CIBC Announces Third Quarter 2014 Results

TORONTO, Aug. 28, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its 
financial results for the third quarter ended July 31, 2014. 
Third quarter highlights 


        --  Reported net income was $921 million, compared with $878
            million for the third quarter a year ago, and $306 million for
            the prior quarter.
        --  Adjusted net income(1) was $908 million, compared with $931
            million for the third quarter a year ago, and $887 million for
            the prior quarter.
        --  Reported diluted earnings per share (EPS) was $2.26, compared
            with $2.13 for the third quarter a year ago, and $0.73 for the
            prior quarter.
        --  Adjusted diluted EPS(1) was $2.23, compared with $2.26 for the
            third quarter a year ago, and $2.17 for the prior quarter.
        --  Reported return on common shareholders' equity (ROE) was 21.0%
            and adjusted ROE(1) was 20.7%.

Results for the third quarter of 2014 were affected by the following items of 
note aggregating to a positive impact of $0.03 per share:
        --  $52 million ($30 million after-tax, or $0.08 per share) gain
            within an equity-accounted investment in our merchant banking
            portfolio;
        --  $9 million ($7 million after-tax, or $0.02 per share) expenses
            relating to the development of our enhanced travel rewards
            program and in respect of the Aeroplan transactions with Aimia
            Canada Inc. (Aimia) and The Toronto-Dominion Bank (TD);
        --  $9 million ($8 million after-tax, or $0.02 per share)
            amortization of intangible assets; and
        --  $2 million ($2 million after-tax, or $0.01 per share) loss from
            the structured credit run-off business.

CIBC's Basel III Common Equity Tier 1 ratio at July 31, 2014 was 10.1%, and 
our Tier 1 and Total capital ratios were 12.2% and 14.8%, respectively, on an 
all-in basis compared with Basel III Common Equity Tier 1 ratio of 10.0%, Tier 
1 capital ratio of 12.1% and Total capital ratio of 14.9% in the prior quarter.

CIBC announced today the intention to seek Toronto Stock Exchange approval for 
a normal course issuer bid that would permit us to purchase for cancellation 
up to a maximum of 8 million, or approximately 2% of our outstanding common 
shares, over the next 12 months.

"CIBC's solid results this quarter reflect the strength of our retail and 
wholesale banking franchises and strong wealth management platform," says 
Gerald T. McCaughey, CIBC President and Chief Executive Officer.  "As we 
strive to be the leading bank for our clients, our clear focus on client 
service coupled with our strategic growth initiatives underpins our ability to 
deliver consistent and sustainable earnings."

Core business performance

Retail and Business Banking reported net income of $589 million for the third 
quarter, down $23 million or 4% from the third quarter a year ago. Adjusting 
for the items of note shown above, adjusted net income((1)) was $597 million, 
down $31 million or 5% from the third quarter a year ago. Core operating 
results were strong including solid volume growth across key products and 
lower loan losses, which were offset by lower cards revenue due to the sale of 
the Aeroplan portfolio. Ongoing investment in innovations and strategic 
initiatives continue to support deeper client relationships.

During the third 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 the new CIBC Tim Hortons Double Double Visa Card in
            partnership with Tim Hortons, leveraging a first-of-its-kind
            two-button technology that combines a CIBC Visa credit card
            with a Tim Hortons rewards card;
        --  More than one million cheques were deposited using our
            eDeposit™ feature available on our mobile banking app
            since it was launched, giving clients the flexibility to
            deposit cheques to their CIBC accounts by taking a picture of
            the cheque with their mobile device - a first among the major
            Canadian banks; and
        --  We were awarded "Best Consumer Internet Bank - Canada" and
            "Best Integrated Consumer Bank Site - North America" by Global
            Finance Magazine.

Wealth Management reported net income of $121 million for the third quarter, 
up $19 million or 19% from the third quarter a year ago.

Revenue of $568 million was up $110 million or 24% compared with the third 
quarter of 2013. This was 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, and the acquisition of 
Atlantic Trust.

During the third quarter of 2014, Wealth Management continued its progress in 
support of our strategic priority to build our wealth management platform:
        --  CIBC Asset Management achieved $100 billion in assets under
            management - a significant milestone along with its 22nd
            consecutive quarter of positive net sales of long-term mutual
            funds which hit $4.5 billion year to date;
        --  Client satisfaction, a key focus and a foundation of our growth
            strategy, continues to strengthen at CIBC Wood Gundy and is
            among the industry's leaders with an 11% increase over the past
            six years; and
        --  Atlantic Trust was recently ranked the second-highest luxury
            brand among wealth management firms in the U.S. in the 2014
            Luxury Brand Status Index™ (LBSI) wealth management
            survey.

Wholesale Banking reported net income of $282 million for the third quarter, 
up $69 million or 32% from the prior quarter. Excluding items of note, 
adjusted net income((1)) was $254 million, up $26 million or 11% from the 
prior quarter.

As a leading wholesale bank in Canada and active in core Canadian industries 
in the rest of the world, Wholesale Banking acted as:
        --  Joint bookrunner in a new $3.5 billion revolving credit
            facility and joint lead agent and joint bookrunner for $1
            billion of senior secured bonds for North West Redwater
            Partnership;
        --  Joint bookrunner on PrairieSky Royalty's $1.7 billion initial
            public offering of common shares; and
        --  Financial advisor to Merit Energy Company on the sale of its
            oil producing properties in Wyoming to Memorial Production
            Partners for $915 million and  the sale of its properties in
            Colorado to Atlas Resource Partners for $420 million.

"In summary, CIBC delivered strong performance during the third quarter," says 
Mr. McCaughey. "We are on track in executing our growth strategy to be the 
leading bank for our clients and we are well positioned for future growth."

Making a difference in our Communities
CIBC is committed to supporting causes that matter to our clients, our 
employees and our communities. During the quarter we:
        --  Helped raise $3.2 million in support of children with cancer
            and their families through our sponsorship of the Tour CIBC
            Charles Bruneau and the CIBC 401 Bike Challenge;
        --  Committed $1 million to KidSport, a national program that helps
            give kids greater access to organized sport, to mark the one
            year countdown to the TORONTO 2015 Pan Am Games; and
        --  As the Official Canadian Bank and CBC broadcast sponsor of the
            FIFA World Cup™, celebrated Canadians' passion for the
            beautiful game with a 12-stop cross country CIBC Soccer Nation
            tour.
    (1) For additional information, see the "Non-GAAP measures" section.

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

(The board of directors of CIBC reviewed this news 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 third 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 third 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 and nine months ended July 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 August 27, 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 "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", and "Accounting and control matters - Regulatory developments" 
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 U.S. Foreign Account Tax Compliance Act and regulatory reforms 
in the United Kingdom and Europe, the Basel Committee on Banking Supervision's 
global standards for capital and liquidity reform, and those relating to 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; social media risk; 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 including 
through internet and mobile banking; 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 and the high 
U.S. fiscal deficit; 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 continues 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 are charged directly to the lines of business, and the residual 
net revenue is 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.

Third quarter financial highlights
                                                    As at or for the three         As at or for the nine  
                                                              months ended                  months ended  
                                          2014          2014          2013            2014          2013  
    Unaudited                          Jul. 31       Apr. 30       Jul. 31         Jul. 31       Jul. 31  
    Financial results($                                                                       
    millions)                                                                                             
    Net interest income            $     1,875   $     1,798   $     1,883     $     5,578   $     5,560  
    Non-interest income                  1,483         1,369         1,366           4,581         3,978  
    Total revenue                        3,358         3,167         3,249          10,159         9,538  
    Provision for credit losses            195           330           320             743           850  
    Non-interest expenses                2,047         2,412         1,878           6,438         5,691  
    Income before taxes                  1,116           425         1,051           2,978         2,997  
    Income taxes                           195           119           173             574           472  
    Net income                     $       921   $       306   $       878     $     2,404   $     2,525  
    Net income (loss)              $             $             $                             $
    attributable to
    non-controlling interests                3          (11)             1     $       (5)             5  
       Preferred shareholders               19            25            25              69            75  
       Common shareholders                 899           292           852           2,340         2,445  
    Net income attributable to     $             $             $                             $
    equity shareholders                    918           317           877     $     2,409         2,520  
    Financial measures                                                                                    
    Reported efficiency ratio             61.0 %        76.2 %        57.8 %          63.4 %        59.7 %
    Adjusted efficiency ratio                                                                 
    (1)                                   59.5 %        59.6 %        56.0 %          58.6 %        56.4 %
    Loan loss ratio                       0.33 %        0.51 %        0.45 %          0.40 %        0.45 %
    Reported return on common                                                                 
    shareholders' equity                  21.0 %         7.0 %        22.3 %          18.5 %        21.9 %
    Adjusted return on common                                                                 
    shareholders' equity(1)               20.7 %        20.6 %        23.7 %          21.1 %        23.3 %
    Net interest margin                   1.81 %        1.81 %        1.86 %          1.82 %        1.84 %
    Net interest margin on                                                                    
    average interest-earning
    assets                                2.05 %        2.07 %        2.12 %          2.07 %        2.13 %
    Return on average assets              0.89 %        0.31 %        0.86 %          0.79 %        0.84 %
    Return on average                                                                         
    interest-earning assets               1.01 %        0.35 %        0.99 %          0.89 %        0.97 %
    Total shareholder return              4.65 %       14.05 %      (2.04) %         17.74 %        2.83 %
    Reported effective tax rate           17.5 %        28.1 %        16.5 %          19.3 %        15.7 %
    Adjusted effective tax rate                                                               
    (1)                                   16.2 %        13.5 %        17.0 %          15.5 %        16.5 %
    Common share information                                                                              
    Per share   - basic earnings                                                                    6.09
    ($)                            $      2.26   $      0.73   $      2.13     $      5.88   $            
                - reported                                                                                
                diluted earnings          2.26          0.73          2.13            5.87          6.09
                - adjusted                                                                                
                diluted earnings
                (1)                       2.23          2.17          2.26            6.70          6.46
                - dividends               1.00          0.98          0.96            2.94          2.84  
                - book value             43.02         42.04         38.93           43.02         38.93  
    Share price - high                                                                             84.70
    ($)                                 102.06         97.72         80.64          102.06                
                - low                    95.66         85.49         74.10           85.49         74.10  
                - closing               101.21         97.72         77.93          101.21         77.93  
    Shares      -                                                                                401,237
    outstanding weighted-average
    (thousands) basic                  397,179       397,758       399,952         397,826                
                -                                                                                         
                weighted-average
                diluted                398,022       398,519       400,258         398,584       401,621
                - end of period        396,974       397,375       399,992         396,974       399,992  
    Market capitalization($        $             $             $                             $
    millions)                           40,178        38,832        31,171     $    40,178        31,171  
    Value measures                                                                                        
    Dividend yield (based on                                                                  
    closing share price)                   3.9 %         4.1 %         4.9 %           3.9 %         4.9 %
    Reported dividend payout                                                                  
    ratio                                 44.2 %       133.5 %        45.1 %          50.0 %        46.6 %
    Adjusted dividend payout                                                                  
    ratio(1)                              44.8 %        45.2 %        42.5 %          43.8 %        43.9 %
    Market value to book value                                                                
    ratio                                 2.35          2.32          2.00            2.35          2.00  
    On- and off-balance sheet                                                                 
    information($ millions)                                                                               
    Cash, deposits with banks      $             $             $                             $
    and securities                      80,653        77,892        76,452     $    80,653        76,452  
    Loans and acceptances, net                                                                
    of allowance                       262,489       258,680       254,227         262,489       254,227  
    Total assets                       405,422       397,102       397,153         405,422       397,153  
    Deposits                           322,314       314,023       313,114         322,314       313,114  
    Common shareholders' equity         17,076        16,707        15,573          17,076        15,573  
    Average assets                     411,036       406,285       402,608         409,144       402,976  
    Average interest-earning                                                                  
    assets                             363,422       356,492       351,761         360,631       349,642  
    Average common shareholders'                                                              
    equity                              16,989        17,173        15,162          16,911        14,925  
    Assets under administration                                                               
    (2)                              1,713,076     1,663,858     1,460,311       1,713,076     1,460,311  
    Balance sheet quality                                                                     
    measures                                                                                              
    All-in basis                                                                                          
       Common Equity Tier 1                                                                             
    (CET1) capital risk-weighted
    assets                                                                                                
         (RWA) ($ billions)        $     139.9   $     135.9   $     134.0     $     139.9   $     134.0  
       Tier 1 capital RWA                140.2         135.9         134.0           140.2         134.0  
       Total capital RWA                 140.6         135.9         134.0           140.6         134.0  
       CET1 ratio                         10.1 %        10.0 %         9.3 %          10.1 %         9.3 %
       Tier 1 capital ratio               12.2 %        12.1 %        11.6 %          12.2 %        11.6 %
       Total capital ratio                14.8 %        14.9 %        14.7 %          14.8 %        14.7 %
    Other information                                                                                     
    Full-time equivalent                                                                      
    employees                           45,161        43,907        43,516          45,161        43,516  
    (1) For additional information, see the "Non-GAAP
        measures" section.
    (2) 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 $921 million, compared with $878 
million for the same quarter last year, and $306 million for the prior 
quarter. Reported net income for the nine months ended July 31, 2014 was 
$2,404 million, compared with $2,525 million for the same period in 2013.

Adjusted net income((1)) for the quarter was $908 million, compared with $931 
million for the same quarter last year, and $887 million for the prior 
quarter. Adjusted net income((1)) for the nine months ended July 31, 2014 was 
$2,746 million, compared with $2,675 million for the same period in 2013.

Reported diluted earnings per share (EPS) for the quarter was $2.26, compared 
with $2.13 for the same quarter last year, and $0.73 for the prior quarter. 
Reported diluted EPS for the nine months ended July 31, 2014 was $5.87, 
compared with $6.09 for the same period in 2013.

Adjusted diluted EPS((1)) for the quarter was $2.23, compared with $2.26 for 
the same quarter last year, and $2.17 for the prior quarter. Adjusted diluted 
EPS((1)) for the nine months ended July 31, 2014 was $6.70, compared with 
$6.46 for the same period in 2013.

Net income for the current quarter was affected by the following items of note:
        --  $52 million ($30 million after-tax) gain within an
            equity-accounted investment in our merchant banking portfolio
            (Wholesale Banking);
        --  $9 million ($7 million after-tax) expenses relating to the
            development of our enhanced travel rewards program and in
            respect of the Aeroplan transactions with Aimia Canada Inc.
            (Aimia) and TD (Retail and Business Banking);
        --  $9 million ($8 million after-tax) amortization of intangible
            assets(2) ($1 million after-tax in Retail and Business Banking,
            $3 million after-tax in Wealth Management, and $4 million
            after-tax in Corporate and Other); and
        --  $2 million ($2 million after-tax) loss from the structured
            credit run-off business (Wholesale Banking).

The above items of note increased revenue by $49 million, non-interest 
expenses by $17 million and income tax expenses by $19 million. In aggregate, 
these items of note increased net income by $13 million.

Net interest income((3))
Net interest income was down $8 million from the same quarter last year, 
primarily due to lower card revenue as a result of the Aeroplan transactions 
with Aimia and TD in the first quarter of 2014 and lower treasury revenue, 
partially offset by volume growth across retail products and higher trading 
income.

Net interest income was up $77 million or 4% from the prior quarter, primarily 
due to additional days in the quarter and volume growth across retail products.

Net interest income for the nine months ended July 31, 2014 was up $18 million 
from the same period in 2013, primarily due to volume growth across most 
retail products and higher revenue from corporate banking. These factors were 
mostly offset by lower card revenue as a result of the Aeroplan transactions 
noted above, and lower treasury revenue.

Non-interest income((3))
Non-interest income was up $117 million or 9% from the same quarter last year, 
primarily due to higher investment management and custodial, mutual fund, and 
underwriting and advisory fees, partially offset by trading losses in the 
current quarter compared with trading income in the same quarter last year, 
and lower card fees as a result of the Aeroplan transactions noted above. The 
current quarter included a gain within an equity-accounted investment in our 
merchant banking portfolio, shown as an item of note.

Non-interest income was up $114 million or 8% from the prior quarter, 
primarily due to higher fee-based revenue, partially offset by lower net gains 
on available-for-sale (AFS) securities. The current quarter included the gain 
within an equity-accounted investment noted above.

Non-interest income for the nine months ended July 31, 2014 was up $603 
million or 15% from the same period in 2013, primarily due to gains relating 
to the Aeroplan transactions, the sale of an equity investment in our exited 
European leveraged finance portfolio, and the gain within an equity-accounted 
investment, all shown as items of note. Higher mutual fund and investment 
management and custodial fees were partially offset by lower card fees as 
noted above, and trading losses in the current year period compared with 
trading income in the same period last year.
    (1)  For additional information, see the "Non-GAAP measures" section.
    (2)  Beginning in the fourth quarter of 2013, also includes
         amortization of intangible assets for equity-accounted associates.
    (3)  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.

Provision for credit losses
Provision for credit losses was down $125 million or 39% 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 card portfolio which reflect 
credit improvements, as well as the impact of an initiative to enhance account 
management practices, and the sold Aeroplan portfolio. The same quarter last 
year included a charge resulting from a revision of estimated loss parameters 
on our unsecured lending portfolios, shown as an item of note. In Wholesale 
Banking, the provision was down as the same quarter last year included losses 
in our exited European leveraged finance portfolio. In Corporate and Other, 
the provision was down as the same quarter last year included estimated credit 
losses related to the Alberta floods, shown as an item of note, a portion of 
which was estimated to not be required and therefore reversed in the current 
quarter.

Provision for credit losses was down $135 million or 41% from the prior 
quarter. In Retail and Business Banking, the provision was comparable with the 
prior quarter. In Wholesale Banking, the provision was down as the prior 
quarter included losses in our exited U.S. leveraged finance portfolio, shown 
as an item of note. In Corporate and Other, the provision was down as the 
prior quarter included loan losses relating to FirstCaribbean International 
Bank Limited (CIBC FirstCaribbean), shown as an item of note.

Provision for credit losses for the nine months ended July 31, 2014 was down 
$107 million or 13% from the same period in 2013. In Retail and Business 
Banking, the provision was down mainly due to lower write-offs and 
bankruptcies in the card portfolio which reflect credit improvements, as well 
as the impact of an initiative to enhance account management practices, and 
the sold Aeroplan portfolio, and lower losses in the business lending 
portfolio. The same period last year included a charge resulting from a 
revision of estimated loss parameters on our unsecured lending portfolios, and 
the current year period included a charge resulting from operational changes 
in the processing of write-offs, both shown as items of note. In Wholesale 
Banking, the provision was down primarily due to losses in our exited European 
leveraged finance portfolio in the same period last year, partially offset by 
higher losses in our exited U.S. leveraged finance portfolio. In Corporate and 
Other, the provision was up primarily due to the loan losses relating to CIBC 
FirstCaribbean noted above, partially offset by a decrease in the collective 
allowance.

Non-interest expenses
Non-interest expenses were up $169 million or 9% from the same quarter last 
year, primarily due to higher employee-related compensation and computer, 
software and office equipment expenses.

Non-interest expenses were down $365 million or 15% from the prior quarter, as 
the prior quarter included the goodwill impairment charge relating to CIBC 
FirstCaribbean, shown as an item of note, partially offset by higher 
employee-related compensation in the current quarter.

Non-interest expenses for the nine months ended July 31, 2014 were up $747 
million or 13% from the same period in 2013, primarily due to the goodwill 
impairment charge relating to CIBC FirstCaribbean, and costs relating to the 
development of our enhanced travel rewards program and to the Aeroplan 
transactions, both shown as items of note, as well as higher employee-related 
compensation and computer, software and office equipment expenses. The same 
period last year had higher expenses in the structured credit run-off 
business, which included the Lehman-related settlement charge, shown as an 
item of note.

Income taxes
Income tax expense was up $22 million or 13% from the same quarter last year 
primarily due to higher income. Income tax expense was up $76 million or 64% 
from the prior quarter, primarily due to significantly higher income and 
taking into consideration that no tax recovery was booked in the prior quarter 
in respect of the CIBC FirstCaribbean goodwill impairment charge and loan 
losses.

Income tax expense for the nine months ended July 31, 2014 was up $102 million 
or 22% from the same period in 2013, notwithstanding comparable income levels, 
primarily due to no tax recovery being booked in the current year period in 
respect of the CIBC FirstCaribbean goodwill impairment charge and loan losses, 
partially offset by higher tax-exempt 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 $204 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: 
                                        For the three      For the nine  
                                         months ended      months ended  
                             Jul. 31,   Jul. 31, 2014     Jul. 31, 2014  
                                 2014
                                  vs.             vs.               vs.  
    $ millions               Jul. 31,   Apr. 30, 2014     Jul. 31, 2013  
                                 2013
    Estimated                                                            
    increase
    (decrease) in:
      Total                  $     21   $        (11)     $         100  
      revenue
      Provision                     1             (1)                15  
      for credit
      losses
      Non-interest                  9             (4)                68  
      expense
      Income taxes                  2             (1)                 5  
      Net income                    9             (5)                12  
    Average US$                   4.0 %         (2.0) %             6.9 %
    appreciation
    (depreciation)
    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:

Q2, 2014
        --  $543 million ($543 million after-tax) of charges relating to
            CIBC FirstCaribbean, comprising a goodwill impairment charge of
            $420 million ($420 million after-tax) and loan losses of $123
            million ($123 million after-tax), reflecting revised
            expectations on the extent and timing of the anticipated
            economic recovery in the Caribbean region (Corporate and
            Other);
        --  $22 million ($16 million after-tax) expenses relating to the
            development of our enhanced travel rewards program and in
            respect of the Aeroplan transactions with Aimia and TD (Retail
            and Business Banking);
        --  $22 million ($12 million after-tax) loan losses in our exited
            U.S. leveraged finance portfolio (Wholesale Banking);
        --  $9 million ($7 million after-tax) amortization of intangible
            assets ($1 million after-tax in Retail and Business Banking, $4
            million after-tax in Wealth Management, and $2 million
            after-tax in Corporate and Other); and
        --  $4 million ($3 million after-tax) loss from the structured
            credit run-off business (Wholesale Banking).

The above items of note decreased revenue by $8 million, increased provision 
for credit losses by $145 million, non-interest expense by $447 million, and 
decreased income tax expenses by $19 million. In aggregate, these items of 
note decreased net income by $581 million.

Q1, 2014
        --  $239 million ($183 million after-tax) gain in respect of the
            Aeroplan transactions with 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);
        --  $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(1),
            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 ($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.

Q3, 2013
        --  $38 million ($28 million after-tax) increase in the portion of
            the collective allowance recognized in Corporate and Other(1),
            which includes $56 million of estimated credit losses relating
            to the Alberta floods;
        --  $20 million ($15 million after-tax) charge resulting from a
            revision of estimated loss parameters on our unsecured lending
            portfolios (Retail and Business Banking);
        --  $8 million ($6 million after-tax) loss from the structured
            credit run-off business (Wholesale Banking); and
        --  $5 million ($4 million after-tax) amortization of intangible
            assets ($1 million after-tax in Retail and Business Banking, $1
            million after-tax in Wealth Management, and $2 million
            after-tax in Corporate and Other).

The above items of note decreased revenue by $7 million, increased provision 
for credit losses by $58 million, non-interest expenses by $6 million, and 
decreased income tax expenses by $18 million. In aggregate, these items of 
note decreased net income by $53 million.

Q2, 2013
        --  $27 million ($20 million after-tax) income from the structured
            credit run-off business (Wholesale Banking);
        --  $21 million ($15 million after-tax) loan losses in our exited
            European leveraged finance portfolio (Wholesale Banking); and
        --  $6 million ($5 million after-tax) amortization of intangible
            assets ($1 million after-tax in Retail and Business Banking, $1
            million after-tax in Wealth Management, and $3 million
            after-tax in Corporate and Other).

The above items of note increased revenue by $29 million, provision for credit 
losses by $21 million and non-interest expenses by $8 million. In aggregate, 
the impact of these items of note on net income was nil.

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.
    (1) 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 card portfolio, which are all reported
        in the respective SBUs.

Significant events

Goodwill impairment
During the quarter ended April 30, 2014, we recognized a goodwill impairment 
charge of $420 million relating to CIBC FirstCaribbean. This impairment 
reflects revised expectations on the extent and timing of the anticipated 
economic recovery in the Caribbean region. For additional information, see the 
Accounting and control matters section and Note 6 to our interim consolidated 
financial statements.

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 quarter ended January 31, 2014. The 
net gain on sale of the sold portfolio recognized in the quarter ended January 
31, 2014, which included the upfront payments, release of allowance for credit 
losses and costs related to the transaction, was $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 (Migration Payments).
        --  CIBC receives annual commercial subsidy payments from TD
            expected to be 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.

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.

For the quarter ended July 31, 2014, CIBC incurred incremental costs of $9 
million ($7 million after-tax) relating to the development of our enhanced 
travel rewards programs and in respect of supporting the tri-party agreements 
($22 million ($16 million after-tax) in the quarter ended April 30, 2014 and 
$39 million ($28 million after-tax) in the quarter ended January 31, 2014). 
Amounts recognized in respect of Migration Payments in the quarter and nine 
months ended July 31, 2014 were not significant.

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 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 in the quarter ended January 31, 2014.

Review of quarterly financial information
    $ millions,                                                                                            
    except per
    share amounts,                                                                                               
    for the three                                                                                          
    months ended                                 2014                                            2013        2012
                         Jul.        Apr.        Jan.        Oct.        Jul.        Apr.        Jan.        Oct.
                           31          30          31          31          31          30          31          31
    Revenue                                                                                                      
       Retail and     $                       $           $           $                       $           $
    Business
    Banking             2,032     $ 1,939       2,255       2,087       2,067     $ 1,985       2,010       2,012
       Wealth                                                                                              
    Management            568         548         502         470         458         443         432         420
       Wholesale                                                                                           
    Banking (1)           670         606         680         520         589         574         557         567
       Corporate                                                                                           
    and Other (1)          88          74         197         103         135         122         166         140
    Total revenue     $ 3,358     $ 3,167     $ 3,634     $ 3,180     $ 3,249     $ 3,124     $ 3,165     $ 3,139
    Net interest      $                       $           $           $                       $           $
    income              1,875     $ 1,798       1,905       1,893       1,883     $ 1,822       1,855       1,848
    Non-interest                                                                                           
    income              1,483       1,369       1,729       1,287       1,366       1,302       1,310       1,291
    Total revenue       3,358       3,167       3,634       3,180       3,249       3,124       3,165       3,139
    Provision for                                                                                          
    credit losses         195         330         218         271         320         265         265         328
    Non-interest                                                                                           
    expenses            2,047       2,412       1,979       1,930       1,878       1,825       1,988       1,823
    Income before                                                                                          
    income taxes        1,116         425       1,437         979       1,051       1,034         912         988
    Income taxes          195         119         260         154         173         172         127         145
    Net income        $   921     $   306     $ 1,177     $   825     $   878     $   862     $   785     $   843
    Net income                                                                                             
    (loss)
    attributable
    to:                                                                                                          
                      $                       $           $           $                       $           $
    Non-controlling
    interests               3     $  (11)           3         (7)           1     $     2           2           3
      Equity                                                                                               
    shareholders          918         317       1,174         832         877         860         783         840
    EPS - basic       $  2.26     $  0.73     $  2.88     $  2.02     $  2.13     $  2.09     $  1.88     $  2.00
        - diluted        2.26        0.73        2.88        2.02        2.13        2.09        1.88        2.00
    (1) 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, largely offset by the impact of the sold Aeroplan 
portfolio from the first quarter of 2014, the continued low interest rate 
environment, and attrition in our exited FirstLine mortgage broker business. 
The first quarter of 2014 also included the gain relating to the Aeroplan 
transactions with Aimia and TD.

