
    (2)                 18       37       55       56        -       -       -       -     166
                    $      $        $        $        $        $       $       $       $      
                        66      250      383      309      256     854   1,906   1,591   5,615
    October 31,     $      $        $        $        $        $       $       $       $
    2013                68      221      341      357      274     809   1,716   1,599   5,385
    (1) Obligations that are legally binding agreements
        whereby we agree to purchase products or services
        with specific minimum or baseline quantities
        defined at fixed, minimum or variable prices over
        a specified period of time are defined as purchase
        obligations. Purchase obligations are included
        through to the termination date specified in the
        respective agreements, even if the contract is
        renewable. Many of the purchase agreements for
        goods and services include clauses that would
        allow us to cancel the agreement prior to
        expiration of the contract within a specific
        notice period. However, the amount above includes
        our obligations without regard to such termination
        clauses (unless actual notice of our intention to
        terminate the agreement has been communicated to
        the counterparty). The table excludes purchases of
        debt and equity instruments that settle within
        standard market timeframes.
    (2) Includes estimated minimum pension contributions,
        and expected benefit payments for post-retirement
        medical and dental plans, the long-term disability
        plan, and related medical and dental benefits for
        disabled employees. Subject to change as
        contribution decisions are affected by various
        factors, such as market performance, regulatory
        requirements, and management's ability to change
        funding policy. Also, funding requirements after
        2014 are excluded due to the significant
        variability in the assumptions required to project
        the timing of cash flows.

Other risks
We also have policies and processes to measure, monitor and control other 
risks, including strategic, insurance, operational, technology, reputation and 
legal, regulatory, and environmental risks. These risks and related policies 
and processes have not changed significantly from those described on pages 70 
to 72 of the 2013 Annual Report.

Accounting and control matters

Critical accounting policies and estimates
A summary of significant accounting policies is presented in Note 1 to the 
consolidated financial statements of the 2013 Annual Report. The interim 
consolidated financial statements have been prepared using the same accounting 
policies as CIBC's consolidated financial statements for the year ended 
October 31, 2013, except as described in Note 1 to the interim consolidated 
financial statements. Certain accounting policies require us to make judgments 
and estimates, some of which may relate to matters that are uncertain. The key 
management judgments and estimates remain substantially unchanged from those 
described on pages 73 to 77 of the 2013 Annual Report, except for the 
valuation of financial instruments, securitizations and structured entities 
and post-employment and other long-term benefit plan assumptions, which have 
been impacted by the adoption of new and amended accounting standards as 
described below.

Valuation of financial instruments
Debt and equity trading securities, trading business and government loans, 
obligations related to securities sold short, derivative contracts, AFS 
securities and FVO financial instruments are carried at fair value. FVO 
financial instruments include certain debt securities, structured retail 
deposits and business and government deposits. Retail mortgage interest rate 
commitments are also designated as FVO financial instruments.

Effective November 1, 2013, CIBC adopted IFRS 13 "Fair Value Measurement". 
Adoption of this standard did not result in changes to how we measure fair 
value. Fair value is defined as the price that would be received to sell an 
asset or paid to transfer a liability at the measurement date in an orderly 
arm's length transaction between market participants in an orderly transaction 
in the principal market at the measurement date under current market 
conditions (i.e. the exit price). Fair value measurements are categorized into 
levels within a fair value hierarchy based on the nature of the valuation 
inputs (Level 1, 2 or 3). We have an established and well-documented process 
for determining fair value. Fair value is based on unadjusted quoted prices in 
an active market for the same instrument, where available (Level 1). If active 
market prices or quotes are not available for an instrument, fair value is 
then based on valuation models using all significant observable inputs (Level 
2) or one of more significant non-observable inputs (Level 3). Estimating fair 
value requires the application of judgment. The type and level of judgment 
required is largely dependent on the amount of observable market information 
available. For instruments valued using internally developed models that use 
significant non-observable market inputs and are therefore classified within 
Level 3 of the hierarchy, the judgment used to estimate fair value is more 
significant than when estimating the fair value of instruments classified 
within Levels 1 and 2. To ensure that valuations are appropriate, a number of 
policies and controls are put in place. Independent validation of fair value 
is performed at least on a monthly basis. Valuation inputs are verified to 
external sources such as exchange quotes, broker quotes or other 
management-approved independent pricing sources.

The following table presents amounts, in each category of financial 
instruments, which are fair valued using valuation techniques based on one or 
more significant non-observable market inputs (Level 3), for the structured 
credit run-off business and total consolidated CIBC. For further details of 
the valuation of and sensitivity associated with Level 3 financial assets and 
liabilities, see Note 2 to the interim consolidated financial statements.
                                             2014                                           2013 (1)     
    $ millions,                               Jan.                                         Oct.          
    as at                                      31                                         31
                    Structured    Total                      Structured          Total                   
                       credit               Total               credit                     Total  
                       run-off                                  run-off                     CIBC         
                     business      CIBC      CIBC  (2)        business            CIBC           (2)   
    Financial                                                                                            
    assets                                                                                 
    Trading
    securities                       889                                                     1.8
    and loans      $       861 $               1.9 %        $       837      $      837          %
    AFS                              889                             13             913                  
    securities              16                 3.5                                           3.3
    FVO                              144                            147             147                  
    securities             144                49.0                                          51.2
    Derivative                       332                            295             341                  
    instruments            285                 1.4                                           1.7
                   $     1,306 $   2,254       2.3 %        $     1,292      $    2,238      2.4 %
    Financial                                                                                            
    liabilities                                                                            
    Deposits and
    other                            788                                                    29.9
    liabilities 
    (3)            $       551 $              28.7 %        $       510      $      737          %
    Derivative                       460                            413             474                  
    instruments            397                 2.1                                           2.4
                   $       948 $   1,248       3.3 %        $       923      $    1,211      3.4 %
    (1) Certain information has been restated to reflect
        the changes in accounting policies stated in Note
        1 to the interim consolidated financial
        statements and to conform to the presentation
        adopted in the current period.
    (2) Represents percentage of Level 3 assets and
        liabilities in each reported category that are
        carried at fair value on the interim consolidated
        financial statements.
    (3) Includes FVO deposits and bifurcated embedded
        derivatives.

Fair value adjustments 
We apply judgment in establishing valuation adjustments that take into account 
various factors that may have an impact on the valuation of financial 
instruments that are carried at fair value on the consolidated balance sheet.  
Such factors include, but are not limited to, the bid-offer spread, 
illiquidity due to lack of market depth and other market risks, parameter 
uncertainty, model risk, credit risk, and future administration costs.

The establishment of fair value adjustments and the determination of the 
amount of write-downs involve estimates that are based on accounting processes 
and judgments by management. We evaluate the adequacy of the fair value 
adjustments and the amount of write-downs on an ongoing basis. The levels of 
fair value adjustments and the amount of the write-downs could change as 
events warrant and may not reflect ultimate realizable amounts.

The following table summarizes our valuation adjustments:  
                                    2014      2013 
    $ millions, as at            Jan. 31   Oct. 31 
    Securities                                     
    Market risk                 $       2  $      5
    Derivatives                                    
    Market risk                        64        57
    Credit risk                        39        42
    Administration costs                5         5
    Total valuation adjustments $     110  $    109


Allowance for credit losses
We establish and maintain an allowance for credit losses that is considered 
the best estimate of probable credit-related losses existing in our portfolio 
of on- and off-balance sheet financial instruments, giving due regard to 
current conditions.

The allowance for credit losses consists of individual and collective 
components.

Individual allowances
The majority of our business and government loan portfolios are assessed on an 
individual loan basis. Individual allowances are established when impaired 
loans are identified within the individually assessed portfolios. A loan is 
classified as impaired when we are of the opinion that there is no longer a 
reasonable assurance of the full and timely collection of principal and 
interest. The individual allowance is the amount required to reduce the 
carrying value of an impaired loan to its estimated realizable amount. This is 
determined by discounting the expected future cash flows at the effective 
interest rate inherent in the loan.

Individual allowances are not established for portfolios that are collectively 
assessed, including most retail portfolios.

Collective allowances
Consumer and certain small business allowances
Residential mortgages, credit card loans, personal loans, and certain small 
business loan portfolios consist of large numbers of homogeneous balances of 
relatively small amounts, for which we take a portfolio approach to establish 
the collective allowance. As it is not practical to review each individual 
loan, we utilize a formula basis, by reference to historical ratios of 
write-offs to current accounts and balances in arrears. For residential 
mortgages, personal loans and certain small business loans, this historical 
loss experience enables CIBC to determine appropriate PD and LGD parameters, 
which are used in the calculation of the portion of the collective allowance 
for current accounts. The PDs determined by this process that correspond to 
the risk levels in our retail portfolios are disclosed on page 48 of the 2013 
Annual Report. For credit card loans, non-current residential mortgages, 
personal loans and certain small business loans, the historical loss 
experience enables CIBC to calculate flows to write-off in our roll-rate 
models that determine the collective allowance that pertain to these loans.

We also consider estimates of the time periods over which losses that are 
present would be identified and a provision taken, our view of current 
economic and portfolio trends, evidence of credit quality improvements or 
deterioration, and events such as the 2013 Alberta floods. On a regular basis, 
the parameters that affect the allowance calculation are updated, based on our 
experience and the economic environment.

Business and government allowances
For groups of individually assessed loans for which no objective evidence of 
impairment has been identified on an individual basis, a collective allowance 
is provided for losses which we estimate are inherent in the portfolio at the 
reporting date, but not yet specifically identified from an individual 
assessment of the loan.

The methodology for determining the appropriate level of the collective 
allowance incorporates a number of factors, including the size of the 
portfolios, expected loss rates, and relative risk profiles. We also consider 
estimates of the time periods over which losses that are present would be 
identified and a provision taken, our view of current economic and portfolio 
trends, and evidence of credit quality improvements or deterioration. On a 
regular basis, the parameters that affect the collective allowance calculation 
are updated, based on our experience and the economic environment. Expected 
loss rates for business loan portfolios are based on the risk rating of each 
credit facility and on the PD factors associated with each risk rating, as 
well as estimates of LGD. The PD factors reflect our historical loss 
experience and are supplemented by data derived from defaults in the public 
debt markets. Our risk-rating method and categories are disclosed on page 47 
of the 2013 Annual Report. Historical loss experience is adjusted based on 
observable data to reflect the effects of current conditions. LGD estimates 
are based on our experience over past years. 
For further details on the allowance for credit losses, see Note 5 to the 
interim consolidated financial statements. 
Securitizations and structured entities
Securitization of our own assets
Effective November 1, 2013, with retrospective application to November 1, 
2012, CIBC adopted IFRS 10 "Consolidated Financial Statements" which replaced 
IAS 27 "Consolidated and Separate Financial Statements" and Standards 
Interpretation Committee ("SIC") -12 "Consolidation - Special Purpose 
Entities". Under IFRS 10, judgment is exercised in determining whether an 
investor controls an investee including assessing whether the investor has: 
(i) power over the investee; (ii) exposure, or rights, to variable returns 
from its involvement with the investee; and (iii) the ability to affect those 
returns through its power over the investee. 
We sponsor several structured entities that purchase and securitize our own 
assets including the Cards II Trust, Broadway Trust and Crisp Trust, which we 
continue to consolidate under IFRS 10. 
We also securitize our own mortgage assets through a government-sponsored 
securitization program. We sell these securitized assets to a 
government-sponsored securitization vehicle that we do not consolidate, as 
well as to other third parties. IAS 39 "Financial Instrument Recognition and 
Measurement" provides guidance on when to derecognize financial assets. A 
financial asset is derecognized when the contractual rights to receive cash 
flows from the asset have expired, or when we have transferred the rights to 
receive cash flows from the asset such that: 
        --  We have transferred substantially all the risks and rewards of
            the asset; or
        --  We have neither transferred nor retained substantially all the
            risks and rewards of the asset, but have transferred control of
            the asset.

