CIBC Announces Fourth Quarter and Fiscal 2019 Results

CIBC's 2019 audited annual consolidated financial statements and accompanying management's discussion and 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, Dec. 5, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2019.

"We remain focused on creating long-term value for all our stakeholders," says Victor G. Dodig, CIBC President and Chief Executive Officer. "In 2019, we continued to execute on our client-focused strategy by improving client experience and investing to build a relationship-oriented bank for a modern world."

Fourth quarter highlights

	Q4/19	Q4/18	Q3/19	YoY Variance	QoQ Variance
Reported Net Income	$1,193 million	$1,268 million	$1,398 million	-6%	-15%
Adjusted Net Income ^(1)	$1,309 million	$1,364 million	$1,415 million	-4%	-7%
Reported Diluted Earnings Per Share (EPS)	$2.58	$2.80	$3.06	-8%	-16%
Adjusted Diluted EPS ^(1)	$2.84	$3.00	$3.10	-5%	-8%
Reported Return on Common Shareholders' Equity (ROE)	12.9%	15.3%	15.5%
Adjusted ROE ^(1)	14.2%	16.4%	15.6%
Common Equity Tier 1 (CET1) Ratio	11.6%	11.4%	11.4%

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

CIBC's results for the fourth quarter of 2019 were affected by the following items of note aggregating to a negative impact of $0.26 per share:

• $135 million ($135 million after-tax, or $0.30 per share) goodwill impairment charge related to the expected sale of our controlling interest in FirstCaribbean International Bank Limited;
• $67 million ($49 million after-tax, or $0.11 per share) interest income related to the settlement of certain income tax matters;
• $28 million ($21 million after-tax, or $0.05 per share) increase in legal provisions;
• $28 million ($20 million after-tax, or $0.04 per share) amortization of acquisition-related intangible assets; and
• $16 million ($11 million after-tax net positive impact, or $0.02 per share) in purchase accounting adjustments net of transaction and integration-related costs associated with the acquisitions of The PrivateBank, Geneva Advisors and Wellington Financial.

For the year ended October 31, 2019, CIBC reported net income of $5.1 billion and adjusted net income⁽¹⁾ of $5.4 billion, compared with reported net income of $5.3 billion and adjusted net income⁽¹⁾ of $5.5 billion for 2018.

The following table summarizes our performance in 2019 against our key financial measures and targets:

Financial Measure	Target	2019 Reported Results	2019 Adjusted Results ^(1)
Diluted EPS growth	5% to 10% on average, annually	$11.19, down 4% from 2018	$11.92, down 2% from 2018
ROE	15% +	14.5%	15.4%
Efficiency ratio	52% run rate in 2022 ^(2)	58.3%, an increase of 80 basis points from 2018	55.5%, an improvement of 10 basis points from 2018
CET1 ratio	Strong buffer to regulatory minimum	11.6%
Dividend payout ratio	40% to 50%	49.9%	46.9%
Total shareholder return	Outperform the S&P/TSX Composite Banks Index over a rolling five-year period	CIBC – 38.4% S&P/TSX Composite Banks Index – 51.3%

(1)	For additional information, see the "Non-GAAP measures" section.
(2)	Medium-term through the cycle.

Core business performance
F2019 Financial Highlights

(C$ million)	F2019	F2018	YoY Variance
Canadian Personal and Small Business Banking
Reported Net Income	$2,291	$2,547	down 10%
Adjusted Net Income ^(1)	$2,465	$2,556	down 4%
Canadian Commercial Banking and Wealth Management
Reported Net Income	$1,301	$1,307	down 0.5%
Adjusted Net Income ^(1)	$1,302	$1,308	down 0.5%
U.S. Commercial Banking and Wealth Management
Reported Net Income	$683	$565	up 21%
Adjusted Net Income ^(1)	$723	$592	up 22%
Capital Markets
Reported Net Income	$937	$1,069	down 12%
Adjusted Net Income ^(1)	$937	$1,069	down 12%

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

Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2019, 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 11.6% as noted above, and Tier 1 and Total capital ratios of 12.9% and 15.0%, respectively, at October 31, 2019;
• Market risk, as measured by average Value-at-Risk, was $5.7 million in 2019 compared with $5.3 million in 2018;
• We continued to have solid credit performance, with CIBC's loan loss ratio of 29 basis points compared with 26 basis points in 2018;
• CIBC's liquidity coverage ratio was 125% for the three months ended October 31, 2019; and
• CIBC's leverage ratio was 4.3% at October 31, 2019.

