Financial News - CIBC

Financial News

CIBC ANNOUNCES FOURTH QUARTER AND FISCAL 2017 RESULTS

CIBC's 2017 audited annual consolidated financial statements and accompanying management's discussion & analysis (MD&A) will be available today at , along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. All amounts are expressed in Canadian dollars, unless otherwise indicated.

Toronto, ON ? November 30, 2017 ? CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2017.

Fourth quarter highlights

Reported Net Income Adjusted Net Income (1) Reported Diluted Earnings Per Share (EPS) Adjusted Diluted EPS (1) Reported Return on Common Shareholders' Equity (ROE) Adjusted ROE (1) Basel III Common Equity Tier 1 Ratio (all-in basis)

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

Q4/17 $1,164 million $1,263 million $2.59 $2.81 15.8% 17.2% 10.6%

Q4/16 $931 million $1,041 million $2.32 $2.60 16.8% 18.8% 11.3%

Q3/17 $1,097 million $1,166 million $2.60 $2.77 16.3% 17.3% 10.4%

YoY Variance +25% +21% +12% +8%

QoQ Variance +6% +8% ? +1%

CIBC's results for the fourth quarter of 2017 were affected by the following items of note aggregating to a negative impact of $0.22 per share: ? $98 million ($71 million after-tax, or $0.15 per share) in fees and charges related to the launch of Simplii Financial and the related wind-down of

President's Choice Financial; ? $46 million ($29 million after-tax, or $0.07 per share) in transaction and integration-related costs as well as purchase accounting adjustments associated

with the acquisition of The PrivateBank and Geneva Advisors; ? $19 million ($12 million after-tax, or $0.03 per share) amortization of intangible assets; and ? $18 million ($13 million after-tax, or $0.03 per share) reduction in the portion of the collective allowance recognized in Corporate and Other.

For the year ended October 31, 2017, CIBC reported net income of $4,718 million and adjusted net income(1) of $4,665 million, compared with reported net income of $4,295 million and adjusted net income(1) of $4,104 million for 2016.

The following table summarizes our strong performance in 2017 against our key financial measures and targets:

Financial Measure Diluted EPS growth

Target 5%+ on average, annually

2017 Reported Results $11.24, up 5% from 2016

2017 Adjusted Results (1) $11.11, up 9% from 2016

ROE

15%+

18.3%

18.1%

Efficiency ratio

55% run rate by 2019

58.8%, an improvement of 90 basis 57.2%, an improvement of 80 basis

points from 2016

points from 2016

Basel III CET1 ratio

Strong buffer to regulatory minimum

10.6%

Dividend payout ratio

40%-50%

45.6%

46.2%

Total shareholder return

Outperform the S&P/TSX Composite Banks Index over a rolling five-year period

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

CIBC ? 81.6% Banks Index ? 103.6%

"In 2017, CIBC delivered record net income driven by strong performance across all of our strategic business units, as well as our acquisition of The PrivateBank," says Victor G. Dodig, CIBC President and Chief Executive Officer. "As we marked our 150th anniversary, we made excellent progress in the year, embedding a client-first culture, creating a strong cross-border platform and enhancing value for our shareholders. Looking forward, we are well positioned

to continue to deliver sustainable growth to our shareholders."

Core business performance

F2017 Financial Highlights

(C$ million) Canadian Personal and Small Business Banking

Reported Net Income Adjusted Net Income (2)

F2017

$2,420 $2,250

F2016 (1)

$2,160 $2,135

YoY Variance

up 12% up 5%

Canadian Commercial Banking and Wealth Management Reported Net Income Adjusted Net Income (2)

$1,138 $1,139

$991 $993

up 15% up 15%

U.S. Commercial Banking and Wealth Management Reported Net Income Adjusted Net Income (2)

$203

$87

$222

$93

up 133% up 139%

Capital Markets

Reported Net Income

$1,090

$992

up 10%

Adjusted Net Income (2)

$1,090

$1,020

up 7%

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

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

Strong fundamentals

While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2017, CIBC maintained its capital strength, competitive productivity and sound risk management practices: ? CIBC's capital ratios were strong, with a Basel III CET1 ratio of 10.6% as noted above, and Tier 1 and Total capital ratios of 12.1% and 13.8%

respectively, at October 31, 2017; ? Market risk, as measured by average Value-at-Risk, was $6.5 million in 2017 compared with $5.8 million in 2016; and ? We continued to have strong credit performance, with CIBC's loan loss ratio of 25 basis points compared with 31 basis points in 2016.