We have determined that our securitization activities related to residential 
mortgages and cards receivables are accounted for as secured borrowing 
transactions because we have not met the aforementioned criteria. 
In addition, we sell and derecognize commercial mortgages through a 
pass-through arrangement with a trust that securitizes these mortgages into 
ownership certificates held by various external investors. We continue to 
perform special servicing of the mortgages in exchange for a market-based fee 
and do not consolidate the trust. We also sell certain U.S. commercial 
mortgages to third-parties which qualify for derecognition because we have 
transferred substantially all the risks and rewards of the mortgages and have 
no continuous involvement after the transfer. 
Securitization of third-party assets
We also sponsor several structured entities that purchase pools of third-party 
assets. We monitor the extent to which we support these structured entities 
through direct investment in the debt issued by the structured entities and 
through the provision of liquidity protection to the other debtholders, to 
assess whether we should consolidate these entities. 
Where we consider that CIBC should consolidate a structured entity, IFRS 10 
requires that we reconsider this assessment if facts and circumstances 
indicate that there are changes to one or more of the three elements of 
control described above, for example, when any of the parties gains or loses 
power, or when there is a change in the parties' exposure or rights to 
variable returns from its involvement with the investee. Specifically, in 
relation to our multi-seller conduits, we reconsider our consolidation 
assessment whenever our level of interest in the ABCP issued by the conduits 
changes significantly, or in the rare event that the liquidity facility we 
provide to the conduits is drawn or amended. 
A significant increase in our holdings of the outstanding commercial paper by 
the conduits would become more likely in a scenario in which the market for 
bank-sponsored ABCP suffered a significant deterioration such that the 
conduits were unable to roll their ABCP. 
For additional information on the securitizations of our own assets and 
third-party assets, see the "Off-balance sheet arrangements" section and Note 
6 to the interim consolidated financial statements. 
Asset impairment
Goodwill, other intangible assets and long-lived assets
As at January 31, 2014, we had goodwill of $1,870 million (October 31, 2013: 
$1,733 million) and other intangible assets with an indefinite life of $138 
million (October 31, 2013: $136 million). Goodwill is not amortized, but is 
tested, at least annually, for impairment by comparing the recoverable amount 
of the cash-generating unit (CGU) to which goodwill has been allocated, with 
the carrying amount of the CGU including goodwill. Any deficiency is 
recognized as impairment of goodwill. The recoverable amount of a CGU is 
defined as the higher of its estimated fair value less cost to sell or value 
in use. 
Acquired intangible assets are separately recognized if the benefits of the 
intangible assets are obtained through contractual or other legal rights, or 
if the intangible assets can be sold, transferred, licensed, rented, or 
exchanged. Determining the useful lives of intangible assets requires judgment 
and fact-based analysis. Intangibles with an indefinite life are not amortized 
but are assessed for impairment by comparing the recoverable amount to the 
carrying amount. 
Long-lived assets and other identifiable intangibles with a definite life are 
amortized over their estimated useful lives. These assets are tested for 
impairment whenever events or changes in circumstances indicate that the 
carrying amount is higher than the recoverable amount. The recoverable amount 
is defined as the higher of its estimated fair value less cost to sell and 
value in use. In calculating the recoverable amount we estimate the future 
cash flows expected to result from the use of the asset and its eventual 
disposition. 
We performed our annual impairment testing of goodwill and indefinite lived 
intangible assets in the fourth quarter of 2013 and did not record any 
impairment at that time. At that time we determined that our estimate of the 
recoverable amount of the CIBC FirstCaribbean CGU approximated its carrying 
amount as at August 1, 2013. As a result, no impairment charge was recognized. 
The recoverable amount of CIBC FirstCaribbean estimated in the fourth quarter 
of 2013 was based on a value in use calculation that was estimated using a 
five-year cash flow projection approved by CIBC FirstCaribbean's management 
and an estimate of the capital required to be maintained in the region to 
support ongoing operations. The five-year cash flow projection was consistent 
with CIBC FirstCaribbean's three-year internal plan that was reviewed by its 
Board of Directors. The forecast reflected the currently challenging economic 
conditions and an expected recovery in those conditions within the Caribbean 
region. A terminal growth rate of 2.5% (2.5% as at August 1, 2012) was applied 
to the years after the five-year forecast. All of the forecast cash flows were 
discounted at an after-tax rate of 13% (14.25% pre-tax) which we believe to be 
a risk-adjusted interest rate appropriate to CIBC FirstCaribbean (we used an 
identical after-tax rate of 13% as at August 1, 2012). The determination of a 
discount rate and a terminal growth rate both require the exercise of 
judgment. The discount rate was determined based on the following primary 
factors: (i) the risk-free rate; (ii) an equity risk premium; (iii) beta 
adjustment to the equity risk premium based on a review of betas of comparable 
publicly traded financial institutions in the region; and (iv) a country risk 
premium. The terminal growth rate was based on the forecast inflation rates 
and management's expectations of real growth. 
Reductions in the estimated recoverable amount could arise from various 
factors, such as reductions in forecasted cash flows, an increase in the 
assumed level of required capital, and any adverse changes to the discount 
rate or the terminal growth rate either in isolation or in any combination 
thereof.  In the fourth quarter of 2013 we estimated that a 10% decrease in 
each of the terminal year's and subsequent years' forecasted cash flows would 
result in a reduction in the estimated recoverable amount of CIBC 
FirstCaribbean by approximately $150 million. We also estimated that a 50 
basis point increase in the after-tax discount rate would result in a 
reduction in the estimated recoverable amount of CIBC FirstCaribbean by 
approximately $90 million. These sensitivities are indicative only and should 
be considered with caution, as the effect of the variation in each assumption 
on the estimated recoverable amount was calculated in isolation without 
changing any other assumptions. In practice, changes in one factor may result 
in changes in another, which may magnify or counteract the disclosed 
sensitivities.  For additional details, see Note 8 to the 2013 annual 
consolidated financial statements. 
Economic conditions in the Caribbean region remain challenging and we continue 
to monitor our investment. Reductions in the estimated recoverable amount of 
our CIBC FirstCaribbean CGU could result in goodwill impairment charges in 
future periods. 
Income taxes
We are subject to income tax laws in the various jurisdictions where we 
operate, and the tax laws in those jurisdictions are potentially subject to 
different interpretations by us and the relevant taxation authority. We use 
judgment in the estimation of income taxes and deferred income tax assets and 
liabilities. As a result, management judgment is applied in the interpretation 
of the relevant tax laws and in estimating the provision for current and 
deferred income taxes. A deferred tax asset or liability is determined for 
each temporary difference based on the tax rates that are expected to be in 
effect in the period that the asset is realized or the liability is settled. 
Where the temporary differences will not reverse in the foreseeable future, no 
deferred tax amount is recognized. 
As at January 31, 2014, we had a deferred income tax asset of $548 million 
(October 31, 2013: $526((1)) million) and a deferred income tax liability of 
$31 million (October 31, 2013: $33((1)) million). We are required to assess 
whether it is probable that our deferred income tax asset will be realized 
prior to its expiration and, based on all the available evidence, determine if 
any portion of our deferred income tax asset should not be recognized. The 
factors used to assess the probability of realization are our past experience 
of income and capital gains, forecast of future net income before taxes, 
available tax planning strategies that could be implemented to realize the 
deferred income tax asset, and the remaining expiration period of tax loss 
carryforwards.  Although realization is not assured, we believe, based on all 
the available evidence, it is probable that the remaining deferred income tax 
asset will be realized. 
Income tax accounting impacts all our reporting segments. For further details 
of our income taxes, see Note 10 to the interim consolidated financial 
statements. 
(1) Restated to reflect the changes in accounting policies stated in Note 1 to 
the interim consolidated financial statements and to conform to the 
presentation adopted in the current period. 
Provisions and contingent liabilities
In the ordinary course of its business, CIBC is a party to a number of legal 
proceedings, including regulatory investigations, in which claims for 
substantial monetary damages are asserted against CIBC and its subsidiaries. 
Legal provisions are established if, in the opinion of management, it is both 
probable that an outflow of economic benefits will be required to resolve the 
matter, and a reliable estimate can be made of the amount of the obligation. 
If the reliable estimate of probable loss involves a range of potential 
outcomes within which a specific amount within the range appears to be a 
better estimate, that amount is accrued. If no specific amount within the 
range of potential outcomes appears to be a better estimate than any other 
amount, the mid-point in the range is accrued. In some instances, however, it 
is not possible either to determine whether an obligation is probable or to 
reliably estimate the amount of loss, in which case no accrual can be made. 
While there is inherent difficulty in predicting the outcome of legal 
proceedings, based on current knowledge and in consultation with legal 
counsel, we do not expect the outcome of these matters, individually or in 
aggregate, to have a material adverse effect on our consolidated financial 
statements. However, the outcome of these matters, individually or in 
aggregate, may be material to our operating results for a particular reporting 
period.  We regularly assess the adequacy of CIBC's litigation accruals and 
make the necessary adjustments to incorporate new information as it becomes 
available. 
The provisions disclosed in Note 23 to the 2013 annual consolidated financial 
statements include all of CIBC's accruals for legal matters as at that date, 
including amounts related to the significant legal proceedings described in 
that note and to other legal matters. 
CIBC considers losses to be reasonably possible when they are neither probable 
nor remote. It is reasonably possible that CIBC may incur losses in addition 
to the amounts recorded when the loss accrued is the mid-point of a range of 
reasonably possible losses, or the potential loss pertains to a matter in 
which an unfavourable outcome is reasonably possible but not probable. 
CIBC believes the estimate of the aggregate range of reasonably possible 
losses in excess of the amounts accrued for its significant legal proceedings, 
where it is possible to make such an estimate, is from nil to approximately 
$240 million as at January 31, 2014. This estimated aggregate range of 
reasonably possible losses is based upon currently available information for 
those significant proceedings in which CIBC is involved, taking into account 
CIBC's best estimate of such losses for those cases for which an estimate can 
be made. CIBC's estimate involves significant judgment, given the varying 
stages of the proceedings and the existence of multiple defendants in many of 
such proceedings whose share of the liability has yet to be determined. The 
range does not include potential punitive damages and interest. The matters 
underlying the estimated range as at January 31, 2014 consist of the 
significant legal matters disclosed in Note 23 to the 2013 annual consolidated 
financial statements as updated below. The matters underlying the estimated 
range will change from time to time, and actual losses may vary significantly 
from the current estimate. For certain matters, CIBC does not believe that an 
estimate can currently be made as many of them are in preliminary stages and 
certain matters have no specific amount claimed. Consequently, these matters 
are not included in the range. 
The following developments related to our significant legal matters occurred 
since the issuance of our 2013 annual consolidated financial statements: 
        --  Marcotte Visa Class Action: The appeal was heard by the Supreme
            Court of Canada in February 2014. The court reserved its
            decision.
        --  Green Secondary Market Class Action: In February 2014 the
            Ontario Court of Appeal released its decision overturning the
            lower court and allowing the matter to proceed as a certified
            class action.
        --  Brown Overtime Class Action: The plaintiffs' appeal to the
            Ontario Court of Appeal is scheduled for May 2014.

Other than the items described above, there are no significant developments in 
the matters identified in Note 23 to our 2013 annual consolidated financial 
statements, and no significant new matters have arisen since the issuance of 
our 2013 annual consolidated financial statements. 
Post-employment and other long-term benefit plan assumptions
We sponsor a number of benefit plans to eligible employees, including 
registered and supplemental pension plans, and post-retirement medical and 
dental plans (other post-employment benefit plans). We also continue to 
sponsor a long-term disability (LTD) income replacement plan and associated 
medical and dental benefits (collectively, other long-term benefit plans). The 
LTD plan was closed to new claims effective June 1, 2004. 
Effective November 1, 2013, with retrospective application to November 1, 
2011, CIBC adopted amendments to IAS 19 "Employee Benefits". The amendments 
require the following: (i) recognition of actuarial gains and losses in OCI in 
the period in which they arise; (ii) recognition of interest income on plan 
assets in net income using the same rate as that used to discount the defined 
benefit obligation; and (iii) recognition of all past service costs (gains) in 
net income in the period in which they arise. See Note 1 to the interim 
consolidated financial statements for further details on the impact of the 
adoption of the amendments to IAS 19 on prior periods. 
The calculation of net defined benefit plan expense and obligations depends on 
various actuarial assumptions such as discount rates, health-care cost trend 
rates, turnover of employees, projected salary increases, retirement age, and 
mortality rates. The actuarial assumptions used for determining the net 
defined benefit expense for a fiscal year are set at the beginning of the 
annual reporting period, are reviewed in accordance with accepted actuarial 
practice and are approved by management. 
The discount rate assumption used in measuring the net defined benefit expense 
and defined benefit obligations reflects market yields, as of the measurement 
date, on high quality debt instruments with a currency and term to maturity 
that match the currency and expected timing of benefit payments. Our discount 
rate is estimated by developing a yield curve based on high quality corporate 
bonds. While there is a deep market of high quality corporate bonds 
denominated in Canadian dollars with short and medium terms to maturity, there 
is not a deep market in bonds with terms to maturity that match the timing of 
all the expected benefit payments for all of our Canadian plans. As a result, 
for our Canadian pension, other post-employment and other long-term benefit 
plans, we estimate the yields of high quality corporate bonds with longer term 
maturities by extrapolating current yields on bonds with short- and 
medium-term durations along the yield curve. Judgment is required in 
constructing the yield curve, and as a result, different methodologies applied 
in constructing the yield curve can give rise to different discount rates. 
As a result of adopting the amendments to IAS 19, commencing in the first 
quarter of 2014, with retrospective application for fiscal 2013 and 2012, we 
remeasure our Canadian post-employment benefit plans on a quarterly basis for 
changes in the discount rate and for actual assets returns, with the actuarial 
gains and losses recognized in OCI (see Note 1 to the interim consolidated 
financial statements for further details). 
For further details of our annual pension and other post-employment expense 
and obligations, see Note 19 to the 2013 annual consolidated financial 
statements and Note 1 to the interim consolidated financial statements. 
Regulatory developments
Dodd-Frank Wall Street Reform and Consumer Protection Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank 
Act") was enacted in the U.S. in July 2010. The Dodd-Frank Act contains many 
broad reforms impacting the financial services industry, including, among 
other things, increased consumer protection, regulation of the OTC derivative 
markets, heightened capital, liquidity and prudential standards, and 
restrictions on proprietary trading by banks. The Dodd-Frank Act will affect 
every financial institution in the U.S. and many financial institutions that 
operate outside the U.S. As many aspects of the Dodd-Frank Act are subject to 
rulemaking that U.S. regulators have not finalized, the full impact on CIBC is 
difficult to anticipate until all the regulations are finalized and released. 
CIBC continually monitors developments to prepare for rulemakings that have 
the potential to impact our operations in the U.S. and elsewhere. 
In December 2012, CIBC registered as a swap dealer with the U.S. Commodity 
Futures Trading Commission (CFTC) and adopted processes and procedures 
necessary to comply with newly-promulgated U.S. regulations in trading swaps 
with U.S. persons. The CFTC has issued final rules on most areas relating to 
swaps, including cross-border guidance that impacts CIBC's swap trading with 
non-U.S. counterparties. The CFTC has not yet issued final rules on clearing, 
capital and margin, and the CFTC has not issued a determination of the extent 
to which it will rely on substituted compliance with Canadian swap trading 
regulations. CIBC will continue to monitor and prepare for developments by the 
CFTC in this area. Additionally, the U.S. Securities and Exchange Commission 
is expected to implement parallel reforms applying to the securities-based 
swaps markets. While these far-reaching reforms have increased our cost of 
regulatory compliance and may restrict our ability to continue to engage in 
certain types of trading activity, we do not expect them to have a significant 
impact on our results. 
On February 18, 2014, the Federal Reserve Board released final enhanced 
prudential standards for large U.S. bank holding companies and foreign banking 
organizations (FBOs) with total consolidated assets of $50 billion or more. 
The new enhanced prudential standards include six primary requirements: 
risk-based capital and leverage requirements; liquidity requirements; single 
counterparty exposure limits; internal risk management standards; 
debt-to-equity limits; and annual stress testing. The new rules also require 
FBOs to maintain liquidity buffers in their U.S. branches and agencies and, if 
certain asset thresholds are met, to create a U.S. intermediate holding 
company which will also be subject to enhanced prudential standards. FBOs are 
subject to the final rules' new requirements beginning on July 1, 2016. CIBC 
is evaluating the impact of the final rules on our operations. 
The Dodd-Frank Act also mandates the so-called Volcker Rule, which restricts 
certain proprietary trading and private equity fund activities of banking 
entities operating in the U.S.  In December 2013, five U.S. regulatory 
agencies jointly published final regulations implementing the Volcker rule.  
The final regulations and the accompanying materials are complex and will 
require CIBC to implement new controls and to develop new systems to ensure 
compliance with the rule's reporting obligations and restrictions.  The 
regulations are effective on April 1, 2014, and banking entities must engage 
in good faith efforts that will result in conformance with the rule by July 
21, 2015.  CIBC is actively assessing the impact of the Volcker rule on our 
operations and developing a conformance plan for full implementation.  The new 
regulations also contain various provisions that enable banks to seek 
extensions in certain circumstances and CIBC may seek such extensions where 
necessary or appropriate.

The Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) is U.S. legislation, the intent 
of which is to discourage tax evasion by U.S. taxpayers who have placed assets 
in financial accounts outside of the U.S. - either directly or indirectly 
through foreign entities such as trusts and corporations. 
Under the final FATCA regulations, non-U.S. financial institutions will be 
required to identify and report accounts owned or controlled by U.S. 
taxpayers, including citizens of the U.S. worldwide (U.S. Accounts). In 
addition, identification and reporting will also be required on accounts of 
financial institutions that do not comply with FATCA regulations. On February 
5, 2014, the Government of Canada announced the signing of an 
Intergovernmental Agreement (IGA) with the United States, to facilitate FATCA 
information reporting by Canadian financial institutions. Under proposed 
legislation to implement the provisions of the IGA, Canadian financial 
institutions must report information on certain U.S. Accounts directly to the 
Canada Revenue Agency. Other countries in which CIBC operates have signed, or 
are in the process of negotiating and signing, IGAs with the United States. 
CIBC will meet all FATCA obligations, in accordance with local law.

The provisions of FATCA and the related Canadian legislation come into effect 
on July 1, 2014. 
Principles for Effective Risk Data Aggregation and Risk Reporting 
In January 2013, the BCBS published "Principles for Effective Risk Data 
Aggregation and Risk Reporting". The Principles outline BCBS's expectations to 
enhance risk data governance oversight and to improve risk data aggregation 
and reporting practices, thereby facilitating timely, consistent, and accurate 
decision making. It is expected that we will be subject to greater reporting 
scrutiny and may incur increased operating costs as a result of the 
Principles. We have begun an enterprise wide Risk Data Aggregation initiative 
to be compliant with the Principles. 
Controls and procedures
Disclosure controls and procedures
CIBC's management, with the participation of the President and Chief Executive 
Officer and the Chief Financial Officer, has evaluated the effectiveness of 
CIBC's disclosure controls and procedures as at January 31, 2014 (as defined 
in the rules of the SEC and the Canadian Securities Administrators) and has 
concluded that such disclosure controls and procedures were effective. 
Changes in internal control over financial reporting
There have been no changes in CIBC's internal control over financial reporting 
during the quarter ended January 31, 2014, that have materially affected, or 
are reasonably likely to materially affect, its internal control over 
financial reporting.  
Interim consolidated financial statements
(Unaudited)  

Consolidated balance sheet
                                                    2014          2013  (1)
    Unaudited, $ millions, as at                 Jan. 31       Oct. 31     
    ASSETS                                                               
    Cash and non-interest-bearing deposits    $             $     2,211  
    with banks                                      2,239
    Interest-bearing deposits with banks            4,034         4,168  
    Securities                                                           
    Trading                                        45,317        44,070  
    Available-for-sale (AFS) (Note 4)              25,406        27,627    
    Designated at fair value (FVO)                    294           287  
                                                   71,017        71,984  
    Cash collateral on securities borrowed          3,050         3,417  
    Securities purchased under resale                            25,311  
    agreements                                     24,145
    Loans                                                                
    Residential mortgages                         151,934       150,938  
    Personal                                       34,363        34,441  
    Credit card                                    11,434        14,772  
    Business and government                        50,256        48,207  
    Allowance for credit losses (Note 5)          (1,620)       (1,698)    
                                                  246,367       246,660  
    Other                                                                
    Derivative instruments                         24,489        19,947  
    Customers' liability under acceptances         10,452         9,720  
    Land, buildings and equipment                   1,795         1,719  
    Goodwill                                        1,870         1,733  
    Software and other intangible assets              881           756  
    Investments in equity-accounted                               1,695  
    associates and joint ventures                   1,715
    Other assets                                    8,901         8,685  
                                                   50,103        44,255  
                                              $   400,955   $   398,006  
    LIABILITIES AND EQUITY                                               
    Deposits(Note 7)                                                       
    Personal                                  $   127,344   $   125,034  
    Business and government                       134,894       134,736  
    Bank                                            5,717         5,592  
    Secured borrowings                             46,381        49,802  
                                                  314,336       315,164  
    Obligations related to securities sold                       13,327  
    short                                          13,214
    Cash collateral on securities lent              1,176         2,099  
    Obligations related to securities sold                        4,887  
    under repurchase agreements                     6,396
    Other                                                                
    Derivative instruments                         22,244        19,724  
    Acceptances                                    10,452         9,721  
    Other liabilities                              10,017        10,862  
                                                   42,713        40,307  
    Subordinated indebtedness                       4,233         4,228  
    Equity                                                               
    Preferred shares                                1,706         1,706  
    Common shares (Note 8)                          7,750         7,753    
    Contributed surplus                                82            82  
    Retained earnings                               8,985         8,318  
    Accumulated other comprehensive income                         (40)  
    (AOCI)                                            138
    Total shareholders' equity                     18,661        17,819  
    Non-controlling interests                         226           175  
    Total equity                                   18,887        17,994  
                                              $   400,955   $   398,006  
    (1) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 and to conform to the
        presentation adopted in the current period.

