CIBC Announces Fourth Quarter and Fiscal 2017 Results Français

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Nov 30, 2017, 05:58 ET

CIBC's 2017 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 and supplementary regulatory capital reports which include fourth quarter financial information. All amounts are expressed in Canadian dollars, unless otherwise indicated.

TORONTO, Nov. 30, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2017.

Fourth quarter highlights

	Q4/17	Q4/16	Q3/17	YoY Variance	QoQ Variance
Reported Net Income	$1,164 million	$931 million	$1,097 million	+25%	+6%
Adjusted Net Income ⁽¹⁾	$1,263 million	$1,041 million	$1,166 million	+21%	+8%
Reported Diluted Earnings Per Share (EPS)	$2.59	$2.32	$2.60	+12%	–
Adjusted Diluted EPS ⁽¹⁾	$2.81	$2.60	$2.77	+8%	+1%
Reported Return on Common Shareholders' Equity (ROE)	15.8%	16.8%	16.3%
Adjusted ROE ⁽¹⁾	17.2%	18.8%	17.3%
Basel III Common Equity Tier 1 Ratio (all-in basis)	10.6%	11.3%	10.4%

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

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	Target	2017 Reported Results	2017 Adjusted Results ⁽¹⁾
Diluted EPS growth	5%+ on average, annually	$11.24, up 5% from 2016	$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 points from 2016	57.2%, an improvement of 80 basis 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	CIBC – 81.6% Banks Index – 103.6%

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

"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 150^th 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)		F2017	F2016 ⁽¹⁾	YoY Variance
Canadian Personal and Small Business Banking
	Reported Net Income	$2,420	$2,160	up 12%
	Adjusted Net Income ⁽²⁾	$2,250	$2,135	up 5%

Canadian Commercial Banking and Wealth Management
	Reported Net Income	$1,138	$991	up 15%
	Adjusted Net Income ⁽²⁾	$1,139	$993	up 15%

U.S. Commercial Banking and Wealth Management
	Reported Net Income	$203	$87	up 133%
	Adjusted Net Income ⁽²⁾	$222	$93	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.