Making a difference in our Communities
At CIBC, our team is passionate about making a difference in our communities through our global community investment initiative, One for Change. In the fourth quarter, over 15,000 CIBC team members came together, with our clients, in shared purpose to raise an estimated $3 million for the Canadian Cancer Society CIBC Run for the Cure to help change the future of breast cancer.

Fourth quarter financial highlights

			As at or for the										As at or for the
			three months ended										twelve months ended
			2019		2019				2018				2019			2018
Unaudited			Oct. 31			Jul. 31			Oct. 31				Oct. 31			Oct. 31
Financial results ($ millions)
Net interest income			$	2,801		$	2,694		$	2,539			$	10,551		$	10,065
Non-interest income				1,971			2,038			1,913				8,060			7,769
Total revenue				4,772			4,732			4,452				18,611			17,834
Provision for credit losses				402			291			264				1,286			870
Non-interest expenses				2,838			2,670			2,591				10,856			10,258
Income before income taxes				1,532			1,771			1,597				6,469			6,706
Income taxes				339			373			329				1,348			1,422
Net income			$	1,193		$	1,398		$	1,268			$	5,121		$	5,284
Net income attributable to non-controlling interests				8			6			2				25			17
Preferred shareholders				32			28			24				111			89
Common shareholders				1,153			1,364			1,242				4,985			5,178
Net income attributable to equity shareholders			$	1,185		$	1,392		$	1,266			$	5,096		$	5,267
Financial measures
Reported efficiency ratio				59.5	%		56.4	%		58.2	%			58.3	%		57.5	%
Adjusted efficiency ratio^(1)				56.0	%		55.4	%		56.2	%			55.5	%		55.6	%
Loan loss ratio^(2)				0.33	%		0.27	%		0.27	%			0.29	%		0.26	%
Reported return on common shareholders' equity				12.9	%		15.5	%		15.3	%			14.5	%		16.6	%
Adjusted return on common shareholders' equity^(1)				14.2	%		15.6	%		16.4	%			15.4	%		17.4	%
Net interest margin				1.69	%		1.65	%		1.67	%			1.65	%		1.68	%
Net interest margin on average interest-earning assets				1.90	%		1.84	%		1.86	%			1.84	%		1.88	%
Return on average assets				0.72	%		0.86	%		0.83	%			0.80	%		0.88	%
Return on average interest-earning assets				0.81	%		0.96	%		0.93	%			0.89	%		0.99	%
Total shareholder return				9.60	%		(6.70)	%		(3.18)	%			4.19	%		4.70	%
Reported effective tax rate				22.1	%		21.1	%		20.6	%			20.8	%		21.2	%
Adjusted effective tax rate^(1)				20.2	%		21.0	%		20.7	%			20.6	%		20.0	%
Common share information
Per share ($)		- basic earnings	$	2.59		$	3.07		$	2.81			$	11.22		$	11.69
		- reported diluted earnings		2.58			3.06			2.80				11.19			11.65