Wealth Management revenue has benefitted from higher average assets under 
management (AUM), the impact of the acquisition of Atlantic Trust from the 
first quarter of 2014, higher contribution from our equity-accounted 
investment in American Century Investments (ACI) and strong net sales of 
long-term mutual funds.

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 and the first 
quarter of 2014 included gains within an equity-accounted investment in our 
merchant banking portfolio and on the sale of an equity investment in our 
exited European leveraged finance portfolio, respectively, while the fourth 
quarter of 2013 included the impairment of an equity position in our exited 
U.S. 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.

Corporate and Other includes the offset related to tax-exempt income noted 
above. The first quarter of 2014 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 (Asia) business.

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 card portfolio have been trending lower since 2012 and 
have declined further in 2014 due to credit improvements, as well as the 
impact of an initiative to enhance account management practices, and the sold 
Aeroplan portfolio. A charge resulting from operational changes in the 
processing of write-offs was included in the first quarter of 2014, and a 
charge resulting from a revision of estimated loss parameters on our unsecured 
lending portfolios was included in the third quarter of 2013. In Wholesale 
Banking, the second quarter of 2014 and the fourth quarter of 2012 included 
losses in the exited U.S. leveraged finance portfolio. The second and third 
quarters of 2013 had higher losses in the exited European leveraged finance 
portfolio. In Corporate and Other, the second quarter of 2014 had loan losses 
relating to CIBC FirstCaribbean. The third quarter of 2013 had an increase in 
the collective allowance, which included estimated credit losses relating to 
the Alberta floods, while the first and third quarters of 2014 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 
second quarter of 2014 had a goodwill impairment charge and the fourth quarter 
of 2013 had a restructuring charge relating to CIBC FirstCaribbean. The first 
half of 2014 and the fourth quarter of 2013 had expenses relating to the 
development of our enhanced travel rewards program, and to the Aeroplan 
transactions with Aimia and TD. The first quarter of 2013 also 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. No tax recovery was booked in the 
second quarter of 2014 in respect of the CIBC FirstCaribbean goodwill 
impairment charge and loan losses.

Outlook for calendar year 2014
Global growth is on a stronger track after a poor start to the year, helped by 
a diminished burden from fiscal tightening in both the U.S. and Europe, and a 
continuation of stimulative monetary policy. After a sharp rebound from 
adverse weather in the second quarter, U.S. real gross domestic product (GDP) 
is expected to advance at a more than 3% annualized pace in the final two 
quarters. U.S. real GDP will benefit from a pick-up in capital spending, and 
the lift to household incomes and credit quality from ongoing job creation. 
European growth has stalled, and there are renewed recession risks associated 
with geopolitical tensions, while emerging markets, after a slow start to the 
year, should benefit from improved global trade volumes. Canada's growth rate 
should average in the 2.0% to 2.5% range over the final two quarters, as 
firmer global conditions support exports, offsetting slower growth in 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 later in the year in anticipation of that future policy turn.

Retail banking is likely to see little change from the recent modest growth 
rates in demand for household and mortgage credit given existing levels of 
debt and the past few years' policy changes in mortgages. Demand for business 
credit should continue to grow at a healthy pace. 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 and greater M&A activity 
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 has 
reduced 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.
                                                      As at or for the          As at or for the
                                                                 three                      nine  
                                                          months ended              months ended  
                                          2014        2014        2013          2014        2013  
    $ millions                         Jul. 31     Apr. 30     Jul. 31       Jul. 31     Jul. 31  
    Reported and                                                          
    adjusted diluted
    EPS                                                                                           
    Reported net                                                          
    income
    attributable to
    diluted common
    shareholders            A        $     899   $     292   $     852     $   2,340   $   2,445  
    After-tax impact                                                      
    of items of note
    (1)                                   (13)         581          53           342         150  
    After-tax impact                                                      
    of items of note
    on
    non-controlling
    interests                                -        (10)           -          (10)           -  
    Adjusted net                                                          
    income
    attributable to
    diluted common
    shareholders(2)         B        $     886   $     863   $     905     $   2,672   $   2,595  
    Diluted                                                               
    weighted-average
    common shares
    outstanding
    (thousands)             C          398,022     398,519     400,258       398,584     401,621  
    Reported diluted                                                      
    EPS ($)                A/C       $    2.26   $    0.73   $    2.13     $    5.87   $    6.09  
    Adjusted diluted                                                      
    EPS ($)(2)             B/C            2.23        2.17        2.26          6.70        6.46  
    Reported and                                                          
    adjusted
    efficiency ratio                                                                              
    Reported total                                                        
    revenue                 D        $   3,358   $   3,167   $   3,249     $  10,159   $   9,538  
    Pre-tax impact                                                        
    of items of note
    (1)                                   (49)           8           7         (394)        (50)  
    TEB                                    102         124          90           336         279  
    Adjusted total                                                        
    revenue(2)              E        $   3,411   $   3,299   $   3,346     $  10,101   $   9,767  
    Reported                                                              
    non-interest
    expenses                F        $   2,047   $   2,412   $   1,878     $   6,438   $   5,691  
    Pre-tax impact                                                        
    of items of note
    (1)                                   (17)       (447)         (6)         (519)       (179)  
    Adjusted                                                              
    non-interest
    expenses(2)             G        $   2,030   $   1,965   $   1,872     $   5,919   $   5,512  
    Reported                                                              
    efficiency ratio       F/D            61.0 %      76.2 %      57.8 %        63.4 %      59.7 %
    Adjusted                                                              
    efficiency ratio
    (2)                    G/E            59.5 %      59.6 %      56.0 %        58.6 %      56.4 %
    Reported and                                                          
    adjusted
    dividend payout
    ratio                                                                                         
    Reported net                                                          
    income
    attributable to
    common
    shareholders            H        $     899   $     292   $     852     $   2,340   $   2,445  
    After-tax impact                                                      
    of items of note
    attributable to
    common
    shareholders(1)                       (13)         571          53           332         150  
    Adjusted net                                                          
    income
    attributable to
    common
    shareholders(2)         I        $     886   $     863   $     905     $   2,672   $   2,595  
    Dividends paid                                                        
    to common
    shareholders            J        $     397   $     390   $     384     $   1,169   $   1,139  
    Reported                                                              
    dividend payout
    ratio                  J/H            44.2 %     133.5 %      45.1 %        50.0 %      46.6 %
    Adjusted                                                              
    dividend payout
    ratio(2)               J/I            44.8 %      45.2 %      42.5 %        43.8 %      43.9 %
    Reported and                                                          
    adjusted return
    on common
    shareholders'
    equity                                                                                        
    Average common                                                        
    shareholders'
    equity                  K        $  16,989   $  17,173   $  15,162     $  16,911   $  14,925  
    Reported return                                                       
    on common
    shareholders'
    equity                 H/K            21.0 %       7.0 %      22.3 %        18.5 %      21.9 %
    Adjusted return                                                       
    on common
    shareholders'
    equity(2)              I/K            20.7 %      20.6 %      23.7 %        21.1 %      23.3 %
    Reported and                                                          
    adjusted
    effective tax
    rate                                                                                          
    Reported income                                                       
    before income
    taxes                   L        $   1,116   $     425   $   1,051     $   2,978   $   2,997  
    Pre-tax impact                                                        
    of items of note
    (1)                                   (32)         600          71           270         208  
    Adjusted income                                                       
    before income
    taxes(2)                M        $   1,084   $   1,025   $   1,122     $   3,248   $   3,205  
    Reported income                                                       
    taxes                   N        $     195   $     119   $     173     $     574   $     472  
    Tax impact of                                                         
    items of note(1)                      (19)          19          18          (72)          58  
    Adjusted income                                                       
    taxes(2)                O        $     176   $     138   $     191     $     502   $     530  
    Reported                                                              
    effective tax
    rate                   N/L            17.5 %      28.1 %      16.5 %        19.3 %      15.7 %
    Adjusted                                                              
    effective tax
    rate(2)                O/M            16.2 %      13.5 %      17.0 %        15.5 %      16.5 %
                                                                                                  
                             Retail
                                and                                                       
                           Business       Wealth     Wholesale     Corporate          CIBC
    $ millions,             Banking  
    for the three
    months ended                      Management       Banking     and Other         Total
         Reported       
         net
         income
    2014 (loss)          $      589   $      121   $       282   $      (71)   $       921
         After-tax      
         impact of
    Jul. items of
    31   note(1)                  8            3          (28)             4          (13)
         Adjusted       
         net
         income
         (loss)(2)       $      597   $      124   $       254   $      (67)   $       908
         Reported       
         net
         income
    2014 (loss)          $      546   $      117   $       213   $     (570)   $       306
         After-tax      
         impact of
    Apr. items of
    30   note(1)                 17            4            15           545           581
         Adjusted       
         net
         income
         (loss)(2)       $      563   $      121   $       228   $      (25)   $       887
         Reported       
         net
         income
    2013 (loss)          $      612   $      102   $       212   $      (48)   $       878
         After-tax      
         impact of
    Jul. items of
    31   note(1)                 16            1             6            30            53
         Adjusted       
         net
         income
         (loss)(2)       $      628   $      103   $       218   $      (18)   $       931
                                                                                    
    $ millions,           
    for the nine
    months ended                                                                          
         Reported       
         net
         income
    2014 (loss)          $    1,881   $      352   $       759   $     (588)   $     2,404
         After-tax      
         impact of
    Jul. items of
    31   note(1)               (78)           10          (62)           472           342
         Adjusted       
         net
         income
         (loss)(2)       $    1,803   $      362   $       697   $     (116)   $     2,746
         Reported       
         net
         income
    2013 (loss)          $    1,764   $      282   $       490   $      (11)   $     2,525
         After-tax      
         impact of
    Jul. items of
    31   note(1)                 19            2           110            19           150
         Adjusted       
         net
         income(2)       $    1,783   $      284   $       600   $         8   $     2,675
    (1) Reflects impact of items of note under "Financial results"
        section.
    (2) 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 card 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))
                                               For the three            For the nine  
                                                months ended            months ended  
                                  2014       2014       2013         2014       2013  
    $ millions                    Jul.       Apr.       Jul.         Jul.       Jul.
                                    31         30         31           31         31  
    Revenue                                                                           
      Personal                                                                        
      banking                 $  1,614   $  1,539   $  1,534     $  4,729   $  4,479
      Business                                                                        
      banking                      389        368        386        1,137      1,143
      Other (2)                     29         32        147          360        440  
    Total revenue                2,032      1,939      2,067        6,226      6,062  
    Provision for                                               
    credit losses                  177        173        241          560        715  
    Non-interest                                                
    expenses                     1,067      1,040      1,011        3,162      2,996  
    Income before                                               
    taxes                          788        726        815        2,504      2,351  
    Income taxes                   199        180        203          623        587  
    Net income                $    589   $    546   $    612     $  1,881   $  1,764  
    Net income                                                  
    attributable
    to:                                                                               
      Equity                                                                          
      shareholders 
      (a)                     $    589   $    546   $    612     $  1,881   $  1,764
    Efficiency                                                  
    ratio                         52.5 %     53.6 %     48.9 %       50.8 %     49.4 %
    Return on                                                   
    equity (3)                    60.3 %     58.1 %     63.8 %       65.5 %     62.8 %
    Charge for                                                  
    economic
    capital (3) (b)           $  (121)   $  (117)   $  (120)     $  (357)   $  (353)  
    Economic profit                                             
    (3) (a+b)                 $    468   $    429   $    492     $  1,524   $  1,411  
    Full-time                                                   
    equivalent
    employees                   22,397     22,306     22,186       22,397     22,186  
    (1) For additional segmented information, see the notes to
        the interim consolidated financial statements.
    (2) Includes run-off portfolios relating to FirstLine
        mortgage broker business, student loans and cards.
    (3) For additional information, see the "Non-GAAP
        measures" section.

Financial overview
Net income for the quarter was $589 million, down $23 million from the same 
quarter last year, primarily due to higher non-interest expenses and lower 
revenue, partially offset by a lower provision for credit losses.

Net income was up $43 million from the prior quarter, mainly due to higher 
revenue, partially offset by higher non-interest expenses.

Net income for the nine months ended July 31, 2014 was $1,881 million, up $117 
million from the same period in 2013, primarily due to higher revenue and a 
lower provision for credit losses, partially offset by higher non-interest 
expenses.

Revenue
Revenue was down $35 million or 2% from the same quarter last year.

Personal banking revenue was up $80 million, primarily due to volume growth.

Business banking revenue was comparable with the same quarter last year as 
volume growth was largely offset by narrower spreads.

Other revenue was down $118 million, mainly due to lower cards revenue as a 
result of the Aeroplan transactions with Aimia and TD.

Revenue was up $93 million or 5% from the prior quarter.

Personal banking revenue was up $75 million, primarily due to additional days 
in the quarter, volume growth and higher fees.

Business banking revenue was up $21 million, primarily due to additional days 
in the quarter and volume growth.

Other revenue was comparable with the prior quarter.

Revenue for the nine months ended July 31, 2014 was up $164 million or 3% from 
the same period in 2013.

Personal banking revenue was up $250 million, due to volume growth across most 
products, higher fees and wider spreads.

Business banking revenue was down $6 million, mainly due to narrower spreads, 
partially offset by volume growth.

Other revenue was down $80 million, mainly due to lower cards revenue as a 
result of the Aeroplan transactions and lower revenue from our exited 
FirstLine mortgage broker business, partially offset by the gain relating to 
the Aeroplan transactions in the current year period, shown as an item of note.

Provision for credit losses
Provision for credit losses was down $64 million from the same quarter last 
year, mainly due to lower write-offs and bankruptcies in the card portfolio 
which reflect credit improvements, as well as the impact of an initiative to 
enhance account management practices, and the sold Aeroplan portfolio. The 
same quarter last year included a charge resulting from a revision of 
estimated loss parameters on our unsecured lending portfolios, shown as an 
item of note.

Provision for credit losses was comparable with the prior quarter.

Provision for credit losses for the nine months ended July 31, 2014 was down 
$155 million from the same period in 2013, mainly due to lower write-offs and 
bankruptcies in the card portfolio which reflect credit improvements, as well 
as the impact of an initiative to enhance account management practices, and 
the sold Aeroplan portfolio, and lower losses in the business lending 
portfolio. The same period last year included a charge resulting from a 
revision of estimated loss parameters on our unsecured lending portfolios, and 
the current year period included a charge resulting from operational changes 
in the processing of write-offs, both shown as items of note.

Non-interest expenses
Non-interest expenses were up $56 million or 6% from the same quarter last 
year, primarily due to higher spending on strategic initiatives and costs 
relating to the development of our enhanced travel rewards program, shown as 
an item of note.

Non-interest expenses were up $27 million or 3% from the prior quarter, mainly 
due to higher employee-related compensation, including the impact of 
additional days in the quarter.

Non-interest expenses for the nine months ended July 31, 2014 were up $166 
million or 6% from the same period in 2013, primarily due to costs relating to 
development of our enhanced travel rewards program and to the Aeroplan 
transactions, shown as items of note, and higher spending on strategic 
initiatives.

Income taxes
Income taxes were down $4 million from the same quarter last year, primarily 
due to lower income.

Income taxes were up $19 million from the prior quarter, primarily due to 
higher income.

Income taxes for the nine months ended July 31, 2014 were up $36 million from 
the same period in 2013, 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))
                                              For the three          For the nine  
                                               months ended          months ended  
                                   2014      2014      2013        2014      2013  
    $ millions                     Jul.      Apr.      Jul.        Jul.      Jul.
                                     31        30        31          31        31  
    Revenue                                                                        
      Retail                                                                       
      brokerage                 $   307   $   292   $   267     $   883   $   788
      Asset                                                                        
      management                    186       181       159         539       456
      Private wealth                                                               
      management                     75        75        32         196        89
    Total revenue                   568       548       458       1,618     1,333  
    Provision for                                              
    credit losses                     -         1         -           -         -  
    Non-interest                                               
    expenses                        408       395       326       1,154       966  
    Income before                                              
    taxes                           160       152       132         464       367  
    Income taxes                     39        35        30         112        85  
    Net income                  $   121   $   117   $   102     $   352   $   282  
    Net income                                                 
    attributable to:                                                               
      Non-controlling                                                              
      interests                 $     -   $     1   $     -     $     2   $     -
      Equity                                                                       
      shareholders 
      (a)                           121       116       102         350       282
    Efficiency ratio               71.9 %    72.2 %    71.2 %      71.4 %    72.4 %
    Return on equity                                           
    (2)                            22.7 %    22.4 %    21.3 %      22.5 %    20.1 %
    Charge for                                                 
    economic capital
    (2) (b)                     $  (65)   $  (63)   $  (58)     $ (190)   $ (172)  
    Economic profit                                            
    (2) (a+b)                   $    56   $    53   $    44     $   160   $   110  
    Full-time                                                  
    equivalent
    employees                     4,176     4,108     3,837       4,176     3,837  
    (1) For additional segmented information, see the notes to the interim
        consolidated financial statements.
    (2) For additional information, see the "Non-GAAP measures" section.

Financial overview
Net income for the quarter was $121 million, up $19 million from the same 
quarter last year, and up $4 million from the prior quarter, primarily due to 
higher revenue, partially offset by higher non-interest expenses.

Net income for the nine months ended July 31, 2014 was $352 million, up $70 
million from the same period in 2013, primarily due to higher revenue, 
partially offset by higher non-interest expenses.

Revenue
Revenue was up $110 million or 24% from the same quarter last year, and up $20 
million or 4% from the prior quarter.

Retail brokerage revenue was up $40 million from the same quarter last year, 
primarily due to higher fee-based and commission revenue, and up $15 million 
from the prior quarter, primarily due to higher fee-based revenue.

Asset management revenue was up $27 million from the same quarter last year, 
and up $5 million from the prior quarter, primarily due to higher client AUM 
driven by market appreciation and net sales of long-term mutual funds.

Private wealth management revenue was up $43 million from the same quarter 
last year, mainly due to the acquisition of Atlantic Trust on December 31, 
2013, and higher AUM driven by client balance growth. Private wealth 
management revenue was comparable with the prior quarter.

Revenue for the nine months ended July 31, 2014 was up $285 million or 21% 
from the same period in 2013.

Retail brokerage revenue was up $95 million, mainly due to higher fee-based 
and commission revenue.

Asset management revenue was up $83 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 ACI.

Private wealth management revenue was up $107 million, mainly due to the 
acquisition noted above and higher AUM driven by client balance growth.

Non-interest expenses
Non-interest expenses were up $82 million or 25% from the same quarter last 
year, primarily due to the impact of the acquisition noted above and higher 
performance-based compensation.

Non-interest expenses were up $13 million or 3% from the prior quarter, 
primarily due to higher performance-based compensation.

Non-interest expenses for the nine months ended July 31, 2014 were up $188 
million or 19% from the same period in 2013, primarily due to the impact of 
the acquisition noted above and higher performance-based compensation.

Income taxes
Income taxes were up $9 million from the same quarter last year, and up $4 
million from the prior quarter, primarily due to higher income.

Income taxes for the nine months ended July 31, 2014 were up $27 million from 
the same period in 2013, primarily 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))
                                            For the three          For the nine  
                                             months ended          months ended  
                                 2014      2014      2013        2014      2013  
    $ millions                   Jul.      Apr.      Jul.        Jul.      Jul.
                                   31        30        31          31        31  
    Revenue                                                                      
      Capital                                                                    
      markets                 $   336   $   331   $   348     $   997   $   986
      Corporate and                                                              
      investment
      banking                     330       275       240         855       673
      Other                         4         -         1         104        61  
    Total revenue                                            
    (2)                           670       606       589       1,956     1,720  
    Provision for                                            
    credit losses                   6        21        14          29        45  
    Non-interest                                             
    expenses                      279       318       303         926     1,046  
    Income before                                            
    taxes                         385       267       272       1,001       629  
    Income taxes                                             
    (2)                           103        54        60         242       139  
    Net income                $   282   $   213   $   212     $   759   $   490  
    Net income                                               
    attributable
    to:                                                                          
      Equity                                                                     
      shareholders 
      (a)                     $   282   $   213   $   212     $   759   $   490
    Efficiency                                               
    ratio (2)                    41.5 %    52.6 %    51.3 %      47.3 %    60.8 %
    Return on                                                
    equity (3)                   47.5 %    36.0 %    38.6 %      42.8 %    31.0 %
    Charge for                                               
    economic
    capital (3) (b)           $  (73)   $  (73)   $  (69)     $ (219)   $ (197)  
    Economic profit                                          
    (3) (a+b)                 $   209   $   140   $   143     $   540   $   293  
    Full-time                                                
    equivalent
    employees                   1,327     1,248     1,302       1,327     1,302  
    (1) For additional segmented information, see the notes to  
        the interim consolidated financial statements.
    (2) Revenue and income taxes are reported on a TEB basis.   
        Accordingly, revenue and income taxes
        include a TEB adjustment of $102 million for the
        quarter ended July 31, 2014 (April 30, 2014:
        $124 million; July 31, 2013: $90 million) and $336
        million for the nine months ended July 31, 2014
        (July 31, 2013: $279 million). The equivalent amounts
        are offset in the revenue and income taxes
        of Corporate and Other.
    (3) For additional information, see the "Non-GAAP
        measures" section.

Financial overview
Net income for the quarter was $282 million, up $70 million from the same 
quarter last year and up $69 million from the prior quarter, mainly due to 
higher revenue and lower non-interest expenses.

Net income for the nine months ended July 31, 2014 was $759 million, up $269 
million from the same period in 2013, mainly due to higher revenue and lower 
non-interest expenses.

Revenue 
Revenue was up $81 million or 14% from the same quarter last year.

Capital markets revenue was down $12 million, primarily due to lower revenue 
from foreign exchange trading and a lower reversal of credit valuation 
adjustments (CVA) against credit exposures to derivative counterparties (other 
than financial guarantors), partially offset by higher equity issuance revenue.

Corporate and investment banking revenue was up $90 million, mainly due to a 
gain within an equity-accounted investment in our merchant banking portfolio, 
shown as an item of note, higher equity issuance revenue and higher revenue 
from corporate banking and U.S. real estate finance.

Other revenue was comparable with the same quarter last year.

Revenue was up $64 million or 11% from the prior quarter.

Capital markets revenue was up $5 million, primarily due to higher equity and 
debt issuance revenue, partially offset by lower revenue from equity 
derivatives and fixed income trading.

Corporate and investment banking revenue was up $55 million, primarily due to 
the gain noted above and higher equity issuance revenue and advisory fees, 
partially offset by lower revenue from U.S. real estate finance.

Other revenue was comparable with the prior quarter.

Revenue for the nine months ended July 31, 2014 was up $236 million or 14% 
from the same period in 2013.

Capital markets revenue was up $11 million, primarily due to higher revenue 
from equity derivatives, fixed income and foreign exchange trading, and equity 
issuances, partially offset by a lower reversal of CVA as noted above.

Corporate and investment banking revenue was up $182 million, mainly due to 
higher investment portfolio gains, including the gain noted above, higher 
revenue from corporate banking and U.S. real estate finance, and higher 
revenue from equity issuances, partially offset by lower advisory revenue.

Other revenue was up $43 million, primarily due to a gain on the sale of an 
equity investment in our exited European leveraged finance portfolio in the 
current year period, shown as an item of note, partially offset by losses in 
the structured credit run-off business compared with gains in the prior year 
period.

Provision for credit losses
Provision for credit losses was down $8 million from the same quarter last 
year, primarily due to losses in our exited European leveraged finance 
portfolio in the same quarter last year.

Provision for credit losses was down $15 million from the prior quarter, as 
the prior quarter included losses in our exited U.S. leveraged finance 
portfolio, shown as an item of note.

Provision for credit losses for the nine months ended July 31, 2014 was down 
$16 million from the same period in 2013, primarily due to losses in our 
exited European leveraged finance portfolio in the same period last year, 
partially offset by higher losses in our exited U.S. leveraged finance 
portfolio.

Non-interest expenses
Non-interest expenses were down $24 million or 8% from the same quarter last 
year, and down $39 million or 12% from the prior quarter, mainly due to lower 
performance-based compensation.

Non-interest expenses for the nine months ended July 31, 2014 were down $120 
million or 11% from the same period in 2013, as the prior year period included 
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., shown as an item of 
note, and lower performance-based compensation, partially offset by higher 
spending on strategic initiatives.

Income taxes
Income taxes for the quarter were up $43 million from the same quarter last 
year, and up $49 million from the prior quarter, primarily due to higher 
income.

Income taxes for the nine months ended July 31, 2014 were up $103 million from 
the same period in 2013, primarily due to higher income.

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

Results 
                                      For the three            For the nine
                                       months ended            months ended
                             2014     2014     2013        2014        2013
    $ millions               Jul.     Apr.     Jul.     Jul. 31     Jul. 31
                               31       30       31
    Net interest           $  (3)   $ (10)   $ (15)   $    (26)   $    (38)
    income
    (expense)
    Trading                   (3)       24       12          26          65
    income
    (loss)
    Designated                  4     (17)      (3)        (15)         (9)
    at fair
    value (FVO)
    gains
    (losses),
    net
    Other income                1        -      (1)           1          10
    (loss)
    Total                     (1)      (3)      (7)        (14)          28
    revenue
    Non-interest                1        1        1           3         157
    expenses
    Loss before               (2)      (4)      (8)        (17)       (129)
    taxes
    Income taxes                -      (1)      (2)         (4)        (34)
    Net loss               $  (2)   $  (3)   $  (6)   $    (13)   $    (95)

Net loss for the quarter was $2 million (US$2 million), compared with $6 
million (US$6 million) for the same quarter last year and $3 million (US$3 
million) for the prior quarter. The net loss for the nine months ended July 
31, 2014 was $13 million (US$12 million), down $82 million (US$81 million) 
from the same period in 2013.

Net loss for the quarter was mainly due to 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 and net interest expense. 
These were 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 July 31,                            (1)        and credit        Financial              Other
    2014                              Investments and loans            facilities       guarantors     counterparties
                                          Fair     Carrying                                                          
                       Fair value     value of     value of                  Fair                                    
                               of
                         trading,   securities   securities              value of             Fair               Fair
                              AFS                                                            value              value
                          and FVO   classified   classified               written              net             net of
                                                                           credit               of
              Notional securities     as loans     as loans  Notional derivatives   Notional   CVA   Notional     CVA
    USRMM -   $      - $        -   $        -   $        -   $   216 $       154   $      - $   -   $    216 $   154
    CDO
    CLO          1,669          1        1,623        1,627     1,535          19      2,880    32         78       2
    Corporate        -          -            -            -     4,085           2          -     -      4,085       4
    debt
    Other          592        402           28           26       407          33         18     2         12       1
    Unmatched        -          -            -            -         -           -          -     -        459       -
              $  2,261 $      403   $    1,651   $    1,653   $ 6,243 $       208   $  2,898 $  34   $  4,850 $   161
    October   $  3,269 $      494   $    2,497   $    2,507   $ 7,543 $       269   $  4,718 $  87   $  5,145 $   188
    31, 2013
    (1) Excluded from the table above are equity 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$15 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$62 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. (65%) and European-based (33%) senior secured leveraged 
loans. As at July 31, 2014, approximately 68% of the total notional amount of 
the CLO tranches was rated equivalent to AAA, 29% was rated between the 
equivalent of AA+ and AA-, and the remainder was the equivalent of A or lower. 
As at July 31, 2014, approximately 19% of the underlying collateral was rated 
equivalent to BB- or higher, 58% was rated between the equivalent of B+ and 
B-, 4% was rated equivalent to CCC+ or lower, with the remainder unrated. The 
CLO positions have a weighted-average life of 2.1 years and average 
subordination of 31%.