Fourth quarter financial highlights

			As at or for the									As at or for the
			three months ended									twelve months ended
			2017			2017			2016			2017			2016
Unaudited			Oct. 31			Jul. 31		⁽¹⁾	Oct. 31			Oct. 31		⁽¹⁾	Oct. 31
Financial results ($ millions)
Net interest income			$	2,464		$	2,276		$	2,110		$	8,977		$	8,366
Non-interest income				1,805			1,828			1,571			7,303			6,669
Total revenue				4,269			4,104			3,681			16,280			15,035
Provision for credit losses				229			209			222			829			1,051
Non-interest expenses				2,570			2,452			2,347			9,571			8,971
Income before income taxes				1,470			1,443			1,112			5,880			5,013
Income taxes				306			346			181			1,162			718
Net income			$	1,164		$	1,097		$	931		$	4,718		$	4,295
Net income attributable to non-controlling interests				5			4			4			19			20
	Preferred shareholders			24			9			10			52			38
	Common shareholders			1,135			1,084			917			4,647			4,237
Net income attributable to equity shareholders			$	1,159		$	1,093		$	927		$	4,699		$	4,275
Financial measures
Reported efficiency ratio				60.2	%		59.7	%		63.8	%		58.8	%		59.7	%
Adjusted efficiency ratio⁽²⁾				56.5	%		57.3	%		58.2	%		57.2	%		58.0	%
Loan loss ratio⁽³⁾				0.23	%		0.24	%		0.27	%		0.25	%		0.31	%
Reported return on common shareholders' equity				15.8	%		16.3	%		16.8	%		18.3	%		19.9	%
Adjusted return on common shareholders' equity⁽²⁾				17.2	%		17.3	%		18.8	%		18.1	%		19.0	%
Net interest margin				1.72	%		1.66	%		1.59	%		1.66	%		1.64	%
Net interest margin on average interest-earning assets				1.92	%		1.85	%		1.81	%		1.85	%		1.88	%
Return on average assets				0.81	%		0.80	%		0.70	%		0.87	%		0.84	%
Return on average interest-earning assets				0.91	%		0.89	%		0.80	%		0.97	%		0.96	%
Total shareholder return				6.19	%		(0.65)	%		2.54	%		18.30	%		5.19	%
Reported effective tax rate				20.8	%		24.0	%		16.2	%		19.8	%		14.3	%
Adjusted effective tax rate⁽²⁾				21.8	%		24.1	%		17.5	%		20.3	%		16.6	%
Common share information
Per share ($)		- basic earnings	$	2.60		$	2.61		$	2.32		$	11.26		$	10.72
		- reported diluted earnings		2.59			2.60			2.32			11.24			10.70
		- adjusted diluted earnings⁽²⁾		2.81			2.77			2.60			11.11			10.22
		- dividends		1.30			1.27			1.21			5.08			4.75
		- book value		66.55			64.29			56.59			66.55			56.59
Share price ($)		- high		114.01			109.57			104.46			119.86			104.46
		- low		104.10			104.87			97.51			97.76			83.33
		- closing		113.56			108.22			100.50			113.56			100.50
Shares outstanding (thousands)		- weighted-average basic⁽⁴⁾⁽⁵⁾		437,109			415,561			395,181			412,636			395,389
		- weighted-average diluted⁽⁴⁾		438,556			416,385			395,750			413,563			395,919
		- end of period⁽⁴⁾⁽⁵⁾		439,313			436,059			397,070			439,313			397,070
Market capitalization ($ millions)			$	49,888		$	47,190		$	39,906		$	49,888		$	39,906
Value measures
Dividend yield (based on closing share price)				4.5	%		4.7	%		4.8	%		4.5	%		4.7	%
Reported dividend payout ratio				50.1	%		50.9	%		52.2	%		45.6	%		44.3	%
Adjusted dividend payout ratio⁽²⁾				46.1	%		47.8	%		46.6	%		46.2	%		46.4	%
Market value to book value ratio				1.71			1.68			1.78			1.71			1.78
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities			$	107,571		$	108,297		$	101,588		$	107,571		$	101,588
Loans and acceptances, net of allowance				365,558			358,993			319,781			365,558			319,781
Total assets				565,264			560,912			501,357			565,264			501,357
Deposits				439,706			439,357			395,647			439,706			395,647
Common shareholders' equity				29,238			28,036			22,472			29,238			22,472
Average assets				568,905			543,138			527,702			542,365			509,140
Average interest-earning assets				510,038			486,949			462,970			485,837			445,134
Average common shareholders' equity				28,471			26,447			21,763			25,393			21,275
Assets under administration (AUA)⁽⁶⁾⁽⁷⁾			2,192,947			2,105,626			2,041,887			2,192,947			2,041,887
Assets under management (AUM)⁽⁷⁾			221,571			201,275			183,715			221,571			183,715
Balance sheet quality (All-in basis) and liquidity measures
Risk-weighted assets (RWA) ($ millions)
	Common Equity Tier 1 (CET1) capital RWA		$	203,321		$	198,459		$	168,996		$	203,321		$	168,996
	Tier 1 capital RWA			203,321			198,686			169,322			203,321			169,322
	Total capital RWA			203,321			198,867			169,601			203,321			169,601
Capital ratios
	CET1 ratio			10.6	%		10.4	%		11.3	%		10.6	%		11.3	%
	Tier 1 capital ratio			12.1	%		11.9	%		12.8	%		12.1	%		12.8	%
	Total capital ratio			13.8	%		13.7	%		14.8	%		13.8	%		14.8	%
Basel III leverage ratio
	Leverage ratio exposure ($ millions)		$	610,353		$	602,314		$	545,480		$	610,353		$	545,480
	Leverage ratio			4.0	%		3.9	%		4.0	%		4.0	%		4.0	%
Liquidity coverage ratio (LCR)				120	%		125	%		124	%		n/a			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.

Review of Canadian Personal and Small Business Banking fourth quarter results

			2017			2017			2016
$ millions, for the three months ended			Oct. 31			Jul. 31	⁽¹⁾		Oct. 31	⁽¹⁾
Revenue
	Personal and small business banking	$	2,086		$	2,028		$	1,981
	Other		7			11			24
Total revenue			2,093			2,039			2,005
Provision for credit losses			183			190			189
Non-interest expenses			1,161			1,085			1,056
Income before income taxes			749			764			760
Income taxes			198			203			201
Net income		$	551		$	561		$	559
Net income attributable to:
	Equity shareholders (a)	$	551		$	561		$	559
Efficiency ratio			55.5	%		53.2	%		52.7	%
Return on equity⁽²⁾			57.8	%		61.7	%		58.2	%
Charge for economic capital⁽²⁾ (b)		$	(93)		$	(89)		$	(94)
Economic profit⁽²⁾ (a+b)		$	458		$	472		$	465
Full-time equivalent employees			14,709			15,127			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

			2017			2017			2016
$ millions, for the three months ended			Oct. 31			Jul. 31	⁽¹⁾		Oct. 31	⁽¹⁾
Revenue
	Commercial banking	$	348		$	333		$	312
	Wealth management		574			570			534
Total revenue			922			903			846
Provision for (reversal of) credit losses			11			(3)			18
Non-interest expenses			520			508			481
Income before income taxes			391			398			347
Income taxes			104			107			93
Net income		$	287		$	291		$	254
Net income attributable to:
	Equity shareholders (a)	$	287		$	291		$	254
Efficiency ratio			56.4	%		56.4	%		56.9	%
Return on equity⁽²⁾			37.1	%		38.4	%		33.4	%
Charge for economic capital⁽²⁾ (b)		$	(76)		$	(73)		$	(74)
Economic profit⁽²⁾ (a+b)		$	211		$	218		$	180
Full-time equivalent employees			5,081			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 long-term 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 employee-related compensation.