The accompanying notes and shaded sections in "MD&A - Management of risk" are 
an integral part of these interim consolidated financial statements.
    Consolidated statement of income 
                               2014          2013  (1)            2013  (1)
    Unaudited, $                                               Jan. 31     
    millions, except
    as noted, for           Jan. 31       Oct. 31           
    the three months
    ended
    Interest income                                                        
    Loans                $     2,423  $      2,453         $      2,474    
    Securities                   429           407                  403    
    Securities                                                       88    
    borrowed or
    purchased under               82            91           
    resale
    agreements
    Deposits with                  8             8                   11    
    banks
                               2,942         2,959                2,976    
    Interest expense                                                       
    Deposits                     873           903                  938    
    Securities sold               82            84                   83    
    short
    Securities lent                                                  30    
    or sold under                 28            25           
    repurchase
    agreements
    Subordinated                  44            45                   52    
    indebtedness
    Other                         10             9                   18    
                               1,037         1,066                1,121    
    Net interest               1,905         1,893                1,855    
    income
    Non-interest                                                           
    income
    Underwriting and              78            88                  106    
    advisory fees
    Deposit and                  212           215                  191    
    payment fees
    Credit fees                  117           117                  118    
    Card fees                    113           133                  138    
    Investment                                                      112    
    management and               142           126           
    custodial fees
    Mutual fund fees             282           267                  240    
    Insurance fees,               97            93                   85    
    net of claims
    Commissions on                                                  101    
    securities                   103            98           
    transactions
    Trading income                 1           (9)                   14    
    (loss)
    AFS securities                57             9                   72    
    gains, net
    FVO gains                      5             6                  (3)    
    (losses), net 
    Foreign exchange                                                  4    
    other than                    21             5           
    trading
    Income from                                                      26    
    equity-accounted              41            45           
    associates and
    joint ventures
    Other                        460            94                  106    
                               1,729         1,287                1,310    
    Total revenue              3,634         3,180                3,165    
    Provision for                                                          
    credit losses                218           271                  265
    (Note 5)
    Non-interest                                                           
    expenses
    Employee                                                      1,100    
    compensation and           1,160         1,070           
    benefits 
    Occupancy costs              179           181                  168    
    Computer,                                                       247    
    software and                 283           285           
    office equipment
    Communications                75            75                   77    
    Advertising and                                                  47    
    business                      65            79           
    development
    Professional                  45            59                   36    
    fees
    Business and                  15            16                   17    
    capital taxes
    Other                        157           165                  296    
                               1,979         1,930                1,988    
    Income before              1,437           979                  912    
    income taxes
    Income taxes                 260           154                  127    
    Net income           $     1,177  $        825         $        785    
    Net income                                                        2    
    (loss)
    attributable to      $         3  $        (7)         $ 
    non-controlling
    interests
      Preferred          $        25  $         24         $         25    
      shareholders
      Common                   1,149           808                  758    
      shareholders
    Net income                                                      783    
    attributable to      $     1,174  $        832         $ 
    equity
    shareholders
    Earnings per                                                           
    share (in                                                  
    dollars) (Note
    11)
      Basic              $      2.88  $       2.02         $       1.88    
      Diluted                   2.88          2.02                 1.88    
    Dividends per                                                  0.94    
    common share (in            0.96          0.96           
    dollars)
        Certain information has been restated to reflect the
    (1) changes in accounting policies stated in Note 1 and to
        conform to the presentation adopted in the current period.

The accompanying notes and shaded sections in "MD&A - Management of risk" are 
an integral part of these interim consolidated financial statements.
    Consolidated statement of comprehensive income 
                              2014          2013  (1)             2013  (1)
    Unaudited, $                                                           
    millions, for the                                        
    three months
    ended                  Jan. 31       Oct. 31               Jan. 31 
    Net income          $     1,177  $        825          $        785    
    Other                                                                  
    comprehensive
    income (OCI), net
    of tax, that is                                          
    subject to
    subsequent
    reclassification
    to net income                                                      
       Net foreign                                                         
    currency                                                 
    translation
    adjustments                                                        
       Net gains                                                           
    (losses) on
    investments in                                           
    foreign
    operations                  599           143                  (21)
       Net gains                                                           
    (losses) on
    hedges of                                                
    investments in
    foreign
    operations                (368)          (93)                    11
                                231            50                  (10)  
       Net change                                                          
    in AFS                                                   
    securities                                                         
       Net gains                                                           
    (losses) on AFS                                          
    securities                   45            74                    20
       Net (gains)                                                         
    losses on AFS
    securities                                               
    reclassified to
    net income                 (38)           (7)                  (52)
                                  7            67                  (32)  
       Net change in                                                       
    cash flow hedges                                                   
       Net gains                                                           
    (losses) on
    derivatives                                              
    designated as
    cash flow
    hedges                      (5)            60                    28
       Net (gains)                                                         
    losses on
    derivatives
    designated as                                            
    cash flow hedges
    reclassified to
    net income                    3          (47)                  (20)
                                (2)            13                     8  
    OCI, net of tax,                                                       
    that is not
    subject to                                               
    subsequent
    reclassification
    to net income                                                      
       Net gains                                                           
    (losses) on
    post-employment                                          
    defined benefit
    plans                      (58)            50                    40
    Total OCI(2)                178           180                     6    
    Comprehensive                    $                     $               
    income              $     1,355         1,005                   791
    Comprehensive                                                          
    income (loss)
    attributable to                  $                     $ 
    non-controlling
    interests           $         3           (7)                     2
       Preferred                     $                     $               
    shareholders        $        25            24                    25
       Common                                                              
    shareholders              1,327           988                   764
    Comprehensive                                                          
    income
    attributable to                  $                     $ 
    equity
    shareholders        $     1,352         1,012                   789
    (1) Certain information has been restated to reflect the
        changes in accounting policies stated in Note 1 and to
        conform to the presentation adopted in the current period.
    (2) Includes $9 million of gains for the quarter ended January
        31, 2014 (October 31, 2013: $7 million of gains; January
        31, 2013: $1 million of gains) relating to our investments
        in equity-accounted associates and joint ventures
                                      2014      2013  (1)         2013  (1)
    Unaudited, $ millions, for     Jan. 31   Oct. 31           Jan. 31     
    the three months ended
    Income tax (expense) benefit                                           
    Subject to subsequent                                              
    reclassification to net                                                
    income
       Net foreign currency                                              
    translation adjustments
       Net gains (losses) on           (43)       (9)                 1
    investments in foreign           $      $                 $          
    operations
       Net gains (losses) on             55        19               (2)
    hedges of investments in                                             
    foreign operations
                                         12        10               (1)  
       Net change in AFS                                                 
    securities
       Net gains (losses) on AFS       (30)      (14)              (12)  
    securities
       Net (gains) losses on AFS         21         2                20
    securities reclassified to                                           
    net income
                                        (9)      (12)                 8  
       Net change in cash flow                                           
    hedges
       Net gains (losses) on              2      (22)              (10)
    derivatives designated as                                            
    cash flow hedges
       Net (gains) losses on            (1)        17                 7
    derivatives designated as                                            
    cash flow hedges
    reclassified to net income
                                          1       (5)               (3)  
    Not subject to subsequent                                          
    reclassification to net                                              
    income
       Net gains (losses) on             20      (19)              (14)
    post-employment defined                                              
    benefit plans
                                     $   24 $    (26)         $    (10)    
        Certain information has been restated to reflect the changes
    (1) in accounting policies stated in Note 1 and to conform to
        the presentation adopted in the current period.

The accompanying notes and shaded sections in "MD&A - Management of risk" are 
an integral part of these interim consolidated financial statements.   

Consolidated statement of changes in equity 
                         2014              2013  (1)             2013  (1)
    Unaudited, $
    millions, for the                                                     
    three months          Jan.              Oct.
    ended                  31                31               Jan. 31 
    Preferred shares                                                      
    Balance at
    beginning and end $                $                  $               
    of period            1,706             1,706                 1,706
    Common shares                                                       
    Balance at
    beginning of      $                $                  $               
    period               7,753             7,757                 7,769
    Issue of common                                                       
    shares                  24                14                    59
    Purchase of
    common shares for                                                     
    cancellation          (27)              (18)                  (64)
    Treasury shares          -                 -                     1    
    Balance at end of $                $                  $               
    period               7,750             7,753                 7,765
    Contributed                                                           
    surplus                                                           
    Balance at
    beginning of      $                $                  $               
    period                  82                82                    85
    Stock option                                                          
    expense                  3                 1                     1
    Stock options                                                         
    exercised              (3)               (2)                   (6)
    Other                    -                 1                   (1)    
    Balance at end of $                $                  $               
    period                  82                82                    79
    Retained earnings                                                     
    Balance at
    beginning of      $                $                  $               
    period               8,318             7,954                 7,009
    Net income
    attributable to                                                       
    equity
    shareholders         1,174               832                   783
    Dividends                                                             
      Preferred           (25)              (24)                  (25)    
      Common             (382)             (384)                 (379)    
    Premium on
    purchase of                                                           
    common shares for
    cancellation         (100)              (59)                 (205)
    Other                    -               (1)                     -    
    Balance at end of $                $                  $               
    period               8,985             8,318                 7,183
    AOCI, net of tax                                                      
    AOCI, net of tax,
    that is subject
    to subsequent                                                         
    reclassification
    to net income                                                     
      Net foreign
      currency                                                            
      translation
      adjustments                                           
      Balance at
      beginning of          44               (6)                  (88)    
      period          $                $                  $ 
      Net change in
      foreign
      currency             231                50                  (10)    
      translation
      adjustments                                           
      Balance at end       275                44                  (98)    
      of period       $                $                  $ 
      Net gains
      (losses) on AFS                                                     
      securities                                            
      Balance at
      beginning of         252               185                   350    
      period          $                $                  $ 
      Net change in          7                67                  (32)    
      AFS securities                                        
      Balance at end       259               252                   318    
      of period       $                $                  $ 
      Net gains
      (losses) on                                                         
      cash flow
      hedges                                                
      Balance at
      beginning of          13                 -                     2    
      period          $                $                  $ 
      Net change in
      cash flow            (2)                13                     8    
      hedges                                                
      Balance at end        11                13                    10    
      of period       $                $                  $ 
    AOCI, net of tax,
    that is not
    subject to                                                            
    subsequent
    reclassification
    to net income                                                     
      Net gains
      (losses) on
      post-employment                                                     
      defined benefit
      plans                                                 
      Balance at
      beginning of       (349)             (399)                 (629)    
      period          $                $                  $ 
      Net change in
      post-employment     (58)                50                    40    
      defined benefit
      plans                                                 
      Balance at end     (407)             (349)                 (589)    
      of period       $                $                  $ 
    Total AOCI, net   $                $                  $               
    of tax                 138              (40)                 (359)
    Non-controlling                                                       
    interests                                                         
    Balance at
    beginning of      $                $                  $               
    period                 175               166                   170
    Net income (loss)
    attributable to                                                       
    non-controlling
    interests                3               (7)                     2
    Dividends              (2)                 -                   (2)    
    Other                   50 (2)            16                   (6)    
    Balance at end of $                $                  $               
    period                 226               175                   164
    Equity at end of  $                $                  $               
    period              18,887            17,994                16,538
        Certain information has been restated to reflect the
    (1) changes in accounting policies stated in Note 1 and to
        conform to the presentation adopted in the current period.
        Includes $40 million of non-controlling interests relating
    (2) to certain mutual funds that we launched and consolidated
        commencing this quarter as a result of the level of our
        ownership interest.


The accompanying notes and shaded sections in "MD&A - Management of risk" are 
an integral part of these interim consolidated financial statements. 
    Consolidated statement of cash flow
                                2014        2013  (1)            2013  (1)
    Unaudited, $
    millions, for the            Jan.        Oct.                 Jan.    
    three months ended            31          31                   31 
    Cash flows provided
    by (used in)                                                        
    operating activities                                              
    Net income              $   1,177  $      825          $       785    
    Adjustments to
    reconcile net income
    to cash flows                                                         
    provided by (used in)
    operating activities:                                             
       Provision for                                                      
    credit losses                 218         271                  265
       Amortization and                                                   
    impairment (2)                 95          95                   82
       Stock option                                                       
    expense                         3           1                    1
       Deferred income                                                    
    taxes                         (9)        (21)                 (18)
       AFS securities                                                     
    gains, net                   (57)         (9)                 (72)
       Net losses (gains)
    on disposal of land,                                                  
    buildings and
    equipment                       -           1                  (2)
       Other non-cash                                                     
    items, net                  (468)       (128)                 (73)
       Net changes in
    operating assets and                                                  
    liabilities                                                       
         Interest-bearing                                                 
    deposits with banks           134       1,734              (1,220)
         Loans, net of                                                    
    repayments                (2,984)     (3,394)                  449
         Deposits, net of                                               
    withdrawals               (1,228)       1,888                6,188
         Obligations
    related to securities                                                  
    sold short                  (113)          72                (720)
         Accrued interest                                                 
    receivable                    107        (51)                   67
         Accrued interest                                                 
    payable                     (280)         260                (296)
         Derivative                                                       
    assets                    (4,535)         644                1,927
         Derivative                                                       
    liabilities                 2,515       (636)              (2,536)
         Trading                                                          
    securities                (1,247)     (1,183)                (500)
         FVO securities           (7)         (1)                    1    
         Other FVO assets                                                 
    and liabilities               251          69                   54
         Current income                                                    
    taxes                          28          29                (415)
         Cash collateral                                                  
    on securities lent          (923)         399                (133)
         Obligations
    related to securities                                                 
    sold under repurchase                        
    agreements                  1,509     (1,461)              (2,115)
         Cash collateral
    on securities                                                         
    borrowed                      367       1,001                (166)
         Securities
    purchased under                                                       
    resale agreements           1,166       1,768                (418)
         Other, net             (915)         770                  320    
                                                                        
                              (5,196)       2,943                1,455
    Cash flows provided
    by (used in)                                                        
    financing activities                                              
    Issue of common                                                       
    shares for cash                21          12                   53
    Purchase of common
    shares for                                                            
    cancellation                (127)        (77)                (269)
    Net proceeds from                                                     
    treasury shares                 -           -                    1
    Dividends paid              (407)       (408)                (404)    
                                (513)       (473)                (619)  
    Cash flows provided
    by (used in)                                                        
    investing activities                                              
    Purchase of AFS                                                       
    securities                (8,964)     (7,821)              (6,642)
    Proceeds from sale of                                                 
    AFS securities              9,122       2,674                2,702
    Proceeds from
    maturity of AFS                                                       
    securities                  2,142       2,516                2,793
    Net cash used in                                                      
    acquisitions                (147)           -                    -
    Net cash provided by                                                  
    dispositions                3,587           3                   41
    Net purchase of land,
    buildings and                                                         
    equipment                    (85)       (110)                 (39)
                                                                        
                                5,655     (2,738)              (1,145)
    Effect of exchange
    rate changes on cash
    and                                                                 
    non-interest-bearing
    deposits with banks            82          17                  (2)
    Net increase
    (decrease) in cash
    and                                                                 
    non-interest-bearing
    deposits with banks
    during the period              28       (251)                (311)
    Cash and
    non-interest-bearing
    deposits with banks                                                 
    at beginning of
    period                      2,211       2,462                2,613
    Cash and
    non-interest-bearing                                                
    deposits with banks
    at end of period (3)    $   2,239  $    2,211          $     2,302
    Cash interest paid      $   1,317  $      806          $     1,417  
    Cash income taxes                                                   
    paid                          241         146                  560
    Cash interest and                                                   
    dividends received          3,049       2,909                3,043
        Certain information has been restated to reflect the
    (1) changes in accounting policies stated in Note 1 and to
        conform to the presentation adopted in the current period.
        Comprises amortization and impairment of buildings,
    (2) furniture, equipment, leasehold improvements, and software
        and other intangible assets.
    (3) Includes restricted balance of $286 million (October 31,
        2013: $264 million; January 31, 2013: $269 million).


The accompanying notes and shaded sections in "MD&A - Management of risk" are 
an integral part of these interim consolidated financial statements.  

Notes to the interim consolidated financial statements
(Unaudited)

The interim consolidated financial statements of CIBC are prepared in 
accordance with Section 308(4) of the Bank Act, which states that, except as 
otherwise specified by the Office of the Superintendent of Financial 
Institutions (OSFI), the financial statements are to be prepared in accordance 
with International Financial Reporting Standards (IFRS) as issued by the 
International Accounting Standards Board. There are no accounting requirements 
of OSFI that are exceptions to IFRS.

These interim consolidated financial statements have been prepared in 
accordance with International Accounting Standard (IAS) 34 "Interim Financial 
Reporting" and do not include all of the information required for full annual 
consolidated financial statements. These interim consolidated financial 
statements follow the same accounting policies and their methods of 
application as CIBC's consolidated financial statements for the year ended 
October 31, 2013, except as noted.

All amounts in these interim consolidated financial statements are presented 
in Canadian dollars, unless otherwise indicated. These interim consolidated 
financial statements were authorized for issue by the Board of Directors on 
February 26, 2014.

1. Changes in accounting policies

Effective November 1, 2013, CIBC adopted several new and amended accounting 
pronouncements as described below.

(a)     Retrospective application of new and amended standards
The amendments to IAS 19 "Employee Benefits" and IFRS 10 "Consolidated 
Financial Statements" were adopted retrospectively as described below.