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 29-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 July 31, 2014, include:
        --  Variable rate Class A-1/A-2 notes classified as trading
            securities with a notional value of US$265 million and a fair
            value of US$242 million, tracking notes classified as AFS with
            a notional value of US$5 million and a fair value of US$2
            million, and loans with a notional value of US$56 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$126 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$104 million;
        --  US$49 million notional value of CDO trading securities with
            collateral consisting of high-yield corporate debt portfolios
            with a fair value of US$48 million; and
        --  US$29 million notional value of an asset-backed security (ABS)
            classified as a loan, with fair value of US$28 million and
            carrying value of US$26 million.

Our significant positions in the Written credit derivatives, liquidity and 
credit facilities section within Other, as at July 31, 2014, include:
        --  US$266 million notional value of written credit derivatives
            with a fair value of US$32 million, on inflation-linked notes,
            and CDO tranches with collateral consisting of non-U.S.
            residential mortgage-backed securities and TruPs; and
        --  US$87 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$3 million, which are partly secured by 
direct guarantees from financial guarantors or by bonds guaranteed by 
financial guarantors.
                                                                                             Credit protection
                                                                                                 purchased
                                                                                               from financial
                                                                                                 guarantors
                                          Notional amounts of referenced assets                   and other
                                                                                               counterparties
                                   Corporate   CDO -                             Total     Fair             Fair
                                                                                          value            value
    US$ millions,            CLO        debt   USRMM     Other   Unmatched    notional   before      CVA     net
    as at July 31,                                                                          CVA               of
    2014                                                                                                     CVA
    Financial                                                                                                   
    guarantors (1)
      Investment       $   1,794   $       -   $   -   $    18   $       -   $   1,812   $   31 $    (5)   $  26
      grade
      Unrated              1,086           -       -         -           -       1,086       12      (4)       8
                           2,880           -       -        18           -       2,898       43      (9)      34
    Other                                                                                                       
    counterparties
    (1)
      Investment              78          10     216        12           -         316      156        1     157
      grade
      Unrated                  -       4,075       -         -         459       4,534        4        -       4
                              78       4,085     216        12         459       4,850      160        1     161
                       $   2,958   $   4,085   $ 216   $    30   $     459   $   7,748   $  203 $    (8)   $ 195
    October 31,        $   4,642   $   4,271   $ 241   $   229   $     480   $   9,863   $  312 $   (37)   $ 275
    2013
    (1)  In cases where more than one credit rating agency
         provides ratings and those ratings differ, we use
         the lowest rating.

The unrated other counterparty is a 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 July 
31, 2014 was US$275 million relative to US$4 million of net exposure.

Lehman Brothers bankruptcy proceedings
During the quarter ended January 31, 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))
                                                 For the three          For the nine
                                                  months ended          months ended
                                    2014       2014       2013       2014       2013
    $ millions                      Jul.       Apr.       Jul.       Jul.       Jul.
                                      31         30         31         31         31
    Revenue                                                                         
      International                  151        146        142        451        445
      banking                   $          $          $          $          $
      Other                         (63)       (72)        (7)       (92)       (22)
    Total revenue (2)                 88         74        135        359        423
    Provision for                                                            
    credit losses                     12        135         65        154         90
    Non-interest                                                             
    expenses                         293        659        238      1,196        683
    Loss before taxes              (217)      (720)      (168)      (991)      (350)
    Income taxes (2)               (146)      (150)      (120)      (403)      (339)
    Net loss                    $   (71)   $  (570)   $   (48)   $  (588)   $   (11)
    Net income (loss)                                                        
    attributable to:                                                                
      Non-controlling                  3       (12)          1        (7)          5
      interests                 $          $          $          $          $
      Equity                        (74)      (558)       (49)      (581)       (16)
      shareholders                                                           
    Full-time                                                                
    equivalent
    employees                     17,261     16,245     16,191     17,261     16,191
    (1)  For additional segmented information, see the notes to
         the interim consolidated financial statements.
    (2)  TEB adjusted. See footnote 2 in "Wholesale Banking"
         section for additional details.

Financial overview
Net loss for the quarter was $71 million, up $23 million from the same quarter 
last year, primarily due to higher non-interest expenses and lower revenue, 
partially offset by a lower provision for credit losses.

Net loss was down $499 million from the prior quarter, primarily due to lower 
non-interest expenses and provision for credit losses.

Net loss for the nine months ended July 31, 2014 was $588 million, up $577 
million from the same period last year, primarily due to higher non-interest 
expenses, provision for credit losses and lower revenue.

Revenue
Revenue was down $47 million or 35% from the same quarter last year.

International banking revenue was up $9 million, due to higher revenue from 
CIBC FirstCaribbean, including the impact of favourable foreign exchange rates.

Other revenue was down $56 million, primarily due to lower treasury revenue.

Revenue was up $14 million or 19% from the prior quarter.

International banking revenue was up $5 million, primarily due to higher 
revenue from CIBC FirstCaribbean.

Other revenue was up $9 million, primarily due to a lower TEB adjustment, 
partially offset by lower treasury revenue.

Revenue for the nine months ended July 31, 2014 was down $64 million or 15% 
from the same period last year.

International banking revenue was up $6 million, due to favourable foreign 
exchange rates. The same period last year included a gain on the sale of our 
private wealth management (Asia) business, shown as an item of note.

Other revenue was down $70 million, primarily due to lower treasury revenue 
and a higher TEB adjustment, partially offset by the gain relating to the 
Aeroplan transactions with Aimia and TD, shown as an item of note in the 
current year period.

Provision for credit losses
Provision for credit losses was down $53 million from the same quarter last 
year, as the same quarter last year included estimated credit losses related 
to the Alberta floods, shown as an item of note, a portion of which was 
estimated to not be required and therefore reversed in the current quarter.

Provision for credit losses was down $123 million from the prior quarter, as 
the prior quarter included loan losses relating to CIBC FirstCaribbean, shown 
as an item of note.

Provision for credit losses for the nine months ended July 31, 2014 was up $64 
million from the same period last year, primarily due to the loan losses 
relating to CIBC FirstCaribbean noted above, partially offset by a decrease in 
the collective allowance.

Non-interest expenses
Non-interest expenses were up $55 million or 23% from the same quarter last 
year, mainly due to higher unallocated corporate support costs.

Non-interest expenses were down $366 million or 56% from the prior quarter, 
primarily due to the goodwill impairment charge relating to CIBC 
FirstCaribbean, shown as an item of note in the prior quarter, partially 
offset by higher unallocated corporate support costs.

Non-interest expenses for the nine months ended July 31, 2014 were up $513 
million or 75% from the same period last year, primarily due to the charge 
noted above and higher unallocated corporate support costs.

Income taxes
Income tax benefit was up $26 million from the same quarter last year, 
primarily due to a higher loss, including a higher TEB adjustment.

Income tax benefit was comparable with the prior quarter. No tax recovery was 
booked in the prior quarter in respect of the CIBC FirstCaribbean goodwill 
impairment charge and loan losses.

Income tax benefit for the nine months ended July 31, 2014 was up $64 million 
from the same period in 2013, primarily due to a higher TEB adjustment. No tax 
recovery was booked in the current year period in respect of the CIBC 
FirstCaribbean goodwill impairment charge and loan losses.

Financial condition

Review of condensed consolidated balance sheet
                                                       2014            2013
    $ millions, as at                               Jul. 31         Oct. 31
    Assets                                                                 
    Cash and deposits with banks                $    11,192     $     6,379
    Securities                                       69,461          71,984
    Securities borrowed or purchased                 28,343          28,728
    under resale agreements
    Loans and acceptances, net of                   262,489         256,380
    allowance
    Derivative instruments                           18,227          19,947
    Other assets                                     15,710          14,588
                                                $   405,422     $   398,006
    Liabilities and equity                                                 
    Deposits                                    $   322,314     $   315,164
    Obligations related to securities                23,599          20,313
    lent or sold short or under
    repurchase agreements
    Derivative instruments                           17,957          19,724
    Other liabilities                                18,853          20,583
    Subordinated indebtedness                         4,187           4,228
    Equity                                           18,512          17,994
                                                $   405,422     $   398,006

Assets
As at July 31, 2014, total assets were up by $7.4 billion or 2% from October 
31, 2013.

Cash and deposits with banks increased by $4.8 billion or 75%, mostly due to 
higher treasury deposit placements.

Securities decreased by $2.5 billion or 4%, 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 and 
public corporate debt, partially offset by an increase in U.S. Treasury and 
agencies securities. Trading securities increased primarily due to an increase 
in corporate equities.

Securities borrowed or purchased under resale agreements decreased by $385 
million or 1%, primarily due to treasury investment management activities.

Net loans and acceptances increased by $6.1 billion or 2%. Business and 
government loans and acceptances were up by $4.5 billion, largely due to an 
increase in our domestic lending portfolio. Residential mortgages were up by 
$4.0 billion, primarily due to growth in CIBC-branded mortgages, partially 
offset by attrition in the exited FirstLine mortgage broker business. Personal 
loans were up $642 million, due to volume growth. These increases were 
partially offset by credit card loans, which were down $3.1 billion, primarily 
due to the Aeroplan transactions with Aimia and TD.

Derivative instruments decreased by $1.7 billion or 9%, largely driven by the 
decrease in interest rate derivatives valuation, partially offset by an 
increase in foreign exchange derivatives valuation.

Other assets increased by $1.1 billion or 8%, primarily due to an increase in 
collateral pledged for derivatives and assets acquired as a result of the 
acquisition of Atlantic Trust, partially offset by the goodwill impairment 
relating to CIBC FirstCaribbean.

Liabilities
As at July 31, 2014, total liabilities were up by $6.9 billion or 2% from 
October 31, 2013.

Deposits increased by $7.2 billion or 2%, primarily due to retail volume 
growth, partially offset by lower outstanding secured borrowings. Further 
details on the composition of deposits are provided in Note 8 to the interim 
consolidated financial statements.

Obligations related to securities lent or sold short or under repurchase 
agreements increased by $3.3 billion or 16%, primarily due to client-driven 
activities.

Derivative instruments decreased by $1.8 billion or 9%, largely driven by a 
decrease in interest rate derivatives valuation, partially offset by an 
increase in foreign exchange derivatives valuation.

Other liabilities decreased by $1.7 billion or 8%, mainly due to lower 
acceptances.

Subordinated indebtedness decreased by $41 million or 1%, primarily due to 
redemptions during the year. See the "Significant capital management activity" 
section below.

Equity
As at July 31, 2014, equity increased by $518 million or 3% from October 31, 
2013, primarily due to a net increase in retained earnings and issuance of 
preferred shares. These were partially offset by the redemption of our 
preferred shares and the repurchase and cancellation of common shares under 
the normal course issuer bid, as explained in the "Significant capital 
management activity" section below.

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 on 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 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 "Transitional basis (BCBS)" and "All-in basis (OSFI)" chart, please 
click http://files.newswire.ca/256/CIBC1.pdf

CET1 capital includes common shares, retained earnings, accumulated other 
comprehensive income (AOCI) (excluding AOCI relating to cash flow hedges), and 
qualifying instruments issued by a consolidated subsidiary to third parties, 
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 non-viability contingent capital 
(NVCC) preferred shares, qualifying instruments issued by a consolidated 
subsidiary to third parties, and non-qualifying preferred shares and 
innovative Tier 1 notes, which are subject to phase-out rules for capital 
instruments. Tier 2 capital includes non-qualifying subordinated indebtedness 
subject to phase-out rules for capital instruments, eligible collective 
allowance under the standardized approach, and qualifying instruments issued 
by a consolidated subsidiary to third parties.

OSFI has released its guidance on domestic systemically important banks 
(D-SIBs) and the associated capital surcharge. CIBC is considered to be a 
D-SIB 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. D-SIBs 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.

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.

On July 30, 2014, OSFI issued a draft "Leverage Requirements Guideline" 
outlining the implementation of the Basel III Leverage Ratio framework in 
Canada effective January 1, 2015. The Basel III Leverage Ratio will replace 
the current assets-to-capital multiple (ACM) test. Federally regulated 
deposit-taking institutions will be expected to have Basel III leverage ratios 
in excess of 3%. Public disclosure of the Leverage Ratio is effective from the 
first quarter of 2015. The reporting requirements are outlined in the draft 
"Public Capital Disclosure Requirements related to Basel III Leverage Ratio" 
issued by OSFI on June 27, 2014. CIBC expects to be in compliance with the new 
requirements.

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 an updated proposal: "Revisions to the securitisation framework 
- consultative document", and finalized three standards for implementation in 
2017 as discussed below.

"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.

In addition to the above, the BCBS has also recently finalized two other 
standards which will be implemented on January 1, 2017. "The standardized 
approach for measuring counterparty credit risk exposures" provides a 
non-modelled approach to the treatment of derivatives-related transactions, 
which will replace both the existing Current Exposure and Standardized Methods.

"Capital requirements for bank exposures to central counterparties" sets out 
the rules for calculating regulatory capital for bank exposures to central 
counterparties, and will replace interim requirements published in July 2012.

Proposed revisions to Pillar 3 disclosure requirements
On June 24, 2014, the BCBS issued a consultative document titled "Review of 
the Pillar 3 disclosure requirements". The document sets out the first-phase 
review findings, of a two-phase project, by the BCBS and outlines proposed 
revisions to the existing Pillar 3 disclosure requirements for credit 
(including counterparty credit), market, equity and securitization risks.

These disclosure requirements are proposed to be implemented in 2016. CIBC 
will continue to monitor and prepare for developments in this area.

Taxpayer Protection and Bank Recapitalization Regime
The Department of Finance published a consultation paper on August 1, 2014 on 
the Taxpayer Protection and Bank Recapitalization (bail-in) regime. The 
overarching policy objective is to preserve financial stability while 
protecting taxpayers in the event of a large bank (D-SIB) failure. The bail-in 
regime is designed to enable the expedient conversion of certain bank 
liabilities (bail-in debt) into common equity, thus ensuring that the D-SIB 
emerges from conversion as well-capitalized. Prior to conversion of the 
bail-in debt, all capital instruments that meet the Basel III requirements for 
absorption of loss at the point of non-viability must have been converted into 
common equity.

Regulatory capital
Our capital ratios and ACM are presented in the table below:
                                          2014          2014          2013  
    $ millions,                        Jul. 31       Apr. 30       Oct. 31  
    as at
    Transitional                                                            
    basis
    CET1 capital                     $  16,983     $  16,532     $  16,698  
    Tier 1                              18,491        18,076        17,830  
    capital
    Total                               22,081        21,581        21,601  
    capital
    RWA                                155,644       152,044       151,338  
    CET1 ratio                            10.9 %        10.9 %        11.0 %
    Tier 1                                11.9 %        11.9 %        11.8 %
    capital
    ratio
    Total                                 14.2 %        14.2 %        14.3 %
    capital
    ratio
    ACM                                   18.2 x        18.1 x        18.0 x
    All-in basis                                                            
    (1)
    CET1 capital                     $  14,153     $  13,641     $  12,793  
    Tier 1                              17,093        16,488        15,888  
    capital
    Total                               20,784        20,206        19,961  
    capital
    CET1 capital                       139,920       135,883       136,747  
    RWA
    Tier 1                             140,174       135,883       136,747  
    capital RWA
    Total                              140,556       135,883       136,747  
    capital RWA
    CET1 ratio                            10.1 %        10.0 %         9.4 %
    Tier 1                                12.2 %        12.1 %        11.6 %
    capital
    ratio
    Total                                 14.8 %        14.9 %        14.6 %
    capital
    ratio
    (1) Commencing the third quarter of 2014, there are different
        levels of RWAs
        for the calculation of the CET1, Tier 1 and total capital
        ratios arising from
        the option CIBC has chosen for the phase-in of the CVA
        capital charge.

CET1 ratio (All-in basis)
CET1 ratio increased 0.1% from April 30, 2014. During the quarter, CET1 
capital after regulatory adjustments increased, largely due to internal 
capital generation (net income less dividends and shares repurchased for 
cancellation), while regulatory deductions declined. CET1 capital RWAs 
increased by $4.0 billion from April 30, 2014, primarily due to capital model 
parameter updates for our wholesale lending portfolios and business and other 
asset growth.

CET1 ratio increased 0.7% from October 31, 2013. CET1 capital increased due to 
internal capital generation. While the earnings were impacted by the 
write-down of CIBC FirstCaribbean goodwill, its impact on capital was neutral. 
CET1 capital RWAs increased $3.2 billion due to commencement of the phase-in 
of the CVA capital charge in the first quarter of 2014, capital model 
parameter updates, business growth and foreign exchange. These factors were 
partially offset by the sale of the Aeroplan portfolio, portfolio quality 
improvements, refinements to the treatment of our OTC derivatives and 
reductions in our AFS portfolios.

ACM
The ACM increased 0.1 times from April 30, 2014. Capital for ACM purposes 
increased during the quarter due to the positive impact of internal capital 
generation and the net impact of the issuance of qualifying preferred shares 
and the redemption of non-qualifying preferred shares. The impact of higher 
capital was offset by the impact of an increase in assets for ACM purposes.

The ACM increased 0.2 times from October 31, 2013. Total capital for ACM 
purposes increased mainly due to internal capital generation and the issuance 
of preferred shares, partially offset by the redemption of preferred shares 
and an additional 10% phase-out of non-qualifying Tier 1 and Tier 2 capital in 
2014. Assets for ACM purposes also increased during the period.

Significant capital management activity

Subordinated debt
On July 25, 2014, we purchased and cancelled $11 million (US$10 million) of 
our floating rate Debentures (subordinated indebtedness) due July 31, 2084, 
and $9 million (US$8 million) of our floating rate Debentures (subordinated 
indebtedness) due August 31, 2085.

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.

We intend to seek Toronto Stock Exchange approval for a new normal course 
issuer bid that would permit us to purchase for cancellation up to a maximum 
of 8 million, or approximately 2% of our outstanding common shares, over the 
next 12 months.

During the quarter ended July 31, 2014, we purchased and cancelled an 
additional 759,500 common shares under this bid at an average price of $97.58 
for a total amount of $74 million. For the nine months ended July 31, 2014, we 
purchased and cancelled 3,089,200 common shares under this bid at an average 
price of $92.66 for a total amount of $286 million. Since the inception of 
this bid, we have purchased and cancelled 4,013,100 common shares at an 
average price of $90.52 for a total amount of $363 million.

Dividends
Our quarterly common share dividend was increased from $0.98 per share to 
$1.00 per share from the quarter ended July 31, 2014 and from $0.96 per share 
to $0.98 per share from the quarter ended April 30, 2014.

Preferred shares
On June 11, 2014, we issued 16 million Non-cumulative Rate Reset Class A 
Preferred Shares Series 39 (Series 39 shares) with a par value of $25.00 per 
share, for gross proceeds of $400 million. For the initial five year period to 
the earliest redemption date of July 31, 2019, the Series 39 shares pay 
quarterly cash dividends, if declared, at a rate of 3.90%. On July 31, 2019, 
and on July 31 every five years thereafter, the dividend rate will reset to be 
equal to the then current five-year Government of Canada bond yield plus 2.32%.

Holders of the Series 39 shares will have the right to convert their shares on 
a one-for-one basis into non-cumulative Floating Rate Class A Preferred Shares 
Series 40 (Series 40 shares), subject to certain conditions, on July 31, 2019 
and on July 31 every five years thereafter. Holders of the Series 40 shares 
will be entitled to receive a quarterly floating rate dividend, if declared, 
equal to the three-month Government of Canada Treasury Bill yield plus 2.32%. 
Holders of the Series 40 shares may convert their shares on a one-for-one 
basis into Series 39 shares, subject to certain conditions, on July 31, 2024 
and on July 31 every five years thereafter.

Subject to regulatory approval and certain provisions of the shares, we may 
redeem all or any part of the then outstanding Series 39 shares at par on July 
31, 2019, and on July 31 every five years thereafter; we may redeem all or any 
part of the then outstanding Series 40 shares at par on July 31, 2024, and on 
July 31 every five years thereafter.

The shares include an NVCC provision, necessary for the shares to qualify as 
regulatory capital under Basel III. As such, the shares are convertible into 
common shares if OSFI determines that the bank is or is about to become 
non-viable or if the bank accepts a capital injection or equivalent support 
from the government to avoid non-viability. In such an event, each share is 
convertible into a number of common shares, determined by dividing the par 
value of $ 25.00 plus declared and unpaid dividends by the average common 
share price (as defined in the relevant prospectus supplement) subject to a 
minimum price of $ 5.00 per share (subject to adjustment in certain events as 
defined in the relevant prospectus supplement). Absent any outstanding 
declared but unpaid dividends, the maximum number of shares issuable on 
conversion of the Series 39 and Series 40 shares would be 80 million common 
shares.

Our existing Class A Preferred Shares Series 26, 27, and 29 are also subject 
to an NVCC provision through a separate undertaking to OSFI.  Similar to the 
Series 39 and Series 40 shares, each such share is convertible into a number 
of common shares, determined by dividing the then applicable cash redemption 
price by 95% of the average common share price (as defined in the relevant 
short form prospectus or prospectus supplement), subject to a minimum price of 
$2.00 per share.  For these shares, absent any outstanding declared but unpaid 
dividends, the maximum number of common shares issuable on conversion would be 
440,404,275 shares.

On July 31, 2014, we redeemed all of our 12 million Non-cumulative Rate Reset 
Class A Preferred Shares Series 33 with a par value and redemption price of 
$25.00 per share for cash, and we redeemed all of our 8 million Non-cumulative 
Rate Reset Class A Preferred Shares Series 37 with a par value and redemption 
price of $25.00 per share for cash.

On April 30, 2014, we redeemed all of our 13 million Non-cumulative Rate Reset 
Class A Preferred Shares Series 35 with a par value and redemption price of 
$25.00 per share for cash.

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 a commercial mortgage securitization trust.

We utilize a single-seller conduit and several CIBC-sponsored multi-seller 
conduits to fund assets for clients (collectively, the conduits) in Canada.

As at July 31, 2014, the underlying collateral for various asset types in our 
non-consolidated sponsored multi-seller conduits amounted to $2.8 billion 
(October 31, 2013: $2.1 billion). The estimated weighted-average life of these 
assets was 1.1 years (October 31, 2013: 1.1 years). Our holding of commercial 
paper issued by our non-consolidated sponsored multi-seller conduits that 
offer commercial paper to external investors was $15 million (October 31, 
2013: $9 million). Our committed backstop liquidity facilities to these 
conduits were $4.0 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 July 31, 2014.

We participated in a syndicated facility for a 3-year commitment of $575 
million to the single-seller conduit that provides funding to franchisees of a 
major Canadian retailer. Our portion of the commitment was $105 million 
(October 31, 2013: $110 million). As at July 31, 2014, we funded $80 million 
(October 31, 2013: $81 million) through the issuance of bankers' acceptances.
                                                         2014                                          2013    
    $ millions, as                                    Jul. 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)
    Single-seller   $       95     $    2,798 (3) $         -     $       90     $    2,151 (3) $         -    
    and
    multi-seller
    conduits
    CIBC-structured         61             45             123            135             43             134    
    CDO vehicles
    Third-party                                                                                                
    structured
    vehicles
      Structured         2,643             95           1,922          3,456            236           2,966    
      credit
      run-off
      Continuing         1,394            690               -            756            534               -    
    Pass-through         2,440              -               -          3,090              -               -    
    investment
    structures
    Commercial               9              -               -              5              -               -    
    mortgage
    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). $2.1 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 $248 million (October
        31, 2013: $368 million). Notional of $1.8 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 $185
        million (October 31, 2013: $213 million). An
        additional notional of $51 million (October 31,
        2013: $161 million) was hedged through a limited
        recourse note. Accumulated fair value losses were $7
        million (October 31, 2013: $15 million) on unhedged
        written credit derivatives.
    (3) Excludes an additional $1.3 billion (October 31,
        2013: $1.1 billion) relating to our backstop
        liquidity facilities provided to the multi-seller
        conduits as part of their commitment to fund
        purchases of additional assets.

Additional details of our structured entities are provided in Note 7 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 year to the Risk Management structure. The 
current structure is illustrated below.

To view the "Risk Management Structure" chart, please click 
http://files.newswire.ca/256/CIBC2.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.

This section describes the main top and emerging risks that we consider with 
potential negative implications, as well as regulatory and accounting 
developments that are material for CIBC.

Canadian consumer debt and the housing market
Canadians have been increasing debt levels over the past half decade at a pace 
that has exceeded growth in their income. Most of the increase in household 
debt levels is driven by higher levels of mortgage debt, which is tied to the 
Canadian housing market. Concerns have been raised by both the International 
Monetary Fund and the Bank of Canada regarding growth of the debt burden of 
Canadian households. Due to the recession and the global financial crisis 
experienced in 2008, interest rates have declined to a very low level. Based 
on historical observations, the level of interest rates is not sustainable in 
the long run and rates are expected to rise sometime in the future. When 
interest rates start to rise, the ability of Canadians to repay their loans 
may be adversely affected, which may trigger a correction in the housing 
market, which in turn could result in credit losses to banks. Currently, we 
qualify all variable rate mortgage borrowers using the Bank of Canada 5-year 
fixed benchmark rate, which is typically higher than the variable rate by 
approximately 2 percentage points. If there were an interest rate increase, 
our variable rate borrowers should be able to withstand some increase in the 
interest rate. We believe the risk of a severe housing crash that generates 
significant losses for mortgage portfolios is unlikely, but the risk 
associated with high levels of consumer debt will continue to be an ongoing 
concern. For additional details on our credit risk mitigation strategies and 
the latest status of our real estate secured lending, see the "Real estate 
secured personal lending" section in Credit risk.

U.S. fiscal deficit risk
There is tacit agreement in U.S. Congress that another costly government 
shutdown must be avoided, especially during an election year. Moreover, 
Moody's revised the U.S. credit rating outlook to Aaa-stable from Aaa-negative 
based on the latest status of the U.S. economy. However, given the high debt 
levels, an unexpected shock to the U.S. economy could lead to a Canadian 
economic slowdown or recession, which affects credit demand in Canada and 
typically increases credit losses.

Technology, information and cyber security risk
We are also exposed to cyber threats and the associated financial, reputation 
and business interruption risks. For additional information on these risks and 
our mitigation strategies, see the "Other risks" section on pages 70 to 72 of 
the 2013 Annual Report.

Geo-political risk
The level of geo-political risk escalates at certain points in time, with the 
focus changing from one region to another and within a region from country to 
country. While the specific impact on the global economy would depend on the 
nature of the event (e.g., a Middle Eastern conflict could lead to disruption 
in global oil supplies resulting in high prices), in general, any major event 
could result in instability and volatility, leading to widening spreads, 
declining equity valuations, flight to safe-haven currencies and increased 
purchases of gold. In the short run, market shocks could hurt the net income 
of our trading and non-trading market risk positions. Although Canada is 
unlikely to be directly affected, the indirect impact of reduced economic 
growth has serious negative implications for general economic and banking 
activities.