		- adjusted diluted earnings^(1)		2.84			3.10			3.00				11.92			12.21
		- dividends		1.44			1.40			1.36				5.60			5.32
		- book value		79.87			78.58			73.83				79.87			73.83
Share price ($)		- high		113.20			113.13			124.59				116.19			124.59
		- low		98.20			101.80			112.24				98.20			110.11
		- closing		112.31			103.83			113.68				112.31			113.68
Shares outstanding (thousands)		- weighted-average basic^(3)		445,357			444,868			443,015				444,324			443,082
		- weighted-average diluted		446,392			445,915			444,504				445,457			444,627
		- end of period^(3)		445,342			445,437			442,826				445,342			442,826
Market capitalization ($ millions)			$	50,016		$	46,168		$	50,341			$	50,016		$	50,341
Value measures
Dividend yield (based on closing share price)				5.1	%		5.3	%		4.7	%			5.0	%		4.7	%
Reported dividend payout ratio				55.6	%		45.7	%		48.4	%			49.9	%		45.5	%
Adjusted dividend payout ratio^(1)				50.5	%		45.1	%		45.1	%			46.9	%		43.4	%
Market value to book value ratio				1.41			1.32			1.54				1.41			1.54
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities			$	138,669		$	136,398		$	119,355			$	138,669		$	119,355
Loans and acceptances, net of allowance				398,108			395,440			381,661				398,108			381,661
Total assets				651,604			642,522			597,099				651,604			597,099
Deposits				485,712			481,044			461,015				485,712			461,015
Common shareholders' equity				35,569			35,003			32,693				35,569			32,693
Average assets				655,971			648,537			603,726				639,716			598,441
Average interest-earning assets				585,816			580,437			540,933				572,677			536,059
Average common shareholders' equity				35,553			35,028			32,200				34,467			31,184
Assets under administration (AUA)^(4)(5)			2,425,651			2,368,067			2,303,962				2,425,651			2,303,962
Assets under management (AUM)^(5)			252,007			248,391			225,379				252,007			225,379
Balance sheet quality and liquidity measures
Risk-weighted assets (RWA) ($ millions)^(6)
Total RWA			$	239,863		$	236,836			n/a			$	239,863			n/a
Common Equity Tier 1 (CET1) capital RWA				n/a			n/a		$	216,144				n/a		$	216,144
Tier 1 capital RWA				n/a			n/a			216,303				n/a			216,303
Total capital RWA				n/a			n/a			216,462				n/a			216,462
Capital ratios
CET1 ratio				11.6	%		11.4	%		11.4	%			11.6	%		11.4	%
Tier 1 capital ratio				12.9	%		12.7	%		12.9	%			12.9	%		12.9	%
Total capital ratio				15.0	%		15.2	%		14.9	%			15.0	%		14.9	%
Leverage ratio				4.3	%		4.3	%		4.3	%			4.3	%		4.3	%
Liquidity coverage ratio (LCR)				125	%		129	%		128	%			n/a			n/a
Other information
Full-time equivalent employees				45,157			45,763			44,220				45,157			44,220

