CIBC Announces Fourth Quarter and Fiscal 2015 Results

CIBC's 2015 audited annual consolidated financial statements and accompanying management's discussion & analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information report which includes fourth quarter financial information.  

  

TORONTO, Dec. 3, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2015.

Fourth quarter highlights

• Reported net income was $778 million, compared with $811 million for the fourth quarter a year ago, and $978 million for the prior quarter.
• Adjusted net income⁽¹⁾ was $952 million, compared with $911 million for the fourth quarter a year ago, and $990 million for the prior quarter.
• Reported diluted earnings per share (EPS) was $1.93, compared with $1.98 for the fourth quarter a year ago, and $2.42 for the prior quarter.
• Adjusted diluted EPS⁽¹⁾ was $2.36, compared with $2.24 for the fourth quarter a year ago, and $2.45 for the prior quarter.
• Reported return on common shareholders' equity (ROE) was 15.1% and adjusted ROE⁽¹⁾ was 18.5%.

CIBC's results for the fourth quarter of 2015 were affected by the following items of note aggregating to a negative impact of $0.43 per share:

• $211 million ($161 million after-tax and non-controlling interests, or $0.40 per share) in restructuring charges;
• $11 million ($9 million after-tax, or $0.02 per share) amortization of intangible assets; and
• $3 million ($2 million after-tax, or $0.01 per share) loss from the structured credit run-off business.

For the year ended October 31, 2015, CIBC reported net income of $3.6 billion and record adjusted net income⁽¹⁾ of $3.8 billion, compared with reported net income of $3.2 billion and adjusted net income⁽¹⁾ of $3.7 billion for 2014. Reported diluted EPS of $8.87 and adjusted diluted EPS⁽¹⁾ of $9.45 for 2015 compared with reported diluted EPS of $7.86 and adjusted diluted EPS⁽¹⁾ of $8.94 for 2014.

CIBC's adjusted ROE⁽¹⁾ was 19.9% for the year ended October 31, 2015 and the Basel III Common Equity Tier 1 ratio was 10.8% as at October 31, 2015.

CIBC announced a quarterly dividend increase of 3 cents per common share to $1.15 per share.

"In 2015, all three of our strategic business units delivered strong performance," says Victor G. Dodig, CIBC President and Chief Executive Officer. "Looking to 2016, I am confident that our client-focused strategy and our investment in innovation and process improvements will add long-term value for our shareholders."

Core business performance
Retail and Business Banking reported net income of $2.5 billion in 2015, in-line with $2.5 billion in 2014. Excluding items of note⁽¹⁾, adjusted net income was $2.5 billion, up $0.1 billion or 3% from $2.4 billion in 2014.

Throughout 2015, Retail and Business Banking continued to make progress against our objectives of accelerating profitable revenue growth and enhancing the client experience. Key highlights included:

• Supporting our brand promise of banking that fits your life, we began the rollout of a program to simplify the structure of our banking centres, placing greater emphasis on advice for clients while continuing to invest in digital channels to allow clients to bank when, where and how they want;
• Continuing our leadership in innovation, we brought mobile banking to the Apple Watch for our clients, joined the new FinTech cluster at MaRS focused on innovation in financial services, and became the first major bank to participate in the new suretap™ digital wallet as part of our focus on payments innovation; and
• Bringing two new innovative foreign exchange solutions to market for our clients in partnership with Capital Markets: CIBC Global Money Transfer™, our no-fee international remittance service, and CIBC Foreign Cash Online, which allows clients to order foreign cash online and have it delivered directly to their homes or Toronto Pearson airport at no extra cost.

"This year we established clear momentum in client experience and continued to invest in profitable revenue growth by making banking easy, personalized, and flexible for our clients," says David Williamson, SEVP and Group Head, Retail and Business Banking. "We will continue to focus on deepening client relationships by investing in advice for our clients across personal and business banking, and leveraging the power of digital to allow our clients to do more of their banking when, where and how they want."

Wealth Management reported net income of $520 million in 2015, compared with $471 million in 2014. Excluding items of note⁽¹⁾, adjusted net income was $538 million, up $52 million or 11% from $486 million in 2014.

Wealth Management made good progress in 2015 against its strategic objectives of enhancing the client experience, attracting new clients and pursuing strategic growth opportunities. Key highlights included:

• CIBC Asset Management achieved its 6th consecutive sales record for long-term mutual funds of $5.5 billion this year;
• Strong partnership with Retail and Business Banking helped drive CIBC Investor's Edge new account openings up 36% versus last year; and
• Completed our integration of Atlantic Trust, a U.S. private wealth management firm as part of our strategic plan to grow our North American business.

"All of our Wealth Management businesses delivered strong results this year," says Steve Geist, SEVP and Group Head, Wealth Management. "In 2016 we will build on this momentum to continue offering integrated advice and investment solutions for our clients, drive asset growth and optimize our business platform."

Capital Markets reported net income of $1,004 million in 2015, compared with $895 million in 2014. Excluding items of note⁽¹⁾, adjusted net income was $1,012 million, up $99 million or 11% from $913 million in 2014.

Capital Markets provides integrated credit and global markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. During 2015, Capital Markets was:

• Lead financial advisor to Shred-it Inc. on its sale to Stericycle Inc. for US$2.3 billion;
• Sole bookrunner on the inaugural $1.0 billion senior unsecured notes offering for CPPIB Capital Inc.;
• Joint bookrunner for a US$1.15 billion Class A Limited Voting Share offering for Brookfield Asset Management Inc.; and
• Co-lead arranger and co-underwriter for a $1.8 billion and US$593 million senior secured credit facility, in addition to joint bookrunner on a $950 million bought deal of subscription receipts and extendible convertible debentures in support of DH Corporation's acquisition of Fundtech.