IAS 19 "Employee Benefits" - In June 2011, the IASB published an amended 
version of IAS 19. The amendments require the following: (i) recognition of 
actuarial gains and losses in OCI in the period in which they arise; (ii) 
recognition of interest income on plan assets in net income using the same 
rate as that used to discount the defined benefit obligation; and (iii) 
recognition of all past service costs (gains) in net income in the period in 
which they arise. We adopted the amendments to IAS 19 on a retrospective basis 
effective November 1, 2011.

Consistent accounting policies are applied for the purposes of applying the 
equity-method for our investments in equity-associates and joint ventures, and 
therefore the retrospective application of the amendments also impacted the 
accounting for certain of our equity-accounted investments in associates.

IFRS 10 "Consolidated Financial Statements", issued in May 2011, replaces the 
consolidation guidance in IAS 27 "Consolidated and Separate Financial 
Statements" and Standards Interpretation Committee (SIC) 12 - "Consolidation - 
Special Purpose Entities". IFRS 10 introduces a single consolidation model for 
all entities based on control, irrespective of the nature of the investee. 
Under IFRS 10, an investor controls an investee when an investor has: (i) 
power over the investee; (ii) exposure, or rights, to variable returns from 
its involvement with the investee; and (iii) the ability to use its power over 
the investee to affect the amount of the investor's returns. We adopted IFRS 
10 on a retrospective basis effective November 1, 2012.

The adoption of IFRS 10 required us to deconsolidate CIBC Capital Trust from 
our consolidated financial statements. Although we have the ability to direct 
the relevant activities of CIBC Capital Trust, we do not have exposure to 
variable returns from our involvement in CIBC Capital Trust as we pass our 
credit risk into the Trust by issuing senior deposit notes to CIBC Capital 
Trust.

The deconsolidation of CIBC Capital Trust resulted in us removing Capital 
Trust securities issued by CIBC Capital Trust from our consolidated balance 
sheet effective November 1, 2012, and instead recognizing the senior deposit 
notes issued by CIBC to CIBC Capital Trust in Business and government 
deposits. We recognized an increase in shareholders' equity as at November 1, 
2012 and October 31, 2013 due to the reversal of losses previously recognized 
on Capital Trust securities repurchased by CIBC.

The impact on the consolidated balance sheets as a result of the retrospective 
application of the amendments to IAS 19 and IFRS 10 was as follows:  
                       Reported as at   Post-employment      Restated as at
                                                                   opening 
    $ millions             October 31,         benefits   November 1, 2011 
                                 2011 
    ASSETS                                                                 
    Other assets      $          8,879  $          (183)  $           8,696
    Asset line
    items not
    impacted by                374,879                 -            374,879
    accounting
    changes
                      $        383,758  $          (183)  $         383,575
    LIABILITIES AND                                                        
    EQUITY
    Other             $         11,704  $            (3)  $          11,701
    liabilities
    Liability line
    items not
    impacted by                355,963                 -            355,963
    accounting
    changes
    Equity                                                                 
    Preferred
    shares, common
    shares and                  10,225                 -             10,225
    contributed
    surplus
    Retained                     5,457               (3)              5,454
    earnings
    AOCI                           245             (175)                 70
    Total
    shareholders'               15,927             (178)             15,749
    equity
    Non-controlling                164               (2)                162
    interests
    Total equity                16,091             (180)             15,911
                      $        383,758  $          (183)  $         383,575
                        Reported                      Restated                Restated
                          as at   Post-employment       as at        CIBC        as at
                                                                              opening 
    $ millions           October         benefits      October     Capital    November
                       31, 2012                      31, 2012       Trust     1, 2012 
    ASSETS                                                                            
    Securities -       $  40,330  $              -  $   40,330  $       10  $   40,340
    Trading
    Loans - Business      43,624                 -      43,624           9      43,633
    and government
    Investments in
    equity-accounted       1,635              (17)       1,618         (1)       1,617
    associates and
    joint ventures
    Other assets           9,404             (249)       9,155         (3)       9,152
    Asset line items
    not impacted by                              -                       -            
    accounting           298,392                       298,392                 298,392
    changes
                       $          $          (266)  $           $       15  $         
                         393,385                       393,119                 393,134
    LIABILITIES AND                                                                   
    EQUITY
    Deposits -                                                                        
    Business and       $ 125,055  $              -  $  125,055  $    1,685  $  126,740
    government
    Capital Trust          1,678                 -       1,678     (1,678)           -
    securities
    Other                 10,671               405      11,076           1      11,077
    liabilities
    Liability line
    items not                                                                         
    impacted by          238,943                 -     238,943           -     238,943
    accounting
    changes
    Equity                                                                            
    Preferred
    shares, common
    shares and             9,560                 -       9,560           -       9,560
    contributed
    surplus
    Retained               7,042              (40)       7,002           7       7,009
    earnings
    AOCI                     264             (629)       (365)           -       (365)
    Total
    shareholders'         16,866             (669)      16,197           7      16,204
    equity
    Non-controlling          172               (2)         170           -         170
    interests
    Total equity          17,038             (671)      16,367           7      16,374
                       $          $          (266)  $           $       15  $         
                         393,385                       393,119                 393,134
                        Reported  Post-employment        CIBC   Restated as
                          as at                                         at 
    $ millions           October         benefits      Capital  October 31,
                       31, 2013                         Trust         2013 
    ASSETS                                                                 
    Securities -       $  44,068  $              -  $        2  $    44,070
    Trading
    Loans - Business      48,201                 -           6       48,207
    and government
    Investments in
    equity-accounted       1,713              (19)           1        1,695
    associates and
    joint ventures
    Other assets           9,058             (370)         (3)        8,685
    Asset line items
    not impacted by                              -           -             
    accounting           295,349                                    295,349
    changes
                       $          $          (389)  $        6  $          
                         398,389                                    398,006
    LIABILITIES AND                                                        
    EQUITY
    Deposits -                                                             
    Business and       $ 133,100  $              -  $    1,636  $   134,736
    government
    Capital Trust          1,638                 -     (1,638)            -
    securities
    Other                 10,808                53           1       10,862
    liabilities
    Liability line
    items not                                                              
    impacted by          234,414                 -           -      234,414
    accounting
    changes
    Equity                                                                 
    Preferred
    shares, common
    shares and             9,541                 -           -        9,541
    contributed
    surplus
    Retained               8,402              (91)           7        8,318
    earnings
    AOCI                     309             (349)           -         (40)
    Total
    shareholders'         18,252             (440)           7       17,819
    equity
    Non-controlling          177               (2)           -          175
    interests
    Total equity          18,429             (442)           7       17,994
                       $          $          (389)  $        6  $          
                         398,389                                    398,006

The increase (decrease) on the consolidated statements of income and 
consolidated statements of comprehensive income as a result of the 
retrospective application of the amendments to IAS 19 and IFRS 10 was as 
follows:  
    For the three
    months ended                                                                                            
    January 31, 2013                                                      
                        Previously   Post-employment             CIBC                                       
                                 as                   (1)      Capital                           
    $ millions            reported          benefits            Trust   Reclassification  (2)      Restated 
    Interest income    $      2,976  $              -          $     -  $               -          $   2,976
    Interest expense          1,121                 -                -                  -              1,121
    Net interest                                    -                -                  -              1,855
    income                    1,855                                       
    Non-interest                                    -                1               (17)              1,310
    income                    1,326                                       
    Provision for                                   -                -                  -                265
    credit losses               265                                       
    Non-interest                                   18                -               (17)              1,988
    expenses                  1,987                                       
    Income before                                (18)                1                  -                912
    taxes                       929                                       
    Income taxes                131               (4)                -                  -                127
    Net income                  798              (14)                1                  -                785
    Net income
    attributable to                                 -                -                  -                  2
    non-controlling
    interests                     2                                       
    Net income
    attributable to                              (14)                1                  -                783
    equity
    shareholders                796                                       
    Net income                  798              (14)                1                  -                785
    OCI, net of tax,
    that is subject
    to subsequent                                   -                -                  -               (34)
    reclassification
    to net income              (34)                                       
    OCI, net of tax,
    that is not subject
    to subsequent                 -                                                     -                 40
    reclassification to
    net income                                     40                -                         
    Comprehensive                    $             26          $     1                  -          $     791
    income             $        764                                     $ 
    (1) Represents an increase in Non-interest expenses -
        Employee compensation and benefits of $18 million.
        Certain amounts associated with our self-managed credit
    (2) card portfolio have been reclassified from Non-interest
        expenses - Other to Non-interest income - Card fees.
    For the three
    months ended                                                                                            
    October 31, 2013                                                      
                        Previously   Post-employment             CIBC                                       
                                 as                   (1)      Capital                    (2)    
    $ millions            reported          benefits            Trust   Reclassification           Restated 
    Interest income    $      2,959  $              -          $     -  $               -          $   2,959
    Interest expense          1,065                 -                1                  -              1,066
    Net interest                                    -              (1)                  -              1,893
    income                    1,894                                       
    Non-interest                                  (1)              (1)               (17)              1,287
    income                    1,306                                       
    Provision for                                   -                -                  -                271
    credit losses               271                                       
    Non-interest                                   15                -               (17)              1,930
    expenses                  1,932                                       
    Income before                                (16)              (2)                  -                979
    taxes                       997                                       
    Income taxes                161               (7)                -                  -                154
    Net income                  836               (9)              (2)                  -                825
    Net loss
    attributable to                                 -                -                  -                (7)
    non-controlling
    interests                   (7)                                       
    Net income
    attributable to                               (9)              (2)                  -                832
    equity
    shareholders                843                                       
    Net income                  836               (9)              (2)                  -                825
    OCI, net of tax,
    that is subject
    to subsequent                                   -                -                  -                130
    reclassification
    to net income               130                                       
    OCI, net of tax,
    that is not subject
    to subsequent                 -                                                     -                 50
    reclassification to
    net income                                     50                -                         
    Comprehensive                    $             41          $   (2)                  -          $   1,005
    income             $        966                                     $ 
    (1) Represents a decrease in Non-interest income - Income
        from equity-accounted associates and joint ventures of
        $1 million and an increase in Non-interest expenses -
        Employee compensation and benefits of $15 million.
    (2) Certain amounts associated with our self-managed credit
        card portfolio have been reclassified from Non-interest
        expenses - Other to Non-interest income - Card fees.
    For the year
    ended October                                                                                
    31, 2012                                                                   
                        Previously   Post-employment                                             
                                 as                                                   
    $ millions            reported          benefits  (1)     Reclassification  (2)     Restated 
    Interest income    $     11,907  $              -         $               -         $  11,907
    Interest expense          4,581                 -                         -             4,581
    Net interest                                    -                                       7,326
    income                    7,326                                           -
    Non-interest                                  (5)                                       5,159
    income                    5,223                                        (59)
    Provision for                                   -                                       1,291
    credit losses             1,291                                           -
    Non-interest                                   46                                       7,202
    expenses                  7,215                                        (59)
    Income before                                (51)                                       3,992
    taxes                     4,043                                           -
    Income taxes                704              (15)                         -               689
    Net income                3,339              (36)                         -             3,303
    Net income
    attributable to                                 1                                           9
    non-controlling
    interests                     8                                           -
    Net income
    attributable to                              (37)                                       3,294
    equity
    shareholders              3,331                                           -
    Net income                3,339              (36)                         -             3,303
    OCI, net of tax,
    that is subject
    to subsequent                                   -                                          19
    reclassification
    to net income                19                                           -
    OCI, net of tax,
    that is not
    subject to                                  (454)                                       (454)
    subsequent
    reclassification
    to net income                 -                                           -
    Comprehensive                    $          (490)         $                         $   2,868
    income             $      3,358                                           -
    (1) Represents a decrease in Non-interest income - Income
        from equity-accounted associates and joint ventures of $5
        million and an increase in Non-interest expenses -
        Employee compensation and benefits of $46 million.
    (2) Certain amounts associated with our self-managed credit
        card portfolio have been reclassified from Non-interest
        expenses - Other to Non-interest income - Card fees.
    For the year
    ended October                                                                                           
    31, 2013                                                              
                        Previously   Post-employment             CIBC                                       
                                 as         benefits  (1)      Capital                    (2)    
    $ millions            reported                              Trust   Reclassification           Restated 
                            11,811   $              -          $     -                  -          $     
    Interest income    $                                                $                             11,811
    Interest expense          4,356                 -                2                  -              4,358
    Net interest              7,455                 -              (2)                  -              7,453
    income                                                                
    Non-interest              5,328               (1)                2               (64)              5,265
    income                                                                
    Provision for             1,121                 -                -                  -              1,121
    credit losses                                                         
    Non-interest              7,614                71                -               (64)              7,621
    expenses                                                              
    Income before             4,048              (72)                -                  -              3,976
    taxes                                                                 
    Income taxes                648              (22)                -                  -                626
    Net income                3,400              (50)                -                  -              3,350
    Net loss
    attributable to             (3)                 1                -                  -                (2)
    non-controlling
    interests                                                             
    Net income
    attributable to           3,403              (51)                -                  -              3,352
    equity
    shareholders                                                          
    Net income                3,400              (50)                -                  -              3,350
    OCI, net of tax,
    that is subject
    to subsequent                45                 -                -                  -                 45
    reclassification
    to net income                                                         
    OCI, net of tax,
    that is not subject
    to subsequent                 -               280                                   -                280
    reclassification to
    net income                                                       -                        
    Comprehensive             3,445  $            230          $     -                  -          $   3,675
    income             $                                                $ 
    (1) Represents a decrease in Non-interest income - Income
        from equity-accounted associates and joint ventures of
        $1 million and an increase in Non-interest expenses -
        Employee compensation and benefits of $71 million.
    (2) Certain amounts associated with our self-managed credit
        card portfolio have been reclassified from Non-interest
        expenses - Other to Non-interest income - Card fees.

(b)     Other changes in accounting standards
The following standards and amendments to standards were also adopted 
effective November 1, 2013.

IFRS 11 "Joint Arrangements", issued in May 2011, requires entities which had 
previously accounted for joint ventures using proportionate consolidation to 
collapse the proportionately consolidated net asset value (including any 
allocation of goodwill) into a single investment balance at the beginning of 
the earliest period presented using the equity method. As we presently apply 
the equity method for our joint arrangements under IFRS, the adoption of IFRS 
11 did not impact our consolidated financial statements.

IFRS 12 "Disclosure of Interests in Other Entities", issued in May 2011, 
requires enhanced disclosures about both consolidated entities and 
unconsolidated entities in which an entity has involvement. The objective of 
IFRS 12 is to provide information to enable users to evaluate the nature of, 
and risks associated with, its interest in other entities, including 
subsidiaries, joint arrangements, associates and unconsolidated structured 
entities, and the effects of those interests on our consolidated financial 
statements. IFRS 12 did not impact our consolidated financial statements; 
however, additional disclosures will be provided in our annual consolidated 
financial statements.

As a result of the issuance of IFRS 10, IFRS 11 and IFRS 12, the IASB issued 
amended and renamed IAS 27 "Separate Financial Statements" and IAS 28 
"Investments in Associates and Joint Ventures". The amended IAS 27 removes its 
existing consolidation model and requirements related to consolidated 
financial statements as they are now addressed in IFRS 10. The amended IAS 27 
prescribes the accounting for investments in subsidiaries, jointly controlled 
entities and associates in separate financial statements. Amended IAS 28 
outlines how to apply the equity method to investments in associates and joint 
ventures. The adoption of amended IAS 27 and IAS 28 did not impact our 
consolidated financial statements.

IFRS 13 "Fair Value Measurement", issued in May 2011, replaces the fair value 
measurement guidance contained in individual IFRSs with a single standard for 
measuring fair value. IFRS 13 provides expanded disclosure about fair value 
measurements for both financial and non-financial assets and liabilities 
measured at fair value on a recurring or non-recurring basis and for items not 
measured at fair value but for which fair value is disclosed. Adoption of this 
standard did not result in changes to how we measure fair value. However, 
additional disclosures related to the type and range of inputs used in the 
estimation of the fair value of financial instruments measured at fair value 
on the balance sheet that are considered to be in Level 3 of the fair value 
hierarchy have been included in Note 2 of our interim consolidated financial 
statements. In addition, we will be required to provide additional disclosures 
related to the fair value of financial instruments measured at amortized cost 
on our balance sheet, such as loans and deposits, including how the disclosed 
fair values fit into the fair value hierarchy in our annual consolidated 
financial statements.

IFRS 7 "Disclosures - Offsetting Financial Assets and Financial Liabilities", 
issued in December 2011, contains amendments to IFRS 7 and requires new 
disclosure for financial assets and liabilities that are offset in the balance 
sheet or are subject to master netting arrangements or similar arrangements. 
The amendments did not impact our consolidated financial statements; however, 
additional disclosures will be provided in our annual consolidated financial 
statements.