Making a difference in our Communities

CIBC is committed to investing in the social and economic development of communities across Canada. During the fourth quarter of 2017, CIBC: ? Celebrated 21 years as title sponsor of the Canadian Cancer Society CIBC Run for the Cure and helped raise $17 million, including $3 million contributed

by Team CIBC, for support programs and innovative breast cancer research; ? Partnered with the Toronto 2017 Invictus Games as Signature Sponsor of Team Canada and the Games' Alumni Program; and ? Continued our multi-year sponsorship of the Canadian Hockey League by introducing a financial literacy program for players of CIBC's 23 sponsored

teams.

CIBC Fourth Quarter 2017 News Release

2

Fourth quarter financial highlights

Unaudited

2017 Oct. 31

As at or for the

three months ended

2017

2016

Jul. 31 (1)

Oct. 31

As at or for the

twelve months ended

2017

2016

Oct. 31 (1)

Oct. 31

Financial results ($ millions) Net interest income Non-interest income

Total revenue Provision for credit losses Non-interest expenses

Income before income taxes Income taxes

Net income Net income attributable to non-controlling interests

Preferred shareholders Common shareholders Net income attributable to equity shareholders

$ 2,464 1,805 4,269 229 2,570 1,470 306

$ 1,164 5

24 1,135 $ 1,159

$ 2,276 1,828 4,104 209 2,452 1,443 346

$ 1,097 4 9

1,084 $ 1,093

$ 2,110

1,571

3,681

222

2,347

1,112

181

$

931

4

10

917

$

927

$ 8,977 7,303

16,280 829

9,571 5,880 1,162 $ 4,718

19 52 4,647 $ 4,699

$ 8,366 6,669

15,035 1,051 8,971 5,013 718

$ 4,295 20 38

4,237 $ 4,275

Financial measures Reported efficiency ratio Adjusted efficiency ratio (2) Loan loss ratio (3) Reported return on common shareholders' equity Adjusted return on common shareholders' equity (2) Net interest margin Net interest margin on average interest-earning assets Return on average assets Return on average interest-earning assets Total shareholder return Reported effective tax rate Adjusted effective tax rate (2)

60.2 % 56.5 % 0.23 % 15.8 % 17.2 % 1.72 % 1.92 % 0.81 % 0.91 % 6.19 % 20.8 % 21.8 %

59.7 % 57.3 % 0.24 % 16.3 % 17.3 % 1.66 % 1.85 % 0.80 % 0.89 % (0.65) % 24.0 % 24.1 %

63.8 % 58.2 % 0.27 % 16.8 % 18.8 % 1.59 % 1.81 % 0.70 % 0.80 % 2.54 % 16.2 % 17.5 %

58.8 % 57.2 % 0.25 % 18.3 % 18.1 % 1.66 % 1.85 % 0.87 % 0.97 % 18.30 % 19.8 % 20.3 %

59.7 % 58.0 % 0.31 % 19.9 % 19.0 % 1.64 % 1.88 % 0.84 % 0.96 % 5.19 % 14.3 % 16.6 %

Common share information Per share ($)

Share price ($) Shares outstanding (thousands) Market capitalization ($ millions)

- basic earnings

- reported diluted earnings - adjusted diluted earnings (2) - dividends

- book value

- high

- low

- closing - weighted-average basic (4)(5) - weighted-average diluted (4) - end of period (4)(5)

$

2.60

2.59

2.81

1.30

66.55

114.01

104.10

113.56

437,109

438,556

439,313

$ 49,888

$

2.61

2.60

2.77

1.27

64.29

109.57

104.87

108.22

415,561

416,385

436,059

$ 47,190

$

2.32

2.32

2.60

1.21

56.59

104.46

97.51

100.50

395,181

395,750

397,070

$ 39,906

$ 11.26 11.24 11.11 5.08 66.55

119.86 97.76

113.56 412,636 413,563 439,313 $ 49,888

$ 10.72 10.70 10.22 4.75 56.59

104.46 83.33

100.50 395,389 395,919 397,070 $ 39,906

Value measures Dividend yield (based on closing share price) Reported dividend payout ratio Adjusted dividend payout ratio (2) Market value to book value ratio