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

			2017			2017			2016
$ millions, for the three months ended			Oct. 31			Jul. 31	⁽¹⁾		Oct. 31	⁽¹⁾
Revenue
	Commercial banking	$	283		$	150		$	49
	Wealth management		115			80			57
	Other		24			9			-
Total revenue⁽²⁾			422			239			106
Provision for credit losses			48			34			-
Non-interest expenses			235			154			77
Income before income taxes			139			51			29
Income taxes⁽²⁾			32			10			6
Net income		$	107		$	41		$	23
Net income attributable to:
	Equity shareholders (a)	$	107		$	41		$	23
Efficiency ratio			55.7	%		64.3	%		73.3	%
Return on equity⁽³⁾			6.4	%		5.2	%		19.0	%
Charge for economic capital⁽³⁾ (b)		$	(156)		$	(76)		$	(12)
Economic profit⁽³⁾ (a+b)		$	(49)		$	(35)		$	11
Full-time equivalent employees			1,753			1,734			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). 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

			2017			2017			2016
$ millions, for the three months ended			Oct. 31			Jul. 31	⁽¹⁾		Oct. 31	⁽¹⁾
Revenue
	Global markets	$	299		$	362		$	366
	Corporate and investment banking		326			318			265
	Other		(3)			(1)			(5)
Total revenue⁽²⁾			622			679			626
Provision for credit losses			-			1			-
Non-interest expenses			320			340			308
Income before income taxes			302			338			318
Income taxes⁽²⁾			80			86			63
Net income		$	222		$	252		$	255
Net income attributable to:
	Equity shareholders (a)	$	222		$	252		$	255
Efficiency ratio			51.3	%		50.0	%		49.3	%
Return on equity⁽³⁾			30.0	%		33.3	%		31.0	%
Charge for economic capital⁽³⁾ (b)		$	(72)		$	(74)		$	(80)
Economic profit⁽³⁾ (a+b)		$	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.

Review of Corporate and Other fourth quarter results

		2017		2017			2016
$ millions, for the three months ended		Oct. 31		Jul. 31		⁽¹⁾	Oct. 31		⁽¹⁾
Revenue
	International banking	$	183	$	183		$	176
	Other		27		61			(78)
Total revenue⁽²⁾			210		244			98
Provision for (reversal of) credit losses			(13)		(13)			15
Non-interest expenses			334		365			425
Loss before income taxes			(111)		(108)			(342)
Income taxes⁽²⁾			(108)		(60)			(182)
Net loss		$	(3)	$	(48)		$	(160)
Net income (loss) attributable to:
	Non-controlling interests	$	5	$	4		$	4
	Equity shareholders		(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.

Consolidated balance sheet

$ millions, as at October 31		2017	⁽¹⁾		2016
ASSETS
Cash and non-interest-bearing deposits with banks	$	3,440		$	3,500
Interest-bearing deposits with banks		10,712			10,665
Securities
Trading		50,679			49,915
Available-for-sale (AFS) and held-to-maturity (HTM)		42,592			37,253
Designated at fair value (FVO)		148			255
		93,419			87,423
Cash collateral on securities borrowed		5,035			5,433
Securities purchased under resale agreements		40,383			28,377
Loans
Residential mortgages		207,271			187,298
Personal		40,937			38,041
Credit card		12,378			12,332
Business and government		97,766			71,437
Allowance for credit losses		(1,618)			(1,691)
		356,734			307,417
Other
Derivative instruments		24,342			27,762
Customers' liability under acceptances		8,824			12,364
Land, buildings and equipment		1,783			1,898
Goodwill		5,367			1,539
Software and other intangible assets		1,978			1,410
Investments in equity-accounted associates and joint ventures		715			766
Deferred tax assets		727			771
Other assets		11,805			12,032
		55,541			58,542
	$	565,264		$	501,357
LIABILITIES AND EQUITY
Deposits
Personal	$	159,327		$	148,081
Business and government		225,622			190,240
Bank		13,789			17,842
Secured borrowings		40,968			39,484
		439,706			395,647
Obligations related to securities sold short		13,713			10,338
Cash collateral on securities lent		2,024			2,518
Obligations related to securities sold under repurchase agreements		27,971			11,694
Other
Derivative instruments		23,271			28,807
Acceptances		8,828			12,395
Deferred tax liabilities		30			21
Other liabilities		15,275			12,898
		47,404			54,121
Subordinated indebtedness		3,209			3,366
Equity
Preferred shares		1,797			1,000
Common shares		12,548			8,026
Contributed surplus		137			72
Retained earnings		16,101			13,584
Accumulated other comprehensive income (AOCI)		452			790
Total shareholders' equity		31,035			23,472
Non-controlling interests		202			201
Total equity		31,237			23,673
	$	565,264		$	501,357