"In 2015, we helped our clients navigate volatile markets by delivering integrated advisory, lending, trading and research solutions," says Harry Culham, SEVP and Group Head, Capital Markets. "We also continued to innovate and leverage investments in our technology and our people to meet the banking needs of our clients globally."

Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2015, CIBC maintained its capital strength, competitive productivity and sound risk management practices:

• CIBC's capital ratios were strong, with a Basel III Common Equity Tier 1 ratio of 10.8%, and Tier 1 and Total capital ratios of 12.5% and 15.0% respectively, at October 31, 2015;
• Market risk, as measured by average Value-at-Risk, was $4.0 million in 2015 compared with $3.5 million in 2014; and
• Credit quality improved, with CIBC's loan loss ratio of 27 basis points compared with 38 basis points in 2014.

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 2015, CIBC:

• Helped to raise $21.5 million for breast cancer research, treatment and advocacy programs through the 2015 Canadian Breast Cancer Foundation CIBC Run for the Cure, including more than $3 million contributed by Team CIBC. 15,000 Team CIBC members participated, joining 115,000 Canadians in more than 60 communities;
• Participated in announcing the Stand Up To Cancer Canada-Canadian Breast Cancer Foundation Dream Team, supported by CIBC -  a $9 million investment in innovative research and new approaches to treating people with aggressive types of breast cancer; and
• Brought the TORONTO 2015 Parapan Am Games to life as Lead Partner of the Games, Premier Partner of Canada's Paralympic Team, and proud supporter of CIBC Team Next para athletes.

During the quarter, CIBC was ranked among the Top 10 Safest Banks in North America by Global Finance magazine, one of the Financial Post's Ten Best Companies to Work For, and was also recognized by Mediacorp as one of Canada's Top 100 Employers for a fourth consecutive year. CIBC was once again named a constituent of the following widely regarded indices:

• Dow Jones Sustainability North American Index since its inception in 2005;
• FTSE4Good Index since 2001; and
• Jantzi Social Index since 2000.

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

Fourth quarter financial highlights

						As at or for the											As at or for the
						three months ended											twelve months ended
							2015			2015			2014				2015			2014
Unaudited							Oct. 31			Jul. 31			Oct. 31	^(1)			Oct. 31			Oct. 31	^(1)
Financial results ($ millions)
Net interest income						$	2,043		$	2,021		$	1,881			$	7,915		$	7,459
Non-interest income							1,440			1,499			1,332				5,941			5,904
Total revenue							3,483			3,520			3,213				13,856			13,363
Provision for credit losses							198			189			194				771			937
Non-interest expenses							2,383			2,179			2,083				8,861			8,512
Income before income taxes							902			1,152			936				4,224			3,914
Income taxes							124			174			125				634			699
Net income						$	778		$	978		$	811			$	3,590		$	3,215
Net income (loss) attributable to non-controlling interests							2			5			2				14			(3)
	Preferred shareholders						9			11			18				45			87
	Common shareholders						767			962			791				3,531			3,131
Net income attributable to equity shareholders						$	776		$	973		$	809			$	3,576		$	3,218
Financial measures
Reported efficiency ratio							68.4	%		61.9	%		64.8	%			63.9	%		63.7	%
Adjusted efficiency ratio^(2)							60.4	%		59.3	%		60.4	%			59.6	%		59.0	%
Loan loss ratio							0.26	%		0.25	%		0.30	%			0.27	%		0.38	%
Reported return on common shareholders' equity							15.1	%		20.4	%		17.9	%			18.7	%		18.3	%
Adjusted return on common shareholders' equity^(2)							18.5	%		20.6	%		20.1	%			19.9	%		20.9	%
Net interest margin							1.70	%		1.75	%		1.78	%			1.74	%		1.81	%
Net interest margin on average interest-earning assets							1.95	%		2.01	%		2.02	%			2.00	%		2.05	%
Return on average assets							0.65	%		0.85	%		0.77	%			0.79	%		0.78	%
Return on average interest-earning assets							0.74	%		0.97	%		0.87	%			0.91	%		0.89	%
Total shareholder return							8.61	%		(2.40)	%		2.66	%			1.96	%		20.87	%
Reported effective tax rate							13.7	%		15.1	%		13.4	%			15.0	%		17.9	%
Adjusted effective tax rate^(2)							15.5	%		15.2	%		15.2	%			15.5	%		15.4	%
Common share information
Per share ($)		- basic earnings				$	1.93		$	2.42		$	1.99			$	8.89		$	7.87
		- reported diluted earnings					1.93			2.42			1.98				8.87			7.86
		- adjusted diluted earnings^(2)					2.36			2.45			2.24				9.45			8.94
		- dividends					1.12			1.09			1.00				4.30			3.94
		- book value					51.25			50.02			44.30				51.25			44.30
Share price ($)		- high					102.74			96.99			107.01				107.16			107.01
		- low					86.00			89.55			95.93				86.00			85.49
		- closing					100.28			93.46			102.89				100.28			102.89
Shares outstanding (thousands)		- weighted-average basic					397,253			397,270			397,009				397,213			397,620
		- weighted-average diluted					397,838			397,828			397,907				397,832			398,420
		- end of period					397,291			397,234			397,021				397,291			397,021
Market capitalization ($ millions)						$	39,840		$	37,126		$	40,850			$	39,840		$	40,850
Value measures
Dividend yield (based on closing share price)							4.4	%		4.6	%		3.9	%			4.3	%		3.8	%
Reported dividend payout ratio							58.0	%		45.0	%		50.3	%			48.4	%		50.0	%
Adjusted dividend payout ratio^(2)							47.4	%		44.5	%		44.6	%			45.4	%		44.0	%
Market value to book value ratio							1.96			1.87			2.32				1.96			2.32
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities						$	93,619		$	92,997		$	73,089			$	93,619		$	73,089
Loans and acceptances, net of allowance							290,981			285,502			268,240				290,981			268,240
Total assets							463,309			457,842			414,903				463,309			414,903
Deposits							366,657			360,525			325,393				366,657			325,393
Common shareholders' equity							20,360			19,869			17,588				20,360			17,588
Average assets							476,700			457,774			418,414				455,324			411,481
Average interest-earning assets							415,783			399,444			370,020				395,616			362,997
Average common shareholders' equity							20,122			18,733			17,528				18,857			17,067
Assets under administration							1,846,142			1,871,875			1,703,360				1,846,142			1,703,360
Assets under management (AUM)							170,465			172,316			151,913				170,465			151,913
Balance sheet quality (All-in basis) and liquidity measures
Risk-weighted assets (RWA) ($ billions)
	Common Equity Tier 1 (CET1) capital RWA					$	156.1		$	153.9			141.3			$	156.1			141.3
	Tier 1 capital RWA						156.4			154.2			141.4				156.4			141.4
	Total capital RWA						156.7			154.4			141.7				156.7			141.7
Capital ratios
	CET1 ratio						10.8	%		10.8	%		10.3	%			10.8	%		10.3	%
	Tier 1 capital ratio						12.5	%		12.5	%		12.2	%			12.5	%		12.2	%
	Total capital ratio						15.0	%		15.0	%		15.5	%			15.0	%		15.5	%
Basel III leverage ratio
	Tier 1 capital			A			19.5			19.3			17.3				19.5			17.3
	Leverage ratio exposure			B			502.6			493.5			n/a				502.6			n/a
	Leverage ratio			A/B			3.9	%		3.9	%		n/a				3.9	%		n/a
Liquidity coverage ratio (LCR)							118.9	%		120.7	%		n/a				n/a			n/a
Other information
Full-time equivalent employees							44,201			44,385			44,424				44,201			44,424