4.5 % 50.1 % 46.1 % 1.71

4.7 % 50.9 % 47.8 % 1.68

4.8 % 52.2 % 46.6 % 1.78

4.5 % 45.6 % 46.2 % 1.71

4.7 % 44.3 % 46.4 % 1.78

On- and off-balance sheet information ($ millions) Cash, deposits with banks and securities Loans and acceptances, net of allowance Total assets Deposits Common shareholders' equity Average assets Average interest-earning assets Average common shareholders' equity Assets under administration (AUA) (6)(7) Assets under management (AUM) (7)

$ 107,571 365,558 565,264 439,706 29,238 568,905 510,038 28,471

2,192,947 221,571

$ 108,297 358,993 560,912 439,357 28,036 543,138 486,949 26,447

2,105,626 201,275

$ 101,588 319,781 501,357 395,647 22,472 527,702 462,970 21,763

2,041,887 183,715

$ 107,571 365,558 565,264 439,706 29,238 542,365 485,837 25,393

2,192,947 221,571

$ 101,588 319,781 501,357 395,647 22,472 509,140 445,134 21,275

2,041,887 183,715

Balance sheet quality (All-in basis) and liquidity measures

Risk-weighted assets (RWA) ($ millions) Common Equity Tier 1 (CET1) capital RWA Tier 1 capital RWA Total capital RWA

Capital ratios CET1 ratio Tier 1 capital ratio Total capital ratio

Basel III leverage ratio

Leverage ratio exposure ($ millions) Leverage ratio Liquidity coverage ratio (LCR)

$ 203,321 203,321 203,321

10.6 % 12.1 % 13.8 %

$ 610,353 4.0 % 120 %

$ 198,459 198,686 198,867

10.4 % 11.9 % 13.7 %

$ 602,314 3.9 % 125 %

$ 168,996 169,322 169,601

11.3 % 12.8 % 14.8 %

$ 545,480 4.0 % 124 %

$ 203,321 203,321 203,321

10.6 % 12.1 % 13.8 %

$ 610,353 4.0 % n/a

$ 168,996 169,322 169,601

11.3 % 12.8 % 14.8 %

$ 545,480 4.0 % n/a

Other information Full-time equivalent employees

44,928

45,685

43,213

44,928

43,213

(1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. The results of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management strategic business unit. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2) For additional information, see the "Non-GAAP measures" section. (3) The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. (4) Excludes 2,010,890 common shares which are issued and outstanding but which have not been acquired by a third party as at October 31, 2017 (July 31, 2017: 2,010,890; October 31, 2016: nil). These

shares were issued as a component of our acquisition of The PrivateBank. These shares are currently held on behalf of CIBC, and may be cancelled at CIBC's discretion. (5) Excludes 190,285 unvested restricted shares as at October 31, 2017 (July 31, 2017: 190,789; October 31, 2016: nil). (6) Includes the full amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $1,723.9 billion (July 31, 2017: $1,681.3 billion; October 31, 2016: $1,640.2

billion). (7) AUM amounts are included in the amounts reported under AUA. n/a Not applicable.

CIBC Fourth Quarter 2017 News Release

3

Review of Canadian Personal and Small Business Banking fourth quarter results

$ millions, for the three months ended

Revenue Personal and small business banking Other

2017 Oct. 31

$ 2,086 7

2017 Jul. 31(1)

2016 Oct. 31 (1)

$ 2,028 11

$ 1,981 24

Total revenue Provision for credit losses Non-interest expenses

2,093 183

1,161

2,039 190

1,085

2,005 189

1,056

Income before income taxes Income taxes

749

764

760

198

203

201

Net income

$

551

$

561

$

559

Net income attributable to: Equity shareholders (a)

$

551

$

561

$

559

Efficiency ratio Return on equity (2) Charge for economic capital (2) (b) Economic profit (2) (a+b) Full-time equivalent employees

55.5 %

57.8 %

$

(93)

$

458

14,709

53.2 %

61.7 %

$

(89)

$

472

15,127

52.7 %

58.2 %

$

(94)

$

465

15,501

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details. (2) For additional information, see the "Non-GAAP measures" section.

Net income was $551 million, down $8 million from the fourth quarter of 2016. Adjusted net income (2) was $623 million, up $63 million from the fourth quarter of 2016.

Revenue of $2,093 million was up $88 million from the fourth quarter of 2016. Personal and small business banking revenue increased primarily due to volume growth across most products.