(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.

Consolidated statement of income

			For the three							For the twelve
			months ended							months ended
			2017		2017			2016		2017		2016
$ millions, except as noted			Oct. 31		Jul. 31	⁽¹⁾		Oct. 31		Oct. 31	⁽¹⁾	Oct. 31
Interest income
Loans		$	3,143	$	2,802		$	2,531	$	11,028	$	9,833
Securities			479		441			457		1,890		1,774
Securities borrowed or purchased under resale agreements			148		129			90		495		329
Deposits with banks			55		46			37		180		156
			3,825		3,418			3,115		13,593		12,092
Interest expense
Deposits			1,174		974			878		3,953		3,215
Securities sold short			64		49			45		226		199
Securities lent or sold under repurchase agreements			73		77			36		254		127
Subordinated indebtedness			38		34			35		142		137
Other			12		8			11		41		48
			1,361		1,142			1,005		4,616		3,726
Net interest income			2,464		2,276			2,110		8,977		8,366
Non-interest income
Underwriting and advisory fees			116		124			103		452		446
Deposit and payment fees			214		211			207		843		832
Credit fees			199		199			166		744		638
Card fees			119		110			125		463		470
Investment management and custodial fees			284		261			233		1,034		882
Mutual fund fees			396		399			378		1,573		1,462
Insurance fees, net of claims			107		107			97		427		396
Commissions on securities transactions			86		82			83		349		342
Trading income (loss)			47		93			(32)		226		(88)
AFS securities gains, net			37		30			6		143		73
FVO gains (losses), net			(7)		7			10		1		17
Foreign exchange other than trading			59		74			53		252		367
Income from equity-accounted associates and joint ventures			26		29			24		101		96
Other			122		102			118		695		736
			1,805		1,828			1,571		7,303		6,669
Total revenue			4,269		4,104			3,681		16,280		15,035
Provision for credit losses			229		209			222		829		1,051
Non-interest expenses
Employee compensation and benefits			1,316		1,324			1,292		5,198		4,982
Occupancy costs			215		205			209		822		804
Computer, software and office equipment			450		418			393		1,630		1,398
Communications			78		81			75		317		319
Advertising and business development			89		76			77		282		269
Professional fees			71		72			61		229		201
Business and capital taxes			26		24			18		96		68
Other			325		252			222		997		930
			2,570		2,452			2,347		9,571		8,971
Income before income taxes			1,470		1,443			1,112		5,880		5,013
Income taxes			306		346			181		1,162		718
Net income		$	1,164	$	1,097		$	931	$	4,718	$	4,295
Net income attributable to non-controlling interests		$	5	$	4		$	4	$	19	$	20
	Preferred shareholders	$	24	$	9		$	10	$	52	$	38
	Common shareholders		1,135		1,084			917		4,647		4,237
Net income attributable to equity shareholders		$	1,159	$	1,093		$	927	$	4,699	$	4,275
Earnings per share (in dollars)
	Basic	$	2.60	$	2.61		$	2.32	$	11.26	$	10.72
	Diluted		2.59		2.60			2.32		11.24		10.70
Dividends per common share (in dollars)			1.30		1.27			1.21		5.08		4.75

(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.