(1)	Certain information has been reclassified/restated to conform to the presentation adopted in the current year. See the "External reporting changes" section of the management's discussion and analysis for additional details.
(2)	For additional information, see the "Non-GAAP measures" section.
n/a	Not applicable.

 Review of Retail and Business Banking fourth quarter results

													2015				2015				2014
$ millions, for the three months ended													Oct. 31				Jul. 31				Oct. 31	^(1)
Revenue
	Personal banking											$	1,749			$	1,693			$	1,629
	Business banking												414				410				393
	Other												20				24				24
Total revenue													2,183				2,127				2,046
Provision for credit losses													190				165				171
Non-interest expenses													1,101				1,097				1,072
Income before income taxes													892				865				803
Income taxes													237				229				201
Net income												$	655			$	636			$	602
Net income attributable to:
	Equity shareholders (a)											$	655			$	636			$	602
Efficiency ratio													50.4	%			51.6	%			52.4	%
Return on equity ^(2)													54.2	%			53.3	%			60.1	%
Charge for economic capital ^(2) (b)												$	(144)			$	(143)			$	(122)
Economic profit ^(2) (a+b)												$	511			$	493			$	480
Full-time equivalent employees													21,532				21,574				21,864

(1)	Certain information has been reclassified/restated to conform to the presentation adopted in the current year. See the "External reporting changes" section of the management's discussion and analysis for additional details.
(2)	For additional information, see the "Non-GAAP measures" section.

Net income was $655 million, up $53 million from the fourth quarter of 2014. Adjusted net income ⁽²⁾ was $656 million, up $40 million from the fourth quarter of 2014.

Revenue of $2,183 million was up $137 million from the fourth quarter of 2014. Personal banking and business banking revenue increased primarily due to volume growth across most products and higher fees. Other revenue was down primarily due to lower revenue in our exited FirstLine mortgage broker business.

Provision for credit losses of $190 million was up $19 million from the fourth quarter of 2014, mainly due to higher losses in the oil and gas sector within the business lending portfolio.

Non-interest expenses of $1,101 million were up $29 million from the fourth quarter of 2014, mainly due to higher spending on strategic initiatives.

Review of Wealth Management fourth quarter results

													2015				2015				2014
$ millions, for the three months ended													Oct. 31				Jul. 31				Oct. 31
Revenue
	Retail brokerage											$	304			$	312			$	302
	Asset management												214				223				203
	Private wealth management												91				93				79
Total revenue													609				628				584
Non-interest expenses													447				443				428
Income before income taxes													162				185				156
Income taxes													39				45				37
Net income												$	123			$	140			$	119
Net income attributable to:
	Equity shareholders (a)											$	123			$	140			$	119
Efficiency ratio													73.4	%			70.5	%			73.1	%
Return on equity ^(1)													20.3	%			23.9	%			21.9	%
Charge for economic capital ^(1) (b)												$	(72)			$	(70)			$	(65)
Economic profit ^(1) (a+b)												$	51			$	70			$	54
Full-time equivalent employees													4,350				4,343				4,169

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

Net Income for the quarter was $123 million, up $4 million from the fourth quarter of 2014.

Revenue of $609 million was up $25 million from the fourth quarter of 2014, primarily due to higher AUM in asset management from strong net sales of long-term mutual funds, the favourable impact of foreign exchange rates in private wealth management, and higher fee-based revenue in retail brokerage, partially offset by lower commission revenue, mainly due to a decline in transactional volumes.

Non-interest expenses of $447 million were up $19 million from the fourth quarter of 2014, primarily due to higher employee-related costs including performance-based compensation, and the unfavourable impact of foreign exchange rates.