Provision for credit losses of $183 million was down $6 million from the fourth quarter of 2016, mainly due to a lower loss rate, partially offset by growth in the personal lending and card portfolios.

Non-interest expenses of $1,161 million were up $105 million from the fourth quarter of 2016, mainly due to fees and charges related to the launch of Simplii Financial and the related wind-down of President's Choice Financial, shown as an item of note.

Review of Canadian Commercial Banking and Wealth Management fourth quarter results

$ millions, for the three months ended

Revenue Commercial banking Wealth management

2017 Oct. 31

$

348

574

2017 Jul. 31(1)

$

333

570

2016 Oct. 31 (1)

$

312

534

Total revenue Provision for (reversal of) credit losses Non-interest expenses

922

903

846

11

(3)

18

520

508

481

Income before income taxes Income taxes

391

398

347

104

107

93

Net income

$

287

$

291

$

254

Net income attributable to: Equity shareholders (a)

$

287

$

291

$

254

Efficiency ratio Return on equity (2) Charge for economic capital (2) (b) Economic profit (2) (a+b)

Full-time equivalent employees

56.4 %

37.1 %

$

(76)

$

211

5,081

56.4 %

56.9 %

38.4 %

33.4 %

$

(73)

$

(74)

$

218

$

180

5,090

4,986

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details. (2) For additional information, see the "Non-GAAP measures" section.

Net income for the quarter was $287 million, up $33 million from the fourth quarter of 2016. Adjusted net income(2) was $288 million, up $34 million from the fourth quarter of 2016.

Revenue of $922 million was up $76 million from the fourth quarter of 2016, driven by strong deposit and lending growth in our commercial banking business. In addition, wealth management revenue benefitted from growth in AUA and AUM, driven by market appreciation and strong net sales of longterm mutual funds.

Non-interest expenses of $520 million were up $39 million from the fourth quarter of 2016, primarily due to higher performance-based and employeerelated compensation.

CIBC Fourth Quarter 2017 News Release

4

Review of U.S. Commercial Banking and Wealth Management fourth quarter results

$ millions, for the three months ended

2017 Oct. 31

2017 Jul. 31(1)

2016 Oct. 31 (1)

Revenue Commercial banking Wealth management Other

Total revenue (2)

$

283

115

24

422

$

150

80

9

239

$

49

57

-

106

Provision for credit losses Non-interest expenses

48

34

-

235

154

77

Income before income taxes Income taxes (2)

139

51

29

32

10

6

Net income

$

107

$

41

$

23

Net income attributable to: Equity shareholders (a)

$

107

$

41

$

23

Efficiency ratio Return on equity (3) Charge for economic capital (3) (b) Economic profit (3) (a+b)

Full-time equivalent employees

55.7 %

6.4 %

$ (156)

$

(49)

1,753

64.3 %

5.2 %

$

(76)

$

$

(35)

$

1,734

73.3 % 19.0 %

(12) 11 310

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details. (2) Revenue and income taxes are reported on a taxable equivalent basis (TEB) basis. Accordingly, revenue and income taxes include a TEB adjustment of $1 million for the quarter ended October 31, 2017 (July

31, 2017: $1 million; October 31, 2016: nil). 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.

Net income for the quarter was $107 million, up $84 million from the fourth quarter of 2016. Adjusted net income(3) was $119 million, up $95 million from the fourth quarter of 2016.

Revenue of $422 million was up $316 million from the fourth quarter of 2016, reflecting a full quarter of strong performance from The PrivateBank, which rebranded during the quarter to CIBC Bank USA. Revenue for the quarter included $31 million of accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, shown as an item of note.

Provision for credit losses of $48 million included $35 million of collective allowance for new loan originations and renewals of acquired loans relating to CIBC Bank USA, shown as an item of note.

Non-interest expenses of $235 million were up $158 million from the fourth quarter of 2016, primarily due to the inclusion of the results of CIBC Bank USA.