2. Fair value measurements

Fair value is defined as the price that would be received to sell an asset, or 
paid to transfer a liability, between market participants in an orderly 
transaction in the principal market at the measurement date under current 
market conditions (i.e. the exit price). The determination of fair value 
requires judgment and is based on market information, where available and 
appropriate. Fair value measurements are categorized into three levels within 
a fair value hierarchy (Level 1, 2 or 3) based on the valuation inputs used in 
measuring the fair value, as outlined below.
        --  Level 1 - Unadjusted quoted market prices in active markets for
            identical assets or liabilities we can access at the
            measurement date. Bid prices, ask prices or prices within the
            bid and ask, which are the most representative of the fair
            value, are used as appropriate to measure fair value. Fair
            value is best evidenced by an independent quoted market price
            for the same instrument in an active market. An active market
            is one where transactions are occurring with sufficient
            frequency and volume to provide quoted prices on an ongoing
            basis.
        --  Level 2 - Quoted prices for identical assets or liabilities in
            markets that are inactive or observable market quotes for
            similar instruments, or use of valuation technique where all
            significant inputs are observable. Inactive markets may be
            characterized by a significant decline in the volume and level
            of observed trading activity or through large or erratic
            bid/offer spreads. In instances where traded markets do not
            exist or are not considered sufficiently active, we measure
            fair value using valuation models.
        --  Level 3 - Non-observable or indicative prices or use of
            valuation technique where one or more significant inputs are
            non-observable.

For a significant portion of our financial instruments, quoted market prices 
are not available because of the lack of traded markets, and even where such 
markets do exist, they may not be considered sufficiently active to be used as 
a final determinant of fair value.  When quoted market prices in active 
markets are not available, we would consider using valuation models. The 
valuation model and technique we select maximizes the use of observable market 
inputs to the extent possible and appropriate in order to estimate the price 
at which an orderly transaction would take place at the measurement date. In 
an inactive market, we consider all reasonably available information including 
any available pricing for similar instruments, recent arm's length market 
transactions, any relevant observable market inputs, indicative dealer or 
broker quotations, and our own internal model-based estimates.

Valuation adjustments are an integral component of our fair valuation process. 
We apply judgment in establishing valuation adjustments that take into account 
various factors that may have an impact on the valuation. Such factors 
include, but are not limited to, the bid-offer spread, illiquidity due to lack 
of market depth, parameter uncertainty and other market risk, model risk and 
credit risk. For derivatives, we have credit valuation adjustments (CVA) that 
factor in counterparty, as well as our own credit risk, and a valuation 
adjustment for administration costs.

Generally, the unit of account for a financial instrument is the individual 
instrument, and valuation adjustments are applied at an individual instrument 
level, consistent with that unit of account. In cases where we manage a group 
of financial assets and liabilities that consist of substantially similar and 
offsetting risk exposures, the valuation adjustments for financial assets and 
liabilities are measured on the basis of the net open risks.

We apply judgment in determining the most appropriate inputs and the weighting 
we ascribe to each such input as well as in our selection of valuation 
methodologies. Regardless of the valuation technique we use, we incorporate 
assumptions that we believe market participants would make for credit, 
funding, and liquidity considerations. When the fair value of a financial 
instrument at inception is determined using a valuation technique that 
incorporates significant non-observable market inputs, no inception profit or 
loss (the difference between the determined fair value and the transaction 
price) is recognized at the time the asset or liability is first recorded. Any 
gains or losses at inception are deferred and recognized only in future 
periods over the term of the instruments or when market quotes or data become 
observable.

We have an ongoing process for evaluating and enhancing our valuation 
techniques and models. Where enhancements are made, they are applied 
prospectively, so that fair values reported in prior periods are not 
recalculated on the new basis. Valuation models used, including analytics for 
the construction of yield curves and volatility surfaces, are vetted and 
approved, consistent with our model risk policy.

To ensure that valuations are appropriate, we have established internal 
guidance on fair value measurement, which is reviewed periodically in 
recognition of the dynamic nature of markets and the constantly evolving 
pricing practices in the market. A number of policies and controls are put in 
place to ensure the internal guidance on fair value measurement is being 
applied consistently and appropriately. Fair value of publicly issued 
securities and derivatives is independently validated at least once a month. 
Valuations are verified to external sources such as exchange quotes, broker 
quotes or other management-approved independent pricing sources. Key model 
inputs, such as yield curves and volatilities, are independently verified. The 
results from the independent price validation and any valuation adjustments 
are reviewed by the Independent Price Verification Committee on a monthly 
basis. This includes, but is not limited to, reviewing fair value adjustments 
and methodologies, independent price verification results, limits and 
valuation uncertainty. Fair value of privately issued securities is reviewed 
on a quarterly basis.

Due to the judgment used in applying a wide variety of acceptable valuation 
techniques and models, as well as the use of estimates inherent in this 
process, estimates of fair value for the same or similar assets may differ 
among financial institutions. The calculation of fair value is based on market 
conditions as at each balance sheet date, and may not be reflective of 
ultimate realizable value.

Details on fair value methods and assumptions used for determining fair value 
of our financial instruments are disclosed in pages 105 to 107 of the 2013 
Annual Report.

The table below presents the level in the fair value hierarchy into which the 
fair values of financial instruments that are carried at fair value on the 
interim consolidated balance sheet are categorized:
                              Level 1                 Level 2                   Level 3                            
                                            Valuation technique -       Valuation technique                        
                                                                                          -
                      Quoted market price       observable market            non-observable       Total       Total
                                                           inputs             market inputs
                                                          2013(1)                                              2013
                          2014       2013        2014                       2014      2013         2014        (1) 
    $ millions, as        Jan.       Oct.     Jan. 31     Oct. 31           Jan.    Oct. 31     Jan. 31     Oct. 31
    at                      31         31                                     31
    Financial                                                                                                    
    assets
    Deposits with    $       -  $       -  $       51  $      111      $       -  $       -  $       51  $      111
    banks
    Trading                                                                                                      
    securities 
      Government
      issued or      $     911  $   2,053  $    8,999  $    7,378      $       -  $       -  $    9,910  $    9,431
      guaranteed
      Corporate         27,635     27,169       3,503       3,707              -          -      31,138      30,876
      equity
      Corporate              -          -       2,581       2,362              -          -       2,581       2,362
      debt
      Mortgage-
      and                    -          -         827         564            861        837       1,688       1,401
      asset-backed
                     $  28,546  $  29,222  $   15,910  $   14,011      $     861  $     837  $   45,317  $   44,070
    Trading loans                                                                                                
      Business and   $       -  $       -  $    2,031  $    2,211      $      28  $       -  $    2,059  $    2,211
      government
    AFS securities                                                                                          
      Government
      issued or      $     947  $   1,162  $   11,894  $   14,625      $       -  $       -  $   12,841  $   15,787
      guaranteed
      Corporate             67         29           -           9            643        618         710         656
      equity
      Corporate              -          -       8,997       7,967             14          9       9,011       7,976
      debt 
      Mortgage-
      and                    -          -       2,612       2,922            232        286       2,844       3,208
      asset-backed
                     $   1,014  $   1,191  $   23,503  $   25,523      $     889  $     913  $   25,406  $   27,627
    FVO securities                                                                                          
      Government
      issued or      $       -  $       -  $       48  $       44      $       -  $       -  $       48  $       44
      guaranteed
      Corporate              -          -         102          96              -          -         102          96
      debt
      Asset-backed           -          -           -           -            144        147         144         147
                     $       -  $       -  $      150  $      140      $     144  $     147  $      294  $      287
    FVO securities
    purchased                                                                                                      
    under resale
      agreements     $       -  $       -  $        -  $        -      $       -  $       -  $        -  $        -
    Derivative                                                                                                     
    instruments
      Interest       $       1  $       -  $   14,175  $   13,718      $      45  $      46  $   14,221  $   13,764
      rate
      Foreign                -          -       8,171       4,812              -          -       8,171       4,812
      exchange
      Credit                 -          -           -           -            286        294         286         294
      Equity               168        129         661         342              1          1         830         472
      Precious              72          -          15          28              -          -          87          28
      metal
      Other                131        117         763         460              -          -         894         577
      commodity
                     $     372  $     246  $   23,785  $   19,360      $     332  $     341  $   24,489  $   19,947
    Total
    financial        $  29,932  $  30,659  $   65,430  $   61,356      $   2,254  $   2,238  $   97,616  $   94,253
    assets
    Financial                                                                                                      
    liabilities
    Deposits and
    other            $       -  $       -  $  (1,958)  $  (1,729)      $   (788)  $   (737)  $  (2,746)  $  (2,466)
    liabilities(2)
    Obligations
    related to         (7,556)    (9,099)     (5,658)     (4,228)              -          -    (13,214)    (13,327)
    securities
    sold short
                     $ (7,556)  $ (9,099)  $  (7,616)  $  (5,957)      $   (788)  $   (737)  $ (15,960)  $ (15,793)
    Derivative                                                                                                     
    instruments
      Interest       $     (1)  $       -  $ (13,339)  $ (12,820)      $    (49)  $    (48)  $ (13,389)  $ (12,868)
      rate
      Foreign                -          -     (6,994)     (4,166)              -          -     (6,994)     (4,166)
      exchange
      Credit                 -          -         (3)           -          (397)      (413)       (400)       (413)
      Equity             (146)      (120)       (748)     (1,650)           (14)       (13)       (908)     (1,783)
      Precious            (96)        (8)        (13)        (22)              -          -       (109)        (30)
      metal
      Other              (143)      (126)       (301)       (338)              -          -       (444)       (464)
      commodity
                     $   (386)  $   (254)  $ (21,398)  $ (18,996)      $   (460)  $   (474)  $ (22,244)  $ (19,724)
    Total
    financial        $ (7,942)  $ (9,353)  $ (29,014)  $ (24,953)      $ (1,248)  $ (1,211)  $ (38,204)  $ (35,517)
    liabilities
    (1) Certain information has been restated to reflect
        the changes in accounting policies stated in Note
        1 and to conform to the presentation adopted in
        the current period.
    (2) Comprises FVO deposits of $2,018 million (October
        31, 2013: $1,764 million), FVO secured borrowings
        of $351 million (October 31, 2013: $352 million),
        bifurcated embedded derivatives of $375 million
        (October 31, 2013: $348 million), and FVO other
        liabilities of $2 million (October 31, 2013: $2
        million). Changes in our own credit risk had an
        insignificant impact on the determination of the
        fair value of our FVO deposits.

Transfers into or out of Level 3 can occur as a result of additional or new 
information regarding valuation inputs and changes in their observability. 
Transfers between levels in the fair value hierarchy are deemed to have 
occurred at the beginning of the reporting period. During the quarter, we 
transferred $470 million of trading securities and $404 million of securities 
sold short from Level 1 to Level 2, and $13 million of corporate equity 
securities from Level 3 to Level 1.

The net gain recognized in the interim consolidated statement of income on the 
financial instruments, for which fair value was estimated using valuation 
techniques requiring non-observable inputs, for the quarter ended January 31, 
2014 was $53 million (October 31, 2013: net gain of $23 million; January 31, 
2013: net gain of $47 million).

The following table presents the changes in fair value of financial assets and 
liabilities in Level 3. These instruments are measured at fair value utilizing 
non-observable market inputs. We often hedge positions with offsetting 
positions that may be classified in a different level. As a result, the gains 
and losses for assets and liabilities in the Level 3 category presented in the 
table below do not reflect the effect of offsetting gains and losses on the 
related hedging instruments that are classified in Level 1 and Level 2.
                                     Net gains (losses)                                                                 
                     
                                     included in income                                                                 
                           
                                                                    Net  Transfer  Transfer                             
                           
                                                             unrealized
                       Opening                                   gains      in to    out of                             
                    Closing
                                                               (losses)
    $ millions,
    for the three               Realized      Unrealized       included


months ended       balance       (1)          (1)(2)         in OCI   Level 3   Level 3  Purchases  Issuances    
Sales  Settlements     balance 


    Jan. 31, 2014                                                                                                       
                           
    Trading                                                                                                             
                           
    securities
      Mortgage-


  and            $     837  $     15      $       67      $       -  $      -  $      -  $       -  $       -  $    
 -  $      (58)   $     861 


      asset-backed
    Trading loans                                                                                                       
                           


  Business and           -         -               -              -         -         -         28          -       
 -            -          28 


      government
    AFS securities                                                                                                      
                           


  Corporate            618        21               -             34         -      (13)         21          -     
(38)            -         643 
  equity 
  Corporate              9         -               1            (1)         -         -          5          -       
 -            -          14 


      debt
      Mortgage-


  and                  286         -               -              -         -         -          -          -       
 -         (54)         232 


      asset-backed
    FVO securities                                                                                                      
                           


  Asset-backed         147         3              12              -         -         -          -          -       
 -         (18)         144 


    Derivative                                                                                                          
                           
    instruments


  Interest              46         4               -              -         -         -          -          -       
 -          (5)          45 
  rate 
  Credit               294       (4)               6              -         -         -          -          -       
 -         (10)         286 
  Equity                 1         -               -              -         -         -          -          -       
 -            -           1 
Total assets     $   2,238  $     39      $       86      $      33  $      -  $   (13)  $      54  $       -   $ 
(38)  $     (145)   $   2,254 
Deposits and 
other            $   (737)  $    (5)      $     (51)      $       -  $      -  $      -  $       -  $    (27)   $  
(1)  $        33   $   (788) 


    liabilities(3)
    Derivative                                                                                                          
                           
    instruments


  Interest            (48)       (4)             (1)              -         -         -          -          -       
 -            4        (49) 
  rate 
  Credit             (413)         -            (10)              -         -         -          -          -       
 -           26       (397) 
  Equity              (13)         -             (1)              -         -         -          -          -       
 -            -        (14) 
Total            $ (1,211)  $    (9)      $     (63)      $       -  $      -  $      -  $       -  $    (27)   $  
(1)  $        63   $ (1,248) 


    liabilities
    Oct. 31, 2013                                                                                                       
                           
    Trading                                                                                                             
                           
    securities
      Mortgage-


  and            $     839  $     46      $       21      $       -  $      -  $      -  $       -  $       -   $   
 -  $      (69)   $     837 


      asset-backed
    Trading loans                                                                                                       
                           


  Business and           8         8               -              -         -         -          -          -     
(16)            -           - 


      government
    AFS securities                                                                                                      
                           


  Corporate            639        27            (36)             21         -         -          8          -     
(41)            -         618 
  equity 
  Corporate             23        15               1            (7)         -         -          -          -     
(23)            -           9 


      debt
      Mortgage-


  and                  347         -               -              -         -         -          -          -       
 -         (61)         286 


      asset-backed
    FVO securities                                                                                                      
                           


  Asset-backed         150         4             (2)              -         -         -          -          -       
 -          (5)         147 


    Derivative                                                                                                          
                           
    instruments


  Interest              43         2               2              -         -         -          -          -       
 -          (1)          46 
  rate 
  Credit               342      (16)            (23)              -         -         -          -          -       
 -          (9)         294 
  Equity                 1         -               -              -         -         -          -          -       
 -            -           1 
Total assets     $   2,392  $     86      $     (37)      $      14  $      -  $      -  $       8  $       -   $ 
(80)  $     (145)  $    2,238 
Deposits and 
other            $   (692)  $   (20)      $     (40)      $       -  $    (6)  $      -  $       3  $       5   $  
(5)  $        18  $    (737) 


    liabilities(3)
    Derivative                                                                                                          
                           
    instruments


  Interest            (49)       (4)               2              -         -         -          -          -       
 -            3        (48) 
  rate 
  Credit             (473)        15              21              -         -         -          -          -       
 -           24       (413) 
  Equity               (4)         -               -              -       (1)         -          -        (8)       
 -            -        (13) 
Total            $ (1,218)  $    (9)      $     (17)      $       -  $    (7)  $      -  $       3  $     (3)   $  
(5)  $        45  $  (1,211) 


    liabilities
    (1) Includes foreign currency gains and losses.
    (2) Comprises unrealized gains and losses
        relating to these assets and liabilities
        held at the end of the reporting period.
    (3) Includes FVO deposits of $602 million
        (October 31, 2013: $557 million) and
        bifurcated embedded derivatives of $186
        million (October 31, 2013: $180 million).