Review of Capital Markets fourth quarter results

													2015				2015				2014
$ millions, for the three months ended													Oct. 31				Jul. 31				Oct. 31
Revenue
	Global markets											$	310			$	417			$	196
	Corporate and investment banking												269				277				265
	Other												-				2				7
Total revenue ^(1)													579				696				468
Provision for (reversal of) credit losses													(5)				9				14
Non-interest expenses													325				339				293
Income before income taxes													259				348				161
Income taxes ^(1)													50				78				25
Net income												$	209			$	270			$	136
Net income attributable to:
	Equity shareholders (a)											$	209			$	270			$	136
Efficiency ratio													56.2	%			48.6	%			62.6	%
Return on equity ^(2)													28.6	%			39.0	%			21.8	%
Charge for economic capital ^(2) (b)												$	(87)			$	(82)			$	(75)
Economic profit ^(2) (a+b)												$	122			$	188			$	61
Full-time equivalent employees													1,342				1,367				1,304

(1)	Revenue and income taxes are reported on a taxable equivalent basis (TEB) basis. Accordingly, revenue and income taxes include a TEB adjustment of $91 million for the quarter ended October 31, 2015 (July 31, 2015: $131 million; October 31, 2014: $85 million).
(2)	For additional information, see the "Non-GAAP measures" section.

Net income for the quarter was $209 million, compared with net income of $136 million for the fourth quarter of 2014.  Adjusted net income ⁽²⁾ for the quarter was $211 million, compared with $216 million for the prior year quarter.

Revenue of $579 million was up $111 million from the fourth quarter of 2014, as the prior year quarter included a $112 million ($82 million after-tax) charge relating to the incorporation of FVA into the valuation of our uncollateralized derivatives, shown as an item of note. In global markets, lower equity underwriting activity in the quarter was offset by higher interest rate and equity trading revenue, and higher capital markets financing activity. In corporate and investment banking, higher corporate banking and advisory revenue was partially offset by lower equity underwriting activity.

Reversal of credit losses of $5 million compared with a provision for credit losses of $14 million in the fourth quarter of 2014, mainly due to a recovery in the current quarter compared with losses in the prior year quarter in our U.S. real estate finance portfolio.

Non-interest expenses of $325 million were up $32 million from the fourth quarter of 2014, primarily due to higher employee and performance-related expenses.

Review of Corporate and Other fourth quarter results

													2015				2015				2014
$ millions, for the three months ended													Oct. 31				Jul. 31				Oct. 31
Revenue
	International banking											$	179			$	175			$	150
	Other												(67)				(106)				(35)
Total revenue ^(1)													112				69				115
Provision for credit losses													13				15				9
Non-interest expenses													510				300				290
Loss before income taxes													(411)				(246)				(184)
Income taxes ^(1)													(202)				(178)				(138)
Net loss												$	(209)			$	(68)			$	(46)
Net income (loss) attributable to:
	Non-controlling interests											$	2			$	5			$	2
	Equity shareholders												(211)				(73)				(48)
Full-time equivalent employees													16,977				17,101				17,087

(1)	TEB adjusted. See footnote 1 in "Capital Markets" section for additional details.

Net loss for the quarter was $209 million, compared with a net loss of $46 million in the same quarter last year, primarily due to higher non-interest expenses. Adjusted net loss ⁽²⁾ for the quarter was $44 million, compared with a net loss of $45 million for the prior year quarter.

Revenue was comparable with the fourth quarter of 2014.

Provision for credit losses was up $4 million from the fourth quarter of 2014, primarily due to an increase in the collective provision.

Non-interest expenses were up $220 million from the fourth quarter of 2014, mainly due to restructuring charges, shown as an item of note.

Income tax benefit was up $64 million from the fourth quarter of 2014, mainly due to the tax impact of the restructuring charges noted above.

Consolidated balance sheet

$ millions, as at October 31							2015				2014
ASSETS
Cash and non-interest-bearing deposits with banks						$	3,053			$	2,694
Interest-bearing deposits with banks							15,584				10,853
Securities
Trading							46,181				47,061
Available-for-sale (AFS)							28,534				12,228
Designated at fair value (FVO)							267				253
							74,982				59,542
Cash collateral on securities borrowed							3,245				3,389
Securities purchased under resale agreements							30,089				33,407
Loans
Residential mortgages							169,258				157,526
Personal							36,517				35,458
Credit card							11,804				11,629
Business and government							65,276				56,075
Allowance for credit losses							(1,670)				(1,660)
							281,185				259,028
Other
Derivative instruments							26,342				20,680
Customers' liability under acceptances							9,796				9,212
Land, buildings and equipment							1,897				1,797
Goodwill							1,526				1,450
Software and other intangible assets							1,197				967
Investments in equity-accounted associates and joint ventures							1,847				1,923
Deferred tax assets							507				506
Other assets							12,059				9,455
							55,171				45,990
						$	463,309			$	414,903
LIABILITIES AND EQUITY
Deposits
Personal						$	137,378			$	130,085
Business and government							178,850				148,793
Bank							10,785				7,732
Secured borrowings							39,644				38,783
							366,657				325,393
Obligations related to securities sold short							9,806				12,999
Cash collateral on securities lent							1,429				903
Obligations related to securities sold under repurchase agreements							8,914				9,862
Other
Derivative instruments							29,057				21,841
Acceptances							9,796				9,212
Deferred tax liabilities							28				29
Other liabilities							12,195				10,903
							51,076				41,985
Subordinated indebtedness							3,874				4,978
Equity
Preferred shares							1,000				1,031
Common shares							7,813				7,782
Contributed surplus							76				75
Retained earnings							11,433				9,626
Accumulated other comprehensive income (AOCI)							1,038				105
Total shareholders' equity							21,360				18,619
Non-controlling interests							193				164
Total equity							21,553				18,783
						$	463,309			$	414,903