Consolidated statement of comprehensive income

		For the three						For the twelve
		months ended						months ended
			2017		2017		2016		2017		2016
$ millions			Oct. 31		Jul. 31	⁽¹⁾	Oct. 31		Oct. 31	⁽¹⁾	Oct. 31
Net income		$	1,164	$	1,097	$	931	$	4,718	$	4,295
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		1,084		(2,643)		606		(1,148)		487
	Net (gains) losses on investments in foreign operations reclassified to net income		-		-		-		-		(272)
	Net gains (losses) on hedges of investments in foreign operations		(653)		1,586		(383)		772		(257)
	Net (gains) losses on hedges of investments in foreign operations reclassified to net income		-		-		-		-		121
			431		(1,057)		223		(376)		79
	Net change in AFS securities
	Net gains (losses) on AFS securities		6		(23)		14		6		125
	Net (gains) losses on AFS securities reclassified to net income		(30)		(19)		(5)		(107)		(58)
			(24)		(42)		9		(101)		67
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges		20		(20)		8		70		13
	Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income		(14)		1		(11)		(60)		(12)
			6		(19)		(3)		10		1
OCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans		(125)		203		55		139		(390)
	Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk		(3)		(1)		(3)		(10)		(5)
Total OCI⁽²⁾			285		(916)		281		(338)		(248)
Comprehensive income		$	1,449	$	181	$	1,212	$	4,380	$	4,047
Comprehensive income attributable to non-controlling interests		$	5	$	4	$	4	$	19	$	20
	Preferred shareholders	$	24	$	9	$	10	$	52	$	38
	Common shareholders		1,420		168		1,198		4,309		3,989
Comprehensive income attributable to equity shareholders		$	1,444	$	177	$	1,208	$	4,361	$	4,027

(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.
(2)	Includes $7 million of losses for the quarter ended October 31, 2017 (July 31, 2017: $11 million of losses; October 31, 2016: $2 million of gains), relating to our investments in equity-accounted associates and joint ventures.

		For the three						For the twelve
		months ended						months ended
			2017		2017		2016		2017		2016
$ millions			Oct. 31		Jul. 31	⁽¹⁾	Oct. 31		Oct. 31	⁽¹⁾	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	$	(34)	$	89	$	(19)	$	42	$	(17)
	Net (gains) losses on investments in foreign operations reclassified to net income		-		-		-		-		37
	Net gains (losses) on hedges of investments in foreign operations		136		(343)		69		(170)		128
	Net (gains) losses on hedges of investments in foreign operations reclassified to net income		-		-		-		-		(26)
			102		(254)		50		(128)		122
	Net change in AFS securities
	Net gains (losses) on AFS securities		(8)		5		(6)		(23)		(24)
	Net (gains) losses on AFS securities reclassified to net income		7		11		1		36		15
			(1)		16		(5)		13		(9)
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges		(5)		7		(3)		(23)		(5)
	Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income		5		-		4		22		5
			-		7		1		(1)		-
Not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans		42		(73)		(13)		(54)		149
	Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk		1		1		-		4		1
		$	144	$	(303)	$	33	$	(166)	$	263

(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.

Consolidated statement of changes in equity

		For the three						For the twelve
		months ended						months ended
			2017		2017		2016		2017		2016
$ millions			Oct. 31		Jul. 31	⁽¹⁾	Oct. 31		Oct. 31	⁽¹⁾	Oct. 31
Preferred shares
Balance at beginning of period		$	1,796	$	1,000	$	1,000	$	1,000	$	1,000
Issue of preferred shares			-		800		-		800		-
Treasury shares			1		(4)		-		(3)		-
Balance at end of period		$	1,797	$	1,796	$	1,000	$	1,797	$	1,000
Common shares
Balance at beginning of period		$	12,197	$	8,509	$	7,806	$	8,026	$	7,813
Issued pursuant to the acquisition of The PrivateBank			-		3,443		-		3,443		-
Issued pursuant to the acquisition of Geneva Advisors			126		-		-		126		-
Other issue of common shares			241		224		212		957		273
Purchase of common shares for cancellation			-		-		-		-		(61)
Treasury shares			(16)		21		8		(4)		1
Balance at end of period		$	12,548	$	12,197	$	8,026	$	12,548	$	8,026
Contributed surplus
Balance at beginning of period		$	137	$	65	$	73	$	72	$	76
Issue of replacement equity-settled awards pursuant to the acquisition of The PrivateBank			-		72		-		72		-
Stock options and restricted shares expense			3		3		2		7		5
Stock options exercised			(3)		(4)		(2)		(15)		(9)
Other			-		1		(1)		1		-
Balance at end of period		$	137	$	137	$	72	$	137	$	72
Retained earnings
Balance at beginning of period		$	15,535	$	15,011	$	13,145	$	13,584	$	11,433
Net income attributable to equity shareholders			1,159		1,093		927		4,699		4,275
Dividends
	Preferred		(24)		(9)		(10)		(52)		(38)
	Common		(569)		(551)		(478)		(2,121)		(1,879)
Premium on purchase of common shares for cancellation			-		-		-		-		(209)
Other			-		(9)		-		(9)		2
Balance at end of period		$	16,101	$	15,535	$	13,584	$	16,101	$	13,584
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	$	307	$	1,364	$	891	$	1,114	$	1,035
	Net change in foreign currency translation adjustments		431		(1,057)		223		(376)		79
	Balance at end of period	$	738	$	307	$	1,114	$	738	$	1,114
	Net gains (losses) on AFS securities
	Balance at beginning of period	$	84	$	126	$	152	$	161	$	94
	Net change in AFS securities		(24)		(42)		9		(101)		67
	Balance at end of period	$	60	$	84	$	161	$	60	$	161
	Net gains (losses) on cash flow hedges
	Balance at beginning of period	$	27	$	46	$	26	$	23	$	22
	Net change in cash flow hedges		6		(19)		(3)		10		1
	Balance at end of period	$	33	$	27	$	23	$	33	$	23
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	$	(244)	$	(447)	$	(563)	$	(508)	$	(118)
	Net change in post-employment defined benefit plans		(125)		203		55		139		(390)
	Balance at end of period	$	(369)	$	(244)	$	(508)	$	(369)	$	(508)
	Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
	Balance at beginning of period	$	(7)	$	(6)	$	3	$	-	$	5
	Net change attributable to changes in credit risk		(3)		(1)		(3)		(10)		(5)
	Balance at end of period	$	(10)	$	(7)	$	-	$	(10)	$	-
Total AOCI, net of income tax		$	452	$	167	$	790	$	452	$	790
Non-controlling interests
Balance at beginning of period		$	190	$	208	$	188	$	201	$	193
Net income attributable to non-controlling interests			5		4		4		19		20
Dividends			-		(4)		-		(8)		(19)
Other			7		(18)		9		(10)		7
Balance at end of period		$	202	$	190	$	201	$	202	$	201
Equity at end of period		$	31,237	$	30,022	$	23,673	$	31,237	$	23,673