(1)	For additional information, see the "Non-GAAP measures" section.
(2)	The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
(3)	Excludes nil restricted shares as at October 31, 2019 (July 31, 2019: nil; October 31, 2018: 60,764).
(4)	Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $1,923.2 billion (July 31, 2019: $1,864.4 billion; October 31, 2018: $1,834.0 billion).
(5)	AUM amounts are included in the amounts reported under AUA.
(6)	Beginning in 2019, the capital ratios are calculated by reference to the same level of RWA. Prior to 2019, before any capital floor requirement, there were three different levels of RWA for the calculation of CIBC's CET1, Tier 1 and Total capital ratios as CIBC elected in 2014 to phase in the credit valuation adjustment (CVA) capital charge as permitted under the Office of the Superintendent of Financial Institutions (OSFI) guideline; different scalars were applied to the CVA included in the RWA calculation applicable to each of the three tiers of capital.
n/a	Not applicable.

Review of Canadian Personal and Small Business Banking fourth quarter results

			2019			2019			2018
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue		$	2,225		$	2,239		$	2,201
Provision for credit losses
	Impaired		218			197			182
	Performing		37			7			9
Provision for credit losses			255			204			191
Non-interest expenses			1,156			1,140			1,100
Income before income taxes			814			895			910
Income taxes			213			238			242
Net income		$	601		$	657		$	668
Net income attributable to:
	Equity shareholders (a)	$	601		$	657		$	668
Efficiency ratio			51.9	%		50.9	%		50.0	%
Return on equity^(1)			66.5	%		71.5	%		68.9	%
Charge for economic capital^(1) (b)		$	(88)		$	(90)		$	(95)
Economic profit^(1) (a+b)		$	513		$	567		$	573
Full-time equivalent employees			13,431			13,833			14,086

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

Net income for the quarter was $601 million, down $67 million from the fourth quarter of 2018. Adjusted net income ⁽¹⁾ for the quarter was $603 million, down $66 million from the fourth quarter of 2018.

Revenue of $2,225 million was up $24 million from the fourth quarter of 2018, primarily due to favourable spreads and higher volumes, partially offset by lower fees.

Provision for credit losses of $255 million was up $64 million from the fourth quarter of 2018, due to a higher provision for credit losses on performing loans as a result of changes to our economic outlook and credit migration in the personal lending portfolio, as well as a higher provision for credit losses on impaired loans due to higher provisions and write-offs in the personal lending portfolio.

Non-interest expenses of $1,156 million were up $56 million from the fourth quarter of 2018, mainly due to higher spending on strategic initiatives.

Review of Canadian Commercial Banking and Wealth Management fourth quarter results

			2019			2019			2018
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Commercial banking	$	416		$	414		$	386
	Wealth management		612			609			600
Total revenue			1,028			1,023			986
Provision for (reversal of) credit losses
	Impaired		71			15			8
	Performing		9			2			(1)
Provision for credit losses			80			17			7
Non-interest expenses			530			531			521
Income before income taxes			418			475			458
Income taxes			112			127			125
Net income		$	306		$	348		$	333
Net income attributable to:
	Equity shareholders (a)	$	306		$	348		$	333
Efficiency ratio			51.6	%		51.9	%		52.8	%
Return on equity^(1)			33.4	%		38.2	%		39.6	%
Charge for economic capital^(1) (b)		$	(89)		$	(89)		$	(82)
Economic profit^(1) (a+b)		$	217		$	259		$	251
Full-time equivalent employees			5,048			5,087			4,999

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

Net income for the quarter was $306 million, down $27 million from the fourth quarter of 2018. Adjusted net income⁽¹⁾ for the quarter was $307 million, down $27 million from the fourth quarter of 2018.

Revenue of $1,028 million was up $42 million from the fourth quarter of 2018, driven by strong volume growth from loans and deposits and higher fees in commercial banking, and strong volume growth and higher fee-based assets driven by market appreciation in wealth management.

Provision for credit losses of $80 million was up $73 million from the fourth quarter of 2018, mainly due to higher provisions on impaired loans.

Non-interest expenses of $530 million were up $9 million from the fourth quarter of 2018, primarily due to higher spending on strategic initiatives and higher employee-related compensation, partially offset by lower performance-based compensation.

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

			2019			2019			2018
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Commercial banking	$	345		$	347		$	311
	Wealth management		159			156			148
	Other		(1)			6			(2)
Total revenue^(1)(2)			503			509			457
Provision for (reversal of) credit losses
	Impaired		13			38			22
	Performing		4			(9)			18
Provision for credit losses			17			29			40
Non-interest expenses			286			282			264
Income before income taxes			200			198			153
Income taxes^(1)			20			26			22
Net income		$	180		$	172		$	131
Net income attributable to:
	Equity shareholders (a)	$	180		$	172		$	131
Efficiency ratio			56.9	%		55.3	%		57.6	%
Return on equity^(3)			9.3	%		9.1	%		7.2	%
Charge for economic capital^(3) (b)		$	(183)		$	(181)		$	(172)
Economic profit^(3) (a+b)		$	(3)		$	(9)		$	(41)
Full-time equivalent employees			2,113			2,111			1,947