Consolidated statement of income

					For the three									For the twelve
					months ended									months ended
						2015			2015			2014			2015			2014
$ millions, except as noted						Oct. 31			Jul. 31			Oct. 31			Oct. 31			Oct. 31
Interest income
Loans					$	2,385		$	2,418		$	2,410		$	9,573		$	9,504
Securities						385			380			403			1,524			1,628
Securities borrowed or purchased under resale agreements						60			69			82			310			320
Deposits with banks						23			20			4			76			25
						2,853			2,887			2,899			11,483			11,477
Interest expense
Deposits						680			728			842			2,990			3,337
Securities sold short						52			55			86			230			327
Securities lent or sold under repurchase agreements						23			29			35			110			127
Subordinated indebtedness						39			40			45			181			178
Other						16			14			10			57			49
						810			866			1,018			3,568			4,018
Net interest income						2,043			2,021			1,881			7,915			7,459
Non-interest income
Underwriting and advisory fees						100			106			128			427			444
Deposit and payment fees						208			216			210			830			848
Credit fees						140			136			123			533			478
Card fees						115			109			106			449			414
Investment management and custodial fees						208			211			186			814			677
Mutual fund fees						363			369			337			1,457			1,236
Insurance fees, net of claims^(1)						103			81			88			361			356
Commissions on securities transactions						88			93			98			385			408
Trading income (loss)						(114)			(10)			(123)			(139)			(176)
AFS securities gains, net						19			17			44			138			201
FVO gains (losses), net						19			(9)			(1)			(3)			(15)
Foreign exchange other than trading						46			29			-			92			43
Income from equity-accounted associates and joint ventures						37			43			35			177			226
Other						108			108			101			420			764
						1,440			1,499			1,332			5,941			5,904
Total revenue						3,483			3,520			3,213			13,856			13,363
Provision for credit losses						198			189			194			771			937
Non-interest expenses
Employee compensation and benefits						1,379			1,231			1,167			5,099			4,636
Occupancy costs						209			191			180			782			736
Computer, software and office equipment						335			330			319			1,292			1,200
Communications						80			80			80			326			312
Advertising and business development						80			70			78			281			285
Professional fees						78			65			61			230			201
Business and capital taxes						16			15			15			68			59
Other^(1)						206			197			183			783			1,083
						2,383			2,179			2,083			8,861			8,512
Income before income taxes						902			1,152			936			4,224			3,914
Income taxes						124			174			125			634			699
Net income					$	778		$	978		$	811		$	3,590		$	3,215
Net income (loss) attributable to non-controlling interests					$	2		$	5		$	2		$	14		$	(3)
	Preferred shareholders				$	9		$	11		$	18		$	45		$	87
	Common shareholders					767			962			791			3,531			3,131
Net income attributable to equity shareholders					$	776		$	973		$	809		$	3,576		$	3,218
Earnings per share (in dollars)
	Basic				$	1.93		$	2.42		$	1.99		$	8.89		$	7.87
	Diluted					1.93			2.42			1.98			8.87			7.86
Dividends per common share (in dollars)						1.12			1.09			1.00			4.30			3.94

(1)	Prior quarter information has been reclassified to conform to the presentation adopted in the first quarter of 2015.

Consolidated statement of comprehensive income

					For the three								For the twelve
					months ended								months ended
					2015			2015			2014			2015			2014
$ millions					Oct. 31			Jul. 31			Oct. 31			Oct. 31			Oct. 31
Net income				$	778		$	978		$	811		$	3,590		$	3,215
Other comprehensive income (OCI), net of income tax, that is subject to subsequent
	reclassification to net income
	Net foreign currency translation adjustments
	Net gains (losses) on investments in foreign operations				2			817			296			1,445			694
	Net (gains) losses on investments in foreign operations reclassified to net income				-			-			-			(21)			-
	Net gains (losses) on hedges of investments in foreign operations				(2)			(413)			(165)			(720)			(425)
	Net (gains) losses on hedges of investments in foreign operations reclassified   to net income				-			-			-			18			-
					-			404			131			722			269
	Net change in AFS securities
	Net gains (losses) on AFS securities				(71)			22			36			(67)			152
	Net (gains) losses on AFS securities reclassified to net income				(15)			(13)			(37)			(97)			(146)
					(86)			9			(1)			(164)			6
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges				35			(14)			13			(7)			94
	Net (gains) losses on derivatives designated as cash flow hedges reclassified   to net income				(29)			16			(13)			3			(81)
					6			2			-			(4)			13
OCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans				240			221			(7)			374			(143)
	Net fair value change of FVO liabilities attributable to changes in credit risk				7			2			-			5			-
Total OCI					167			638			123			933			145
Comprehensive income				$	945		$	1,616		$	934		$	4,523		$	3,360
Comprehensive income (loss) attributable to non-controlling interests				$	2		$	5		$	2		$	14		$	(3)
	Preferred shareholders			$	9		$	11		$	18		$	45		$	87
	Common shareholders				934			1,600			914			4,464			3,276
Comprehensive income attributable to equity shareholders				$	943		$	1,611		$	932		$	4,509		$	3,363
					For the three								For the twelve
					months ended								months ended
					2015			2015			2014			2015			2014
$ millions					Oct. 31			Jul. 31			Oct. 31			Oct. 31			Oct. 31
Income tax (expense) benefit
Subject to subsequent reclassification to net income
	Net foreign currency translation adjustments
	Net gains (losses) on investments in foreign operations			$	-		$	(65)		$	(23)		$	(118)		$	(52)
	Net (gains) losses on investments in foreign operations reclassified to net income				-			-			-			3			-
	Net gains (losses) on hedges of investments in foreign operations				1			51			29			91			67
	Net (gains) losses on hedges of investments in foreign operations reclassified to net income				-			-			-			(6)			-
					1			(14)			6			(30)			15
	Net change in AFS securities
	Net gains (losses) on AFS securities				18			(8)			3			42			(71)
	Net (gains) losses on AFS securities reclassified to net income				5			11			9			48			59
					23			3			12			90			(12)
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges				(13)			5			(5)			2			(34)
	Net (gains) losses on derivatives designated as cash flow hedges reclassified   to net income				10			(6)			5			(2)			29
					(3)			(1)			-			-			(5)
Not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans				(79)			(80)			5			(129)			54
	Net fair value change of FVO liabilities attributable to changes in credit risk				(2)			(1)			-			(1)			-
				$	(60)		$	(93)		$	23		$	(70)		$	52