(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.

Consolidated statement of cash flows

				For the three								For the twelve
				months ended								months ended
				2017		2017			2016			2017		2016
$ millions				Oct. 31		Jul. 31	⁽¹⁾⁽²⁾		Oct. 31	⁽²⁾		Oct. 31	⁽¹⁾⁽²⁾	Oct. 31	⁽²⁾
Cash flows provided by (used in) operating activities
Net income			$	1,164	$	1,097		$	931		$	4,718	$	4,295
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
	Provision for credit losses			229		209			222			829		1,051
	Amortization and impairment⁽³⁾			152		143			129			542		462
	Stock options and restricted shares expense			3		3			2			7		5
	Deferred income taxes			30		125			14			21		(20)
	AFS securities losses (gains), net			(37)		(30)			(6)			(143)		(73)
	Net losses (gains) on disposal of land, buildings and equipment			1		(3)			(11)			(305)		(72)
	Other non-cash items, net			(32)		37			(93)			(15)		(692)
	Net changes in operating assets and liabilities
		Interest-bearing deposits with banks		4,998		(4,481)			(479)			394		4,919
		Loans, net of repayments		(7,392)		(7,926)			(9,003)			(30,547)		(27,464)
		Deposits, net of withdrawals		(938)		2,721			6,277			18,407		28,440
		Obligations related to securities sold short		1,131		(511)			905			3,375		532
		Accrued interest receivable		(144)		155			(49)			(34)		(98)
		Accrued interest payable		152		(120)			194			90		(72)
		Derivative assets		2,097		(625)			768			3,588		(1,425)
		Derivative liabilities		(4,881)		3,787			(1,386)			(5,549)		(232)
		Trading securities		(2,606)		12,204			(746)			(764)		(3,734)
		FVO securities		(5)		11			7			107		12
		Other FVO assets and liabilities		(234)		52			15			1,071		807
		Current income taxes		(17)		(1,227)			(20)			(1,063)		8
		Cash collateral on securities lent		(37)		359			(212)			(494)		1,089
		Obligations related to securities sold under repurchase agreements		5,418		(1,607)			1,056			16,277		2,780
		Cash collateral on securities borrowed		831		828			(116)			398		(2,188)
		Securities purchased under resale agreements		273		(2,058)			2,766			(10,556)		1,712
		Other, net		1,842		(1,356)			1,409			2,103		169
				1,998		1,787			2,574			2,457		10,211
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness				-		-			-			-		1,000
Redemption/repurchase/maturity of subordinated indebtedness				-		(35)			(14)			(55)		(1,514)
Issue of preferred shares, net of issuance cost				-		792			-			792		-
Issue of common shares for cash				38		33			46			194		100
Purchase of common shares for cancellation				-		-			-			-		(270)
Net sale (purchase) of treasury shares				(15)		17			8			(7)		1
Dividends paid				(393)		(373)			(324)			(1,425)		(1,753)
				(370)		434			(284)			(501)		(2,436)
Cash flows provided by (used in) investing activities
Purchase of AFS securities				(8,975)		(12,074)			(6,380)			(37,864)		(31,625)
Proceeds from sale of AFS securities				1,923		4,224			1,755			18,787		10,750
Proceeds from maturity of AFS securities				4,645		8,884			2,925			19,368		12,299
Cash used in acquisitions, net of cash acquired				(27)		(2,490)			-			(2,517)		-
Net cash provided by dispositions of investments in equity-accounted associates and joint ventures				40		-			-			60		1,363
Net sale (purchase) of land, buildings and equipment				(66)		(26)			(75)			201		(170)
				(2,460)		(1,482)			(1,775)			(1,965)		(7,383)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks				65		(147)			43			(51)		55
Net increase (decrease) in cash and non-interest-bearing deposits with banks during period				(767)		592			558			(60)		447
Cash and non-interest-bearing deposits with banks at beginning of period				4,207		3,615			2,942			3,500		3,053
Cash and non-interest-bearing deposits with banks at end of period⁽⁴⁾			$	3,440	$	4,207		$	3,500		$	3,440	$	3,500
Cash interest paid			$	1,209	$	1,262		$	811		$	4,526	$	3,798
Cash interest received				3,491		3,309			2,770			12,611		10,961
Cash dividends received				191		264			296			949		1,033
Cash income taxes paid				293		1,448			187			2,204		730