China economic policy risk
Even though fears of a hard landing have receded substantially, the issues of 
easy credit and deteriorating credit quality have not been addressed, causing 
stress in the banking sector as well as in the shadow banking system. Economic 
growth is expected to be modest by historical standards, with a medium-term 
growth rate trend at 7.5%, notably lower than the double-digit growth of the 
recent past. We have little direct exposure to China, but any negative impact 
from the Chinese economic slowdown may affect our clients that export to 
China, commodities in particular, and may raise the credit risk associated 
with our exposure to trading counterparties.

European sovereign debt crisis
While the European Central Bank's new outright monetary transactions programme 
has eased pressure on peripheral bond yields and has led to a normalization of 
financial conditions, thus ensuring the safety of the euro, risks to the 
global financial markets from Europe's sovereign debt crisis have not 
completely dissipated. Unfavourable economic or political events could bring 
the debt crisis into sharper focus again, denting financial market confidence 
and keeping any recovery in Eurozone growth in low gear or even returning to 
recession. We have no peripheral sovereign exposure and very little peripheral 
non-sovereign direct exposure. For additional details on our European 
exposure, see the "Exposure to certain countries and regions" section in 
Credit risk.

Regulatory developments
See the "Capital resources", "Liquidity risk" and "Accounting and control 
matters" sections for additional information on regulatory developments.

Accounting developments
See Note 1 to the interim consolidated financial statements for additional 
information on accounting developments.

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 July 31, 2014:

To view the chart, please click http://files.newswire.ca/256/CIBC3.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 risk include our trading 
activities, including our 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                                   Jul. 31    Oct. 31
    Business and government portfolios-advanced                           
    internal ratings-based (AIRB) approach
    Drawn                                             $  87,566 $   84,016
    Undrawn commitments                                  38,799     35,720
    Repo-style transactions                              62,802     57,975
    Other off-balance sheet                              67,438     51,885
    OTC derivatives                                      12,320     13,255
    Gross exposure at default (EAD) on business         268,925    242,851
    and government portfolios
    Less: repo collateral                                55,884     51,613
    Net EAD on business and government                  213,041   191,238 
    portfolios
    Retail portfolios-AIRB approach                                       
    Drawn                                               197,350    195,796
    Undrawn commitments                                  64,658     65,424
    Other off-balance sheet                                 299        417
    Gross EAD on retail portfolios                      262,307    261,637
    Standardized portfolios                              11,843     10,798
    Securitization exposures                             15,084     16,799
    Gross EAD                                         $ 558,159 $  532,085
    Net EAD                                           $ 502,275 $  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 quarter and nine months ended July 31, 2014, $27 million and $95 
million, respectively ($8 million and $27 million for the quarter and nine 
months ended July 31, 2013, respectively) 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 and international 
residential mortgage and HELOC portfolios. Our international portfolio 
comprises CIBC FirstCaribbean.
                     Residential mortgages         HELOC(1)                     Total       
    $ billions,      Insured     Uninsured        Uninsured         Insured     Uninsured   
    as at July                                                                 
    31, 2014  
    Ontario       $  47.9   69 % $ 21.7  31 %   $  9.5   100 %   $  47.9   61 % $ 31.2  39 %
    British          18.9   63     11.0  37        3.9   100        18.9   56     14.9  44  
    Columbia
    Alberta          17.3   75      5.9  25        2.7   100        17.3   67      8.6  33  
    Quebec            7.8   71      3.1  29        1.4   100         7.8   63      4.5  37  
    Other            11.9   77      3.6  23        1.8   100        11.9   69      5.4  31  
    Canadian               
    portfolio(2)
    (3)             103.8   70     45.3  30       19.3   100       103.8   62     64.6  38  
    International          
    portfolio(2)        -    -      2.0 100          -     -           -    -      2.0 100  
    Total         $ 103.8   69 % $ 47.3  31 %   $ 19.3   100 %   $ 103.8   61 % $ 66.6  39 %
    portfolio
    October 31,            
    2013(4)       $ 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 July
        31, 2014 and October 31, 2013.
    (2) Geographical allocation is based on the address
        of the property managed.
    (3) 90% (October 31, 2013: 94%) of insurance on
        Canadian residential mortgages is provided by
        CMHC and the remaining by two private Canadian
        insurers, both rated at least AA (low) by DBRS.
    (4) Excludes international portfolio.
         

The average loan-to-value (LTV) ratios((1)) for our uninsured Canadian 
residential mortgages and HELOCs originated during the quarter and period 
to-date are provided in the following table. The average LTV ratio((1)) of our 
uninsured international residential mortgages originated during the quarter 
was 78%. We did not originate HELOCs for our international portfolio during 
the quarter ended July 31, 2014. We did not acquire uninsured residential 
mortgages and HELOCs from a third party for the periods presented in the table 
below. 


                                                            For the three                                  For the 
nine 
                                                             months ended                                  months 
ended   
                         2014                  2014                  2013                    2014                  
2013 
                         Jul.                  Apr.                  Jul.                    Jul.                  
Jul. 
                           31                    30                    31                      31                   
 31   
          Residential           Residential           Residential             Residential           Residential 
            mortgages   HELOC     mortgages   HELOC     mortgages   HELOC       mortgages   HELOC     mortgages   
HELOC   
Ontario           71  %   71  %         71  %   70  %         71  %   70  %           71  %   70  %         71  %   
70  % 
British                                                                       
Columbia          67      66            67      66            67      66              67      66            67      
66    
Alberta           74      72            73      72            72      71              73      72            72      
70    
Quebec            74      72            73      72            73      72              73      72            72      
71    
Other             74      73            74      73            74      73              74      73            74      
72    


    Total                                                                        
    Canadian
    portfolio


(2)               71  %   70  %         71  %   70  %         71  %   70  %           71  %   70  %         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  
    July 31, 2014(1)                    59  %             59  %
    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 July 31, 2014 are based on Teranet - National Bank
          National Composite House Price Index (Teranet) as of September
          30, 2013 and June 30, 2014, 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 and international 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
    Canadian                                                                               
    portfolio                                                                                   
      July 31,                                                                             
      2014            -  %       1  %      3  %     10  %     21  %     46  %     19  %     -  %
      October 31,                                                                          
      2013            1  %       1  %      3  %     12  %     19  %     39  %     25  %     -  %
    International                                                                          
    portfolio                                                                                   
      July 31,                                                                             
      2014            7  %      16  %     25  %     26  %     16  %      8  %      2  %     -  %
                                                                                                
    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
    Canadian                                                                               
    portfolio                                                                                   
      July 31,                                                                             
      2014            3  %       6  %     10  %     14  %     27  %     31  %      9  %     -  %
      October 31,                                                                          
      2013            3  %       6  %     11  %     15  %     24  %     28  %     12  %     1  %
    International                                                                          
    portfolio                                                                                   
      July 31,                                                                             
      2014            7  %      16  %     24  %     25  %     16  %      9  %      2  %     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 July 31, 2014, our Canadian condominium mortgages were $16.9 billion 
(October 31, 2013: $16.6 billion) of which 72% (October 31, 2013: 74%) were 
insured. Our drawn developer loans were $1,012 million (October 31, 2013: $920 
million) or 2% of our business and government portfolio and our related 
undrawn exposure was $1.8 billion (October 31, 2013: $2.1 billion). The 
condominium developer exposure is diversified across 80 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 that are more severe than in 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 at                  Jul. 31                  Oct. 31  
                                                    Exposure(1)          
    Investment grade        $ 4.50       84.2  %     $ 4.59       85.0  %
    Non-investment                                              
    grade                     0.77       14.4          0.78       14.5   
    Watchlist                 0.06        1.1          0.03        0.5   
    Unrated                   0.01        0.3             -          -   
                            $ 5.34      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 and allowances for 
credit losses.


                                                                                                As at or for the 
three                                                As at or for the nine 
                                                                                                          months 
ended                                                         months ended 
                                            2014                               2014                               
2013                             2014                                2013 
$ millions                               Jul. 31                            Apr. 30                            Jul. 
31                          Jul. 31                             Jul. 31 


                      Business                           Business                           Business                    
     Business                           Business
                           and                                and                                and                    
          and                                and             
                    government   Consumer              government   Consumer              government   Consumer         
     governmen  Consumer              government   Consumer


                     loans      loans      Total        loans      loans      Total        loans      loans      
Total      loans      loans      Total        loans      loans       Total 


    Gross                                                                                                               
                                                             
    impaired
    loans                                                                                                               
                                                                       
    Balance at                                                                                                          
                                                             
    beginning of


period          $      790   $    731   $  1,521   $      841   $    746   $  1,587   $      931   $    761   $  
1,692   $    843   $    704   $  1,547   $    1,128   $    739   $   1,867 


      Classified                                                                                                        
                                                             
      as impaired
      during the


  period                53        308        361           46        291        337          114        374        
488        164        951      1,115          291      1,119       1,410 


      Transferred                                                                                                       
                                                             
      to not
      impaired
      during the


  period               (2)       (33)       (35)          (2)       (31)       (33)           -        (30)       
(30)        (7)       (84)       (91)          (4)       (61)        (65) 


      Net                                                                                                               
                                                             


  repayments          (23)       (60)       (83)         (50)       (54)      (104)         (68)      (119)      
(187)      (158)      (174)      (332)        (256)      (298)       (554) 


      Amounts                                                                                                           
                                                             


  written-off         (38)      (210)      (248)         (34)      (214)      (248)         (38)      (324)      
(362)       (94)      (679)      (773)        (226)      (840)     (1,066) 


      Recoveries                                                                                                        
                                                             
      of loans
      and
      advances
      previously


  written-off           -          -          -            -          -          -            -          -          
-          -          -          -            -          -           -  


      Disposals                                                                                                         
                                                             


  of loans            (18)         -        (18)           -          -          -            -          -          
-        (18)         -        (18)           -          -           -  


      Foreign                                                                                                           
                                                             
      exchange


  and other            (4)        (2)        (6)         (11)        (7)       (18)           16          6        
22          28         16         44           22          9          31 


    Balance at                                                                                                          
                                                             


end of period   $     758    $   734    $ 1,492    $     790    $   731    $ 1,521    $     955    $    668   $ 
1,623    $    758   $    734   $ 1,492    $      955   $    668   $   1,623 


    Allowance for                                                                                                       
                                                             
    impairment(1)                                                                                                       
                                                                       
    Balance at                                                                                                          
                                                             
    beginning of


period          $      368   $    305   $    673   $      348   $    227   $    575   $      403   $    247   $    
650   $    323   $    224   $    547   $      492   $    229   $     721 


      Amounts                                                                                                           
                                                             


  written-off         (38)      (210)      (248)         (34)      (214)      (248)         (38)      (324)      
(362)       (94)      (679)      (773)        (226)      (840)     (1,066) 


      Recoveries                                                                                                        
                                                             
      of amounts
      written-off
      in previous


  periods                2         44         46            3         47         50            2         47         
49         10        136        146            8        131         139 


      Charge to                                                                                                         
                                                             
      income


  statement             37        177        214           59        263        322           39        248        
287        132        647        779          142        701         843 


      Interest                                                                                                          
                                                             
      accrued on                                                                                                        
      
      impaired


  loans                (3)        (4)        (7)          (2)        (6)        (8)          (5)        (5)       
(10)       (11)       (13)       (24)         (16)       (12)        (28) 


      Disposals                                                                                                         
                                                             


  of loans              -          -          -            -          -          -            -          -          
-          -          -          -            -          -           -  


      Foreign                                                                                                           
                                                             
      exchange


  and other            (5)         -         (5)          (6)       (12)       (18)            4          4         
 8          1        (3)        (2)            5          8          13 


    Balance at                                                                                                          
                                                             


end of period   $     361    $   312    $    673   $     368    $   305    $   673    $     405    $    217   $   
622    $    361   $    312   $    673   $      405   $    217   $     622 


    Net impaired                                                                                                        
                                                             
    loans                                                                                                               
                                                                       
    Balance at                                                                                                          
                                                             
    beginning of


period          $      422   $    426   $    848   $      493   $    519   $  1,012   $      528   $    514   $  
1,042   $    520   $    480   $  1,000   $     636    $   510    $  1,146  


      Net change                                                                                                        
                                                             
      in gross


  impaired            (32)          3       (29)         (51)       (15)       (66)           24       (93)       
(69)       (85)         30       (55)        (173)       (71)       (244) 


      Net change                                                                                                        
                                                             
      in


  allowance             7         (7)         -          (20)       (78)       (98)          (2)         30         
28       (38)       (88)      (126)          87         12          99  


    Balance at                                                                                                          
                                                             


end of period   $     397    $    422   $    819   $     422    $    426   $   848    $     550    $    451   $  
1,001   $    397   $    422   $   819    $     550    $   451    $  1,001  


    Net impaired                                                                                                        
                                                             
    loans as a
    percentage of
    net loans and


acceptances                                0.31%                              0.33%                              
0.39%                            0.31%                               0.39% 


    (1)   Includes collective allowance
          relating to personal, scored small
          business and mortgage impaired loans
          that are greater than 90 days
          delinquent, and individual
          allowance.
           

Gross impaired loans
As at July 31, 2014, gross impaired loans were $1,492 million, down $131 
million from the same quarter last year, primarily due to decreases in the 
real estate and construction, the publishing, printing and broadcasting, and 
the transportation sectors in the business and government loans, partially 
offset by an increase in residential mortgages relating to CIBC FirstCaribbean.

The gross impaired loans were down $29 million from the prior quarter, 
primarily due to decreases in the transportation and the real estate and 
construction sectors, partially offset by an increase in the utilities sector 
in the business and government loans. Consumer gross impaired loans were 
comparable with the prior quarter.

After experiencing an increase during the 2009 recession, gross impaired loans 
stabilized in 2011 and showed some improvements since 2012. Almost half of the 
consumer gross impaired loans at the end of this quarter were from Canada, in 
which insured mortgages accounted for the majority, and where losses are 
expected to be minimal. The remaining consumer gross impaired loans were in 
CIBC FirstCaribbean. Gross impaired loans in business and government loans 
were down from both the prior quarter and the same quarter last year due to 
improvements in the credit quality of the overall business and government 
portfolio, as well as write-offs of U.S. real estate finance accounts 
originated before 2009 and write-offs of impaired accounts across other 
various sectors.

Allowance for Impairment 
The allowance for impairment was $673 million, up $51 million or 8% from the 
same quarter last year.

The individually assessed allowance for business and government loans 
decreased by $48 million or 12%, mainly due to decreases in the publishing, 
printing and broadcasting, and the real estate and construction sectors, 
partially offset by an increase in the non-residential mortgages portfolio 
relating to CIBC FirstCaribbean. The decrease in the publishing, printing and 
broadcasting sector was attributable to the write-off of an account in the 
fourth quarter of 2013. The decrease in the real estate and construction 
sector was primarily in the U.S. The individually assessed allowance for 
consumer loans was comparable with the same quarter last year.

The collectively assessed allowance for consumer loans was up $95 million or 
46%, due to an increase in the residential mortgage portfolio relating to CIBC 
FirstCaribbean, reflecting revised expectations on the extent and timing of 
the anticipated economic recovery in the Caribbean region. The collectively 
assessed allowance for business and government loans was comparable with the 
same quarter last year.

The allowance for impairment was comparable with the prior quarter.

The individually assessed allowance for business and government loans 
decreased by $9 million or 3% from the prior quarter, largely due to the sale 
of an account in the transportation sector in the exited U.S. leveraged 
finance portfolio, partially offset by small increases across various other 
sectors. The individually assessed allowance for consumer loans was comparable 
with the prior quarter.

The collectively assessed allowance for consumer loans was up $7 million or 
2%, mainly due to an increase in the personal lending portfolio relating to 
CIBC FirstCaribbean. The collectively assessed allowance for business and 
government loans was comparable with 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.

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 93% (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
    $ millions,                                          Total                               Total
    as at July                                          funded                            unfunded
    31, 2014       Corporate   Sovereign       Bank        (A)   Corporate         Bank        (B)
    Austria        $      -    $      -    $     -    $     -    $      -        $   -    $     - 
    Belgium               6           -         25         31           -           15         15 
    Finland             195           1          2        198          62            -         62 
    France               77           -          3         80         220            7        227 
    Germany              76           6        173        255          13           21         34 
    Greece                -           -          -          -           -            -          - 
    Ireland               1           -          5          6           -            7          7 
    Italy                 -           -          -          -           -            -          - 
    Luxembourg           20           -        187        207           8            -          8 
    Malta                 -           -          -          -           -            -          - 
    Netherlands          11         145         55        211         166            1        167 
    Portugal              -           -          -          -           -            -          - 
    Spain                 -           -          1          1           -            -          - 
    Total                                                                                
    Eurozone       $    386    $    152    $   451    $   989    $    469        $  51    $   520 
    Czech                                                                                
    Republic       $      -    $      -    $     -    $     -    $      -        $   -    $     - 
    Denmark               -           -          1          1           -            9          9 
    Norway                -          85        132        217           -            -          - 
    Russia                -           -          -          -           -            -          - 
    Sweden              178          98        347        623           7            -          7 
    Switzerland         221           -        162        383          26            -         26 
    Turkey                -           -        161        161           -            5          5 
    United                                                                 (1)           
    Kingdom             576         368        460      1,404       2,213          384      2,597 
    Total                                                                                
    non-Eurozone   $    975    $    551    $ 1,263    $ 2,789    $  2,246        $ 398    $ 2,644 
    Total Europe   $  1,361    $    703    $ 1,714    $ 3,778    $  2,715        $ 449    $ 3,164 
    October 31,                                                                          
    2013           $  1,610    $    815    $ 1,548    $ 3,973    $  1,910        $ 220    $ 2,130 
    (1)   Includes $191 million of exposure (notional value of
          $219 million and fair value of $28 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
                                                                                                   direct
    $ millions,                                                                            Net   exposure
    as at July                                           Gross       Collateral       exposure   (A)+(B)+
    31, 2014       Corporate   Sovereign       Bank   exposure (1)         held (2)        (C)        (C)
    Austria        $      -    $      -    $    26    $    26        $      26        $     -    $     - 
    Belgium               -           1         33         34               33              1         47 
    Finland               3           -          3          6                -              6        266 
    France                4         242        786      1,032            1,024              8        315 
    Germany               1           -      1,966      1,967            1,804            163        452 
    Greece                -           -          -          -                -              -          - 
    Ireland               -           -        322        322              316              6         19 
    Italy                 -           -          8          8                -              8          8 
    Luxembourg            -           -         25         25                -             25        240 
    Malta                 -           2          -          2                -              2          2 
    Netherlands           8           -        117        125               99             26        404 
    Portugal              -           -          -          -                -              -          - 
    Spain                 -           -         12         12               12              -          1 
    Total                                                                                       
    Eurozone       $     16    $    245    $ 3,298    $ 3,559        $   3,314        $   245    $ 1,754 
    Czech                                                                                       
    Republic       $      -    $      -    $     -    $     -        $       -        $     -    $     - 
    Denmark               -           -          -          -                -              -         10 
    Norway                -           -          -          -                -              -        217 
    Russia                -           -          -          -                -              -          - 
    Sweden                1           -         41         42               41              1        631 
    Switzerland           -           -        806        806              768             38        447 
    Turkey                -           -          -          -                -              -        166 
    United                                                                                      
    Kingdom             243           8      3,182      3,433            3,160            273      4,274 
    Total                                                                                       
    non-Eurozone   $    244    $      8    $ 4,029    $ 4,281        $   3,969        $   312    $ 5,745 
    Total Europe   $    260    $    253    $ 7,327    $ 7,840        $   7,283        $   557    $ 7,499 
    October 31,                                                                                 
    2013           $    177    $    317    $ 5,336    $ 5,830        $   5,346        $   484    $ 6,587 
    (1)   The amounts are shown net of CVA.
    (2)   Collateral on derivative MTM receivables was $1.3
          billion (October 31, 2013: $1.4 billion), collateral
          on repo-style transactions was $6.0 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, or Russia.
                                                         Total
                                                      indirect
    $ millions, as at July 31, 2014                   exposure
    Austria                                         $       - 
    Belgium                                                22 
    Finland                                                16 
    France                                                253 
    Germany                                               160 
    Greece                                                 11 
    Ireland                                                27 
    Italy                                                  47 
    Luxembourg                                             79 
    Malta                                                   - 
    Netherlands                                           197 
    Portugal                                                - 
    Spain                                                 104 
    Total Eurozone                                  $     916 
    Denmark                                         $      11 
    Norway                                                  3 
    Sweden                                                 24 
    Switzerland                                             1 
    United Kingdom                                        254 
    Total non-Eurozone                              $     293 
    Total exposure                                  $   1,209 
    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 $461 
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 July 31, 2014                Drawn       Undrawn
    Construction program                      $     110      $     40 
    Interim program                               6,158           369 
    Permanent program                               282             - 
    Exposure, net of allowance                $   6,550      $    409 
    Of the above:                                                     
      Net impaired                            $      95      $      - 
      On credit watch list                          132             - 
    Exposure, net of allowance, as at             5,938      $    467 
    October 31, 2013                          $

As at July 31, 2014, the allowance for credit losses for this portfolio was 
$37 million (October 31, 2013: $55 million). During the quarter and nine 
months ended July 31, 2014, the provision for credit losses was $2 million and 
$4 million, respectively ($1 million and $14 million provision for credit 
losses for the quarter and nine months ended July 31, 2013, respectively).

The business also maintains commercial mortgage-backed securities (CMBS) 
trading and distribution capabilities. As at July 31, 2014, we have no CMBS 
inventory (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 July 31, 2014                 Drawn         Undrawn
    Manufacturing - capital goods               $    197        $      7 
    Publishing, printing and                                   
    broadcasting                                       5               - 
    Utilities                                         10               - 
    Transportation                                     4               4 
    Exposure, net of allowance                  $    216        $     11 
    Of the above:                                                        
      Net impaired                              $      5        $      - 
      On credit watch list                           174               7 
    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 ended January 31, 2014.

As at July 31, 2014, the allowance for credit losses for this portfolio was 
$36 million (October 31, 2013: $35 million). During the quarter and nine 
months ended, July 31, 2014, the net reversal of credit losses was nil and $1 
million, respectively (provision for credit losses was $14 million and $35 
million for the quarter and nine months ended July 31, 2013, respectively).

U.S. leveraged finance
Our drawn exposure, net of allowance, as at July 31, 2014 was $7 million 
(October 31, 2013: $44 million) and our undrawn exposure was nil (October 31, 
2013: $4 million). Our outstanding exposure has declined over the year 
primarily due to loan sales in the current quarter as well as write-downs in 
the prior quarter. The remaining outstanding exposure is related to the 
publishing, printing and broadcasting sector and is on our credit watch list.

As at July 31, 2014, the allowance for credit losses for this portfolio was 
less than $1 million (October 31, 2013: $2 million). During the quarter ended 
July 31, 2014, net reversal of credit losses was $4 million and during the 
nine months ended July 31, 2014, the provision for credit losses was $19 
million (net reversal of $1 million and $7 million for the quarter and nine 
months ended July 31, 2013, respectively).

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 interim consolidated balance 
sheet which are subject to market risk. Certain differences between accounting 
and risk classifications are detailed in the footnotes below: 
                                                                            2014                                        
            2013  
    $ millions, as at                                                    Jul. 31                                        
         Oct. 31              


                                         Subject to market risk                                  Subject to market 
risk                            


                                                                             Not                                        
             Not    Non-traded
                                                                         subject                                        
         subject          risk
                           Consolidated                                       to   Consolidated                         
              to       primary


                            balance                         Non-      market        balance                         
Non-      market          risk 
                              sheet     Trading          trading        risk          sheet     Trading          
trading        risk   sensitivity 


    Cash and                                                                                                            
                  
    non-interest-bearing                                                                                                
                       Foreign


deposits with banks    $     2,975    $      -        $   1,545    $  1,430    $     2,211    $      -        $   
1,165    $  1,046       exchange 


    Interest-bearing                                                                                                    
                      Interest


deposits with banks          8,217          39            8,178           -          4,168         111            
4,057           -           rate 


                                                                                                                        
                       Equity,
                                                                                                                        
                      interest


Securities                  69,461      47,107  (1)      22,354           -         71,984      43,160  (1)      
28,824           -           rate 


    Cash collateral on                                                                                                  
                      Interest


securities borrowed          3,238           -            3,238           -          3,417           -            
3,417           -           rate 


    Securities purchased                                                                                                
                  
    under resale                                                                                                        
                      Interest


agreements                  25,105           -           25,105           -         25,311           -           
25,311           -           rate 


    Loans                                                                                                               
                              
      Residential                                                                                                       
                      Interest


  mortgages                155,013           -          155,013           -        150,938           -          
150,938           -           rate 


                                                                                                                        
                      Interest


  Personal                  35,096           -           35,096           -         34,441           -           
34,441           -           rate 


                                                                                                                        
                      Interest


  Credit card               11,577           -           11,577           -         14,772           -           
14,772           -           rate 


      Business and                                                                                                      
                      Interest


  government                54,232       4,680  (2)      49,552           -         48,207       2,148  (2)      
46,059           -           rate 


      Allowance for                                                                                                     
                      Interest


  credit losses             (1,703)          -           (1,703)          -         (1,698)          -           
(1,698)          -           rate 


    Derivative                                                                                                          
                      Interest


instruments                 18,227      15,659  (3)       2,568           -         19,947      17,626  (3)       
2,321           -          rate, 


                                                                                                                        
                       foreign
                                                                                                                        
                      exchange
    Customers' liability                                                                                                
                      Interest


under acceptances            8,274           -            8,274           -          9,720           -            
9,720           -           rate 


                                                                                                                        
                      Interest
                                                                                                                        
                         rate,


Other assets                15,710       1,648            7,116       6,946         14,588       1,226            
6,537       6,825        equity, 


                                                                                                                        
                       foreign
                                                                                                                        
                      exchange


                       $   405,422    $ 69,133        $ 327,913    $  8,376    $   398,006    $ 64,271        $ 
325,864    $  7,871                


                                                                                                                        
                      Interest


Deposits               $   322,314    $    498  (4)   $ 287,169    $ 34,647    $   315,164    $    388  (4)   $ 
281,027    $ 33,749           rate 


    Obligations related                                                                                                 
                  
    to securities sold                                                                                                  
                      Interest


short                       12,803      12,372              431           -         13,327      13,144              
183           -           rate 


    Cash collateral on                                                                                                  
                      Interest


securities lent              1,359           -            1,359           -          2,099           -            
2,099           -           rate 


    Obligations related                                                                                                 
                  
    to securities sold
    under repurchase                                                                                                    
                      Interest


agreements                   9,437           -            9,437           -          4,887           -            
4,887           -           rate 


    Derivative                                                                                                          
                      Interest


instruments                 17,957      16,267  (3)       1,690           -         19,724      18,220  (3)       
1,504           -          rate, 


                                                                                                                        
                       foreign
                                                                                                                        
                      exchange
                                                                                                                        
                      Interest


Acceptances                  8,274           -            8,274           -          9,721           -            
9,721           -           rate 


                                                                                                                        
                      Interest


Other liabilities           10,579         902            4,114       5,563         10,862         872            
4,143       5,847           rate 


    Subordinated                                                                                                        
                      Interest


indebtedness                 4,187           -            4,187           -          4,228           -            
4,228           -           rate 
                       $   386,910    $ 30,039        $ 316,661    $ 40,210    $   380,012    $ 32,624        $ 
307,792    $ 39,596                


    (1)   Excludes structured credit run-off business of
          $786 million (October 31, 2013: $837 million).
          These are considered non-trading for market
          risk purposes.
    (2)   Excludes $282 million (October 31, 2013: $63
          million) of loans that are warehoused for
          future securitization purposes. These are
          considered non-trading for market risk
          purposes.
    (3)   Excludes derivatives relating to the
          structured credit and other run-off businesses
          which are considered non-trading for market
          risk purposes.
    (4)   Comprises FVO deposits which are considered
          trading for market risk purposes.
           