Consolidated statement of changes in equity

		For the three											For the twelve
		months ended											months ended
			2015			2015			2014					2015			2014
$ millions			Oct. 31			Jul. 31			Oct. 31					Oct. 31			Oct. 31
Preferred shares
Balance at beginning of period		$	1,000		$	1,000		$	1,281				$	1,031		$	1,706
Issue of preferred shares			-			-			-					600			400
Redemption of preferred shares			-			-			(250)					(631)			(1,075)
Balance at end of period		$	1,000		$	1,000		$	1,031				$	1,000		$	1,031
Common shares
Balance at beginning of period		$	7,800		$	7,803		$	7,758				$	7,782		$	7,753
Issue of common shares			8			2			27					30			96
Purchase of common shares for cancellation			(2)			-			(5)					(2)			(65)
Treasury shares			7			(5)			2					3			(2)
Balance at end of period		$	7,813		$	7,800		$	7,782				$	7,813		$	7,782
Contributed surplus
Balance at beginning of period		$	79		$	77		$	78				$	75		$	82
Stock option expense			1			2			1					5			7
Stock options exercised			(1)			-			(4)					(4)			(14)
Other			(3)			-			-					-			-
Balance at end of period		$	76		$	79		$	75				$	76		$	75
Retained earnings
Balance at beginning of period		$	11,119		$	10,590		$	9,258				$	9,626		$	8,318
Net income attributable to equity shareholders			776			973			809					3,576			3,218
Dividends
	Preferred		(9)			(11)			(18)					(45)			(87)
	Common		(445)			(433)			(398)					(1,708)			(1,567)
Premium on purchase of common shares for cancellation			(9)			-			(24)					(9)			(250)
Other			1			-			(1)					(7)			(6)
Balance at end of period		$	11,433		$	11,119		$	9,626				$	11,433		$	9,626
AOCI, net of income tax
AOCI, net of income tax, that is subject to subsequent reclassification to net income
	Net foreign currency translation adjustments
	Balance at beginning of period	$	1,035		$	631		$	182				$	313		$	44
	Net change in foreign currency translation adjustments		-			404			131					722			269
	Balance at end of period	$	1,035		$	1,035		$	313				$	1,035		$	313
	Net gains (losses) on AFS securities
	Balance at beginning of period	$	180		$	171		$	259				$	258		$	252
	Net change in AFS securities		(86)			9			(1)					(164)			6
	Balance at end of period	$	94		$	180		$	258				$	94		$	258
	Net gains (losses) on cash flow hedges
	Balance at beginning of period	$	16		$	14		$	26				$	26		$	13
	Net change in cash flow hedges		6			2			-					(4)			13
	Balance at end of period	$	22		$	16		$	26				$	22		$	26
AOCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans
	Balance at beginning of period	$	(358)		$	(579)		$	(485)				$	(492)		$	(349)
	Net change in post-employment defined benefit plans		240			221			(7)					374			(143)
	Balance at end of period	$	(118)		$	(358)		$	(492)				$	(118)		$	(492)
	Net fair value change of FVO liabilities attributable to changes in credit risk
	Balance at beginning of period	$	(2)		$	(4)		$	-				$	-		$	-
	Net change attributable to changes in credit risk		7			2			-					5			-
	Balance at end of period	$	5		$	(2)		$	-				$	5		$	-
Total AOCI, net of income tax		$	1,038		$	871		$	105				$	1,038		$	105
Non-controlling interests
Balance at beginning of period		$	194		$	178		$	155				$	164		$	175
Net income (loss) attributable to non-controlling interests			2			5			2					14			(3)
Dividends			-			(3)			-					(5)			(4)
Other			(3)			14			7					20			(4)
Balance at end of period		$	193		$	194		$	164				$	193		$	164
Equity at end of period		$	21,553		$	21,063		$	18,783				$	21,553		$	18,783