(1)	Revenue and income taxes are reported on a taxable equivalent basis (TEB) basis. Accordingly, revenue and income taxes include a TEB adjustment of nil for the quarter ended October 31, 2019 (July 31, 2019: $1 million; October 31, 2018: nil). The equivalent amounts are offset in the revenue and income taxes of Corporate and Other
(2)	Included $8 million of accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, shown as an item of note, for the quarter ended October 31, 2019 (July 31, 2019: $8 million; October 31, 2018: $9 million)
(3)	For additional information, see the "Non-GAAP measures" section

Net income for the quarter was $180 million, up $49 million from the fourth quarter of 2018. Adjusted net income⁽³⁾ for the quarter was $191 million, up $52 million from the fourth quarter of 2018.

Revenue of $503 million was up $46 million from the fourth quarter of 2018, primarily due to loan growth and strong fee income, partially offset by margin compression.

Provision for credit losses of $17 million was down $23 million from the fourth quarter of 2018. The same quarter last year included a provision for credit losses on performing loans due to unfavourable credit migration within the performing portfolio. Provision for credit losses on impaired loans was down due to lower provisions in the U.S. commercial banking portfolio.

Non-interest expenses of $286 million were up $22 million from the fourth quarter of 2018, primarily due to higher spending on strategic initiatives.

Review of Capital Markets fourth quarter results

			2019			2019			2018
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Global markets	$	426		$	438		$	371
	Corporate and investment banking^(1)		309			308			278
Total revenue^(2)			735			746			649
Provision for (reversal of) credit losses
	Impaired		24			18			2
	Performing		21			24			(6)
Provision for (reversal of) credit losses			45			42			(4)
Non-interest expenses			386			390			356
Income before income taxes			304			314			297
Income taxes^(2)			78			83			64
Net income		$	226		$	231		$	233
Net income attributable to:
	Equity shareholders (a)	$	226		$	231		$	233
Efficiency ratio			52.5	%		52.3	%		55.0	%
Return on equity^(3)			30.4	%		29.9	%		35.3	%
Charge for economic capital^(3) (b)		$	(72)		$	(76)		$	(65)
Economic profit^(3) (a+b)		$	154		$	155		$	168
Full-time equivalent employees			1,449			1,408			1,396

(1)	Certain information has been reclassified to conform to the presentation adopted in the first quarter of 2019. Corporate and investment banking includes the Other line of business
(2)	Revenue and income taxes are reported on a TEB basis. Accordingly, revenue and income taxes include a TEB adjustment of $48 million for the quarter ended October 31, 2019 (July 31, 2019: $45 million; October 31, 2018: $30 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

Reported and adjusted⁽³⁾ net income for the quarter was $226 million, compared with reported and adjusted net income of $233 million for the fourth quarter of 2018.

Revenue of $735 million was up $86 million from the fourth quarter of 2018. In global markets, revenue was up driven by global markets financing activities, and our commodities, foreign exchange and equity derivatives trading businesses. In corporate and investment banking, revenue was up driven by higher corporate banking and debt underwriting activity, partially offset by lower advisory revenue.

Provision for credit losses was $45 million, compared with reversal of credit losses of $4 million in the fourth quarter of 2018. The current quarter included a provision for credit losses on performing loans due to an unfavourable change to our economic outlook and unfavourable credit migration within the performing portfolio. Provision for credit losses on impaired loans was up primarily due to higher provisions in the oil and gas sector.

Non-interest expenses of $386 million were up $30 million from the fourth quarter of 2018, primarily due to higher performance and employee-related compensation.