Quantitative information about significant non-observable inputs 
Valuation techniques using one or more non-observable inputs are used for a 
number of financial instruments. The following table discloses the valuation 
techniques and quantitative information about the significant non-observable 
inputs used in Level 3 financial instruments:  
                                                                                                     
                            2014           Valuation                                  Range of inputs 
    $ millions, as          Jan.                                        Key
    at                        31          techniques         non-observable         Low       High   
                                                                     inputs
    Trading                                                                                            
    securities
                                              Market           Market proxy
      Mortgage- and    $     861            proxy or              or direct            -  %    96.5  % 
      asset-backed                            direct           broker quote
                                        broker quote
    Trading loans                                                                                    
      Business and            28          Discounted          Discount rate          2.2  %     2.2  % 
      government                           cash flow
    AFS securities                                                                                   
      Corporate                                                                                      
      equity
        Limited                             Adjusted              Net asset
        partnerships         424           net asset (1)              value         n/a        n/a   
                                               value
        Private              219           Valuation               Earnings          6.9       14.5  
        companies                           multiple               multiple
                                                                    Revenue          3.4        3.6  
                                                                   multiple
                                          Discounted          Discount rate          9.3  %    20.0  % 
                                           cash flow
      Corporate debt          14          Discounted          Discount rate         16.0  %    30.0  % 
                                           cash flow
      Mortgage- and          232          Discounted          Credit spread          0.8  %     0.8  % 
      asset-backed                         cash flow
                                                                 Prepayment         13.1  %    33.8  % 
                                                                       rate
    FVO securities                                                                                   
                                              Market           Market proxy
      Asset-backed           144            proxy or              or direct         81.0  %    95.0  % 
                                              direct           broker quote
                                        broker quote
    Derivative                                                                                       
    instruments
      Interest rate           45         Proprietary (2)                n/a         n/a        n/a   
                                               model
                                              Market           Market proxy
      Credit                 286 (3)        proxy or              or direct         30.4  %    99.7  % 
                                              direct           broker quote
                                        broker quote
                                          Discounted           Default rate          4.0  %     4.0  % 
                                           cash flow
                                                              Recovery rate         50.0  %    70.0  % 
                                                                 Prepayment         20.0  %    20.0  % 
                                                                       rate
                                                              Credit spread (4)      0.1  %     1.1  % 
      Equity                   1              Option                 Market         13.4  %    13.4  % 
                                              model              volatility
    Total assets       $   2,254                                                                     
                                                                                                     
    Deposits and                              Market           Market proxy
    other              $   (788)            proxy or              or direct            -  %    96.5  % 
    liabilities                               direct           broker quote
                                        broker quote
                                              Option                 Market          7.9  %    17.6  % 
                                               model             volatility
                                                                     Market       (53.8)  %   100.0  % 
                                                                correlation
    Derivative                                                                                       
    instruments
      Interest rate         (49)         Proprietary  (2)              n/a          n/a        n/a   
                                               model
                                              Market           Market proxy
      Credit               (397)            proxy or              or direct            -  %    99.3  % 
                                              direct          broker quote 
                                        broker quote
                                          Discounted          Default rate           4.0  %     4.0  % 
                                           cash flow
                                                                   Recovery         50.0  %    70.0  % 
                                                                      rate 
                                                                 Prepayment         20.0  %    20.0  % 
                                                                      rate 
                                                                     Credit          0.1  %     1.1  % 
                                                                    spread 
      Equity                (14)              Option                 Market         27.4  %    40.8  % 
                                               model            volatility 
    Total              $ (1,248)                                                                       
    liabilities
    (1) Adjusted net asset value is determined using reported
        net asset values obtained from the fund manager or
        general partner of the limited partnership and may be
        adjusted for current market levels where appropriate.
    (2) Using valuation techniques which we consider to be
        non-observable. 
    (3) Net of CVA reserves related to financial guarantors
        calculated based on reserve rates (as a percentage of
        fair value) ranging from 16% to 79%.
    (4) Excludes financial guarantors.
    n/a Not applicable.

Sensitivity of Level 3 financial assets and liabilities

The following section describes the significant non-observable inputs 
identified in the table above, the inter-relationships between those inputs 
and the sensitivity of fair value to changes in those inputs. We performed our 
Level 3 sensitivity analysis on an individual instrument basis, except for 
instruments managed within our structured credit run-off business for which we 
performed the sensitivity analysis on a portfolio basis to reflect the manner 
in which those financial instruments are managed.

Within our structured credit run-off business our primary sources of exposure, 
which are derived either through direct holdings or derivatives, are U.S. 
residential mortgage market contracts, collateralized loan obligations (CLOs), 
corporate debt and other securities and loans. Structured credit positions 
classified as loans and receivables are carried at amortized cost and are 
excluded from this sensitivity analysis. The structured credit positions 
carried on the consolidated balance sheet at fair value are within trading 
securities, FVO securities, FVO structured note liability within deposits and 
derivatives. These fair values are generally derived from and are sensitive to 
non-observable inputs, including indicative broker quotes and internal models 
that utilize default rates, recovery rates, prepayment rates and credit 
spreads. Indicative broker quotes are derived from proxy pricing in an 
inactive market or from the brokers' internal valuation models. These quotes 
are used to value our trading and FVO securities, our FVO structured note 
liability and derivative positions. A significant increase in the indicative 
broker prices or quotes would result in an increase in the fair value of our 
Level 3 securities and note liability but a decrease in the fair value of our 
credit derivatives. The fair value of our credit derivatives referencing CLO 
assets are also impacted by other key non-observable inputs, including:
        --  Prepayment rates - which are a measure of the future expected
            repayment of a loan by a borrower in advance of the scheduled
            due date. Prepayment rates are driven by consumer behaviour,
            economic conditions and other factors. A significant increase
            in prepayment rates of the underlying loan collateral of the
            referenced CLO assets would result in an increase in the fair
            value of the referenced CLO assets and a decrease in our Level
            3 credit derivatives.
        --  Recovery rates - which are an estimate of the amount that will
            be recovered following a default by a borrower. Recovery rates
            are expressed as one minus a loss given default rate. Hence, a
            significant increase in the recovery rate of the underlying
            defaulted loan collateral of the referenced CLO assets would
            result in an increase in the fair value of the referenced CLO
            assets and a decrease in the fair value of our Level 3 credit
            derivatives.
        --  Credit spreads - which are the premium over a benchmark
            interest rate in the market to reflect a lower credit quality
            of a financial instrument and forms part of the discount rate
            used in a discounted cash flow model. A significant increase in
            the credit spread, which raises the discount rate applied to
            future cash flows of the referenced CLO assets would result in
            a decrease in the fair value of referenced CLO assets and an
            increase in the fair value of our Level 3 credit derivatives.
        --  Default rates or probabilities of default - which are the
            likelihood of a borrower's inability to repay its obligations
            as they become contractually due. A significant increase in the
            default rate of the underlying loan collateral of the
            referenced CLO assets up to a certain reasonably possible level
            would result in an increase in the fair value of the referenced
            CLO assets and a decrease in the fair value of our Level 3
            credit derivatives. This impact is due to accelerated principal
            repayments from the defaulted underlying loan collateral and
            the subordination structure of the referenced CLO assets. In
            general, higher default rates have a positive correlation with
            credit spreads, but a negative correlation with recovery rates
            and prepayment rates, with the respective impact on fair value
            as described above.

The fair value of the credit derivatives is also sensitive to credit valuation 
adjustments for counterparty risk on both the credit derivative counterparty 
and on CIBC.

The impact of adjusting the indicative broker quotes, default rates, recovery 
rates, prepayment rates and credit spreads noted above to reasonably possible 
alternatives would increase the net fair value by up to $48 million or 
decrease the net fair value by up to $55 million in respect of financial 
instruments carried at fair value in our structured credit run-off business. 
Changes in fair value of a Level 3 FVO structured note liability and the Level 
3 positions that the note hedges have no impact on this sensitivity analysis 
because reasonably possible changes in fair value are expected to be largely 
offsetting.

The fair value of our investments in private companies is derived from 
applying applicable valuation multiples to financial indicators such as 
revenue or earnings. Earnings multiples or revenue multiples represent the 
ratios of earning or revenue to enterprise value and are often used as 
non-observable inputs in the fair value measurement of our investments in 
private companies. We apply professional judgment in our selection of the 
multiple from comparable listed companies, which is then further adjusted for 
company specific factors. The fair value of private companies is sensitive to 
changes in the multiple we apply. A significant increase in earnings multiples 
or revenue multiples generally increases the fair value of our investments in 
private equities and by adjusting the multiple within a reasonably possible 
range, the aggregate fair value for our investment in private companies would 
increase by $66 million or decrease by $35 million.

The fair value of our limited partnerships (LPs) is determined based on the 
net asset value (NAV) provided by the fund managers, adjusted as appropriate. 
The fair value of LPs is sensitive to changes in the NAV and by adjusting the 
NAV within a reasonably possible range, the aggregate fair value of our LPs 
would increase or decrease by $34 million.

The fair value of our asset-backed securities (ABS) is determined based on 
non-observable credit spreads and assumptions concerning the repayment of 
receivables underlying these ABS. The fair value of our ABS is sensitive to 
changes in the credit spreads and prepayment assumptions. A significant 
increase in credit spreads generally results in a decrease in the fair value 
of our Level 3 ABS and a significant increase in prepayment rates would result 
in a decrease in the fair value of our Level 3 ABS. By adjusting these 
non-observable inputs by reasonably alternative amounts, the fair value would 
increase or decrease by $10 million.

Our bifurcated embedded derivatives are recorded within deposits and other 
liabilities. The determination of the fair value of certain bifurcated 
embedded derivatives requires significant assumptions and judgment to be 
applied to both the inputs and the valuation techniques employed. These 
embedded derivatives are sensitive to long-dated market volatility and 
correlation inputs, which we consider to be non-observable. Market volatility 
is a measure of the anticipated future variability of a market price and is an 
important input for pricing options which are inherent in many of our embedded 
derivatives. A higher market volatility generally results in a higher option 
price, with all else held constant, due to the higher probability of obtaining 
a greater return from the option, and results in an increase in the fair value 
of our Level 3 embedded derivative liabilities. Correlation inputs are used to 
value those embedded derivatives where the payout is dependent upon more than 
one market price. For example, the payout of an equity basket option is based 
upon the performance of a basket of stocks, and the inter-relationships 
between the price movements of those stocks. A positive correlation implies 
that two inputs tend to change the fair value in the same direction, while a 
negative correlation implies that two inputs tend to change the fair value in 
the opposite direction. Changes in market correlation could result in an 
increase or a decrease in the fair value of our Level 3 embedded derivative 
liabilities. By adjusting the non-observable inputs by reasonably alternative 
amounts, the fair value of our embedded derivative liabilities would increase 
or decrease by $7 million.

3. Significant acquisition and dispositions

Aeroplan Agreements

On December 27, 2013, CIBC completed the transactions contemplated by the 
tri-party agreements with Aimia Canada Inc. (Aimia) and The Toronto-Dominion 
Bank (TD) that were announced on September 16, 2013.

CIBC sold to TD approximately 50% of its existing Aerogold VISA credit card 
portfolio, consisting primarily of credit card only customers, while CIBC 
retained the Aerogold VISA credit card accounts held by clients with broader 
banking relationships at CIBC.

The portfolio divested by CIBC consisted of $3.3 billion of credit card 
receivables. Upon closing, CIBC received a cash payment from TD equal to the 
credit card receivables outstanding acquired by TD.

CIBC also received upon closing, in aggregate, $200 million in upfront 
payments from TD and Aimia.

Under the terms of the agreements:
        --  CIBC continues to have rights to market the Aeroplan program
            and originate new Aerogold cardholders through its CIBC branded
            channels.
        --  The parties have agreed to certain provisions to compensate for
            the risk of cardholder migration from one party to another.
            There is potential for payments of up to $400 million by
            TD/Aimia or CIBC for net cardholder migration over a period of
            5 years.
        --  CIBC expects to receive annual commercial subsidy payments from
            TD of approximately $38 million per year in each of the three
            years after closing.
        --  The CIBC and Aimia agreement includes an option for either
            party to terminate the agreement after the third year and
            provides for penalty payments due from CIBC to Aimia if holders
            of Aeroplan credit cards from CIBC's retained portfolio switch
            to other CIBC credit cards above certain thresholds.
        --  CIBC is working with TD under an interim servicing agreement to
            effect a smooth transition of the cardholders moving to TD.

In conjunction with the completion of the Aeroplan transaction, CIBC has fully 
released Aimia and TD from any potential claims in connection with TD becoming 
Aeroplan's primary financial credit card partner.

Acquisition of Atlantic Trust Private Wealth Management

On December 31, 2013, CIBC completed the acquisition of Atlantic Trust Private 
Wealth Management (Atlantic Trust) from its parent company, Invesco Ltd., for 
$224 million (US$210 million) plus working capital and other adjustments. 
Atlantic Trust, which has approximately US$24 billion in assets under 
management (AUM), provides integrated wealth management solutions for 
high-net-worth individuals, families, foundations and endowments in the United 
States.

The following summarizes the consideration transferred and the amounts of 
assets acquired and liabilities assumed at the acquisition date.

Consideration transferred 
The consideration transferred is as follows: 
    $ millions, as at December 31, 2013                                 
    Upfront cash payment                                         $  179 
    Contingent consideration, at fair value (deferred payment)       45 
    Working capital and other adjustments                            12 
    Total consideration transferred                              $  236 

The deferred payment is payable in April 2014, and is subject to downward 
adjustment based on decreases in AUM until the final measurement date. The 
deferred payment, which cannot be a negative amount, represents contingent 
consideration that is classified as a financial liability.

The fair value of the contingent consideration was estimated at the closing 
date using a valuation technique that incorporated observable and 
non-observable inputs, including assumptions for market appreciation of 
acquired AUM and redemptions during the measurement period.

The fair value of the contingent consideration liability will be remeasured 
until the final measurement date, with changes in fair value, if any, 
recognized in net income.

Assets acquired and liabilities assumed 
The fair values of identifiable assets acquired and liabilities assumed were 
as follows. The allocation of the purchase price is subject to adjustment as 
CIBC completes the valuation of the assets acquired and liabilities assumed.  
    $ millions, as at December 31, 2013             
    Cash                                     $   44 
    AFS securities                                4 
    Land, buildings and equipment                12 
    Other assets                                 32 
    Customer relationship intangible asset       89 
    Other liabilities                           (28)
    Net identifiable assets acquired            153 
    Goodwill arising on acquisition              83 
    Total consideration transferred          $  236 

Intangible asset and goodwill

The customer relationship intangible asset arises from the acquired investment 
management contracts. The fair value was estimated using a discounted cash 
flow method based on estimated future cash flows arising from fees earned from 
the acquired AUM, which took into account expected net redemptions and market 
appreciation from existing clients, net of operating expenses and other cash 
outflows. The goodwill arising on acquisition of $83 million mainly comprises 
the value of expected synergies and the value of new business growth arising 
from the acquisition.

Acquisition-related costs

Acquisition-related costs of $5 million were included in Non-interest expenses.

Sale of equity investment

On November 29, 2013, CIBC sold an equity investment that was previously 
acquired through a loan restructuring in CIBC's exited European leveraged 
finance business. The transaction resulted in an after-tax gain, net of 
associated expenses, of $57 million.

4. Securities

Fair value of AFS securities
                                                                        2014                                            
         2013
    $ millions, as                                                   Jan. 31                                            
      Oct. 31
    at 


                                       Gross          Gross                                     Gross          
Gross              
                    Amortized     unrealized     unrealized         Fair     Amortized     unrealized     
unrealized         Fair 
                         cost          gains         losses        value          cost          gains         
losses        value 


    Securities
    issued or                                                                                                           
             
    guaranteed by:
      Canadian


  federal       $      4,331    $        31    $         -    $   4,362    $    6,770    $        34    $        
(1)   $   6,803  


      government
      Other


  Canadian             3,350             23              -        3,373         3,925             34             
(1)       3,958  
  governments 
  U.S. Treasury        2,724              6            (29)       2,701         2,856              5            
(27)       2,834  
  and agencies 
  Other foreign        2,412              9            (16)       2,405         2,193             17            
(18)       2,192  
  governments 
Mortgage-backed        2,580             18             (1)       2,597         2,894             12             
(2)       2,904  


    securities
    Asset-backed             243              4              -          247           299              5              - 
         304 
    securities


Corporate              8,958             62            (17)       9,003         7,927             57            
(17)       7,967  


    public debt
    Corporate                  5              3              -            8             5              4              - 
           9 
    private debt
    Corporate                 17             51              -           68            12             18              - 
          30 
    public equity
    Corporate                381            262             (1)         642           363            263              - 
         626 
    private equity


                $     25,001    $       469    $       (64)   $  25,406    $   27,244    $       449    $       
(66)   $  27,627  
As at January 31, 2014, the amortized cost of 136 AFS securities that are in a 
gross unrealized loss position (October 31, 2013: 148 securities) exceeded 
their fair value by $64 million (October 31, 2013: $66 million). The 
securities that have been in a gross unrealized loss position for more than a 
year include 24 AFS securities (October 31, 2013: 24 securities), with a gross 
unrealized loss of $36 million (October 31, 2013: $40 million). We have 
determined that these AFS securities were not impaired. 
Reclassification of financial instruments 
In October 2008, amendments made to IAS 39 "Financial Instruments - 
Recognition and Measurement" and IFRS 7 "Financial Instruments - Disclosures" 
permitted certain trading financial assets to be reclassified to loans and 
receivables and AFS in rare circumstances. As a result of these amendments, we 
reclassified certain securities to loans and receivables and AFS with effect 
from July 1, 2008. During the three months ended January 31, 2014, we have not 
reclassified any securities. 
The following tables show the carrying values, fair values, and income or loss 
impact of the assets reclassified:   


                                              2014                     2013
    $ millions, as at                      Jan. 31                  Oct. 31
                                 Fair     Carrying        Fair     Carrying
                                value        value       value        value
    Trading assets
    previously              $  2,599    $   2,611    $  2,746    $   2,781 
    reclassified to loans
    and receivables
    Trading assets
    previously                     7            7           7            7 
    reclassified to AFS
    Total financial         $  2,606    $   2,618    $  2,753    $   2,788 
    assets reclassified
                                               2014        2013        2013
    $ millions, for the three months        Jan. 31     Oct. 31     Jan. 31
    ended
    Net income (before taxes) recognized                                   
    on assets reclassified
      Interest income                     $     18    $     19    $     16 
      Impairment write-downs                     -           -           - 
                                          $     18    $     19    $     16 
    Change in fair value recognized in
    net income (before taxes)                                              
    on assets if reclassification had not
    been made
      On trading assets previously
      reclassified to loans and           $     21    $     18    $     24 
      receivables
      On trading assets previously               -           -           - 
      reclassified to AFS
                                          $     21    $     18    $     24 

The effective interest rates on trading securities previously reclassified to 
AFS ranged from 3% to 13% with expected recoverable cash flows of $1.2 billion 
as of their reclassification date. The effective interest rates on trading 
assets previously reclassified to loans and receivables ranged from 4% to 10% 
with expected recoverable cash flows of $7.9 billion as of their 
reclassification date.