Consolidated statement of cash flows

			For the three											For the twelve
			months ended											months ended
				2015			2015			2014					2015			2014
$ millions				Oct. 31			Jul. 31			Oct. 31					Oct. 31			Oct. 31
Cash flows provided by (used in) operating activities
Net income			$	778		$	978		$	811				$	3,590		$	3,215
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
	Provision for credit losses			198			189			194					771			937
	Amortization and impairment ^(1)			109			112			96					435			813
	Stock option expense			1			2			1					5			7
	Deferred income taxes			(11)			(17)			3					(61)			57
	AFS securities gains, net			(19)			(17)			(44)					(138)			(201)
	Net losses (gains) on disposal of land, buildings and equipment			(4)			-			-					(2)			1
	Other non-cash items, net			(27)			(52)			(22)					(257)			(637)
	Net changes in operating assets and liabilities
		Interest-bearing deposits with banks		1,293			(2,471)			(2,636)					(4,731)			(6,685)
		Loans, net of repayments		(4,104)			(11,148)			(5,003)					(22,610)			(16,529)
		Deposits, net of withdrawals		5,847			19,212			3,151					40,510			10,213
		Obligations related to securities sold short		(1,591)			839			196					(3,193)			(328)
		Accrued interest receivable		(95)			42			(25)					(112)			79
		Accrued interest payable		263			(233)			241					(77)			(32)
		Derivative assets		3,675			(3,285)			(2,460)					(5,655)			(688)
		Derivative liabilities		(2,815)			1,407			3,895					7,204			2,032
		Trading securities		1,368			320			1,034					880			(2,991)
		FVO securities		3			(17)			8					(14)			34
		Other FVO assets and liabilities		421			(80)			(107)					327			(14)
		Current income taxes		30			194			(28)					140			(27)
		Cash collateral on securities lent		(138)			(209)			(456)					526			(1,196)
		Obligations related to securities sold under repurchase agreements		812			(2,209)			425					(948)			4,975
		Cash collateral on securities borrowed		114			215			(151)					144			28
		Securities purchased under resale agreements		(2,098)			10,209			(8,302)					3,318			(8,096)
		Other, net		(92)			804			(38)					(569)			(1,538)
				3,918			14,785			(9,217)					19,483			(16,571)
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness				-			-			1,000					-			1,000
Redemption/repurchase/maturity of subordinated indebtedness				-			(10)			(250)					(1,130)			(264)
Issue of preferred shares				-			-			-					600			400
Redemption of preferred shares				-			-			(250)					(631)			(1,075)
Issue of common shares for cash				7			2			23					26			82
Purchase of common shares for cancellation				(11)			-			(29)					(11)			(315)
Net proceeds from treasury shares				7			(5)			2					3			(2)
Dividends paid				(454)			(444)			(416)					(1,753)			(1,654)
Share issuance costs				1			-			-					(7)			(5)
				(450)			(457)			80					(2,903)			(1,833)
Cash flows provided by (used in) investing activities
Purchase of AFS securities				(15,709)			(17,517)			(7,091)					(41,145)			(27,974)
Proceeds from sale of AFS securities				1,450			954			11,659					9,264			29,014
Proceeds from maturity of AFS securities				10,738			2,044			4,337					15,451			14,578
Net cash used in acquisitions				-			-			-					-			(190)
Net cash provided by dispositions				-			-			-					185			3,611
Net purchase of land, buildings and equipment				(91)			(59)			(100)					(256)			(251)
				(3,612)			(14,578)			8,805					(16,501)			18,788
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks				(1)			135			51					280			99
Net increase (decrease) in cash and non-interest-bearing deposits with banks
	during period			(145)			(115)			(281)					359			483
Cash and non-interest-bearing deposits with banks at beginning of period				3,198			3,313			2,975					2,694			2,211
Cash and non-interest-bearing deposits with banks at end of period ^(2)			$	3,053		$	3,198		$	2,694				$	3,053		$	2,694
Cash interest paid			$	548		$	1,101		$	777				$	3,646		$	4,050
Cash income taxes paid				105			(3)			150					555			669
Cash interest and dividends received				2,758			2,929			2,874					11,371			11,556

(1)	Comprises amortization and impairment of buildings, furniture, equipment, leasehold improvements, and software and other intangible assets. In addition, the year ended October 31, 2014 included the goodwill impairment charge.
(2)	Includes restricted balances of $406 million (July 31, 2015: $414 million; October 31, 2014: $324 million)

 

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures useful in analyzing financial performance.

The following table provides a quarterly reconciliation of non-GAAP to GAAP measures related to CIBC on a consolidated basis. For a more detailed discussion and for an annual reconciliation of non-GAAP to GAAP measures, see the "Non-GAAP measures" section of CIBC's 2015 Annual Report.

		As at or for the															As at or for the
		three months ended															twelve months ended
					2015				2015				2014					2015				2014
$ millions,					Oct. 31				Jul. 31				Oct. 31					Oct. 31				Oct. 31
Reported and adjusted diluted EPS
Reported net income attributable to diluted common shareholders		A		$	767			$	962			$	791				$	3,531			$	3,131
After-tax impact of items of note ^(1)					172				12				100					230				432
Adjusted net income attributable to diluted common shareholders^(2)		B		$	939			$	974			$	891				$	3,761			$	3,563
Diluted weighted-average common shares outstanding (thousands)		C			397,838				397,828				397,907					397,832				398,420
Reported diluted EPS ($)		A/C		$	1.93			$	2.42			$	1.98				$	8.87			$	7.86
Adjusted diluted EPS ($) ^(2)		B/C			2.36				2.45				2.24					9.45				8.94
Reported and adjusted return on common shareholders' equity
Average common shareholders' equity		D		$	20,122			$	18,733			$	17,528				$	18,857			$	17,067
Reported return on common shareholders' equity (%)		A / D			15.1	%			20.4	%			17.9	%				18.7	%			18.3	%
Adjusted return on common shareholders' equity (%) ^(2)		B / D			18.5	%			20.6	%			20.1	%				19.9	%			20.9	%