Trading activities
During the quarter ended April 30, 2014, we implemented a full revaluation 
method to compute value at risk (VaR), stressed VaR and the Incremental Risk 
Charge (IRC) using the historical simulation approach, replacing the 
parametric approach. In aggregate, this model change resulted in a slight 
increase in the risk measures. At an individual component level, VaR remained 
at the same level, stressed VaR decreased slightly and IRC increased.

The following three tables show VaR, stressed VaR and IRC for our trading 
activities based on risk type under an internal models 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 July 31, 2014 was down 9% from 
the prior quarter, primarily due to decreases in our interest rate, credit 
spread, equity and commodity risks.

Average total stressed VaR for the three months ended July 31, 2014 was down 
14% from the prior quarter. During the current stressed VaR period from 
September 8, 2008 to September 4, 2009, the market exhibited not only 
increased volatility in interest rates but also increased volatility in equity 
prices combined with a reduction in the level of interest rates, and an 
increase in credit spreads.

Average IRC for the three months ended July 31, 2014 was up 1% from the prior 
quarter, mainly due to an increase in the investment grade trading inventory.

VaR by risk type - trading portfolio
                                                                                                           
                                                                           
                                                                           


                                                                               As at or for the three   As at or 
for the nine 
                                                                                         months ended            
months ended 


                                                     2014                    2014                    2013      2014     
     2013


$ millions                                    Jul. 31 (1)             Apr. 30 (1)             Jul. 31   Jul. 31 (1) 
  Jul. 31 
                    High      Low     As at   Average         As at   Average         As at   Average   Average     
  Average 
Interest rate                                                                                                        
  risk              $ 3.4    $ 1.2    $  1.2    $  2.0        $  3.8    $  2.7        $  1.7    $  2.2    $  2.0      
  $  3.0  


    Credit spread                                                                                                       
      risk                1.9      1.3       1.4       1.6           1.7       1.9           1.2       1.2       1.5      
     1.5 
    Equity risk         2.4      1.3       2.4       1.7           1.6       1.8           1.9       2.2       2.0      
     2.1 
    Foreign                                                                                                             
      exchange risk       1.7      0.4       0.8       0.9           0.8       0.9           0.8       0.6       0.8      
     0.7 
    Commodity risk      1.4      0.6       0.9       1.0           1.1       1.3           1.0       1.5       1.1      
     1.2 
    Debt specific                                                                                                       
      risk                3.0      1.9       2.4       2.4           2.3       2.4           1.7       2.0       2.4      
     2.3 
    Diversification                                                                                                     
      effect(2)            n/m      n/m     (6.0)     (6.5)         (7.3)     (7.6)         (4.6)     (5.4)     (6.2)     
    (6.0)
    Total VaR                                                                                                           
      (one-day


measure)          $ 4.2    $ 2.2    $  3.1    $  3.1        $  4.0    $  3.4        $  3.7    $  4.3    $  3.6      
  $  4.8  


    (1)   Beginning in the quarter ended April 30,
          2014, we implemented the full revaluation
          method of computing VaR using the
          historical simulation approach in place of
          the parametric VaR approach.
    (2)   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 


                                                                                      As at or for the three     As 
at or for the nine 


                                                                                                    months ended        
      months ended


                                                    2014                      2014                      2013       
2014           2013 
$ millions                                       Jul. 31 (1)               Apr. 30 (1)               Jul. 31    
Jul. 31 (1)    Jul. 31 
                     High      Low      As at    Average          As at    Average          As at    Average    
Average        Average 


    Interest rate                                                                                                       
         


risk              $  9.2    $ 3.5    $   5.2    $   6.1        $   7.3    $   6.7        $   4.8    $   7.4    $   
6.6        $   8.6  


    Credit spread                                                                                                       
         


risk                12.2      6.4       12.2        8.2            6.8        7.6            4.4        5.1        
7.5            5.0  
Equity risk          7.2      1.3        2.0        2.2            1.3        1.9            4.3        3.0        
3.0            2.9  


    Foreign                                                                                                             
         


exchange risk        9.1      0.2        3.5        3.0            1.0        2.6            0.8        0.9        
2.2            1.2  
Commodity risk      13.6      3.2       10.8        6.2           14.1        6.6            0.4        1.6        
5.3            1.3  


    Debt specific                                                                                                       
         


risk                 4.9      3.2        4.4        4.1            3.2        3.2            0.9        1.1        
3.2            1.3  


    Diversification                                                                                                     
         


effect (2)            n/m      n/m     (23.9)     (19.1)         (22.6)     (16.2)         (11.0)     (10.3)     
(16.8)         (10.3) 


    Total stressed                                                                                                      
         
    VaR (one-day


measure)          $ 21.5    $ 6.1    $  14.2    $  10.7        $  11.1    $  12.4        $   4.6    $   8.8    $  
11.0        $  10.0  


    (1)   Beginning in the quarter ended April 30,
          2014, we implemented the full revaluation
          method of computing VaR using the
          historical simulation approach in place of
          the parametric VaR approach.
    (2)   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 


                                                                                   As at or for the three    As at 
or for the nine 
                                                                                             months ended           
  months ended 
                                                  2014                      2014                     2013       
2014          2013 
$ millions                                     Jul. 31 (1)               Apr. 30 (1)              Jul. 31    Jul. 
31 (1)   Jul. 31 


                                                                                                                        
              


                  High       Low      As at    Average          As at    Average          As at   Average    
Average       Average 


    Default                                                                                                             
      
    risk          $  98.7    $ 66.6    $  81.1    $  81.6        $  68.0    $  77.6        $  58.0    $ 60.1    $  81.9 
       $ 53.1 
    Migration                                                                                                           
      
    risk             55.6      27.8       46.5       39.7           43.1       42.7           48.1      32.6       42.1 
         37.3 
    Incremental                                                                                                         
      
    risk charge
    (one-year
    measure)      $ 145.7    $ 94.7    $ 127.6    $ 121.3        $ 111.1    $ 120.3        $ 106.1    $ 92.7    $ 124.0 
       $ 90.4 
    (1)   Beginning in the quarter ended April 30,
          2014, we implemented the full revaluation
          method of computing VaR using the
          historical simulation approach in place of
          the parametric VaR approach.
           

Trading revenue
The trading revenue (TEB) versus 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 100% of the days. 
During the quarter, the largest gain of $16.1 million occurred on July 22, 
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 $3.4 million during the quarter and the average 
daily TEB was $1.6 million.

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

To view the "Trading revenue (TEB)((1)) versus VaR" graph, please click 
http://files.newswire.ca/256/CIBC4.pdf

(1) Certain fair value adjustments such as OIS are recorded only at month end 
but are 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) 
    $ millions,                            2014                          2014                          2013
    as at                               Jul. 31                       Apr. 30                       Jul. 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
    shareholders    $  176    $  (12)   $   (5)   $  153    $   (9)   $    5    $  152    $   (4)   $    5 
    Increase                                                                                       
    (decrease) in
    present value
    of
    shareholders'
    equity              23      (114)      (46)       22      (116)      (39)       47      (182)      (42)
    100 basis                                                                                      
    points
    decrease in
    interest
    rates                                                                                                  
    Increase                                                                                       
    (decrease) in
    net income
    attributable
    to equity
    shareholders      (229)       15         6      (206)       11        (4)     (228)        7        (4)
    Increase                                                                                       
    (decrease) in
    present value
    of
    shareholders'
    equity             (60)       96        47       (29)       94        41      (188)      162        43 
    200 basis                                                                                      
    points
    increase in
    interest
    rates                                                                                                  
    Increase                                                                                       
    (decrease) in
    net income
    attributable
    to equity
    shareholders    $  334    $  (23)   $  (10)   $  294    $  (17)   $   10    $  284    $   (9)   $   11 
    Increase                                                                                       
    (decrease) in
    present value
    of
    shareholders'
    equity              40      (228)      (92)       31      (231)      (79)       48      (363)      (85)
    200 basis                                                                                      
    points
    decrease in
    interest
    rates                                                                                                  
    Increase                                                                                       
    (decrease) in
    net income
    attributable
    to equity
    shareholders      (453)       25        11      (424)       12        (7)     (452)       12        (9)
    Increase                                                                                       
    (decrease) in
    present value
    of
    shareholders'
    equity            (152)      145        80      (167)      128        64      (572)      261        70 

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:
    $ millions, as                                                                             2014         2013
    at                                                                                      Jul. 31      Oct. 31
                                                               Encumbered liquid             Unencumbered liquid
                              Gross liquid assets                 assets (1)                              assets
                                                                CIBC                                 
                        CIBC owned       Third-party           owned   Third-party
                            assets            assets          assets        assets                              
    Cash and                                                                                         
    deposits with
    banks               $  11,148  (2)   $        -        $    303    $        -      $  10,845      $   5,527 
    Securities             68,082  (3)       57,564  (4)     18,446        34,597         72,603         77,368 
    NHA                                                                                              
    mortgage-backed
    securities             57,676  (5)            -          26,038             -         31,638         22,671 
    Mortgages              13,299  (6)            -          13,299             -              -              - 
    Credit cards            4,320  (7)            -           4,320             -              -              - 
    Other assets            3,766  (8)            -           3,293             -            473            334 
                        $ 158,291        $   57,564        $ 65,699    $   34,597      $ 115,559      $ 105,900 
    (1)   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.
    (2)   Comprises cash, non-interest bearing deposits and
          interest-bearing deposits with contractual
          maturities of less than 30 days.
    (3)   Comprises trading, AFS and FVO securities. Excludes
          securities in our structured credit run-off
          business, private debt and private equity
          securities of $1,379 million (October 31, 2013:
          $1,621 million).
    (4)   Comprises $3,238 million (October 31, 2013: $3,417
          million) of cash collateral on securities borrowed,
          $25,105 million (October 31, 2013: $25,311 million)
          of securities purchased under resale agreements,
          $27,261 million (October 31, 2013: $24,157 million)
          of securities borrowed against securities lent, and
          $1,960 million (October 31, 2013: $759 million) of
          securities received for derivative collateral.
    (5)   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. These are reported
          in Loans on our interim consolidated balance sheet.
    (6)   Comprises mortgages included in the Covered Bond
          Programme.
    (7)   Comprises assets held in consolidated trusts
          supporting funding liabilities.
    (8)   Comprises $3,293 million (October 31, 2013: $2,727
          million) of cash pledged for derivatives collateral
          and $473 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 $9.7 billion or 9% from October 
31, 2013, primarily due to a decrease in encumbrances related to NHA 
mortgage-backed securities, and higher interest-bearing deposits with banks, 
partially offset by a decrease in unencumbered 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                           Jul. 31          Oct. 31
    CIBC parent bank                         $  87,018        $  78,761 
    Broker/dealer (1)                           15,472           15,049 
    Other significant subsidiaries              13,069           12,090 
                                             $ 115,559        $ 105,900 
    (1) 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 


                                                                                                   Available      
                                  CIBC owned   Third-party        Total   Pledged as                      as


$ millions, as at                 assets        assets       assets   collateral      Other   collateral            
Other 
2014    Cash and deposits                                                                                      
        with banks            $  11,192    $        -    $  11,192    $      12    $   291    $  10,889  (1)   $     
-  
Jul.                                                                                                           
31      Securities               69,461             -       69,461       18,446          -       49,636            
1,379  


            Securities borrowed                                                                                   
            or purchased under


        resale agreements             -        28,343       28,343       14,920          -       13,423              
-  
        Loans, net of                                                                                          
        allowance               254,215             -      254,215       43,657        241       31,638          
178,679  


            Other                                                                                                       
     
               Derivative                                                                                         


           instruments           18,227             -       18,227            -          -            -           
18,227  


               Customers'                                                                                         
               liability under


           acceptances            8,274             -        8,274            -          -            -            
8,274  
           Land, buildings                                                                                     
           and equipment          1,728             -        1,728            -          -            -            
1,728  
           Goodwill               1,435             -        1,435            -          -            -            
1,435  


               Software and                                                                                       
               other intangible


           assets                   918             -          918            -          -            -             
 918  


               Investments in                                                                                     
               equity-accounted
               associates and


           joint ventures         1,842             -        1,842            -          -            -            
1,842  
           Other assets           9,787             -        9,787        3,293          -          473            
6,021  
                              $ 377,079    $   28,343    $ 405,422    $  80,328    $   532    $ 106,059        $ 
218,503  


            Cash and deposits                                                                                     
    2013    with banks            $   6,379    $         -   $   6,379    $      11    $   771    $   5,597  (1)   $    
    -
    Oct.                                                                                                          


31      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, net of                                                                                         


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


            Other                                                                                                       
     
               Derivative                                                                                         


           instruments           19,947              -      19,947             -          -            -          
19,947  


               Customers'                                                                                         
               liability under


           acceptances            9,720              -       9,720             -          -            -           
9,720  
           Land, buildings                                                                                     
           and equipment          1,719              -       1,719             -          -            -           
1,719  
           Goodwill               1,733              -       1,733             -          -            -           
1,733  


               Software and                                                                                       
               other intangible


           assets                   756              -         756             -          -            -            
 756  


               Investments in                                                                                     
               equity-accounted
               associates and


           joint ventures         1,695              -       1,695             -          -            -           
1,695  
           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 $44 million (October 31, 2013: $70
          million) of interest-bearing deposits with
          contractual maturities greater than 30 days.
           

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 $129.2 billion as at July 31, 2014 (October 31, 2013: 
$125.0 billion).

Moody's and S&P changed the outlook on our senior debt ratings to negative 
from stable on June 11, 2014 and August 8, 2014, respectively, citing 
regulations that seek to limit government support in the event of a bank 
failure. For additional information on these regulations, see "Taxpayer 
Protection and Bank Recapitalization Regime" in the Capital resources section. 
We do not expect a material impact on our funding costs or ability to access 
funding as a result of these rating changes.

The following table provides the contractual maturities at carrying values of 
funding sourced by CIBC from the wholesale market: 
                                                                             Less                          
                              Less                                           than
    $ millions, as at         than       1 - 3      3 - 6      6 - 12      1 year       1 - 2        Over
    July 31, 2014          1 month      months     months      months       total       years     2 years        Total
    Deposits from                                                                                          
    banks                $  4,412    $  1,499    $   210    $      -    $  6,121    $      -    $      -    $   6,121 
    Certificates of                                                                                        
    deposit and
    commercial paper        3,072       3,367      2,200       4,218      12,857       2,372      10,830       26,059 
    Bearer deposit                                                                                         
    notes and bankers
    acceptances               832         875      1,180         467       3,354           -           -        3,354 
    Asset-backed                                                                                           
    commercial paper            -           -          -           -           -           -           -            - 
    Senior unsecured                                                                                       
    medium-term notes         309       4,183      2,278       6,693      13,463      15,443       3,418       32,324 
    Senior unsecured                                                                                       
    structured notes           27          80        132         235         474           8           -          482 
    Covered                                                                                                
    bonds/Asset-backed
    securities                                                                                                        
      Mortgage                                                                                             
      securitization            -       3,370        371       1,781       5,522       3,386      16,644       25,552 
      Covered bonds             -       2,268      2,268       3,206       7,742       3,062       2,495       13,299 
      Cards                                                                                                
      securitization            -       1,090          -           -       1,090       2,143       1,087        4,320 
    Subordinated                                                                                           
    liabilities                 -         255          -           -         255           -       3,932        4,187 
    Other                       -           -          -           -           -           -           -            - 
                         $  8,652    $ 16,987    $ 8,639    $ 16,600    $ 50,878    $ 26,414    $ 38,406    $ 115,698 
    Of which:                                                                                                         
      Secured            $      -    $  6,728    $ 2,639    $  4,987    $ 14,354    $  8,591    $ 20,226    $  43,171 
      Unsecured             8,652      10,259      6,000      11,613      36,524      17,823      18,180       72,527 
                         $  8,652    $ 16,987    $ 8,639    $ 16,600    $ 50,878    $ 26,414    $ 38,406    $ 115,698 
    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, as at               Jul. 31                 Oct. 31  
    Canadian dollar       $  61.4       53  %     $  69.2       57  %
    US dollar                47.9       41           44.2       37   
    Euro                      1.2        1            1.3        1   
    Other                     5.2        5            6.2        5   
                          $ 115.7      100  %     $ 120.9      100  %

Our funding and liquidity levels remained stable and sound over the nine 
months ended July 31, 2014 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               Jul. 31       Oct. 31
    One-notch downgrade           $    0.1      $    0.1 
    Two-notch downgrade                0.3           0.3 
    Three-notch downgrade              0.7           0.9 

Regulatory liquidity standards
In January 2014, the BCBS published the "Liquidity Coverage Ratio Disclosure 
Standards". The document outlines the minimum standards applicable for public 
disclosure of the Liquidity Coverage Ratio (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. In July 2014, 
OSFI published the "Public Disclosure Requirements for Domestic Systemically 
Important Banks on Liquidity Coverage Ratio" which provides additional 
implementation guidance, applicable to Canadian banks.

In May 2014, OSFI published the final Liquidity Adequacy Requirements (LAR) 
guideline. The document provides jurisdictional guidance on Basel III 
liquidity metrics, as well as guidelines on the OSFI Net Cumulative Cash Flow 
(NCCF) metric. These standards are effective for the first reporting period 
after January 1, 2015.

We are currently updating processes and systems to meet the stipulated 
timelines 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. We model 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 the behavioural balance sheet. The behavioural balance sheet is a 
key component of our liquidity risk management framework and is the basis by 
which we manage our liquidity risk profile.


                                                                                                                  
No             
                      Less      1 - 3      3 - 6      6 - 9     9 - 12      1 - 2       2 - 5       Over   
specified             
                      than   
$ millions,                    months     months     months     months      years       years          5    
maturity       Total 


    as at July                                                                                         years
    31, 2014           1 month  
    Assets                                                                                                              
            


Cash and                     $      -   $      -   $      -   $      -   $      -   $       -   $      -   $       - 
$   2,975 


    non-interest
    bearing
    deposits with
    banks             $  2,975
    Interest                            -         44          -          -          -           -          -           -
       8,217
    bearing
    deposits with
    banks                8,173


Securities           2,682      3,275      2,106      1,651        943      3,757       9,118     10,120      
35,809      69,461 


    Cash                                -          -          -          -          -           -          -           -
       3,238
    collateral on
    securities
    borrowed             3,238
    Securities                      8,330      1,239        754         36          -           -          -           -
      25,105
    purchased
    under resale
    agreements          14,746
    Loans                                                                                                               
            
      Residential          143      2,084      3,986      5,356      9,496     42,110      82,811      9,027           -
     155,013
      mortgages        


  Personal           1,446        520        815      1,096      1,142         68         187        673      
29,149      35,096 


      Credit card          232        463        695        695        695      2,779       6,018          -           -
      11,577
      Business           5,626      1,717      2,036      2,310      3,109      6,083      16,941     16,410           -
      54,232
      and
      government       


  Allowance              -          -          -          -          -          -           -          -     
(1,703)     (1,703) 


      for credit
      losses           
    Derivative                        907      1,112        569        724      2,116       4,527      7,627           -
      18,227
    instruments            645
    Customers'                      1,654          -          -          -          -           -          -           -
       8,274
    liability
    under
    acceptances          6,620


Other assets             -          -          -          -          -          -           -          -      
15,710      15,710 
                  $ 46,526   $ 18,950   $ 12,033   $ 12,431   $ 16,145   $ 56,913   $ 119,602   $ 43,857   $  
78,965   $ 405,422 
October 31,                  $ 16,420   $ 10,578   $ 14,461   $ 11,500   $ 44,524   $ 140,137   $ 44,355   $  
72,994   $ 398,006 


    2013              $ 43,037
    Liabilities                                                                                                         
            


Deposits(1)       $ 17,946   $ 20,747   $ 17,800   $ 16,058   $ 18,429   $ 34,776   $  39,279   $ 11,461   $ 
145,818   $ 322,314 


    Obligations                         -          -          -          -          -           -          -           -
      12,803
    related to
    securities
    sold short          12,803
    Cash                                -          -          -          -          -           -          -           -
       1,359
    collateral on
    securities
    lent                 1,359
    Obligations                                                                                                         
            
    related to
    securities
    sold                      
      under              8,711        726          -          -          -          -           -          -           -
       9,437
      repurchase
      agreements       
    Derivative                        808        831        703        920      2,159       4,700      7,406           -
      17,957
    instruments            430
    Acceptances          6,620      1,654          -          -          -          -           -          -           -
       8,274


Other                               -          -          -          -          -           -          -      
10,579      10,579 


    liabilities              -
    Subordinated                      255          -          -          -          -          34      3,898           -
       4,187
    indebtedness             -


                  $ 47,869   $ 24,190   $ 18,631   $ 16,761   $ 19,349   $ 36,935   $  44,013   $ 22,765   $ 
156,397   $ 386,910 
October 31,                  $ 15,659   $ 19,347   $ 13,414   $ 18,836   $ 31,600   $  55,290   $ 28,371   $ 
147,001   $ 380,012 


    2013              $ 50,494
    (1) Comprises $129.2 billion (October 31, 2013: $125.0
        billion) of personal deposits of which $124.2
        billion (October 31, 2013: $120.4 billion) are in
        Canada and
        $5.0 billion (October 31, 2013: $4.6 billion) in
        other countries; $185.4 billion (October 31, 2013:
        $182.9 billion) of business and government
        deposits and secured
        borrowings of which $147.5 billion (October 31,
        2013: $149.0 billion) are in Canada and $37.9
        billion (October 31, 2013: $33.9 billion) in other
        countries; and
        $7.7 billion (October 31, 2013: $5.6 billion) of
        bank deposits of which $3.3 billion (October 31,
        2013: $2.0 billion) are in Canada and $4.4 billion
        (October 31, 2013:
        $3.6 billion) in other countries.

The changes in the contractual maturity profile from October 31, 2013 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      1 - 3      3 - 6      6 - 9     9 - 12       1 - 2      2 - 5      Over   
specified               


                           than
    $ millions,
    as at July                                                                                             5


31, 2014            1 month     months     months     months     months       years      years     years    
maturity (1)     Total 


    Securities
    lending(2)         $ 27,261   $      -   $      -   $      -   $      -   $       -   $      -   $     -   $       -
     $  27,261


Unutilized              505      5,079        895      1,261      1,645       6,165     27,169     2,021     
113,696       158,436 


    credit
    commitments
    Backstop                  -        106      4,034          -          -           -          -         -           -
         4,140
    liquidity
    facilities
    Standby and             640        775      2,443      1,862      2,023         412        861       331           -
         9,347
    performance
    letters of
    credit
    Documentary              57        122         15          -         22           -         16         -           -
           232
    and
    commercial
    letters of
    credit
    Underwriting            263          -          -          -          -           -          -         -           -
           263
    commitments
    Other                   268          -          -          -          -           -          -         -           -
           268


                   $ 28,994   $  6,082   $  7,387   $  3,123   $  3,690   $   6,577   $ 28,046   $ 2,352   $ 
113,696     $ 199,947 
October 31,        $ 26,147   $  9,615   $  3,343   $  3,035   $  2,528   $   5,435   $ 25,942   $ 2,051   $ 
116,487     $ 194,583 


    2013
    (1) Includes $90.8 billion (October 31, 2013: $94.7
        billion) of personal, home equity and credit card
        lines which are unconditionally cancellable at
        our discretion. 
    (2) Excludes securities lending of $1.4 billion
        (October 31, 2013: $2.1 billion) for cash because
        it is reported on the interim consolidated
        balance sheet.

Other contractual obligations
The following table provides the contractual maturities of other contractual 
obligations affecting our funding needs: 
                           Less      1 - 3      3 - 6      6 - 9     9 - 12       1 - 2       2 - 5      Over           
                             than


$ millions,               1     months     months     months     months       years       years         5       
Total 


    as at July            month                                                                         years
    31, 2014


Operating             $  33   $     67   $    100   $    100   $    100   $     379   $     931   $ 1,185   $   
2,895 


    leases
    Purchase
    obligations


(1)                      15        116        198        161        165         511         982       420       
2,568 


    Pension
    contributions


(2)                       5         10          -          -          -           -           -         -          
15 
                      $  53   $    193   $    298   $    261   $    265   $     890   $   1,913   $ 1,605   $   
5,478 
October 31,           $  68   $    221   $    341   $    357   $    274   $     809   $   1,716   $ 1,599   $   
5,385 


    2013
    (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.

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 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 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 only significant inputs that are observable (Level 2) or one or 
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  
    $ millions,                                         Jul.                                           Oct.
    as at                                                 31                                             31  
                      Structured           Total       Total         Structured           Total       Total
                          credit                                         credit                              
                         run-off                                        run-off
                        business            CIBC        CIBC (1)       business            CIBC        CIBC (1)
    Financial                                                                                              
    assets                                                                                                   
    Trading                          $       786         1.5         $      837     $       837         1.8
    securities
    and loans         $      786                             %                                              %
    AFS                                      735         3.5                 13             913         3.3
    securities                19                                                                             
    FVO                                      113        43.3                147             147        51.2
    securities               113                                                                             
    Derivative                               233         1.3                295             341         1.7
    instruments              213                                                                             
                      $    1,131     $     1,867         2.0 %       $    1,292     $     2,238         2.4 %
    Financial                                                                                              
    liabilities                                                                                              
    Deposits
    and other
    liabilities
    (2)               $      464     $       746        27.2 %       $      510     $       737        29.9 %
    Derivative                               315         1.8                413             474         2.4
    instruments              279                                                                             
                      $      743     $     1,061         3.2 %       $      923     $     1,211         3.4 %
    (1) Represents percentage of Level 3 assets and
        liabilities in each reported category that are carried
        at fair value on the interim
        consolidated financial statements.
    (2) 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                                   Jul.           Oct. 31
    at                                                 31
    Securities                                                             
    Market risk                                  $      2       $         5
    Derivatives                                                            
    Market risk                                        49                57
    Credit risk                                         7                42
    Administration                                      5                 5
    costs
    Total                                        $     63       $       109
    valuation
    adjustments

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 probability of default 
(PD) and loss given default (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 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 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 Instruments - 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 that 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 consider a number of factors in determining whether CIBC controls 
these structured entities. 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 to direct relevant activities of the investee, 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 
issued 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 
7 to the interim consolidated financial statements.

Asset impairment

Goodwill, other intangible assets and long-lived assets
As at July 31, 2014, we had goodwill of $1,435 million (October 31, 2013: 
$1,733 million) and other intangible assets with an indefinite life of $137 
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. Goodwill is also required to be tested for impairment whenever there 
are indicators that it may be impaired.