Review of Capital Markets fourth quarter results

$ millions, for the three months ended

2017 Oct. 31

2017 Jul. 31(1)

2016 Oct. 31 (1)

Revenue Global markets Corporate and investment banking

$

299

326

$

362

318

$

366

265

Other Total revenue (2) Provision for credit losses Non-interest expenses

(3)

(1)

(5)

622

679

626

-

1

-

320

340

308

Income before income taxes Income taxes (2)

302

338

318

80

86

63

Net income

$

222

$

252

$

255

Net income attributable to: Equity shareholders (a)

$

222

$

252

$

255

Efficiency ratio Return on equity (3) Charge for economic capital (3) (b) Economic profit (3) (a+b)

51.3 %

50.0 %

49.3 %

30.0 %

33.3 %

31.0 %

$

(72)

$

(74)

$

(80)

$

150

$

178

$

175

Full-time equivalent employees

1,314

1,327

1,260

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details. (2) Revenue and income taxes are reported on a TEB basis. Accordingly, revenue and income taxes include a TEB adjustment of $37 million for the quarter ended October 31, 2017 (July 31, 2017: $20 million;

October 31, 2016: $97 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.

Net income for the quarter was $222 million, compared with net income of $255 million for the fourth quarter of 2016. Adjusted net income(3) for the quarter was $222 million, compared with $262 million for the fourth quarter of 2016.

Revenue of $622 million was down $4 million from the fourth quarter of 2016. In global markets, lower equity and commodities trading revenue was partially offset by higher foreign exchange trading revenue. In corporate and investment banking, higher investment portfolio gains, debt underwriting and corporate banking revenue were partially offset by lower equity underwriting revenue.

Non-interest expenses of $320 million were up $12 million from the fourth quarter of 2016, largely due to higher spending on strategic initiatives.

CIBC Fourth Quarter 2017 News Release

5

Review of Corporate and Other fourth quarter results

$ millions, for the three months ended

Revenue International banking Other

Total revenue (2) Provision for (reversal of) credit losses Non-interest expenses

2017 Oct. 31

$

183

27

210

(13)

334

2017 Jul. 31 (1)

2016 Oct. 31(1)

$

183 $

176

61

(78)

244

98

(13)

15

365

425

Loss before income taxes Income taxes (2)

(111) (108)

(108) (60)

(342) (182)

Net loss

$

(3) $

(48) $ (160)

Net income (loss) attributable to: Non-controlling interests Equity shareholders

$

5 $

4 $

4

(8)

(52)

(164)

Full-time equivalent employees

22,071

22,407

21,156

(1) Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details. (2) Revenue and income taxes of Capital Markets and U.S. Commercial Banking and Wealth Management are reported on a TEB basis. The equivalent amounts are offset in the revenue and income taxes of

Corporate and Other. Accordingly, revenue and income taxes include a TEB adjustment of $38 million for the quarter ended October 31, 2017 (July 31, 2017: $21 million; October 31, 2016: $97 million). (3) For additional information, see the "Non-GAAP measures" section.

Net loss for the quarter was $3 million, compared with a net loss of $160 million in the same quarter last year, primarily due to higher revenue and lower non-interest expenses. Adjusted net income(3) for the quarter was $11 million, compared with a net loss of $59 million for the prior year quarter.

Revenue of $210 million was up $112 million from the fourth quarter of 2016, primarily due to higher Treasury revenue and a lower TEB revenue adjustment.

Reversal of credit losses was $13 million compared with a provision for credit losses of $15 million in the fourth quarter of 2016. Adjusting for the reduction in the collective allowance shown as an item of note, provision for credit losses was $5 million for the quarter, down $10 million from the fourth quarter of 2016.

Non-interest expenses of $334 million were down $91 million from the fourth quarter of 2016, as the prior year included higher restructuring charges primarily relating to employee severance, shown as an item of note.

Income tax benefit was down $74 million from the fourth quarter of 2016, mainly due to a lower loss and a lower TEB adjustment.

CIBC Fourth Quarter 2017 News Release

6

Consolidated balance sheet

$ millions, as at October 31

2017 (1)

ASSETS

Cash and non-interest-bearing deposits with banks

$ 3,440

Interest-bearing deposits with banks

10,712

Securities

Trading

50,679

Available-for-sale (AFS) and held-to-maturity (HTM)

42,592

Designated at fair value (FVO)

148

93,419

Cash collateral on securities borrowed

5,035

Securities purchased under resale agreements

40,383

Loans Residential mortgages

207,271

Personal Credit card

40,937 12,378

Business and government

97,766

Allowance for credit losses

(1,618)