						Retail and
						Business				Wealth				Capital				Corporate				CIBC
$ millions, for the three months ended						Banking				Management				Markets				and Other				Total
Oct. 31		Reported net income (loss)				$	655			$	123			$	209			$	(209)			$	778
2015		After-tax impact of items of note^(1)					1				6				2				165				174
		Adjusted net income (loss)^(2)				$	656			$	129			$	211			$	(44)			$	952
Jul. 31		Reported net income (loss)				$	636			$	140			$	270			$	(68)			$	978
2015		After-tax impact of items of note^(1)					2				3				5				2				12
		Adjusted net income (loss)^(2)				$	638			$	143			$	275			$	(66)			$	990
Oct. 31		Reported net income (loss)				$	602			$	119			$	136			$	(46)			$	811
2014		After-tax impact of items of note^(1)					14				5				80				1				100
		Adjusted net income (loss)^(2)				$	616			$	124			$	216			$	(45)			$	911
$ millions, for the twelve months ended
Oct. 31		Reported net income (loss)				$	2,524			$	520			$	1,004			$	(458)			$	3,590
2015		After-tax impact of items of note^(1)					(28)				18				8				234				232
		Adjusted net income (loss)^(2)				$	2,496			$	538			$	1,012			$	(224)			$	3,822
Oct. 31		Reported net income (loss)				$	2,483			$	471			$	895			$	(634)			$	3,215
2014		After-tax impact of items of note^(1)					(64)				15				18				473				442
		Adjusted net income (loss)^(2)				$	2,419			$	486			$	913			$	(161)			$	3,657

(1)	Reflects impact of items of note under the "Financial results" section of the management's discussion analysis.
(2)	Non-GAAP measure.

 

Items of note

				For the three										For the twelve
				months ending										months ending
				2015				2015			2014			2015				2014
$ millions				Oct. 31				Jul. 31			Oct. 31			Oct. 31				Oct. 31
Gain arising from accounting adjustments on credit card-related balance sheet
	amounts			$	-		$	-		$	-			$	(46)		$	-
Gain on sale of an investment in our merchant banking portfolio					-			-			-				(23)			-
Gain in respect of the Aeroplan transactions with Aimia Canada Inc. and TD, net of					-			-			18				-			(190)
	costs relating to the development of our enhanced travel rewards program
Gain within an equity-accounted investment in our merchant banking portfolio					-			-			-				-			(52)
Loss (income) from the structured credit run-off business					3			6			(2)				29			15
Amortization of intangible assets					11			10			10				42			36
Decrease in collective allowance ^(1) recognized in Corporate and Other					-			-			-				-			(26)
Charge resulting from operational changes in the processing of write-offs					-			-			-				-			26
	in Retail and Business Banking
Gain in our exited European leveraged finance portfolio					-			-			-				-			(78)
Loan losses in our exited U.S. leveraged finance portfolio					-			-			-				-			22
Restructuring charges					211			-			-				296			-
Charges relating to CIBC FirstCaribbean					-			-			-				-			543
Charge relating to the incorporation of funding valuation adjustments (FVA) into the					-			-			112				-			112
			valuation of our uncollateralized derivatives
Pre-tax impact of items of note on net income					225			16			138				298			408
	Income tax impact on above items of note				(51)			(4)			(38)				(66)			34
After-tax impact of items of note on net income					174			12			100				232			442
	After-tax impact of items of note on non-controlling interests				(2)			-			-				(2)			(10)
After-tax impact of items of note on net income attributable to common shareholders				$	172		$	12		$	100			$	230		$	432

(1)	Relates to the collective allowance, except for (i) residential mortgages greater than 90 days delinquent; (ii) personal loans and scored small business loans greater than 30 days delinquent; and (iii) net write-offs for the cards portfolio, which are all reported in the respective SBUs.

 

Basis of presentation

The interim consolidated financial information in this news release is prepared in accordance with IFRS and is unaudited whereas the annual consolidated financial information is derived from audited financial statements. These interim financial statements follow the same accounting policies and methods of application as CIBC's consolidated financial statements for the year ended October 31, 2015.

Conference Call/Webcast

The conference call will be held at 8:00 a.m. (ET) and is available in English (416-340-2217, or toll-free 1-877-405-9213, passcode 6272962#) and French (514-861-2255, or toll-free 1-877-405-9213, passcode 1883806#). Participants are asked to dial in 10 minutes before the call. Immediately following the formal presentations, CIBC executives will be available to answer questions.

A live audio webcast of the conference call will also be available in English and French at www.cibc.com/ca/investor-relations/quarterly-results.html.

Details of CIBC's 2015 fourth quarter and fiscal year results, as well as a presentation to investors, will be available in English and French at www.cibc.com, Investor Relations section, prior to the conference call/webcast. We are not incorporating information contained on the website in this news release.

A telephone replay will be available in English (905-694-9451 or 1-800-408-3053, passcode 6371479#) and French (514-861-2272 or 1-800-408-3053, passcode 8556162#) until 23:59 (ET) December 10, 2015. The audio webcast will be archived at www.cibc.com/ca/investor-relations/quarterly-results.html.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com/ca/media-centre/.

The information below forms a part of this press release.

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

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

A NOTE ABOUT FORWARD-LOOKING STATEMENTS:

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, 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 "Core business performance", "Strong fundamentals", and "Making a difference in our Communities" sections of this news release, and the Management's Discussion and Analysis in our 2015 Annual Report under the heading "Financial performance overview - Outlook for calendar year 2016" and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook for calendar year 2015 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 "Financial performance overview - Outlook for calendar year 2016" section of our 2015 Annual Report, as updated by quarterly reports, 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; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; 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 or associates; 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, including as a result of oil price volatility; 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 Europe's sovereign debt crisis; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this news release represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this news release or in other communications except as required by law.

 

 

 

 

 

 

SOURCE CIBC - Investor Relations

Investor Relations:
Geoff Weiss, SVP
416-980-5093
[email protected]

Jason Patchett, analyst enquiries
416-980-8691
[email protected]

Alice Dunning, investor enquiries
416-861-8870
[email protected]

Media Inquiries:
Kevin Dove
416-980-8835
[email protected] 

Erica Belling
416-594-7251
[email protected]