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 life 
intangible assets in the fourth quarter of 2013 and did not record any 
impairment at that time. During the second quarter of 2014, we identified 
indicators that goodwill relating to the CIBC FirstCaribbean CGU may be 
impaired.  We performed an impairment test and determined that the carrying 
amount of the CIBC FirstCaribbean CGU exceeded its recoverable amount.  As a 
result, we recognized a goodwill impairment charge of $420 million during the 
three months ended April 30, 2014, which reduced the carrying amount of the 
goodwill relating to CIBC FirstCaribbean to $344 million as at April 30, 2014.

The recoverable amount of our CIBC FirstCaribbean CGU determined as at April 
30, 2014 was based on a value in use calculation that was estimated using a 
five year cash flow projection 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 previously reviewed by its Board of Directors, adjusted to 
reflect management's belief that the economic recovery expected in the 
Caribbean region would occur over a longer period of time than originally 
forecasted and that estimated realizable values of underlying collateral for 
non-performing loans would be lower than previously expected. A terminal 
growth rate of 2.5% (2.5% as at August 1, 2013) 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% (13.62% 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, 2013). The determination of a discount 
rate and a terminal growth rate 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.

Estimation of the recoverable amount is an area of significant judgment. 
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. 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 the CIBC FirstCaribbean CGU by approximately 
$115 million as at April 30, 2014. 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 the CIBC FirstCaribbean CGU by approximately 
$65 million as at April 30, 2014. 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 is 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 6 to our interim 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 additional goodwill impairment 
charges in future periods. We will complete our annual impairment testing in 
the fourth quarter of 2014.

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.

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 12 to the interim consolidated financial 
statements.

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 July 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 July 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. CIBC and the individual defendants sought leave
            to appeal to the Supreme Court of Canada. On August 7, 2014,
            CIBC and the individual defendants were granted leave to appeal
            to the Supreme Court of Canada.
        --  Brown Overtime Class Action: The plaintiffs' appeal to the
            Ontario Court of Appeal was heard in May 2014. The court
            reserved its decision.
        --  Watson Credit Card Class Action: On March 27, 2014, the court
            released its decision granting class certification. The
            plaintiffs and defendants have filed Notices of Appeal.
        --  Mortgage Prepayment Class Actions: On June 30, 2014, the court
            granted class certification in Sherry conditional on the
            plaintiffs framing a workable class definition. CIBC has filed
            a Notice of Appeal.
        --  Sino-Forest Class Actions: The motion for class certification
            in the Labourers' action has been adjourned to January 2015.

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 income replacement plan and associated medical 
and dental benefits (collectively, other long-term benefit plans). The 
long-term disability 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 SEC 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. CIBC 
believes the new rules will not have a material impact 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.  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 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. The Government of 
Canada has signed an Intergovernmental Agreement (IGA) with the U.S., to 
facilitate FATCA information reporting by Canadian financial institutions. 
Under the provisions of the Canada-United States Enhanced Tax Information 
Exchange Agreement Implementation Act, Canadian financial institutions must 
report information on certain U.S. Accounts directly to the Canada Revenue 
Agency. The provisions of FATCA and the related Canadian legislation came into 
effect on July 1, 2014. Other countries in which CIBC operates have signed, or 
are in the process of negotiating and signing, IGAs with the U.S. CIBC will 
meet all FATCA obligations, in accordance with local law.

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.

Global systemically important banks - public disclosure requirements
The BCBS paper "Global systemically important banks: updated assessment 
methodology and the higher loss absorbency requirement" dated July 3, 2013 
describes the annual assessment methodology and the 12 indicators used to 
identify global systemically important banks (G-SIBs). The document also 
provides annual public disclosure requirements applicable to large 
globally-active banks.

In March 2014, OSFI published an Advisory on the implementation of the G-SIB 
public disclosure requirements in Canada. Federally-regulated banks which have 
not been identified as G-SIBs, and which have Basel III leverage ratio 
exposure measures greater than the equivalent of €200 billion at year-end, 
are required to publicly disclose at a minimum the 12 indicators (in Canadian 
equivalent values) annually. Such banks must publicly disclose both year-end 
2014 and comparative 2013 data by the time the first quarterly financial 
report of 2015 is released.

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 July 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 and nine months ended July 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
    Unaudited, $ millions, as at                    Jul. 31         Oct. 31
    ASSETS                                                                 
    Cash and non-interest-bearing               $     2,975     $     2,211
    deposits with banks
    Interest-bearing deposits with                    8,217           4,168
    banks
    Securities                                                             
    Trading                                          48,095          44,070
    Available-for-sale (AFS) (Note 4)                21,105          27,627
    Designated at fair value (FVO)                      261             287
                                                     69,461          71,984
    Cash collateral on securities                     3,238           3,417
    borrowed
    Securities purchased under resale                25,105          25,311
    agreements
    Loans                                                                  
    Residential mortgages                           155,013         150,938
    Personal                                         35,096          34,441
    Credit card                                      11,577          14,772
    Business and government                          54,232          48,207
    Allowance for credit losses (Note               (1,703)         (1,698)
    5)
                                                    254,215         246,660
    Other                                                                  
    Derivative instruments                           18,227          19,947
    Customers' liability under                        8,274           9,720
    acceptances
    Land, buildings and equipment                     1,728           1,719
    Goodwill (Note 6)                                 1,435           1,733
    Software and other intangible                       918             756
    assets
    Investments in equity-accounted                   1,842           1,695
    associates and joint ventures
    Deferred tax asset                                  505             526
    Other assets                                      9,282           8,159
                                                     42,211          44,255
                                                $   405,422     $   398,006
    LIABILITIES AND EQUITY                                                 
    Deposits (Note 8)                                                      
    Personal                                    $   129,198     $   125,034
    Business and government                         142,245         134,736
    Bank                                              7,700           5,592
    Secured borrowings                               43,171          49,802
                                                    322,314         315,164
    Obligations related to securities                12,803          13,327
    sold short
    Cash collateral on securities                     1,359           2,099
    lent
    Obligations related to securities                 9,437           4,887
    sold under repurchase agreements
    Other                                                                  
    Derivative instruments                           17,957          19,724
    Acceptances                                       8,274           9,721
    Deferred tax liability                               29              33
    Other liabilities                                10,550          10,829
                                                     36,810          40,307
    Subordinated indebtedness                         4,187           4,228
    Equity                                                                 
    Preferred shares                                  1,281           1,706
    Common shares (Note 10)                           7,758           7,753
    Contributed surplus                                  78              82
    Retained earnings                                 9,258           8,318
    Accumulated other comprehensive                    (18)            (40)
    income (AOCI)
    Total shareholders' equity                       18,357          17,819
    Non-controlling interests                           155             175
    Total equity                                     18,512          17,994
                                                $   405,422     $   398,006

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
                                                                                     
                                                 For the three           For the nine
                                                  months ended           months ended
                                  2014        2014        2013       2014        2013
    Unaudited, $                  Jul.        Apr.        Jul.       Jul.        Jul.
    millions, except                31          30          31         31          31
    as noted
    Interest income                                                                  
    Loans                      $ 2,389     $ 2,282     $ 2,479   $  7,094     $ 7,342
    Securities                     397         399         412      1,225       1,224
    Securities                      82          74          82        238         256
    borrowed or
    purchased under
    resale
    agreements
    Deposits with                    5           8           9         21          30
    banks
                                 2,873       2,763       2,982      8,578       8,852
    Interest expense                                                                 
    Deposits                       821         801         935      2,495       2,776
    Securities sold                 81          78          85        241         250
    short
    Securities lent                 36          28          20         92          77
    or sold under
    repurchase
    agreements
    Subordinated                    44          45          46        133         148
    indebtedness
    Other                           16          13          13         39          41
                                   998         965       1,099      3,000       3,292
    Net interest                 1,875       1,798       1,883      5,578       5,560
    income
    Non-interest                                                                     
    income
    Underwriting and               150          88          98        316         301
    advisory fees
    Deposit and                    221         205         223        638         609
    payment fees
    Credit fees                    124         114         118        355         345
    Card fees                      108          87         137        308         402
    Investment                     181         168         119        491         348
    management and
    custodial fees
    Mutual fund fees               317         300         258        899         747
    Insurance fees,                 85          95          94        277         265
    net of claims
    Commissions on                  99         108         106        310         314
    securities
    transactions
    Trading income                (42)        (12)          21       (53)          36
    (loss)
    AFS securities                  24          76          48        157         203
    gains, net
    FVO gains                        2        (21)           2       (14)         (1)
    (losses), net
    Foreign exchange                10          12          18         43          39
    other than
    trading
    Income from                     98          52          40        191          95
    equity-accounted
    associates and
    joint ventures
    Other                          106          97          84        663         275
                                 1,483       1,369       1,366      4,581       3,978
    Total revenue                3,358       3,167       3,249     10,159       9,538
    Provision for                  195         330         320        743         850
    credit losses
    (Note 5)
    Non-interest                                                                     
    expenses
    Employee                     1,176       1,133       1,098      3,469       3,254
    compensation and
    benefits
    Occupancy costs                187         190         171        556         519
    Computer,                      304         294         269        881         767
    software and
    office equipment
    Communications                  78          79          75        232         232
    Advertising and                 70          72          59        207         157
    business
    development
    Professional                    43          52          45        140         120
    fees
    Business and                    17          12          15         44          46
    capital taxes
    Other(1)                       172         580         146        909         596
                                 2,047       2,412       1,878      6,438       5,691
    Income before                1,116         425       1,051      2,978       2,997
    income taxes
    Income taxes                   195         119         173        574         472
    Net income                 $   921     $   306     $   878   $  2,404     $ 2,525
    Net income                 $     3     $  (11)     $     1   $    (5)     $     5
    (loss)
    attributable to
    non-controlling
    interests
      Preferred                $    19     $    25     $    25   $     69     $    75
      shareholders
      Common                       899         292         852      2,340       2,445
      shareholders
    Net income                 $   918     $   317     $   877   $  2,409     $ 2,520
    attributable to
    equity
    shareholders
    Earnings per                                                                     
    share (in
    dollars) (Note
    13)
      Basic                    $  2.26     $  0.73     $  2.13   $   5.88     $  6.09
      Diluted                     2.26        0.73        2.13       5.87        6.09
    Dividends per                 1.00        0.98        0.96       2.94        2.84
    common share (in
    dollars)
    (1) Includes the goodwill impairment charge recognized during the
              quarter ended April 30, 2014. See Note 6 for additional
                                                         information.

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
                                                                                
                                             For the three          For the nine
                                              months ended          months ended
                              2014        2014        2013      2014        2013
    Unaudited, $              Jul.        Apr.        Jul.      Jul.        Jul.
    millions                    31          30          31        31          31
    Net income              $  921     $   306     $   878   $ 2,404     $ 2,525
    Other                                                                       
    comprehensive
    income (OCI), net
    of tax, that is
    subject to
    subsequent
    reclassification
      to net income                                                             
      Net foreign                                                               
      currency
      translation
      adjustments
      Net gains               (48)       (153)         165       398         226
      (losses) on
      investments in
      foreign
      operations
      Net gains                 26          82       (102)     (260)       (144)
      (losses) on
      hedges of
      investments in
      foreign
      operations
                              (22)        (71)          63       138          82
      Net change in                                                             
      AFS securities
      Net gains                 47          24       (114)       116        (17)
      (losses) on AFS
      securities
      Net (gains)             (15)        (56)        (36)     (109)       (148)
      losses on AFS
      securities
      reclassified to
      net income
                                32        (32)       (150)         7       (165)
      Net change in                                                             
      cash flow
      hedges
      Net gains                 20          66           7        81           2
      (losses) on
      derivatives
      designated as
      cash flow
      hedges
      Net (gains)             (21)        (50)        (11)      (68)         (4)
      losses on
      derivatives
      designated as
      cash flow
      hedges
      reclassified to
      net income
                               (1)          16         (4)        13         (2)
    OCI, net of tax,                                                            
    that is not
    subject to
    subsequent
    reclassification
    to net income
      Net gains               (87)           9         353     (136)         230
      (losses) on
      post-employment
      defined benefit
      plans
    Total OCI(1)              (78)        (78)         262        22         145
    Comprehensive           $  843     $   228     $ 1,140   $ 2,426     $ 2,670
    income
    Comprehensive           $    3     $  (11)     $     1   $   (5)     $     5
    income (loss)
    attributable to
    non-controlling
    interests
      Preferred             $   19     $    25     $    25   $    69     $    75
      shareholders
      Common                   821         214       1,114     2,362       2,590
      shareholders
    Comprehensive           $  840     $   239     $ 1,139   $ 2,431     $ 2,665
    income
    attributable to
    equity
    shareholders
    (1) Includes $1 million of losses for the quarter ended
        July 31, 2014 (April 30, 2014: $4 million of gains;
        July 31, 2013: $21 million of losses) and $12 million
        of gains for the nine months ended July 31, 2014 (July
        31, 2013: $17 million of losses) relating to our
        investments in equity-accounted associates
        and joint ventures.
                                        
                                            For the three        For the nine
                                             months ended        months ended
                              2014       2014        2013     2014       2013
    Unaudited, $              Jul.       Apr.        Jul.     Jul.       Jul.
    millions                    31         30          31       31         31
    Income tax                                                               
    (expense) benefit
    Subject to                                                               
    subsequent
    reclassification
    to net income
      Net foreign                                                            
      currency
      translation
      adjustments
      Net gains             $    3     $   11     $  (12)   $ (29)     $ (17)
      (losses) on
      investments in
      foreign
      operations
      Net gains                (4)       (13)          17       38         25
      (losses) on
      hedges of
      investments in
      foreign
      operations
                               (1)        (2)           5        9          8
      Net change in                                                          
      AFS securities
      Net gains               (37)        (7)         (6)     (74)       (37)
      (losses) on AFS
      securities
      Net (gains)                9         20          13       50         55
      losses on AFS
      securities
      reclassified to
      net income
                              (28)         13           7     (24)         18
      Net change in                                                          
      cash flow
      hedges
      Net gains                (7)       (24)         (2)     (29)          -
      (losses) on
      derivatives
      designated as
      cash flow
      hedges
      Net (gains)                                                            
      losses on
      derivatives
      designated as
      cash flow
      hedges
      reclassified to
        net income               7         18           4       24          1
                                 -        (6)           2      (5)          1
    Not subject to                                                           
    subsequent
    reclassification
    to net income
      Net gains                 32        (3)       (126)       49       (82)
      (losses) on
      post-employment
      defined benefit
      plans
                            $    3     $    2     $ (112)   $   29     $ (55)

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
                                                                                        
                                                 For the three              For the nine
                                                  months ended              months ended
                                2014         2014         2013        2014          2013
    Unaudited, $                Jul.         Apr.         Jul.     Jul. 31       Jul. 31
    millions                      31           30           31
    Preferred shares                                                                    
    Balance at              $  1,381     $  1,706     $  1,706   $   1,706     $   1,706
    beginning of
    period
    Issue of                     400            -            -         400             -
    preferred shares
    Redemption of              (500)        (325)            -       (825)             -
    preferred shares
    Balance at end of       $  1,281     $  1,381     $  1,706   $   1,281     $   1,706
    period
    Common shares                                                                       
    Balance at              $  7,745     $  7,750     $  7,743   $   7,753     $   7,769
    beginning of
    period
    Issue of common               33           12           15          69           100
    shares
    Purchase of                 (15)         (18)            -        (60)         (112)
    common shares for
    cancellation
    Treasury shares              (5)            1          (1)         (4)             -
    Balance at end of       $  7,758     $  7,745     $  7,757   $   7,758     $   7,757
    period
    Contributed                                                                         
    surplus
    Balance at              $     82     $     82     $     80   $      82     $      85
    beginning of
    period
    Stock option                   1            2            2           6             4
    expense
    Stock options                (5)          (2)            -        (10)           (7)
    exercised
    Balance at end of       $     78     $     82     $     82   $      78     $      82
    period
    Retained earnings                                                                   
    Balance at              $  8,820     $  8,985     $  7,486   $   8,318     $   7,009
    beginning of
    period
    Net income                   918          317          877       2,409         2,520
    attributable to
    equity
    shareholders
    Dividends                                                                           
      Preferred                 (19)         (25)         (25)        (69)          (75)
      Common                   (397)        (390)        (384)     (1,169)       (1,139)
    Premium on                  (59)         (67)            -       (226)         (363)
    purchase of
    common shares for
    cancellation
    Other                        (5)            -            -         (5)             2
    Balance at end of       $  9,258     $  8,820     $  7,954   $   9,258     $   7,954
    period
    AOCI, net of tax                                                                    
    AOCI, net of tax,                                                                   
    that is subject
    to subsequent
    reclassification
    to net income
      Net foreign                                                                       
      currency
      translation
      adjustments
      Balance at            $    204     $    275     $   (69)   $      44     $    (88)
      beginning of
      period
      Net change in             (22)         (71)           63         138            82
      foreign
      currency
      translation
      adjustments
      Balance at end        $    182     $    204     $    (6)   $     182     $     (6)
      of period
      Net gains                                                                         
      (losses) on AFS
      securities
      Balance at            $    227     $    259     $    335   $     252     $     350
      beginning of
      period
      Net change in               32         (32)        (150)           7         (165)
      AFS securities
      Balance at end        $    259     $    227     $    185   $     259     $     185
      of period
      Net gains                                                                         
      (losses) on
      cash flow
      hedges
      Balance at            $     27     $     11     $      4   $      13     $       2
      beginning of
      period
      Net change in              (1)           16          (4)          13           (2)
      cash flow
      hedges
      Balance at end        $     26     $     27     $      -   $      26     $       -
      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            $  (398)     $  (407)     $  (752)   $   (349)     $   (629)
      beginning of
      period
      Net change in             (87)            9          353       (136)           230
      post-employment
      defined benefit
      plans
      Balance at end        $  (485)     $  (398)     $  (399)   $   (485)     $   (399)
      of period
    Total AOCI, net         $   (18)     $     60     $  (220)   $    (18)     $   (220)
    of tax
    Non-controlling                                                                     
    interests
    Balance at              $    156     $    226     $    166   $     175     $     170
    beginning of
    period
    Net income (loss)              3         (11)            1         (5)             5
    attributable to
    non-controlling
    interests
    Dividends                    (2)            -          (2)         (4)           (4)
    Other                        (2)         (59) (1)        1        (11) (1)       (5)
    Balance at end of       $    155     $    156     $    166   $     155     $     166
    period
    Equity at end of        $ 18,512     $ 18,244     $ 17,445   $  18,512     $  17,445
    period
    (1) The quarter ended January 31, 2014 had an increase in
        non-controlling interests of $40 million relating to certain mutual
        funds that were
        launched and consolidated. These funds were deconsolidated in the
        quarter ended April 30, 2014 due to a reduction in our ownership,
        resulting in a decrease in non-controlling interests of $56
        million.

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
    flows
                                                                                                 
                                                        For the three                For the nine
                                                         months ended                months ended
                                     2014          2014          2013         2014           2013
    Unaudited, $ millions         Jul. 31       Apr. 30       Jul. 31      Jul. 31        Jul. 31
    Cash flows provided                                                                          
    by (used in)
    operating activities
    Net income                  $     921     $     306     $     878   $    2,404     $    2,525
    Adjustments to                                                                               
    reconcile net income
    to cash flows
    provided by (used in)
    operating
      activities:                                                                                
      Provision for                   195           330           320          743            850
      credit losses
      Amortization and
      impairment (1)                  101           521            91          717            259
      Stock option                      1             2             2            6              4
      expense
      Deferred income                  52            11           (2)           54             70
      taxes
      AFS securities                 (24)          (76)          (48)        (157)          (203)
      gains, net
      Net losses (gains)                -             1             -            1            (3)
      on disposal of
      land, buildings and
      equipment
      Other non-cash                 (96)          (51)          (94)        (615)          (210)
      items, net
      Net changes in                                                                             
      operating assets
      and liabilities
        Interest-bearing            (402)       (3,781)       (1,538)      (4,049)        (3,788)
        deposits with
        banks
        Loans, net of             (5,033)       (3,509)       (1,399)     (11,526)        (2,493)
        repayments
        Deposits, net of            8,169           121         4,631        7,062         11,572
        withdrawals
        Obligations                   540         (951)         (311)        (524)            220
        related to
        securities sold
        short
        Accrued interest                8          (11)            58          104             95
        receivable
        Accrued interest            (174)           181         (276)        (273)          (407)
        payable
        Derivative assets           1,218         5,089         4,701        1,772          6,273
        Derivative                  (894)       (3,484)       (4,570)      (1,863)        (6,605)
        liabilities
        Trading                   (2,947)           169         2,921      (4,025)        (2,547)
        securities
        FVO securities                 26             7            22           26             18
        Other FVO assets               95         (253)            66           93            280
        and liabilities
        Current income                 79         (106)          (24)            1          (561)
        taxes
        Cash collateral               123            60           119        (740)            107
        on securities
        lent
        Obligations                 1,026         2,015           646        4,550          (283)
        related to
        securities sold
        under repurchase
        agreements
        Cash collateral             (347)           159         (711)          179        (1,107)
        on securities
        borrowed
        Securities                  (671)         (289)       (4,338)          206        (1,954)
        purchased under
        resale agreements
        Other, net                (1,923)         1,338         (591)      (1,500)            131
                                       43       (2,201)           553      (7,354)          2,243
    Cash flows provided                                                                          
    by (used in)
    financing activities
    Redemption/repurchase            (14)             -         (550)         (14)          (561)
    of subordinated
    indebtedness
    Issue of preferred                400             -             -          400              -
    shares
    Redemption of                   (500)         (325)             -        (825)              -
    preferred shares
    Issue of common                    28            10            15           59             93
    shares for cash
    Purchase of common               (74)          (85)             -        (286)          (475)
    shares for
    cancellation
    Net proceeds from                 (5)             1           (1)          (4)              -
    treasury shares
    Dividends paid                  (416)         (415)         (409)      (1,238)        (1,214)
    Share issuance costs              (5)             -             -          (5)              -
                                    (586)         (814)         (945)      (1,913)        (2,157)
    Cash flows provided                                                                          
    by (used in)
    investing activities
    Purchase of AFS               (6,222)       (5,697)       (6,894)     (20,883)       (19,630)
    securities
    Proceeds from sale of           2,030         6,203         4,408       17,355         11,420
    AFS securities
    Proceeds from                   4,942         3,157         2,780       10,241          8,034
    maturity of AFS
    securities
    Net cash used in                 (46)             3             -        (190)              -
    acquisitions
    Net cash provided by                -            24             5        3,611             46
    dispositions
    Net purchase of land,            (51)          (15)          (52)        (151)          (138)
    buildings and
    equipment
                                      653         3,675           247        9,983          (268)
    Effect of exchange                (8)          (26)            21           48             31
    rate changes on cash
    and
    non-interest-bearing
    deposits with banks
    Net increase                                                                                 
    (decrease) in cash
    and
    non-interest-bearing
    deposits with banks
      during the period               102           634         (124)          764          (151)
    Cash and                        2,873         2,239         2,586        2,211          2,613
    non-interest-bearing
    deposits with banks
    at beginning of
    period
    Cash and
    non-interest-bearing
    deposits with banks
    at end of period(2)         $   2,975     $   2,873     $   2,462   $    2,975     $    2,462
    Cash interest paid          $   1,172     $     784     $   1,376   $    3,273     $    3,699
    Cash income taxes                  64           214           199          519            963
    paid
    Cash interest and               2,881         2,752         3,040        8,682          8,947
    dividends received
    (1) Comprises amortization and impairment of buildings, furniture,
        equipment, leasehold improvements, and software and other
        intangible assets.
        In addition, the quarter ended April 30, 2014 included the goodwill
        impairment charge.
    (2) Includes restricted balances of $282 million (April 30, 2014: $286
        million; July 31, 2013: $264 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 (IASB). 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 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 
August 27, 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       Post-employment       Restated as
                                  as at                              at opening
    $ millions                  October              benefits          November
                               31, 2011                                 1, 2011
    ASSETS                                                                     
    Deferred tax              $     270       $            51         $     321
    asset
    Other assets                  8,609                 (234)             8,375
    Asset line                  374,879                     -           374,879
    items not
    impacted by
    accounting
    changes
                              $ 383,758       $         (183)         $ 383,575
    LIABILITIES AND                                                            
    EQUITY
    Deferred tax              $      51       $           (2)         $      49
    liability
    Other                        11,653                   (1)            11,652
    liabilities
    Liability line              355,963                     -           355,963
    items not
    impacted by
    accounting
    changes
    Equity                                                                     
    Preferred                    10,225                     -            10,225
    shares, common
    shares and
    contributed
    surplus
    Retained                      5,457                   (3)             5,454
    earnings
    AOCI                            245                 (175)                70
    Total                        15,927                 (178)            15,749
    shareholders'
    equity
    Non-controlling                 164                   (2)               162
    interests
    Total equity                 16,091                 (180)            15,911
                              $ 383,758       $         (183)         $ 383,575
                                                                         