(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.
(2)	Certain information has been reclassified to conform to the presentation adopted in the current year.
(3)	Comprises amortization and impairment of buildings, furniture, equipment, leasehold improvements, and software and other intangible assets.
(4)	Includes restricted balance of $436 million (July 31, 2017: $420 million; October 31, 2016: $422 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 2017 Annual Report.

			As at or for the									As at or for the
			three months ended									twelve months ended
				2017			2017			2016			2017			2016
$ millions				Oct. 31			Jul. 31	⁽¹⁾		Oct. 31			Oct. 31			Oct. 31
Reported and adjusted diluted EPS
Reported net income attributable to common shareholders	A		$	1,135		$	1,084		$	917		$	4,647		$	4,237
After-tax impact of items of note⁽²⁾				99			69			110			(53)			(191)
Adjusted net income attributable to common shareholders⁽³⁾	B		$	1,234		$	1,153		$	1,027		$	4,594		$	4,046
Diluted weighted-average common shares outstanding (thousands)	C			438,556			416,385			395,750			413,563			395,919
Reported diluted EPS ($)	A/C		$	2.59		$	2.60		$	2.32		$	11.24		$	10.70
Adjusted diluted EPS ($)⁽³⁾	B/C			2.81			2.77			2.60			11.11			10.22
Reported and adjusted return on common shareholders' equity
Average common shareholders' equity	D		$	28,471		$	26,447		$	21,763		$	25,393		$	21,275
Reported return on common shareholders' equity	A/D	⁽⁴⁾		15.8	%		16.3	%		16.8	%		18.3	%		19.9	%
Adjusted return on common shareholders' equity⁽³⁾	B/D	⁽⁴⁾		17.2	%		17.3	%		18.8	%		18.1	%		19.0	%

				Canadian		U.S.
		Canadian		Commercial		Commercial
		Personal and		Banking and		Banking and
		Small Business		Wealth		Wealth			Capital		Corporate		CIBC
$ millions, for the three months ended		Banking		Management		Management		⁽¹⁾	Markets		and Other		Total
Oct. 31	Reported net income (loss)	$	551	$	287	$	107		$	222	$	(3)	$	1,164
2017	After-tax impact of items of note⁽²⁾		72		1		12			-		14		99
	Adjusted net income⁽³⁾	$	623	$	288	$	119		$	222	$	11	$	1,263
Jul. 31	Reported net income (loss)	$	561	$	291	$	41		$	252	$	(48)	$	1,097
2017⁽⁵⁾	After-tax impact of items of note⁽²⁾		1		-		4			-		64		69
	Adjusted net income⁽³⁾	$	562	$	291	$	45		$	252	$	16	$	1,166
Oct. 31	Reported net income (loss)	$	559	$	254	$	23		$	255	$	(160)	$	931
2016⁽⁵⁾	After-tax impact of items of note⁽²⁾		1		-		1			7		101		110
	Adjusted net income (loss)⁽³⁾	$	560	$	254	$	24		$	262	$	(59)	$	1,041

$ millions, for the twelve months ended
Oct. 31	Reported net income (loss)	$	2,420	$	1,138	$	203		$	1,090	$	(133)	$	4,718
2017	After-tax impact of items of note⁽²⁾		(170)		1		19			-		97		(53)
	Adjusted net income (loss)⁽³⁾	$	2,250	$	1,139	$	222		$	1,090	$	(36)	$	4,665
Oct. 31	Reported net income	$	2,160	$	991	$	87		$	992	$	65	$	4,295
2016⁽⁵⁾	After-tax impact of items of note⁽²⁾		(25)		2		6			28		(202)		(191)
	Adjusted net income (loss)⁽³⁾	$	2,135	$	993	$	93		$	1,020	$	(137)	$	4,104

(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 SBU. See the "Significant events" section of the 2017 Annual Report for additional details.
(2)	Reflects impact of items of note under the "Financial results" section of the 2017 Annual Report.
(3)	Non-GAAP measure.
(4)	Annualized.
(5)	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.