5. Loans

Allowance for credit losses  
                                                         2014          2013          2013
    $ millions,
    as at or for                                      Jan. 31       Oct. 31       Jan. 31
    the three
    months ended
                    Individual     Collective          Total         Total         Total 
                     allowance      allowance       allowance     allowance     allowance
    Balance at
    beginning of  $       320    $     1,438      $    1,758    $    1,823    $    1,916 
    period
      Provision
      for credit           31            187             218           271           265 
      losses
      Write-offs          (13)          (264)           (277)         (382)         (336)
      Recoveries            3             47              50            45            44 
      Interest
      income on            (6)            (3)             (9)           (9)           (9)
      impaired
      loans
      Other                12            (67) (1)        (55)           10             1 
    Balance at    $       347    $     1,338      $    1,685    $    1,758    $    1,881 
    end of period
    Comprises:                                                                           
      Loans       $       347    $     1,273      $    1,620    $    1,698    $    1,820 
      Undrawn
      credit                -             65              65            60            61 
      facilities
      (2)
    (1) Includes a release of $81 million of collective allowance for
        credit losses resulting from the sale of approximately 50% of our
        Aerogold VISA portfolio to TD which was recognized as part of the
        net gain on sale.
    (2) Included in Other liabilities on the interim consolidated balance
        sheet.

Impaired loans  
                                                                   2014         2013
    $ millions,                                                 Jan. 31      Oct. 31
    as at 
                     Gross     Individual     Collective            Net          Net
                  impaired      allowance      allowance (1)   impaired     impaired
    Residential $     532    $         1    $        94      $     437    $     394 
    mortgages
    Personal          214              9            123             82           86 
    Business
    and               841            337             11            493          520 
    government
    Total
    impaired    $   1,587    $       347    $       228      $   1,012    $   1,000 
    loans (2)
    (1) Includes collective allowance relating to personal, scored small
        business and mortgage impaired loans that are greater than 90 days
        delinquent. In addition, we have collective allowance of $1,110
        million (October 31, 2013: $1,211 million) on balances and
        commitments which are not impaired.
    (2) Average balance of gross impaired loans for the quarter ended
        January 31, 2014 totalled $1,565 million (for the quarter ended
        October 31, 2013: $1,655 million).

Contractually past due loans but not impaired 
This is comprised of loans where repayment of principal or payment of interest 
is contractually in arrears. The following table provides an aging analysis of 
the contractually past due loans.  
                                                           2014        2013
    $ millions,                                         Jan. 31     Oct. 31
    as at
                  Less than       31 to        Over                        
                    31 days     90 days     90 days       Total       Total
    Residential $    1,616    $    675    $    244    $  2,535    $  2,509 
    mortgages
    Personal           468         108          29         605         567 
    Credit card        505         160          92         757         955 
    Business
    and                171         107          29         307         258 
    government
                $    2,760    $  1,050    $    394    $  4,204    $  4,289 

6. Structured entities and derecognition of financial assets

Structured entities

Structured entities are entities that have been designed so that voting or 
similar rights are not the dominant factor in deciding who controls the 
entity, such as when any voting rights relate to administrative tasks only and 
the relevant activities are directed by means of contractual arrangements. 
Structured entities include special purpose entities, which are entities that 
are created to accomplish a narrow and well-defined objective.

We consolidate a structured entity when the substance of the relationship 
indicates that we control the structured entity.

Details of our consolidated and non-consolidated structured entities are 
provided on pages 118 and 119 of the 2013 Annual Report, except for CIBC 
Capital Trust, which is no longer consolidated effective November 1, 2013.  
See Note 1 to the interim consolidated financial statements for additional 
details.

We have two covered bond programs, structured and legislative. Covered bonds 
are full recourse on-balance sheet obligations that are also fully 
collateralized by assets over which bondholders enjoy a priority claim in the 
event of CIBC's insolvency. Under the structured program we transfer a pool of 
insured mortgages and NHA MBS to the CIBC Covered Bond Guarantor Limited 
Partnership that warehouses these mortgages and serves as a guarantor to 
bondholders for payment of interest and principal. Under the legislative 
program, we transfer a pool of conventional uninsured mortgages to the CIBC 
Covered Bond (Legislative) Guarantor Limited Partnership that warehouses these 
mortgages and serves as a guarantor to bondholders for payment of interest and 
principal. For both covered bond programs, the assets are owned by the 
guarantor and not CIBC. As at January 31, 2014, our structured program has 
issued covered bond liabilities of $11.5 billion with a fair value of $11.6 
billion (October 31, 2013: $11.7 billion with a fair value of $11.8 billion) 
and our legislative program has issued covered bond liabilities of $2.0 
billion with a fair value of $2.0 billion (October 31, 2013: $2.0 billion with 
a fair value of $2.0 billion). The covered bond liabilities are supported by a 
contractually-determined portion of the assets transferred to the guarantor 
and certain contractual arrangements designed to protect the bondholders from 
adverse events, including foreign currency fluctuations.

With respect to Cards II Trust and Broadway Trust entities as at January 31, 
2014, $4.7 billion of credit card receivable assets with a fair value of $4.8 
billion (October 31, 2013:  $4.6 billion with a fair value of $4.7 billion) 
supported associated funding liabilities of $4.7 billion with a fair value of 
$4.8 billion (October 31, 2013: $4.6 billion with a fair value of $4.7 
billion).

As at January 31, 2014, there were $2.0 billion (October 31, 2013: $2.1 
billion) of total assets in our non-consolidated multi-seller conduits. Our 
on-balance sheet amounts and maximum exposure to loss related to structured 
entities that are not consolidated are set out in the table below. The maximum 
exposure comprises the carrying value of unhedged investments, the notional 
amounts for liquidity and credit facilities, and the notional amounts less 
accumulated fair value losses for unhedged written credit derivatives on 
structured entity reference assets. The impact of CVA is not considered in the 
table below.
                                               CIBC                                                     Commercial
                                         structured
                           CIBC      collateralized            Third-party         Pass-through           mortgage
                       sponsored               debt      structured vehicles         investment     securitization
                                         obligation
    $ millions, as
    at January 31,      conduits           vehicles     Run-off     Continuing       structures              trust
    2014
    On-balance
    sheet assets                                                                                                  
    at carrying
    value(1)
      Trading        $       15    $             7    $    854    $       337    $       3,087    $            12 
      securities
      AFS                     -                  2           -            248                -                  - 
      securities
      FVO                     -                  -         145              -                -                  - 
      securities
      Loans                  84                120       2,451             34                -                  - 
      Derivatives             -                  -           -              -               57                  - 
      (2)
                     $       99    $           129    $  3,450    $       619    $       3,144    $            12 
    October 31,      $       90    $           135    $  3,456    $       540    $       3,135    $             5 
    2013
    On-balance
    sheet
    liabilities at                                                                                                
    carrying value
    (1)
      Derivatives    $        -    $            13    $    335    $         -    $         192    $             - 
      (2)
    October 31,      $        -    $            13    $    355    $         -    $         209    $             - 
    2013
    Maximum
    exposure to                                                                                                   
    loss, net of
    hedges
      Investment     $       99    $           129    $  3,450    $       619    $       3,087    $            12 
      and loans
      Notional of
      written
      derivatives,            -                118       2,557              -                -                  - 
      less fair
      value losses
      Liquidity
      and credit          2,049                 46         202             23                -                  - 
      facilities
      Less: hedges
      of
      investments,
      loans and               -               (192)     (5,330)             -           (3,087)                 - 
      written
      derivatives
      exposure
                     $    2,148    $           101    $    879    $       642    $           -    $            12 
    October 31,      $    2,241    $            97    $    970    $       540    $           -    $             5 
    2013
    (1) Excludes structured entities established by Canada Mortgage and
        Housing Corporation (CMHC), Federal National Mortgage Association
        (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac),
        Government National Mortgage Association (Ginnie Mae), Federal Home
        Loan Banks, Federal Farm Credit Bank, and Student Loan Marketing
        Association (Sallie Mae).
    (2) Comprises written credit default swaps and total return swaps under
        which we assume exposures and excludes all other derivatives.

Derecognition of financial assets 
Details of the financial assets that did not qualify for derecognition are 
provided on page 119 of the 2013 Annual Report. 

The following table provides the carrying amount and fair value of transferred 
financial assets that did not qualify for derecognition and the associated 
financial liabilities:  
                                             2014                      2013
    $ millions, as at                     Jan. 31                   Oct. 31
                            Carrying         Fair     Carrying         Fair
                              amount        value       amount        value
    Residential
    mortgages             $  26,459    $  26,529    $  30,508    $  30,538 
    securitizations (1)
    Securities held by
    counterparties as
    collateral under            690          690        1,159        1,159 
    repurchase
    agreements (2)(3)
    Securities lent for
    securities               14,123       14,123       11,793       11,793 
    collateral (2)(3)
                          $  41,272    $  41,342    $  43,460    $  43,490 
    Carrying amount of
    associated            $  42,945    $  43,245    $  44,586    $  44,538 
    liabilities (4)
    (1) Includes $3.7 billion (October 31, 2013: $7.2 billion) of mortgages
        underlying mortgage-backed securities held by CMHC counterparties
        as collateral under repurchase agreements. Government of Canada
        bonds have also been pledged as collateral to CMHC counterparties.
        Certain cash in transit balances related to the securitization
        process amounting to $802 million (October 31, 2013: $1,126
        million) have been applied to reduce these balances.
    (2) Does not include over-collateralization of assets pledged.
    (3) Excludes third-party pledged assets.
    (4) Includes the obligation to return off-balance sheet securities
        collateral on securities lent.


Additionally, we securitized $29.7 billion with a fair value of $29.7 billion 
(October 31, 2013: $25.2 billion with a fair value of $25.2 billion) of 
mortgages that were not transferred to external parties.  

7. Deposits((1)(2))
                                                                                2014            2013 (3)
    $ millions,                                                              Jan. 31         Oct. 31    
    as at
                              Payable        Payable         Payable                                    
                                   on                           on a
                               demand (4)      after (5)       fixed (6)      Total           Total     
                                              notice            date
    Personal               $   9,287      $  75,434      $   42,623      $  127,344      $  125,034     
    Business and              31,682         21,787          81,425         134,894  (7)    134,736     
    government
    Bank                       1,793             15           3,909           5,717           5,592     
    Secured
    borrowings                     -              -          46,381          46,381          49,802     
    (8)
                           $  42,762      $  97,236      $  174,338      $  314,336      $  315,164     
    Comprised of:                                                                                       
      Held at amortized                                                  $  311,967      $  313,048     
      cost
      Designated at fair                                                      2,369           2,116     
      value
                                                                         $  314,336      $  315,164     
    Total
    deposits                                                                                            
    include:
      Non-interest-bearing                                                                              
      deposits
        In
        domestic                                                         $   36,149      $   35,670     
        offices
        In
        foreign                                                               2,667           2,421     
        offices
      Interest-bearing                                                                                  
      deposits
        In
        domestic                                                            233,253         237,400     
        offices
        In
        foreign                                                              40,708          39,673     
        offices
      U.S. federal funds                                                      1,559               -     
      purchased
                                                                         $  314,336      $  315,164     
    (1) Includes deposits of $72.1 billion (October 31, 2013: $68.2
        billion) denominated in U.S. dollars and deposits of $8.1 billion
        (October 31, 2013: $9.0 billion) denominated in other foreign
        currencies.
    (2) Net of purchased notes of $1,425 million (October 31, 2013: $1,131
        million).
    (3) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 and to conform to the
        presentation adopted in the current period.
    (4) Includes all deposits for which we do not have the right to require
        notice of withdrawal. These deposits are generally chequing
        accounts.
    (5) Includes all deposits for which we can legally require notice of
        withdrawal. These deposits are generally savings accounts.
    (6) Includes all deposits that mature on a specified date. These
        deposits are generally term deposits, guaranteed investment
        certificates, and similar instruments.
    (7) Includes $1.6 billion (October 31, 2013: $1.6 billion) of Notes
        purchased by CIBC Capital Trust.
    (8) Comprises liabilities issued by or as a result of activities
        associated with the securitization of residential mortgages,
        Covered Bond Programme, and consolidated securitization vehicles.

8. Share capital

Common shares  
                                         2014                            2013                            2013
    $ millions,
    except number
    of shares,                        Jan. 31                         Oct. 31                         Jan. 31
    for the three
    months ended
                           Number                          Number                          Number            
                        of shares      Amount           of shares      Amount           of shares      Amount
    Balance at
    beginning of     399,249,736    $  7,753         399,992,255    $  7,757         404,484,938    $  7,769 
    period
    Issuance                                                                                                 
    pursuant to:
      Stock
      option             301,839          24             181,380          14             535,386          38 
      plans
      Shareholder
      investment               -           -                   -           -               7,672           1 
      plan (1)
      Employee
      share                    -           -                   -           -             253,964          20 
      purchase
      plan (2)
                     399,551,575    $  7,777         400,173,635    $  7,771         405,281,960    $  7,828 
    Purchase of
    common shares     (1,415,100)        (27)           (923,900)        (18)         (3,337,300)        (64)
    for
    cancellation
    Treasury                (192)          -  (3)              1           -  (3)         15,142           1 
    shares
    Balance at       398,136,283    $  7,750         399,249,736    $  7,753         401,959,802    $  7,765 
    end of period
        Commencing with the January 28, 2013 dividend payment, shares
        distributed under the Shareholder Investment Plan were acquired in
    (1) the open market. Previously these shares were issued from treasury.
        Commencing June 14, 2013, employee contributions to our Canadian
        employee share purchase plan were acquired in the open market.
    (2) Previously these shares were issued from treasury.
    (3) Due to rounding.

Normal course issuer bid

On September 5, 2013, we announced that the Toronto Stock Exchange had 
accepted the notice of CIBC's intention to commence a normal course issuer 
bid. Purchases under this bid commenced on September 18, 2013 and will 
terminate upon the earlier of (i) CIBC purchasing up to a maximum of 8 million 
common shares, (ii) CIBC providing a notice of termination, or (iii) September 
8, 2014.

During the quarter ended January 31, 2014, we purchased and cancelled an 
additional 1,415,100 common shares under this bid at an average price of 
$89.87 for a total amount of $127 million.

Regulatory capital and ratios 
Our capital ratios and assets-to-capital multiple (ACM) are presented in the 
following table:.
                                                    2014            2013  
    $ millions, as at                         Jan. 31         Oct. 31  
    Transitional basis                                                 
    Common Equity Tier 1 (CET1) capital   $   16,705      $   16,698   
    Tier 1 capital                            17,851          17,830   
    Total capital                             21,295          21,601   
    Risk-weighted assets (RWA)               153,245         151,338   
    CET1 ratio                                  10.9  %         11.0  %
    Tier 1 capital ratio                        11.6  %         11.8  %
    Total capital ratio                         13.9  %         14.3  %
    ACM                                         18.4  x         18.0  x
    All-in basis                                                       
    CET1 capital                          $   13,347      $   12,793   
    Tier 1 capital                            16,189          15,888   
    Total capital                             19,890          19,961   
    RWA                                      140,505         136,747   
    CET1 ratio                                   9.5  %          9.4  %
    Tier 1 capital ratio                        11.5  %         11.6  %
    Total capital ratio                         14.2  %         14.6  %

During the quarter ended January 31, 2014, we have complied with all of our 
regulatory capital requirements.

9.   Post-employment benefit expense  
The following table provides details on the post-employment benefit expenses 
recognized in the interim consolidated statement of income:  
                                        2014        2013 (1)      2013 (1)
    $ millions, for the three        Jan. 31     Oct. 31       Jan. 31    
    months ended
    Defined benefit plans                                                 
    Pension plans                  $     46    $     46      $     52     
    Other post-employment plans          10          17            10     
    Total net defined benefit      $     56    $     63      $     62     
    expense
    Defined contribution plans                                            
    CIBC's pension plans           $      3    $      2      $      3     
    Government pension plans (2)         22          21            21     
    Total defined contribution     $     25    $     23      $     24     
    expense
        Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 and to conform to the
    (1) presentation adopted in the current period.
        Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal
    (2) Insurance Contributions Act.