                            Reported     Post-employment      Restated          CIBC     Restated as
                               as at                             as at                    at opening
    $ millions               October            benefits       October       Capital     November 1,
                            31, 2012                          31, 2012         Trust            2012
    ASSETS                                                                                          
    Securities -           $  40,330     $             -     $  40,330     $      10       $  40,340
    Trading
    Loans - Business          43,624                   -        43,624             9          43,633
    and government
    Investments in             1,635                (17)         1,618           (1)           1,617
    equity-accounted
    associates and
    joint ventures
    Deferred tax                 457                 226           683           (3)             680
    asset
    Other assets               8,947               (475)         8,472             -           8,472
    Asset line items         298,392                   -       298,392             -         298,392
    not impacted by
    accounting
    changes
                           $ 393,385     $         (266)     $ 393,119     $      15       $ 393,134
    LIABILITIES AND                                                                                 
    EQUITY
    Deposits -             $ 125,055     $             -     $ 125,055     $   1,685       $ 126,740
    Business and
    government
    Capital Trust              1,678                   -         1,678       (1,678)               -
    securities
    Deferred tax                  37                 (2)            35             -              35
    liability
    Other                     10,634                 407        11,041             1          11,042
    liabilities
    Liability line           238,943                   -       238,943             -         238,943
    items not
    impacted by
    accounting
    changes
    Equity                                                                                          
    Preferred                  9,560                   -         9,560             -           9,560
    shares, common
    shares and
    contributed
    surplus
    Retained                   7,042                (40)         7,002             7           7,009
    earnings
    AOCI                         264               (629)         (365)             -           (365)
    Total                     16,866               (669)        16,197             7          16,204
    shareholders'
    equity
    Non-controlling              172                 (2)           170             -             170
    interests
    Total equity              17,038               (671)        16,367             7          16,374
                           $ 393,385     $         (266)     $ 393,119     $      15       $ 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               1,713                (19)             1           1,695
    equity-accounted
    associates and
    joint ventures
    Deferred tax                   383                 146           (3)             526
    asset
    Other assets                 8,675               (516)             -           8,159
    Asset line items           295,349                   -             -         295,349
    not impacted by
    accounting
    changes
                             $ 398,389     $         (389)     $       6       $ 398,006
    LIABILITIES AND                                                                     
    EQUITY
    Deposits -               $ 133,100     $             -     $   1,636       $ 134,736
    Business and
    government
    Capital Trust                1,638                   -       (1,638)               -
    securities
    Deferred tax                    34                 (1)             -              33
    liability
    Other                       10,774                  54             1          10,829
    liabilities
    Liability line             234,414                   -             -         234,414
    items not
    impacted by
    accounting
    changes
    Equity                                                                              
    Preferred                    9,541                   -             -           9,541
    shares, common
    shares and
    contributed
    surplus
    Retained                     8,402                (91)             7           8,318
    earnings
    AOCI                           309               (349)             -            (40)
    Total                       18,252               (440)             7          17,819
    shareholders'
    equity
    Non-controlling                177                 (2)             -             175
    interests
    Total equity                18,429               (442)             7          17,994
                             $ 398,389     $         (389)     $       6       $ 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
    July 31, 2013
                           Previously     Post-employment            CIBC                                      
                                   as                             Capital
    $ millions               reported            benefits (1)       Trust     Reclassification (2)     Restated
    Interest income        $    2,982     $             -         $     -     $              -       $    2,982
    Interest expense            1,099                   -               -                    -            1,099
    Net interest                1,883                   -               -                    -            1,883
    income
    Non-interest                1,380                   -               1                 (15)            1,366
    income
    Provision for                 320                   -               -                    -              320
    credit losses
    Non-interest                1,874                  19               -                 (15)            1,878
    expenses
    Income before               1,069                (19)               1                    -            1,051
    taxes
    Income taxes                  179                 (6)               -                    -              173
    Net income                    890                (13)               1                    -              878
    Net income                      -                   1               -                    -                1
    attributable to
    non-controlling
    interests
    Net income                    890                (14)               1                    -              877
    attributable to
    equity
    shareholders
    Net income                    890                (13)               1                    -              878
    OCI, net of tax,             (91)                   -               -                    -             (91)
    that is subject
    to subsequent
    reclassification
    to net income
    OCI, net of tax,                -                 353               -                    -              353
    that is not
    subject to
    subsequent
    reclassification
    to net income
    Comprehensive          $      799     $           340         $     1     $              -       $    1,140
    income
    (1) Represents an increase in Non-interest expenses - Employee
        compensation and benefits of $19 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 nine                                                                                               
    months ended
    July 31, 2013
                           Previously     Post-employment            CIBC                                      
                                   as                             Capital
    $ millions               reported            benefits (1)       Trust     Reclassification (2)     Restated
    Interest income        $    8,852     $             -         $     -     $              -       $    8,852
    Interest expense            3,291                   -               1                    -            3,292
    Net interest                5,561                   -             (1)                    -            5,560
    income
    Non-interest                4,022                   -               3                 (47)            3,978
    income
    Provision for                 850                   -               -                    -              850
    credit losses
    Non-interest                5,682                  56               -                 (47)            5,691
    expenses
    Income before               3,051                (56)               2                    -            2,997
    taxes
    Income taxes                  487                (15)               -                    -              472
    Net income                  2,564                (41)               2                    -            2,525
    Net income                      4                   1               -                    -                5
    attributable to
    non-controlling
    interests
    Net income                  2,560                (42)               2                    -            2,520
    attributable to
    equity
    shareholders
    Net income                  2,564                (41)               2                    -            2,525
    OCI, net of tax,             (85)                   -               -                    -             (85)
    that is subject
    to subsequent
    reclassification
    to net income
    OCI, net of tax,                -                 230               -                    -              230
    that is not
    subject to
    subsequent
    reclassification
    to net income
    Comprehensive          $    2,479     $           189         $     2     $              -       $    2,670
    income
    (1) Represents an increase in Non-interest expenses - Employee
        compensation and benefits of $56 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                             Capital
    $ millions               reported            benefits (1)       Trust     Reclassification (2)     Restated
    Interest income        $   11,811     $             -         $     -     $              -       $   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                      (3)                   1               -                    -              (2)
    attributable to
    non-controlling
    interests
    Net income                  3,403                (51)               -                    -            3,352
    attributable to
    equity
    shareholders
    Net income                  3,400                (50)               -                    -            3,350
    OCI, net of tax,               45                   -               -                    -               45
    that is subject
    to subsequent
    reclassification
    to net income
    OCI, net of tax,                -                 280               -                    -              280
    that is not
    subject to
    subsequent
    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.
                                                                                                
    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                   -                        -              7,326
    income
    Non-interest                  5,223                 (5)                     (59)              5,159
    income
    Provision for                 1,291                   -                        -              1,291
    credit losses
    Non-interest                  7,215                  46                     (59)              7,202
    expenses
    Income before                 4,043                (51)                        -              3,992
    taxes
    Income taxes                    704                (15)                        -                689
    Net income                    3,339                (36)                        -              3,303
    Net income                        8                   1                        -                  9
    attributable to
    non-controlling
    interests
    Net income                    3,331                (37)                        -              3,294
    attributable to
    equity
    shareholders
    Net income                    3,339                (36)                        -              3,303
    OCI, net of tax,                 19                   -                        -                 19
    that is subject
    to subsequent
    reclassification
    to net income
    OCI, net of tax,                  -               (454)                        -              (454)
    that is not
    subject to
    subsequent
    reclassification
    to net income
    Comprehensive          $      3,358     $         (490)         $              -       $      2,868
    income
    (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.

(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.

(c)     Future accounting policies changes
We are currently evaluating the impact of adopting the standards listed below 
that are not effective for us until fiscal 2015 or later:

Amendments to IAS 32 "Offsetting Financial Assets and Financial Liabilities" - 
Issued in December 2011, the effective date for the amendments to IAS 32 for 
us is November 1, 2014. The amendments to IAS 32 clarify that an entity 
currently has a legally enforceable right to set-off if that right is: (i) not 
contingent on a future event; and (ii) enforceable both in the normal course 
of business and in the event of default, insolvency or bankruptcy of the 
entity and all counterparties. The amendments are required to be adopted 
retrospectively.

IFRIC 21 "Levies" - Issued in May, 2013, the effective date for the 
interpretation for us is November 1, 2014. The interpretation clarifies the 
timing of the recognition of the liability to pay a levy, which is an outflow 
of resources embodying economic benefits (other than income taxes, fines and 
penalties) that are imposed by governments on entities in accordance with 
legislation. The interpretation concludes that if the occurrence of the 
obligating event, as identified by the legislation, is at a point in time, 
then the recognition of the liability shall be at that point in time. 
Otherwise, if the obligating event occurs over a period of time, the liability 
shall be recognized progressively over that period of time.

IFRS 15 "Revenue from Contracts with Customers" - Issued May 2014, IFRS 15 
replaces prior guidance, including IAS 18 "Revenue" and IFRIC 13 "Customer 
Loyalty Programmes". The effective date for us is November 1, 2017. The new 
guidance includes a five-step recognition and measurement approach, 
requirements for accounting of contract costs, and enhanced quantitative and 
qualitative disclosure requirements.

IFRS 9 "Financial Instruments" - Issued July 2014, IFRS 9 replaces IAS 39 
"Financial Instruments: Recognition and Measurement". IFRS 9 is mandatorily 
effective for us on November 1, 2018 although early application is permitted 
if an entity applies all the requirements of the standard early. IFRS 9 
provides a new approach for the classification of financial assets, which 
shall be based on the cash flow characteristics of the asset and the business 
model of the portfolio in which the asset is held. IFRS 9 also introduces an 
expected-loss impairment model that shall be applied to all financial 
instruments held at amortized cost or fair value through OCI, and requires 
entities to account for 12-month expected credit losses from the date 
financial instruments are first recognized and to recognize full lifetime 
expected credit losses in the event of a significant increase in credit risk. 
Hedge accounting guidance has been changed to better align the accounting with 
risk management activities.  For financial liabilities designated at fair 
value through profit and loss, IFRS 9 requires the presentation of the effects 
of changes in the liability's credit risk in OCI instead of net income and 
amounts presented in OCI shall not be reclassified subsequently to net income. 
We can elect to early apply only this presentation requirement without 
applying the other requirements in IFRS 9.

2. Fair value measurement

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
                          2014        2013         2014         2013        2014      2013         2014         2013
    $ millions, as     Jul. 31     Oct. 31      Jul. 31      Oct. 31     Jul. 31   Oct. 31      Jul. 31      Oct. 31
    at
    Financial                                                                                                       
    assets
    Deposits with    $       -   $       -   $       39   $      111   $       - $       -   $       39   $      111
    banks
    Trading                                                                                                         
    securities
      Government     $   1,866   $   2,053   $    6,588   $    7,378   $       - $       -   $    8,454   $    9,431
      issued or
      guaranteed
      Corporate         32,035      27,169        3,147        3,707           -         -       35,182       30,876
      equity
      Corporate              -           -        2,757        2,362           -         -        2,757        2,362
      debt
      Mortgage-              -           -          916          564         786       837        1,702        1,401
      and
      asset-backed
                     $  33,901   $  29,222   $   13,408   $   14,011   $     786 $     837   $   48,095   $   44,070
    Trading loans                                                                                                   
      Business and   $       -   $       -   $    4,963   $    2,211   $       - $       -   $    4,963   $    2,211
      government
    AFS securities                                                                                                  
      Government     $   4,237   $   1,162   $    8,860   $   14,625   $       - $       -   $   13,097   $   15,787
      issued or
      guaranteed
      Corporate             34          29            -            9         593       618          627          656
      equity
      Corporate              -           -        5,299        7,967           8         9        5,307        7,976
      debt
      Mortgage-              -           -        1,940        2,922         134       286        2,074        3,208
      and
      asset-backed
                     $   4,271   $   1,191   $   16,099   $   25,523   $     735 $     913   $   21,105   $   27,627
    FVO securities                                                                                                  
      Government     $       -   $       -   $       48   $       44   $       - $       -   $       48   $       44
      issued or
      guaranteed
      Corporate              -           -          100           96           -         -          100           96
      debt
      Asset-backed           -           -            -            -         113       147          113          147
                     $       -   $       -   $      148   $      140   $     113 $     147   $      261   $      287
    Derivative                                                                                                      
    instruments
      Interest       $       2   $       -   $   10,775   $   13,718   $      19 $      46   $   10,796   $   13,764
      rate
      Foreign                -           -        5,584        4,812           -         -        5,584        4,812
      exchange
      Credit                 -           -           64            -         213       294          277          294
      Equity               209         129          391          342           1         1          601          472
      Precious             155           -           13           28           -         -          168           28
      metal
      Other                 90         117          711          460           -         -          801          577
      commodity
                     $     456   $     246   $   17,538   $   19,360   $     233 $     341   $   18,227   $   19,947
    Total            $  38,628   $  30,659   $   52,195   $   61,356   $   1,867 $   2,238   $   92,690   $   94,253
    financial
    assets
    Financial                                                                                                       
    liabilities
    Deposits and
    other
    liabilities(1)   $       -   $       -   $  (1,993)   $  (1,729)   $   (746) $   (737)   $  (2,739)   $  (2,466)
    Obligations        (6,262)     (9,099)      (6,541)      (4,228)           -         -     (12,803)     (13,327)
    related to
    securities
    sold short
                     $ (6,262)   $ (9,099)   $  (8,534)   $  (5,957)   $   (746) $   (737)   $ (15,542)   $ (15,793)
    Derivative                                                                                                      
    instruments
      Interest       $     (1)   $       -   $ (10,308)   $ (12,820)   $    (23) $    (48)   $ (10,332)   $ (12,868)
      rate
      Foreign                -           -      (5,229)      (4,166)           -         -      (5,229)      (4,166)
      exchange
      Credit                 -           -         (76)            -       (279)     (413)        (355)        (413)
      Equity             (178)       (120)      (1,336)      (1,650)        (13)      (13)      (1,527)      (1,783)
      Precious           (102)         (8)         (11)         (22)           -         -        (113)         (30)
      metal
      Other              (114)       (126)        (287)        (338)           -         -        (401)        (464)
      commodity
                     $   (395)   $   (254)   $ (17,247)   $ (18,996)   $   (315) $   (474)   $ (17,957)   $ (19,724)
    Total            $ (6,657)   $ (9,353)   $ (25,781)   $ (24,953)   $ (1,061) $ (1,211)   $ (33,499)   $ (35,517)
    financial
    liabilities
    (1) Comprises FVO deposits of $2,161 million (October
        31, 2013: $1,764 million), FVO secured borrowings of
        nil (October 31, 2013: $352 million),
        bifurcated embedded derivatives of $572 million
        (October 31, 2013: $348 million), and FVO other
        liabilities of $6 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 between levels in the fair value hierarchy are deemed to have 
occurred at the beginning of the reporting period. Transfers between levels 
can occur as a result of additional or new information regarding valuation 
inputs and changes in their observability. During the quarter, we transferred 
$29 million of trading securities and $160 million of securities sold short 
from Level 1 to Level 2 due to reduced observability in the inputs used to 
value these securities. In addition, the following transfers were made during 
the quarter as the non-observable inputs no longer have a significant impact 
on the fair value of these instruments or there has been a change in the 
observability of one or more inputs that significantly impact their fair value:
        --  $3 million of certain bifurcated embedded derivatives were
            transferred from Level 2 to Level 3 and $45 million of certain
            bifurcated embedded derivatives were transferred from Level 3
            to Level 2 (October 31, 2013: $6 million of certain bifurcated
            embedded derivatives were transferred from Level 2 to Level 3).
        --  $27 million of derivative assets and $31 million of derivative
            liabilities were transferred from Level 3 to Level 2 (October
            31, 2013: nil of derivative assets and $1 million of derivative
            liabilities were transferred from Level 2 to Level 3).

For the quarter and nine months ended July 31, 2014, net gains of $12 million 
and $54 million were recognized, respectively, in the interim consolidated 
statement of income on the financial instruments, for which fair value was 
estimated using valuation techniques requiring non-observable inputs (net 
gains of $43 million and $173 million for the quarter and nine months ended 
July 31, 2013, respectively).

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                                   (1)   included


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


    Jul. 31, 2014                                                                                                       
                 
    Trading                                                                                                             
                 
    securities


  Mortgage-    $     827 $     20     $       22     $        - $      - $      - $       - $       - $  (50)   $    
(33) $     786 


      and
      asset-backed
    AFS securities                                                                                                      
                 
      Corporate          625       13              -             64        -        -         7         -   (116)       
      -       593
      equity
      Corporate           16        4              -            (3)        -        -         -         -     (9)       
      -         8
      debt


  Mortgage-          185        -              -              -        -        -         -         -       -        
(51)       134 


      and
      asset-backed
    FVO securities                                                                                                      
                 


  Asset-backed       136        3              1              -        -        -         -         -       -        
(27)       113 


    Derivative                                                                                                          
                 
    instruments
      Interest            43        1            (2)              -        -     (22)         -         -       -       
    (1)        19
      rate
      Credit             242      (9)           (14)              -        -        -         -         -       -       
    (6)       213
      Equity               6        -              -              -        -      (5)         -         -       -       
      -         1


Total assets   $   2,080 $     32     $        7     $       61 $      - $   (27) $       7 $       - $ (175)   $   
  (118) $   1,867 


    Deposits and
    other
    liabilities(3) $   (834) $     24     $     (64)     $        - $    (3) $     45 $       - $    (15) $     -   $   
    101 $   (746)
    Derivative                                                                                                          
                 
    instruments
      Interest          (47)      (1)              2              -        -       22         -         -       -       
      1      (23)
      rate
      Credit           (350)        2             10              -        -        -         -         -       -       
     59     (279)
      Equity            (22)        -              -              -        -        9         -         -       -       
      -      (13)
    Total          $ (1,253) $     25     $     (52)     $        - $    (3) $     76 $       - $    (15) $     -   $   
    161 $ (1,061)
    liabilities
    Oct. 31, 2013                                                                                                       
                 
    Trading                                                                                                             
                 
    securities


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


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


      and
      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
    liabilities(3) $   (692) $   (20)     $     (40)     $        - $    (6) $      - $       3 $       5 $   (5)   $   
     18 $   (737)
    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 $515 million (October
        31, 2013: $557 million) and bifurcated
        embedded derivatives of $231 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                                              Range of inputs
    $ millions, as     Jul. 31         Valuation                  Key        Low      High  
    at                                techniques       non-observable
                                                               inputs
    Trading                                                                                 
    securities
      Mortgage- and  $     786            Market         Market proxy          0 %    97.5 %
      asset-backed                      proxy or            or direct
                                          direct         broker quote
                                          broker
                                           quote
    AFS securities                                                                          
      Corporate                                                                             
      equity
                                        Adjusted
        Limited                        net asset            Net asset
        partnerships       289             value (1)            value        n/a       n/a  
        Private            304         Valuation             Earnings        6.1      14.6  
        companies                       multiple             multiple
        and
        restricted
        stock
                                                              Revenue        3.4       3.6  
                                                             multiple
                                      Discounted        Discount rate        8.3 %    20.0 %
                                       cash flow
                                          Option               Market       60.5 %    85.0 %
                                           model           volatility
      Corporate debt         8        Discounted        Discount rate       30.0 %    30.0 %
                                       cash flow
      Mortgage- and        134        Discounted        Credit spread        0.6 %     0.6 %
      asset-backed                     cash flow
                                                           Prepayment       13.8 %    28.9 %
                                                                 rate
    FVO securities                                                                          
      Asset-backed         113            Market         Market proxy       78.0 %    85.5 %
                                        proxy or            or direct
                                          direct         broker quote
                                          broker
                                           quote
    Derivative                                                                              
    instruments
                                     Proprietary
      Interest rate         19             model (2)              n/a        n/a       n/a  
                                          Market
                                        proxy or
                                          direct         Market proxy
                                          broker            or direct
      Credit               213 (3)         quote         broker quote       28.7 %   100.0 %
                                      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 %
      Equity                 1            Option               Market       13.4 %    13.4 %
                                           model           volatility
    Total assets     $   1,867                                                              
    Deposits and     $   (746)            Market         Market proxy          0 %    85.5 %
    other                               proxy or            or direct
    liabilities                           direct         broker quote
                                          broker
                                           quote
                                          Option               Market        7.6 %    24.0 %
                                           model           volatility
                                                               Market     (55.4) %   100.0 %
                                                          correlation
    Derivative                                                                              
    instruments
                                     Proprietary
      Interest rate       (23)             model (2)              n/a        n/a       n/a  
      Credit             (279)            Market         Market proxy          0 %     100 %
                                        proxy or            or direct
                                          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          0 %     1.1 %
      Equity              (13)            Option               Market       28.1 %    30.5 %
                                           model           volatility
    Total            $ (1,061)                                                              
    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 69%.
    (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, 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 CVA 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 $34 million or 
decrease the net fair value by up to $33 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 earnings 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 results in an increase in the fair value of our 
investments in private companies. The fair value of the restricted stock takes 
into account the valuation reserves pertaining to security-specific 
restrictions. The security-specific restrictions are determined based on the 
Black-Scholes option model which incorporates implied volatility as a key 
non-observable input. A significant increase in implied volatility generally 
results in an increase in the valuation reserve and therefore a decrease in 
the fair value of the restricted stock. By adjusting the multiple and implied 
volatility within a reasonably possible range, the aggregate fair value for 
our investments in private companies and restricted stock would increase by 
$50 million or decrease by $26 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 $26 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. As these ABS are 
approaching maturity, the impact of adjusting the non-observable inputs within 
a reasonable possible range would be insignificant.

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 $8 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 receives annual commercial subsidy payments from TD
            expected to be 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.

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

The deferred payment is based on acquired assets under management (AUM) at the 
measurement date of April 30, 2014. The estimated fair value of the deferred 
payment of $45 million (US$42 million) as at the acquisition date was included 
in the consideration transferred. The deferred payment was settled in May 2014 
for $46 million (US $42 million).

Assets acquired and liabilities assumed
The fair values of identifiable assets acquired and liabilities assumed were 
as follows:
    $ millions, as at                                                      
    December 31, 2013
    Cash                                                       $         47
    AFS securities                                                        4
    Land, buildings                                                      10
    and equipment
    Other assets                                                         30
    Software and other                                                   91
    intangible assets
    Other liabilities                                                  (30)
    Net identifiable                                                    152
    assets acquired
    Goodwill arising                                                     84
    on acquisition
    Total                                                      $        236
    consideration
    transferred

Intangible assets and goodwill
The acquired intangible assets include a customer relationship intangible 
asset of $89 million that arises from the acquired investment management 
contracts. The fair value of the customer relationship intangible asset 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 $84 million mainly comprised 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 in the quarter ended January 31, 2014.

4. Securities

Fair value of AFS securities


                                                                2014                                             
2013 
$ millions, as                                                  Jul.                                             
Oct. 
at                                                                31                                               
31 
                                       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            $   2,604   $       27   $        -   $  2,631   $   6,770   $       34   $      (1)   $  
6,803 


      federal
      government


  Other                   2,505           20            -      2,525       3,925           34          (1)      
3,958 


      Canadian
      governments


  U.S. Treasury           5,687            4         (30)      5,661       2,856            5         (27)      
2,834 
  and agencies 
  Other foreign           2,279           12         (11)      2,280       2,193           17         (18)      
2,192 
  governments 
Mortgage-backed           1,677            8          (1)      1,684       2,894           12          (2)      
2,904 
securities 
Asset-backed                387            3            -        390         299            5            -        
304 
securities 
Corporate                 5,266           41          (8)      5,299       7,927           57         (17)      
7,967 
public debt 
Corporate                     6            2            -          8           5            4            -          
9 


    private debt
    Corporate
    public equity


(1)                          18          147            -        165          12           18            -         
30 
Corporate                   261          201            -        462         363          263            -        
626 
private equity 
                      $  20,690   $      465   $     (50)   $ 21,105   $  27,244   $      449   $     (66)   $ 
27,627 


    (1) Includes restricted stock.

As at July 31, 2014, the amortized cost of 146 AFS securities that are in a 
gross unrealized loss position (October 31, 2013: 148 securities) exceeded 
their fair value by $50 million (October 31, 2013: $66 million). The 
securities that have been in a gross unrealized loss position for more than a 
year include 51 AFS securities (October 31, 2013: 24 securities) with a gross 
unrealized loss of $46 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 quarter and nine months ended July 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,                             Jul. 31                        Oct. 31
    as at
                                Fair       Carrying            Fair       Carrying
                               value          value           value          value
    Trading                $   1,854     $    1,864     $     2,746     $    2,781
    assets
    previously
    reclassified
    to loans and
    receivables
    Trading                        6              6               7              7
    assets
    previously
    reclassified
    to AFS
    Total                  $   1,860     $    1,870     $     2,753     $    2,788
    financial
    assets
    reclassified
                                                                           
                                                For the three        For the nine
                                                 months ended        months ended
                                   2014       2014       2013     2014       2013
    $ millions                     Jul.       Apr.       Jul.     Jul.       Jul.
                                     31         30         31       31         31
    Net income (before                                                           
    taxes) recognized
    on assets
    reclassified
      Interest income            $   14     $   16     $   16   $   48     $   52
      Impairment                      -          -          -        -       (14)
      write-downs
                                 $   14     $   16     $   16   $   48     $   38
    Change in fair                                                               
    value recognized
    in net income
    (before taxes) on
    assets if
      reclassification                                                           
      had not been
      made
      On trading                 $    5     $  (6)     $  (9)   $   20     $    4
      assets
      previously
      reclassified to
      loans and
      receivables
      On trading                      -          -          -        -          -
      assets
      previously
      reclassified to
      AFS
                                 $    5     $  (6)     $  (9)   $   20     $    4

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 
                                                                    As at or for the     As at or for the nine
                                                                               three
                                                                        months ended              months ended
                                                        2014        2014        2013        2014          2013
    $ millions                                       Jul. 31     Apr. 30     Jul. 31     Jul. 31       Jul. 31
                         Individual   Collective       Total       Total       Total       Total         Total
                          allowance    allowance   allowance   allowance   allowance   allowance     allowance
    Balance at           $      370   $    1,419   $   1,789   $   1,685   $   1,817   $   1,758     $   1,916
    beginning of
    period
      Provision                  27          168         195         330         320         743           850
      for credit
      losses
      Write-offs               (30)        (218)       (248)       (248)       (362)       (773)       (1,066)
      Recoveries                  1           45          46          50          49         146           139
      Interest                  (3)          (4)         (7)         (8)        (10)        (24)          (28)
      income on
      impaired
      loans
      Other                     (4)          (2)         (6)        (20)           9        (81) (1)        12
    Balance at           $      361   $    1,408   $   1,769   $   1,789   $   1,823   $   1,769     $   1,823
    end of
    period
    Comprises:                                                                                                
      Loans              $      361   $    1,342   $   1,703   $   1,726   $   1,759   $   1,703     $   1,759
      Undrawn
      credit
      facilities
      (2)                         -           66          66          63          64          66            64
    (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,                                                                  Jul.         Oct.
    as at                                                                          31           31
                                   Gross     Individual     Collective            Net          Net
                                impaired      allowance      allowance (1)   impaired     impaired
    Residential                 $    518     $        1     $      163       $    354     $    394
    mortgages
    Personal                         216              9            139             68           86
    Business                         758            351             10            397          520
    and
    government
    Total                
    impaired
    loans(2)                    $  1,492     $      361     $      312       $    819     $  1,000
    (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 a collective allowance of
        $1,096 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 July 31, 2014 totalled $1,482 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,                                                       Jul.        Oct.
    as at                                                               31          31
                                   Less       31 to       Over                        
                                   than
                                31 days          90         90       Total       Total
                                               days       days
    Residential                 $ 1,716     $   665     $  218     $ 2,599     $ 2,509
    mortgages
    Personal                        517         103         24         644         567
    Credit card                     540         143         80         763         955
    Business                        142         132         27         301         258
    and
    government
                                $ 2,915     $ 1,043     $  349     $ 4,307     $ 4,289

6. Goodwill
                                                      Cash-generating units (CGUs)                     
                                            CIBC       Wealth       Capital                            
    $ millions, for the           FirstCaribbean   Management       markets         Other         Total
    three months ended
    2014 Balance at               $          344   $      970   $        40   $        84   $     1,438
         beginning of
         period
    Jul.   Acquisitions                        -            -             -             -             -
    31
           Impairment                          -            -             -             -             -
           Adjustments
           (1)                               (2)            -             -           (1)           (3)
         Balance at end           $          342   $      970   $        40   $        83   $     1,435
         of period
    2014 Balance at               $          776   $      970   $        40   $        84   $     1,870
         beginning of
         period
    Apr.   Acquisitions                        -            1             -             -             1
    30
           Impairment                      (420)            -             -             -         (420)
           Adjustments
           (1)                              (12)          (1)             -             -          (13)
         Balance at end           $          344   $      970   $        40   $        84   $     1,438
         of period
    2013 Balance at               $          702   $      884   $        40   $        82   $     1,708
         beginning of
         period
    Jul.   Acquisitions                        -            -             -             -             -
    31
           Impairment                          -            -             -             -             -
           Adjustments
           (1)                                14            -             -             -            14
         Balance at end           $          716   $      884   $        40   $        82   $     1,722
         of period
                                                                                                   
    $ millions, for the                                                                                
    nine months ended
    2014 Balance at               $          727   $      884   $        40   $        82   $     1,733
         beginning of
         period
    Jul.   Acquisitions                        -           84             -             -            84
    31
           Impairment                      (420)            -             -             -         (420)
           Adjustments
           (1)                                35            2             -             1            38
         Balance at end           $          342   $      970   $        40   $        83   $     1,435
         of period
    2013 Balance at               $          696   $      884   $        40   $        81   $     1,701
         beginning of
         period
    Jul.   Acquisitions                        -            -             -             -             -
    31
           Impairment                          -            -             -             -             -
           Adjustments
           (1)                                20            -             -             1            21
         Balance at end           $          716   $      884   $        40   $        82   $     1,722
         of period
    (1) Includes foreign currency translation adjustments.