356,734

Other

Derivative instruments Customers' liability under acceptances

24,342 8,824

Land, buildings and equipment

1,783

Goodwill

5,367

Software and other intangible assets

1,978

Investments in equity-accounted associates and joint ventures

715

Deferred tax assets

727

Other assets

11,805

55,541

$ 565,264

LIABILITIES AND EQUITY

Deposits Personal

$ 159,327

Business and government

225,622

Bank Secured borrowings

13,789 40,968

439,706

Obligations related to securities sold short

13,713

Cash collateral on securities lent

2,024

Obligations related to securities sold under repurchase agreements

27,971

Other

Derivative instruments

23,271

Acceptances

8,828

Deferred tax liabilities Other liabilities

30 15,275

47,404

Subordinated indebtedness

3,209

Equity

Preferred shares

1,797

Common shares

12,548

Contributed surplus

137

Retained earnings

16,101

Accumulated other comprehensive income (AOCI)

452

Total shareholders' equity

31,035

Non-controlling interests

202

Total equity

31,237

$ 565,264

(1) Includes the balances of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.

2016

$ 3,500 10,665

49,915 37,253

255 87,423

5,433 28,377

187,298 38,041 12,332 71,437 (1,691)

307,417

27,762 12,364

1,898 1,539 1,410

766 771 12,032 58,542 $ 501,357

$ 148,081 190,240 17,842 39,484 395,647 10,338 2,518 11,694

28,807 12,395

21 12,898 54,121

3,366

1,000 8,026

72 13,584

790 23,472

201 23,673 $ 501,357

CIBC Fourth Quarter 2017 News Release

7

Consolidated statement of income

For the three

months ended

$ millions, except as noted

2017 Oct. 31

2017 Jul. 31 (1)

2016 Oct. 31

Interest income

Loans

$ 3,143 $ 2,802

$ 2,531

$

Securities

479

441

457

Securities borrowed or purchased under resale agreements

148

129

90

Deposits with banks

55

46

37

3,825

3,418

3,115

Interest expense

Deposits Securities sold short

1,174

974

878

64

49

45

Securities lent or sold under repurchase agreements Subordinated indebtedness Other

73

77

36

38

34

35

12

8

11

1,361

1,142

1,005

Net interest income

2,464

2,276

2,110

Non-interest income

Underwriting and advisory fees Deposit and payment fees Credit fees Card fees Investment management and custodial fees

116

124

103

214

211

207

199

199

166

119

110

125

284

261

233

Mutual fund fees Insurance fees, net of claims

396

399

378

107

107

97

Commissions on securities transactions Trading income (loss) AFS securities gains, net FVO gains (losses), net Foreign exchange other than trading Income from equity-accounted associates and joint ventures Other

86

82

83

47

93

(32)

37

30

6

(7)

7

10

59

74

53

26

29

24

122

102

118

1,805

1,828

1,571

Total revenue

4,269

4,104

3,681

Provision for credit losses

229

209

222

Non-interest expenses Employee compensation and benefits Occupancy costs

1,316 215

1,324 205

1,292 209

Computer, software and office equipment Communications Advertising and business development Professional fees Business and capital taxes

450

418

393

78

81

75

89

76

77

71

72

61

26

24

18

Other

325

252

222

2,570

2,452

2,347

Income before income taxes Income taxes

1,470 306

1,443 346

1,112 181

Net income

$ 1,164 $ 1,097

$

931

$

Net income attributable to non-controlling interests

$

5 $

4

$

4

$

Preferred shareholders Common shareholders

$

24 $

9

$

10

$

1,135

1,084

917

Net income attributable to equity shareholders

$ 1,159 $ 1,093

$

927

$

Earnings per share (in dollars) Basic Diluted

Dividends per common share (in dollars)

$

2.60 $ 2.61

$ 2.32

$

2.59

2.60

2.32

1.30

1.27

1.21

(1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.

For the twelve

months ended

2017

2016

Oct. 31(1)

Oct. 31

11,028 1,890 495 180

13,593

$ 9,833 1,774 329 156

12,092

3,953 226 254 142 41

4,616

8,977

3,215 199 127 137 48

3,726

8,366

452 843 744 463 1,034 1,573 427 349 226 143

1 252 101 695

7,303

16,280

829

446 832 638 470 882 1,462 396 342 (88)

73 17 367 96 736

6,669

15,035

1,051

5,198 822

1,630 317 282 229 96 997

9,571 5,880 1,162 4,718 $

19 $ 52 $ 4,647 4,699 $

4,982 804

1,398 319 269 201 68 930

8,971 5,013

718 4,295

20 38 4,237 4,275

11.26 $ 11.24

5.08

10.72 10.70

4.75

CIBC Fourth Quarter 2017 News Release

8

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