10. Income taxes

Deferred income tax assets and liabilities

As at January 31, 2014, we had available gross deferred income tax assets of 
$548 million (October 31, 2013: $526((1)) million) and gross deferred income 
tax liabilities of $31 million (October 31, 2013: $33((1)) million).

Enron

In prior years, the Canada Revenue Agency issued reassessments disallowing the 
deduction of approximately $3 billion of the 2005 Enron settlement payments 
and related legal expenses. The matter is currently in litigation. The Tax 
Court of Canada trial on the deductibility of the Enron payments is scheduled 
to commence in October 2015.

Should we successfully defend our tax filing position in its entirety, we 
would recognize an additional accounting tax benefit of $214 million and 
taxable refund interest of approximately $199 million. Should we fail to 
defend our position in its entirety, we would incur an additional tax expense 
of approximately $866 million and non-deductible interest of approximately 
$124 million.
         Restated to reflect the changes in accounting policies stated in
    (1)  Note 1 and to conform to the presentation adopted in the current
         period.

11. Earnings per share
                                     2014          2013 (1)        2013 (1)
    $ millions, except
    number of shares and          Jan. 31       Oct. 31         Jan. 31    
    per share amounts, for
    the three months ended
    Basic earnings per                                                     
    share
    Net income attributable   $    1,174    $      832      $      783     
    to equity shareholders
    Less: Preferred share             25            24              25     
    dividends and premiums
    Net income attributable   $    1,149    $      808      $      758     
    to common shareholders
    Weighted-average common
    shares outstanding           398,539       399,819         403,332     
    (thousands)
    Basic earnings per        $     2.88    $     2.02      $     1.88     
    share
    Diluted earnings per                                                   
    share
    Net income attributable
    to diluted common         $    1,149    $      808      $      758     
    shareholders
    Weighted-average common
    shares outstanding           398,539       399,819         403,332     
    (thousands)
    Add: Stock options
    potentially exercisable          678           436             438     
    (2) (thousands)
    Weighted-average
    diluted common shares        399,217       400,255         403,770     
    outstanding (thousands)
    Diluted earnings per      $     2.88    $     2.02      $     1.88     
    share
    (1) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 and to conform to the
        presentation adopted in the current period.
    (2) Excludes average options outstanding of 839,472 (October 31, 2013:
        342,343; January 31, 2013: 346,801) with a weighted-average
        exercise price of $92.68 (October 31, 2013: $95.22; January 31,
        2013: $95.62) for the quarter ended January 31, 2014, as the
        options' exercise prices were greater than the average market price
        of CIBC's common shares.

12. Contingent liabilities and provision

In the ordinary course of its business, CIBC is a party to a number of legal 
proceedings, including regulatory investigations, in which claims for 
substantial monetary damages are asserted against CIBC and its subsidiaries. 
Legal provisions are established if, in the opinion of management, it is both 
probable that an outflow of economic benefits will be required to resolve the 
matter, and a reliable estimate can be made of the amount of the obligation. 
If the reliable estimate of probable loss involves a range of potential 
outcomes within which a specific amount within the range appears to be a 
better estimate, that amount is accrued. If no specific amount within the 
range of potential outcomes appears to be a better estimate than any other 
amount, the mid-point in the range is accrued. In some instances, however, it 
is not possible either to determine whether an obligation is probable or to 
reliably estimate the amount of loss, in which case no accrual can be made.

While there is inherent difficulty in predicting the outcome of legal 
proceedings, based on current knowledge and in consultation with legal 
counsel, we do not expect the outcome of these matters, individually or in 
aggregate, to have a material adverse effect on our consolidated financial 
statements. However, the outcome of these matters, individually or in 
aggregate, may be material to our operating results for a particular reporting 
period. We regularly assess the adequacy of CIBC's litigation accruals and 
make the necessary adjustments to incorporate new information as it becomes 
available.

The provisions disclosed in Note 23 to the 2013 annual consolidated financial 
statements included all of CIBC's accruals for legal matters as at that date, 
including amounts related to the significant legal proceedings described in 
that note and to other legal matters.

CIBC considers losses to be reasonably possible when they are neither probable 
nor remote. It is reasonably possible that CIBC may incur losses in addition 
to the amounts recorded when the loss accrued is the mid-point of a range of 
reasonably possible losses, or the potential loss pertains to a matter in 
which an unfavourable outcome is reasonably possible but not probable.

CIBC believes the estimate of the aggregate range of reasonably possible 
losses, in excess of the amounts accrued, for its significant legal 
proceedings, where it is possible to make such an estimate, is from nil to 
approximately $240 million as at January 31, 2014. This estimated aggregate 
range of reasonably possible losses is based upon currently available 
information for those significant proceedings in which CIBC is involved, 
taking into account CIBC's best estimate of such losses for those cases for 
which an estimate can be made. CIBC's estimate involves significant judgment, 
given the varying stages of the proceedings and the existence of multiple 
defendants in many of such proceedings whose share of the liability has yet to 
be determined. The range does not include potential punitive damages and 
interest. The matters underlying the estimated range as at January 31, 2014 
consist of the significant legal matters disclosed in Note 23 to the 2013 
annual consolidated financial statements as updated below. The matters 
underlying the estimated range will change from time to time, and actual 
losses may vary significantly from the current estimate.  For certain matters, 
CIBC does not believe that an estimate can currently be made as many of them 
are in preliminary stages and certain matters have no specific amount claimed. 
Consequently, these matters are not included in the range.

The following developments related to our significant legal matters occurred 
since the issuance of our 2013 annual consolidated financial statements:
        --  Marcotte Visa Class Action: The appeal was heard by the Supreme
            Court of Canada in February 2014. The court reserved its
            decision.
        --  Green Secondary Market Class Action: In February 2014 the
            Ontario Court of Appeal released its decision overturning the
            lower court and allowing the matter to proceed as a certified
            class action.
        --  Brown Overtime Class Action: The plaintiffs' appeal to the
            Ontario Court of Appeal is scheduled for May 2014.

Other than the items described above, there are no significant developments in 
the matters identified in Note 23 to our 2013 annual consolidated financial 
statements, and no significant new matters have arisen since the issuance of 
our 2013 annual consolidated financial statements.

13. Segmented information

CIBC has three strategic business units (SBUs): Retail and Business Banking, 
Wealth Management and Wholesale Banking. These SBUs are supported by Corporate 
and Other.

Retail and Business Banking provides clients across Canada with financial 
advice, banking, investment, and authorized insurance products and services 
through a strong team of advisors and more than 1,100 branches, as well as our 
ABMs, mobile sales force, telephone banking, online and mobile banking.

Wealth Management provides relationship-based advisory services and an 
extensive suite of leading investment solutions to meet the needs of 
institutional, retail and high net worth clients. Our asset management, retail 
brokerage and private wealth management businesses combine to create an 
integrated offer, delivered through more than 1,500 advisors across Canada and 
the U.S.

Wholesale Banking provides a wide range of credit, capital markets, investment 
banking and research products and services to government, institutional, 
corporate and retail clients in Canada and in key markets around the world.

Corporate and Other includes the six functional groups - Technology and 
Operations, Corporate Development, Finance, Treasury, Administration, and Risk 
Management - that support CIBC's SBUs. The expenses of these functional groups 
are generally allocated to the business lines within the SBUs. Corporate and 
Other also includes our International banking operations comprising mainly 
CIBC FirstCaribbean, strategic investments in the CIBC Mellon joint ventures 
and The Bank of N.T. Butterfield & Son Limited, and other income statement and 
balance sheet items not directly attributable to the business lines.

Segment reporting changes

The following segment reporting changes were made in the first quarter of 
2014. Prior period amounts were restated accordingly.

Sale of Aeroplan portfolio

On December 27, 2013, we sold approximately 50 percent of our Aerogold VISA 
portfolio, consisting primarily of credit card only customers, to TD. 
Accordingly, the revenue related to the sold credit card portfolio was moved 
from Personal Banking to the Other line of business within Retail and Business 
Banking.

Allocation of Treasury activities

Treasury-related transfer pricing will continue to be charged or credited to 
each line of business within our SBUs. We changed our approach to allocating 
the residual financial impact of Treasury activities. Certain fees will be 
charged directly to the lines of business, and the residual net revenue will 
now be retained in Corporate and Other.

Business unit allocations

Treasury activities impact the reported financial results of the SBUs. Each 
line of business within our SBUs is charged or credited with a market-based 
cost of funds on assets and liabilities, respectively, which impacts the 
revenue performance of the SBUs. Once the interest and liquidity risk inherent 
in our client-driven assets and liabilities is transfer priced into Treasury, 
it is managed within CIBC's risk framework and limits. The residual financial 
results associated with Treasury activities are reported in Corporate and 
Other. Capital is attributed to the SBUs in a manner that is intended to 
consistently measure and align economic costs with the underlying benefits and 
risks associated with SBU activities. Earnings on unattributed capital remain 
in Corporate and Other. We review our transfer pricing methodologies on an 
ongoing basis to ensure they reflect changing market environments and industry 
practices.

To measure and report the results of operations of the lines of business 
within our Retail and Business Banking and Wealth Management SBUs, we use a 
Manufacturer/Customer Segment/Distributor Management Model. The model uses 
certain estimates and allocation methodologies in the preparation of segmented 
financial information. Under this model, internal payments for sales and 
trailer commissions and distribution service fees are made among the lines of 
business and SBUs. Periodically, the sales and trailer commission rates paid 
to customer segments for certain products are revised and applied 
prospectively.

Non-interest expenses are attributed to the SBUs to which they relate based on 
appropriate criteria. Revenue, expenses, and other balance sheet resources 
related to certain activities are fully allocated to the lines of business 
within the SBUs.

The individual allowances and related provisions are reported in the 
respective SBUs. The collective allowances and related provisions are reported 
in Corporate and Other except for: (i) residential mortgages greater than 90 
days delinquent; (ii) personal loans and scored small business loans greater 
than 30 days delinquent; and (iii) net write-offs for the cards portfolio, 
which are all reported in the respective SBUs. All allowances and related 
provisions for CIBC FirstCaribbean are reported in Corporate and Other.
                                  Retail                                                         
                                     and
                                Business         Wealth     Wholesale     Corporate          CIBC
    $ millions, for the          Banking     Management       Banking     and Other         Total
    three months ended
    2014 Net interest        $    1,437    $        50    $      389    $       29    $    1,905 
         income(1)
    Jan. Non-interest               725            546           290           168         1,729 
    31   income 
         Intersegment                93            (94)            1             -             - 
         revenue(2)
         Total revenue(1)         2,255            502           680           197         3,634 
         Provision for
         (reversal of)              210             (1)            2             7           218 
         credit losses 
         Amortization and            24              4             1            66            95 
         impairment(3)
         Other
         non-interest             1,031            347           328           178         1,884 
         expenses
         Income (loss)
         before income              990            152           349           (54)        1,437 
         taxes 
         Income taxes(1)            244             38            85          (107)          260 
         Net income          $      746    $       114    $      264    $       53    $    1,177 
         Net income                                                                              
         attributable to:
           Non-controlling   $        -    $         1    $        -    $        2    $        3 
           interests
           Equity                   746            113           264            51         1,174 
           shareholders
         Average assets(4)   $  227,837    $     4,152    $  121,951    $   56,079    $  410,019 
    2013 Net interest        $    1,445    $        47    $      349    $       52    $    1,893 
    (5)  income (1)
    Oct. Non-interest               553            514           169            51         1,287 
    31   income 
         Intersegment                89            (91)            2             -             - 
         revenue (2)
         Total revenue (1)        2,087            470           520           103         3,180 
         Provision for
         (reversal of)              215              1            (1)           56           271 
         credit losses 
         Amortization and            23              3             1            68            95 
         impairment (3)
         Other
         non-interest             1,032            332           270           201         1,835 
         expenses
         Income (loss)
         before income              817            134           250          (222)          979 
         taxes 
         Income taxes (1)           204             31            41          (122)          154 
         Net income (loss)   $      613    $       103    $      209    $     (100)   $      825 
         Net income (loss)                                                                       
         attributable to:
           Non-controlling   $        -    $         -    $        -    $       (7)   $       (7)
           interests
           Equity                   613            103           209           (93)          832 
           shareholders
         Average assets      $  228,128    $     3,927    $  119,424    $   53,760    $  405,239 
         (4)
    2013 Net interest        $    1,410    $        47    $      335    $       63    $    1,855 
    (5)  income (1)
    Jan. Non-interest               521            465           221           103         1,310 
    31   income 
         Intersegment                79            (80)            1             -             - 
         revenue (2)
         Total revenue (1)        2,010            432           557           166         3,165 
         Provision for              241              -            10            14           265 
         credit losses 
         Amortization and            22              3             1            56            82 
         impairment (3)
         Other
         non-interest               975            313           444           174         1,906 
         expenses
         Income (loss)
         before income              772            116           102           (78)          912 
         taxes 
         Income taxes (1)           192             27            16          (108)          127 
         Net income          $      580    $        89    $       86    $       30    $      785 
         Net income                                                                              
         attributable to:
           Non-controlling   $        -    $         -    $        -    $        2    $        2 
           interests
           Equity                   580             89            86            28           783 
           shareholders
         Average assets      $  226,476    $     4,013    $  122,911    $   48,659    $  402,059 
         (4)
    (1) Wholesale Banking net interest income and income tax expense
        includes a taxable equivalent basis (TEB) adjustment of $110
        million for the three months ended January 31, 2014 ($78 million
        and $92 million for the three months ended October 31, 2013 and
        January 31, 2013, respectively) with an equivalent offset in
        Corporate and Other.
    (2) Intersegment revenue represents internal sales commissions and
        revenue allocations under the Manufacturer / Customer Segment /
        Distributor Management Model.
    (3) Comprises amortization and impairment of buildings, furniture,
        equipment, leasehold improvements, and software and other
        intangible assets.
    (4) Assets are disclosed on an average basis as this measure is most
        relevant to a financial institution and is the measure reviewed by
        management.
    (5) Certain information has been restated to reflect the changes in
        accounting policies stated in Note 1 and to conform to the
        presentation adopted in the current period.

14. Financial instruments - disclosures


We have provided quantitative disclosures related to credit risk consistent 
with Basel guidelines in the "Credit risk" section of the MD&A in our 2013 
Annual Report and interim report to shareholders, which require entities to 
disclose their exposures based on how they manage their business and risks. 
The table below sets out the categories of the on-balance sheet exposure to 
credit risk under different Basel approaches, displayed in both accounting 
categories and Basel portfolios. 


     Accounting                                                                                                   
Basel portfolios 


         categories
                                                                                                                        
                                              
                                                           AIRB and standardized approaches                             
                                              
                                                                        Real                                            
                          Not            Total
                                                                      estate
                                                                     secured     Qualifying                             
           Total      subject     consolidated


                                                                personal      revolving       Other              
Asset       subject           to          balance 


                                                                                                                        
              to       credit


$ millions, as at     Corporate     Sovereign         Bank       lending         retail      retail     
securitization        credit         risk            sheet 


                                                                                                                        
            risk
          Cash and


2014  deposits      $       38    $    1,975    $   3,112    $        -    $         -    $      -    $             
-    $    5,125    $   1,148    $       6,273  
      with banks 
Jan.  Securities         3,832        12,751        7,098             -              -           -              
2,098        25,779       45,238           71,017  


    31
          Cash
          collateral


      on                   884             -        2,166             -              -           -                  
-         3,050            -            3,050  


          securities
          borrowed
          Securities
          purchased


      under              6,926         4,763       12,456             -              -           -                  
-        24,145            -           24,145  


          resale
          agreements


      Loans             43,192         3,854          964       168,082         19,009       9,043              
3,232       247,376          611          247,987  
      Allowance 
      for credit             -             -            -             -              -           -                  
-             -       (1,620)          (1,620) 
      losses 
      Derivative         1,915         3,183       19,391             -              -           -                  
-        24,489            -           24,489  


          instruments
          Customers'


      liability          8,804         1,546          102             -              -           -                  
-        10,452            -           10,452  


          under
          acceptances


      Other                133         1,766        2,405             6              -           4                  
4         4,318       10,844           15,162  


          assets
          Total


      credit        $   65,724    $   29,838    $  47,694    $  168,088    $    19,009    $  9,047    $         
5,334    $  344,734    $  56,251    $     400,955  


          exposure
    2013                                                                                                                
                                              
    (1)
    Oct.  Total


31    credit        $   65,215    $   29,707    $  44,909    $  167,488    $    22,749    $  8,457    $         
5,148    $  343,673    $  54,333    $     398,006  


          exposure
                                                                                
    (1) Certain
        information
        has been
        restated to
        reflect the
        changes in
        accounting
        policies
        stated in
        Note 1 and
        to conform
        to the
        presentation
        adopted in
        the current
        period.
         



SOURCE  CIBC 
Investor Relations: George Weiss 416-980-5093 Jason 
Patchett416-980-8691 Alice Dunning416-861-8870  
Media Inquiries: Kevin Dove416-980-8835 Erica Belling416-594-7251 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2014/27/c5665.html 
CO: CIBC - Investor Relations
ST: Ontario
NI: FIN ERN  
-0- Feb/27/2014 10:50 GMT
 
 
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