Impairment testing of goodwill and key assumptions

CIBC FirstCaribbean
For the impairment test performed as at August 1, 2013, we determined that the 
recoverable amount of the FirstCaribbean International Bank Limited (CIBC 
FirstCaribbean) CGU approximated its carrying value. As a result, no 
impairment was recognized. During the quarter ended April 30, 2014, we revised 
our expectations concerning the extent and timing of the recovery of economic 
conditions in the Caribbean region. We identified this change in expectation 
as an indicator of impairment and therefore estimated the recoverable amount 
of CIBC FirstCaribbean as at April 30, 2014 to determine whether an impairment 
loss existed.

The recoverable amount of the CIBC FirstCaribbean CGU was based on a value in 
use calculation that was estimated using a five year cash flow projection 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 previously reviewed by 
its Board of Directors adjusted to reflect management's belief that the 
economic recovery expected in the Caribbean region would occur over a longer 
period of time than originally forecasted and that estimated realizable values 
of underlying collateral for non-performing loans would be lower than 
previously expected. A terminal growth rate of 2.5% (2.5% as at August 1, 
2013) 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% (13.62% 
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, 2013). The determination of a discount rate and a terminal growth rate 
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.

We determined that the carrying amount of the CIBC FirstCaribbean CGU exceeded 
our estimate of its recoverable amount as at April 30, 2014. As a result, we 
recorded an impairment charge of $420 million during the quarter ended April 
30, 2014 in respect of goodwill held by Corporate and Other for CIBC 
FirstCaribbean.

Estimation of the recoverable amount is an area of significant judgment. 
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. 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 the CIBC FirstCaribbean CGU by approximately 
$115 million as at April 30, 2014. 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 the CIBC FirstCaribbean CGU by approximately 
$65 million as at April 30, 2014. 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 is 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. We will complete our annual impairment testing in the fourth 
quarter of 2014.

7. 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 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 July 31, 2014, our structured program had issued 
covered bond liabilities of $11.3 billion with a fair value of $11.4 billion 
(October 31, 2013: $11.7 billion with a fair value of $11.8 billion) and our 
legislative program had 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 as at July 31, 2014, $4.3 billion of credit 
card receivable assets with a fair value of $4.4 billion (October 31, 2013:  
$4.6 billion with a fair value of $4.7 billion) supported associated funding 
liabilities of $4.3 billion with a fair value of $4.4 billion (October 31, 
2013: $4.6 billion with a fair value of $4.7 billion).

As at July 31, 2014, there were $2.8 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.
                             Single               CIBC                                               Commercial
                             seller         structured
                                and     collateralized           Third-party      Pass-through         mortgage
                       multi-seller               debt     structured vehicles      investment   securitization
                                            obligation
    $ millions, as         conduits           vehicles     Run-off   Continuing     structures            trust
    at July 31,
    2014
    On-balance                                                                                                 
    sheet assets
    at carrying
    value(1)
      Trading          $         15     $            7   $     779   $      290   $      2,440   $            9
      securities
      AFS                         -                  2           -          572              -                -
      securities
      FVO                                            -         113            -              -                -
      securities
      Loans                      80                 52       1,751          532              -                -
      Derivatives
      (2)                         -                  -           -            -            105                -
                       $         95     $           61   $   2,643   $    1,394   $      2,545   $            9
    October 31,        $         90     $          135   $   3,456   $      756   $      3,135   $            5
    2013
    On-balance                                                                                                 
    sheet
    liabilities at
    carrying value
    (1)
      Derivatives
      (2)              $          -     $            6   $     242   $        -   $        161   $            -
    October 31,        $          -     $           13   $     355   $        -   $        209   $            -
    2013
    Maximum                                                                                                    
    exposure to
    loss, net of
    hedges
      Investment       $         95     $           61   $   2,643   $    1,394   $      2,440   $            9
      and loans
      Notional of                 -                117       1,680            -              -                -
      written
      derivatives,
      less fair
      value losses
      Liquidity
      and credit
      facilities              2,798 (3)             45          95          690              -                -
      Less: hedges                                                                                             
      of
      investments,
      loans and
      written
                                  -               (96)     (3,650)            -        (2,440)                -
      derivatives
      exposure
                       $      2,893     $          127   $     768   $    2,084   $          -   $            9
    October 31,        $      2,241     $           97   $     970   $    1,290   $          -   $            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.
    (3) Excludes an additional $1.3 billion (October 31,
        2013: $1.1 billion) relating to our backstop
        liquidity facilities provided to the multi-seller
        conduits
        as part of their commitment to fund purchases of
        additional assets.

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                                 Jul.                          Oct.
    at                                               31                            31
                                Carrying           Fair       Carrying           Fair
                                  amount          value         amount          value
    Residential                                                               
    mortgages
    securitizations
    (1)                       $   24,521     $   24,557     $   30,508     $   30,538
    Securities held                                                           
    by
    counterparties
    as collateral
    under
    repurchase
    agreements(2)
    (3)                            2,503          2,503          1,159          1,159
    Securities lent                                                           
    for securities
    collateral (2)
    (3)                           15,152         15,152         11,793         11,793
                              $   42,176     $   42,212     $   43,460     $   43,490
    Carrying amount                                                           
    of associated
    liabilities (4)           $   43,207     $   43,503     $   44,586     $   44,538
    (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 $1,213 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 $32.1 billion with a fair value of $32.1 billion 
(October 31, 2013: $25.2 billion with a fair value of $25.2 billion) of 
mortgages that were not transferred to external parties.

8. Deposits((1)(2))
                                                                                        2014            2013
    $ millions, as at                                                                Jul. 31         Oct. 31
                                      Payable        Payable         Payable                                
                                           on                           on a
                                                       after           fixed
                                       demand (3)     notice (4)        date (5)       Total           Total
    Personal                         $  9,359       $ 76,460       $  43,379       $ 129,198       $ 125,034
    Business and
    government                         35,065         22,819          84,361         142,245 (6)     134,736
    Bank                                2,098             17           5,585           7,700           5,592
    Secured borrowings(7)                   -              -          43,171          43,171          49,802
                                     $ 46,522       $ 99,296       $ 176,496       $ 322,314       $ 315,164
    Comprised of:                                                                                           
      Held at amortized                                                            $ 320,153       $ 313,048
      cost
      Designated at fair                                                               2,161           2,116
      value
                                                                                   $ 322,314       $ 315,164
    Total deposits                                                                                          
    include:
      Non-interest-bearing                                                                                  
      deposits
        In domestic                                                                $  37,042       $  35,670
        offices
        In foreign offices                                                             2,730           2,421
      Interest-bearing                                                                                      
      deposits
        In domestic                                                                  237,978         237,400
        offices
        In foreign offices                                                            44,128          39,673
      U.S. federal funds                                                                 436               -
      purchased
                                                                                   $ 322,314       $ 315,164
    (1) Includes deposits of $77.3 billion (October 31, 2013: $68.2
        billion) denominated in U.S. dollars and deposits of
        $7.8 billion (October 31, 2013: $9.0 billion) denominated in other
        foreign currencies.
    (2) Net of purchased notes of $1,860 million (October 31, 2013: $1,131
        million).
    (3) Includes all deposits for which we do not have the right to require
        notice of withdrawal. These deposits are generally
        chequing accounts.
    (4) Includes all deposits for which we can legally require notice of
        withdrawal. These deposits are generally savings
        accounts.
    (5) Includes all deposits that mature on a specified date. These
        deposits are generally term deposits, guaranteed
        investment certificates, and similar instruments.
    (6) Includes $1.6 billion (October 31, 2013: $1.6 billion) of Notes
        purchased by CIBC Capital Trust.
    (7) Comprises liabilities issued by or as a result of activities
        associated with the securitization of residential mortgages,
        Covered Bond Programme, and consolidated securitization vehicles.

9. Subordinated indebtedness

On July 25, 2014, we purchased and cancelled $11 million (US$10 million) of 
our floating rate Debentures (subordinated indebtedness) due July 31, 2084, 
and $9 million (US$8 million) of our floating rate Debentures (subordinated 
indebtedness) due August 31, 2085.

10. Share capital

Common shares


                                                                  For the three                                For 
the nine       
                                                                   months ended                                
months ended       
                               2014                  2014                  2013                    2014              
2013       
$ millions, except number   Jul. 31               Apr. 30               Jul. 31                 Jul. 31             
Jul. 31       


    of shares
                         Number                Number                Number                  Number              Number 
             


                  of shares  Amount     of shares  Amount     of shares  Amount       of shares  Amount   of shares 
 Amount       
Balance at      397,375,316 $ 7,745   398,136,283 $ 7,750   399,811,338 $ 7,743     399,249,736 $ 7,753 404,484,938 
$ 7,769       


    beginning of
    period
    Issuance                                                                                                            
             
    pursuant to:
      Stock option      407,845      33       146,941      12        12,922       1         856,625      69     602,115 
     43      
      plans
      Shareholder
      investment
      plan(1)                 -       -             -       -             -       -               -       -       7,672 
      1      
      Employee
      share
      purchase
      plan(2)                 -       -             -       -       174,495      14               -       -     696,219 
     56      


               397,783,161  $ 7,778   398,283,224 $ 7,762   399,998,755 $ 7,758     400,106,361 $ 7,822 405,790,944 
$ 7,869       


    Purchase of                                                                                                         
             
    common shares
    for


  cancellation    (759,500)    (15)     (914,600)    (18)             -       -     (3,089,200)    (60) (5,808,331) 
  (112)       


    Treasury           (50,000)     (5)         6,692       1       (6,500)     (1)        (43,500)     (4)       9,642 
      - (3)  
    shares


Balance at end  396,973,661 $ 7,758   397,375,316 $ 7,745   399,992,255 $ 7,757     396,973,661 $ 7,758 399,992,255 
$ 7,757       


    of period
    (1) Commencing with the January 28, 2013 dividend
        payment, shares distributed under the Shareholder
        Investment Plan were acquired in the open market.
        Previously these shares were issued from
        treasury.
    (2) Commencing June 14, 2013, employee contributions
        to our Canadian employee share purchase plan were
        acquired in the open market. 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.

We intend to seek Toronto Stock Exchange approval for a new normal course 
issuer bid that would permit us to purchase for cancellation up to a maximum 
of 8 million, or approximately 2% of our outstanding common shares, over the 
next 12 months.

During the quarter ended July 31, 2014, we purchased and cancelled an 
additional 759,500 common shares under this bid at an average price of $97.58 
for a total amount of $74 million. For the nine months ended July 31, 2014, we 
purchased and cancelled 3,089,200 common shares under this bid at an average 
price of $92.66 for a total amount of $286 million. Since the inception of 
this bid, we have purchased and cancelled 4,013,100 common shares at an 
average price of $90.52 for a total amount of $363 million.

Preferred shares
On June 11, 2014, we issued 16 million Non-cumulative Rate Reset Class A 
Preferred Shares Series 39 (Series 39 shares) with a par value of $25.00 per 
share, for gross proceeds of $400 million. For the initial five year period to 
the earliest redemption date of July 31, 2019, the Series 39 shares pay 
quarterly cash dividends, if declared, at a rate of 3.90%. On July 31, 2019, 
and on July 31 every five years thereafter, the dividend rate will reset to be 
equal to the then current five-year Government of Canada bond yield plus 2.32%.

Holders of the Series 39 shares will have the right to convert their shares on 
a one-for-one basis into non-cumulative Floating Rate Class A Preferred Shares 
Series 40 (Series 40 shares), subject to certain conditions, on July 31, 2019 
and on July 31 every five years thereafter. Holders of the Series 40 shares 
will be entitled to receive a quarterly floating rate dividend, if declared, 
equal to the three-month Government of Canada Treasury Bill yield plus 2.32%. 
Holders of the Series 40 shares may convert their shares on a one-for-one 
basis into Series 39 shares, subject to certain conditions, on July 31, 2024 
and on July 31 every five years thereafter.

Subject to regulatory approval and certain provisions of the shares, we may 
redeem all or any part of the then outstanding Series 39 shares at par on July 
31, 2019, and on July 31 every five years thereafter; we may redeem all or any 
part of the then outstanding Series 40 shares at par on July 31, 2024, and on 
July 31 every five years thereafter.

The shares include a non-viability contingent capital provision, necessary for 
the shares to qualify as regulatory capital under Basel III. As such, the 
shares are convertible into common shares if OSFI determines that the bank is 
or is about to become non-viable or if the bank accepts a capital injection or 
equivalent support from the government to avoid non-viability. In such an 
event, each share is convertible into a number of common shares, determined by 
dividing the par value of $25.00 plus declared and unpaid dividends by the 
average common share price (as defined in the relevant prospectus supplement) 
subject to a minimum price of $5.00 per share (subject to adjustment in 
certain events as defined in the relevant prospectus supplement). We have 
recorded the Series 39 shares as equity.

On July 31, 2014, we redeemed all of our 12 million Non-cumulative Rate Reset 
Class A Preferred Shares Series 33 with a par value and redemption price of 
$25.00 per share for cash, and we redeemed all of our 8 million Non-cumulative 
Rate Reset Class A Preferred Shares Series 37 with a par value and redemption 
price of $25.00 per share for cash.

On April 30, 2014, we redeemed all of our 13 million Non-cumulative Rate Reset 
Class A Preferred Shares Series 35 with a par value and redemption price of 
$25.00 per share for cash.
    Regulatory capital                                               
    Our capital ratios and assets-to-capital                         
    multiple (ACM) are presented in the table
    below:
                                                   2014        2013  
    $ millions, as at                           Jul. 31     Oct. 31  
    Transitional basis                                               
    Common Equity Tier 1 (CET1) capital       $  16,983   $  16,698  
    Tier 1 capital                               18,491      17,830  
    Total capital                                22,081      21,601  
    Risk-weighted assets (RWA)                  155,644     151,338  
    CET1 ratio                                     10.9 %      11.0 %
    Tier 1 capital ratio                           11.9 %      11.8 %
    Total capital ratio                            14.2 %      14.3 %
    ACM                                            18.2 x      18.0 x
    All-in basis(1)                                                  
    CET1 capital                              $  14,153   $  12,793  
    Tier 1 capital                               17,093      15,888  
    Total capital                                20,784      19,961  
    CET1 capital RWA                            139,920     136,747  
    Tier 1 capital RWA                          140,174     136,747  
    Total capital RWA                           140,556     136,747  
    CET1 ratio                                     10.1 %       9.4 %
    Tier 1 capital ratio                           12.2 %      11.6 %
    Total capital ratio                            14.8 %      14.6 %
    (1) Commencing the third quarter of 2014, there are different
        levels of RWAs for the calculation of the CET1, Tier 1 and
        total capital ratios arising from the option CIBC has chosen
        for the phase-in of the CVA capital charge.

During the quarter and nine months ended July 31, 2014, we have complied with 
all of our regulatory capital requirements.

11. Post-employment benefit expense
    The following table provides details on the post-employment benefit
    expenses recognized in the interim consolidated statement of income:
                                                                         
                                        For the                 For the  
                                          three                    nine
                                         months                  months  
                                          ended                   ended
                        2014   2014        2013          2014      2013  
    $ millions          Jul.   Apr.     Jul. 31       Jul. 31   Jul. 31  
                          31     30
    Defined benefit                                                      
    plans
    Pension plans     $   45 $   45   $      49     $     136 $     151  
    Other                 10     11          10            31        30  
    post-employment
    plans
    Total net         $   55 $   56   $      59     $     167 $     181  
    defined benefit
    expense
    Defined                                                              
    contribution
    plans
    CIBC's pension    $    3 $    7   $       3     $      13 $       9  
    plans
    Government
    pension plans
    (1)                   23     23          21            68        63  
    Total defined     $   26 $   30   $      24     $      81 $      72  
    contribution
    expense
    (1) Includes Canada Pension Plan, Quebec Pension Plan, and
        U.S. Federal Insurance Contributions Act.
         

12. Income taxes

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 $204 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.

13. Earnings per share
                                                   For the              For the nine  
                                                     three
                                                    months              months ended  
                                                     ended
                              2014        2014        2013          2014        2013  
    $ millions,            Jul. 31     Apr. 30     Jul. 31       Jul. 31     Jul. 31  
    except number of
    shares and per
    share amounts
    Basic earnings                                                                    
    per share
    Net income           $     918   $     317   $     877     $   2,409   $   2,520  
    attributable to
    equity
    shareholders
    Less: Preferred             19          25          25            69          75  
    share dividends
    and premiums
    Net income           $     899   $     292   $     852     $   2,340   $   2,445  
    attributable to
    common
    shareholders
    Weighted-average       397,179     397,758     399,952       397,826     401,237  
    common shares
    outstanding
    (thousands)
    Basic earnings       $    2.26   $    0.73   $   2.13      $    5.88   $    6.09  
    per share
    Diluted earnings                                                                  
    per share
    Net income           $     899   $     292   $     852     $   2,340   $   2,445  
    attributable to
    diluted common
    shareholders
    Weighted-average       397,179     397,758     399,952       397,826     401,237  
    common shares
    outstanding
    (thousands)
    Add: Stock                      
    options
    potentially
    exercisable (1)
    (thousands)                843         761         306           758         384  
    Weighted-average       398,022     398,519     400,258       398,584     401,621  
    diluted common
    shares
    outstanding
    (thousands)
    Diluted earnings     $   2.26    $    0.73   $    2.13     $    5.87   $    6.09  
    per share
    (1) Excludes average options outstanding of 8,827 (April
        30, 2014: 311,840; July 31, 2013: 2,002,167) with a
        weighted-average exercise price of $100.04 (April 30,
        2014: $96.34; July 31, 2013: $82.27) for the quarter
        ended July 31, 2014 and average options of 312,476 with
        a weighted-average price of $96.33 for the nine months
        ended July 31, 2014 (average options of 1,007,914 with
        a weighted-average price of $85.02 for the nine months
        ended July 31, 2013), as the options' exercise prices
        were greater than the average market price of CIBC's
        common shares.
         

14. 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 July 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 July 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. CIBC and the individual defendants sought leave
            to appeal to the Supreme Court of Canada. On August 7, 2014,
            CIBC and the individual defendants were granted leave to appeal
            to the Supreme Court of Canada.
        --  Brown Overtime Class Action: The plaintiffs' appeal to the
            Ontario Court of Appeal was heard in May 2014. The court
            reserved its decision.
        --  Watson Credit Card Class Action: On March 27, 2014, the court
            released its decision granting class certification. The
            plaintiffs and defendants have filed Notices of Appeal.
        --  Mortgage Prepayment Class Actions: On June 30, 2014, the court
            granted class certification in Sherry conditional on the
            plaintiffs framing a workable class definition. CIBC has filed
            a Notice of Appeal.
        --  Sino-Forest Class Actions: The motion for class certification
            in the Labourers' action has been adjourned to January 2015.

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.

15. 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 continues 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 are charged 
directly to the lines of business, and the residual net revenue is 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 card 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
    three months ended       Banking   Management     Banking   and Other       Total
         Net interest
    2014 income(1)         $   1,411   $       50   $     400   $      14   $   1,875
    Jul. Non-interest
    31   income                  518          623         268          74       1,483
         Intersegment
         revenue
         (2)                     103        (105)           2           -           -
         Total revenue(1)      2,032          568         670          88       3,358
         Provision for
         credit losses           177            -           6          12         195
         Amortization and
         impairment
         (3)                      23            6           2          70         101
         Other
         non-interest
         expenses              1,044          402         277         223       1,946
         Income (loss)
         before income
         taxes                   788          160         385       (217)       1,116
         Income taxes(1)         199           39         103       (146)         195
         Net income (loss) $     589   $      121   $     282   $    (71)   $     921
         Net income (loss)
         attributable to:                                                            
           Non-controlling                                                          3
           interests       $       -   $        -   $       -   $       3   $
           Equity                                                                 918
           shareholders          589          121         282        (74)    
         Average assets(4) $ 230,346   $    4,398   $ 122,143   $  54,149   $ 411,036
         Net interest
    2014 income (1)        $   1,357   $       48   $     398   $     (5)   $   1,798
    Apr. Non-interest
    30   income                  486          598         206          79       1,369
         Intersegment
         revenue(2)               96         (98)           2           -           -
         Total revenue (1)     1,939          548         606          74       3,167
         Provision for
         credit losses           173            1          21         135         330
         Amortization and
         impairment(3)            25            6           1         489         521
         Other
         non-interest
         expenses              1,015          389         317         170       1,891
         Income (loss)
         before income
         taxes                   726          152         267       (720)         425
         Income taxes (1)        180           35          54       (150)         119
         Net income (loss) $     546   $      117   $     213   $   (570)   $     306
         Net income (loss)
         attributable to:                                                            
           Non-controlling                                                       (11)
           interests       $       -   $        1   $       -   $    (12)   $
           Equity                                                                 317
           shareholders          546          116         213       (558)    
         Average assets
         (4)               $ 227,362   $    4,372   $ 121,105   $ 53,446    $ 406,285
         Net interest
    2013 income (1)        $   1,421   $       46   $     357   $      59   $   1,883
    Jul. Non-interest
    31   income                  559          500         231          76       1,366
         Intersegment
         revenue(2)               87         (88)           1           -           -
         Total revenue (1)     2,067          458         589         135       3,249
         Provision for
         credit losses           241           -           14          65         320
         Amortization and
         impairment(3)            23           5            2          61          91
         Other
         non-interest
         expenses                988         321          301        177       1,787 
         Income (loss)
         before income
         taxes                   815          132         272       (168)      1,051 
         Income taxes (1)        203           30          60       (120)        173 
         Net income (loss) $     612   $      102   $     212   $    (48)   $    878 
         Net income (loss)
         attributable to:                                                            
           Non-controlling                                                         1 
           interests       $       -   $        -   $       -   $       1   $
           Equity                                                                 877
           shareholders          612          102         212        (49)    
         Average assets
         (4)               $ 226,786   $    3,960   $ 120,026   $  51,836   $ 402,608
    (1) Wholesale Banking net interest income and income tax
        expense includes a taxable equivalent basis (TEB)
        adjustment of $102 million for the three months ended July
        31, 2014 ($124 million and $90 million for the three
        months ended April 30, 2014 and July 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. In addition, the quarter
        ended April 30, 2014 included the goodwill impairment
        charge for CIBC FirstCaribbean.
    (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.
         
                           Retail and                                                   
                             Business       Wealth    Wholesale   Corporate         CIBC
    $ millions, for the       Banking
    nine months ended                   Management      Banking   and Other        Total
         Net interest
    2014 income(1)         $   4,205    $     148    $   1,187    $     38    $   5,578 
    Jul. Non-interest
    31   income                1,729        1,767          764         321        4,581 
         Intersegment
         revenue
         (2)                     292         (297)           5           -            - 
         Total revenue(1)      6,226        1,618        1,956         359       10,159 
         Provision for
         credit losses           560            -           29         154          743 
         Amortization and
         impairment(3)            72           16            4         625          717 
         Other
         non-interest
         expenses              3,090        1,138          922         571        5,721 
             Income (loss)
             before income
                     taxes     2,504          464        1,001        (991)       2,978 
         Income taxes(1)         623          112          242        (403)         574 
         Net income (loss) $   1,881    $     352    $     759    $   (588)   $   2,404 
         Net income (loss)
         attributable to:                                                               
           Non-controlling                                                           (5)
           interests       $       -    $       2    $       -    $     (7)   $
           Equity                                                                 2,409 
           shareholders        1,881          350          759        (581)    
         Average assets(4) $ 228,527    $   4,307    $ 121,740    $ 54,570    $ 409,144 
         Net interest
    2013 income (1)        $   4,211    $     139    $   1,054    $    156    $   5,560 
    Jul. Non-interest
    31   income                1,602        1,446          663         267        3,978 
         Intersegment
         revenue(2)              249         (252)           3           -            - 
         Total revenue (1)     6,062        1,333        1,720         423        9,538 
         Provision for
         credit losses           715            -           45          90          850 
         Amortization and
         impairment (3)           67           11            4         177          259 
         Other
         non-interest
         expenses              2,929          955        1,042         506        5,432 
         Income (loss)
         before income
         taxes                 2,351          367          629        (350)       2,997 
         Income taxes (1)        587           85          139        (339)         472 
         Net income (loss) $   1,764    $     282    $     490    $    (11)   $   2,525 
         Net income (loss)
         attributable to:                                                               
           Non-controlling                                                            5 
           interests       $       -    $       -    $       -    $      5    $
           Equity                                                                 2,520 
           shareholders        1,764          282          490         (16)    
         Average assets
         (4)               $ 226,429    $   3,965    $ 121,956    $ 50,626    $ 402,976 
    (1) Wholesale Banking net interest income and income tax
        expense includes a TEB adjustment of $336 million for the
        nine months ended July 31, 2014 ($279 million for the nine
        months ended July 31, 2013) 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. In addition, the current
        period includes the goodwill impairment charge for CIBC
        FirstCaribbean.
    (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.
         

16. Financial instruments - disclosures

We have provided quantitative disclosures related to credit risk consistent 
with Basel guidelines in the "Credit risk" section of management's discussion 
and analysis 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 categories                                                                         Basel portfolios
                                                                                                                        
                   
                                                   AIRB and standardized approaches                                     
                   


                                                              Real                                                   
Not        Total 
                                                            estate 
                                                           secured Qualifying                              Total   
subject consolidated 
                                                          personal  revolving    Other          Asset subject to to 
credit      balance 
$ millions, as at         Corporate Sovereign      Bank    lending     retail   retail securitization     credit    
  risk        sheet 
                                                                                                            risk 
2014  Cash and deposits   $      -  $  7,441  $  2,260  $       -  $       -  $     -  $           -  $   9,701  $  
1,491  $    11,192  
      with banks 
Jul.  Securities             1,896    14,164     4,515          -          -        -          1,290     21,865    
47,596       69,461  


    31
          Cash collateral on     1,525         -     1,713          -          -        -              -      3,238     
    -        3,238 
          securities borrowed
          Securities             8,476     4,078    12,551          -          -        -              -     25,105     
    -       25,105 
          purchased under
          resale agreements


      Loans                 46,390     4,601     1,452    171,388     19,309    9,367          2,596    255,103     
  815      255,918  
      Allowance for              -         -         -          -          -        -              -          -    
(1,703)      (1,703) 


          credit losses
          Derivative             2,812     3,975    11,440          -          -        -              -     18,227     
    -       18,227 
          instruments
          Customers'             6,910     1,053       311          -          -        -              -      8,274     
    -        8,274 
          liability under
          acceptances


      Other assets             322     1,486     3,100        164         23       31              2      5,128    
10,582       15,710  
      Total credit        $ 68,331  $ 36,798  $ 37,342  $ 171,552  $  19,332  $ 9,398  $       3,888  $ 346,641  $ 
58,781  $   405,422  


          exposure
    2013                                                                                                                
                   


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

SOURCE  CIBC - Investor Relations 
Investor Relations: Geoff Weiss 416-980-5093 geoffrey.weiss@cibc.com 
Jason Patchett 416-980-8691 jason.patchett@cibc.com 
Alice Dunning 416-861-8870 alice.dunning@cibc.com 
Media Inquiries: Kevin Dove 416-980-8835 kevin.dove@cibc.com 
Erica Belling 416-594-7251 erica.belling@cibc.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/August2014/28/c7635.html 
CO: Canadian Imperial Bank of Commerce
ST: Ontario
NI: FIN ERN  
-0- Aug/28/2014 09:56 GMT
 
 
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