Items of note

		For the three						For the twelve
		months ended						months ended
			2017		2017		2016		2017		2016
$ millions			Oct. 31		Jul. 31		Oct. 31		Oct. 31		Oct. 31
Gain on the sale and lease back of certain retail properties		$	-	$	-	$	-	$	(299)	$	-
Gain, net of related transaction costs, on the sale of our minority investment in ACI			-		-		-		-		(428)
Gain, net of related transaction and severance costs, on the sale of a processing centre			-		-		-		-		(53)
Loss (income) from the structured credit run-off business			-		-		9		-		(3)
Amortization of intangible assets			19		10		7		41		30
Fees and charges related to the launch of Simplii Financial and the related wind-down of President's Choice Financial			98		-		-		98		-
Transaction and integration-related costs as well as purchase accounting adjustments associated with the acquisition of The PrivateBank and Geneva Advisors⁽¹⁾			46		38		-		104		-
Increase in legal provisions			-		45		-		45		77
Increase (decrease) in collective allowance recognized in Corporate and Other⁽²⁾			(18)		-		-		(18)		109
Loan losses in our exited European leveraged finance portfolio			-		-		-		-		40
Restructuring charges primarily relating to employee severance			-		-		134		-		134
Pre-tax impact of items of note on net income			145		93		150		(29)		(94)
	Income tax impact on above items of note		(46)		(24)		(40)		(24)		(52)
	Income tax recovery due to the settlement of transfer pricing-related matters		-		-		-		-		(30)
	Income tax recovery arising from a change in our expected utilization of tax loss carryforwards		-		-		-		-		(15)
After-tax impact of items of note on net income		$	99	$	69	$	110	$	(53)	$	(191)

(1)

Transaction costs include legal and other advisory fees, as well as financing costs associated with: (i) pre-funding the cash component of the merger consideration; (ii) interest incurred on the obligation payable to dissenting shareholders; and (iii) changes in the fair value of contingent consideration on the Geneva Advisors acquisition. Integration costs are comprised of direct and incremental costs incurred as part of planning for integrating the businesses of The PrivateBank (subsequently rebranded as CIBC Bank USA) and Geneva Advisors with CIBC, including enabling cross-sell opportunities and expansion of services in the U.S. market, the upgrade and conversion of systems and processes, project management, integration-related travel, severance, consulting fees and marketing costs related to rebranding activities. Purchase accounting adjustments, included as items of note beginning in the fourth quarter of 2017, include the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, as well as the collective allowance established for new loan originations and renewals of acquired loans.

(2)

Relates to collective allowance, except for: (i) residential mortgages greater than 90 days delinquent; (ii) personal loans and scored small business loans greater than 30 days delinquent; (iii) net write-offs for the cards portfolio; and (iv) the collective allowance related to CIBC Bank USA, 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, 2017.

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 1-866-696-5910, passcode 6557163#) and French (514-861-2255, or toll-free 1-877-405-9213, passcode 8500566#). 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/en/about-cibc/investor-relations/quarterly-results.html

Details of CIBC's 2017 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 7670974#) and French (514-861-2272 or 1-800-408-3053, passcode 4687756#) until 11:59 p.m. (ET) December 7, 2017. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

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 news 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 2017 Annual Report under the heading "Financial performance overview – Outlook for calendar year 2018" and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2018 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 2018" section of our 2017 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 Organisation for Economic Co-operation and Development Common Reporting Standard, 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 bank recapitalization legislation and 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, including changes relating to economic or trade matters; 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 market and 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 global credit risks; 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; the risk that expected synergies and benefits of the acquisition of PrivateBancorp, Inc. will not be realized within the expected time frame or at all; 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: Amy South, SVP, 416-594-7386, [email protected]; Jason Patchett, analyst enquiries, 416-980-8691, [email protected]; Alice Dunning, investor enquiries, 416-861-8870, [email protected]; Media Inquiries: Erica Belling, 416-594-7251, [email protected]; Caroline Van Hasselt, 416-784-6699, [email protected]

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