Review of Corporate and Other fourth quarter results

		2019		2019		2018
$ millions, for the three months ended		Oct. 31		Jul. 31		Oct. 31
Revenue
	International banking	$	204	$	203	$	127
	Other		77		12		32
Total revenue^(1)			281		215		159
Provision for (reversal of) credit losses
	Impaired		4		4		45
	Performing		1		(5)		(15)
Provision for (reversal of) credit losses			5		(1)		30
Non-interest expenses			480		327		350
Loss before income taxes			(204)		(111)		(221)
Income taxes^(1)			(84)		(101)		(124)
Net income (loss)		$	(120)	$	(10)	$	(97)
Net income (loss) attributable to:
	Non-controlling interests	$	8	$	6	$	2
	Equity shareholders		(128)		(16)		(99)
Full-time equivalent employees			23,116		23,324		21,792

(1)	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 $48 million for the quarter ended October 31, 2019 (July 31, 2019: $46 million; October 31, 2018: $30 million)
(2)	For additional information, see the "Non-GAAP measures" section

Net loss for the quarter was $120 million, compared with a net loss of $97 million for the fourth quarter of 2018. Adjusted net loss ⁽²⁾ for the quarter was $18 million, compared with an adjusted net loss of $11 million for the fourth quarter of 2018.

Revenue of $281 million was up $122 million from the fourth quarter of 2018. International banking revenue was up as the prior year included incremental expected credit losses on debt securities in CIBC FirstCaribbean as a result of the Barbados government restructuring its public debt, shown as an item of note. Other revenue was up primarily due to interest income from the settlement of certain income tax matters, shown as an item of note, partially offset by a higher TEB adjustment.  

Provision for credit losses was $5 million, down $25 million from the fourth quarter of 2018, as the fourth quarter of 2018 included a higher provision for credit losses on impaired loans in CIBC FirstCaribbean, which included losses on sovereign loans resulting from the Barbados government debt restructuring noted above.

Non-interest expenses of $480 million were up $130 million from the fourth quarter of 2018, primarily due to a goodwill impairment charge related to the expected sale of our controlling interest in CIBC FirstCaribbean and an increase in legal provisions, both shown as items of note.

Income tax benefit was down $40 million from the fourth quarter of 2018, primarily due to lower losses.

Consolidated balance sheet

$ millions, as at October 31				2019		2018
ASSETS
Cash and non-interest-bearing deposits with banks			$	3,840	$	4,380
Interest-bearing deposits with banks				13,519		13,311
Securities				121,310		101,664
Cash collateral on securities borrowed				3,664		5,488
Securities purchased under resale agreements				56,111		43,450
Loans
Residential mortgages				208,652		207,749
Personal				43,651		43,058
Credit card				12,755		12,673
Business and government				125,798		109,555
Allowance for credit losses				(1,915)		(1,639)
				388,941		371,396
Other
Derivative instruments				23,895		21,431
Customers' liability under acceptances				9,167		10,265
Land, buildings and equipment				1,813		1,795
Goodwill				5,449		5,564
Software and other intangible assets				1,969		1,945
Investments in equity-accounted associates and joint ventures				586		526
Deferred tax assets				517		601
Other assets				20,823		15,283
				64,219		57,410
			$	651,604	$	597,099
LIABILITIES AND EQUITY
Deposits
Personal			$	178,091	$	163,879
Business and government				257,502		240,149
Bank				11,224		14,380
Secured borrowings				38,895		42,607
				485,712		461,015
Obligations related to securities sold short				15,635		13,782
Cash collateral on securities lent				1,822		2,731
Obligations related to securities sold under repurchase agreements				51,801		30,840
Other
Derivative instruments				25,113		20,973
Acceptances				9,188		10,296
Deferred tax liabilities				38		43
Other liabilities				19,031		18,223
				53,370		49,535
Subordinated indebtedness				4,684		4,080
Equity
Preferred shares				2,825		2,250
Common shares				13,591		13,243
Contributed surplus				125		136
Retained earnings				20,972		18,537
Accumulated other comprehensive income (AOCI)				881		777
Total shareholders' equity				38,394		34,943
Non-controlling interests				186		173
Total equity				38,580		35,116
			$	651,604	$	597,099

Consolidated statement of income

		For the three										For the twelve
		months ended										months ended
		2019		2019		2018			2019		2018
$ millions, except as noted		Oct. 31		Jul. 31		Oct. 31			Oct. 31		Oct. 31
Interest income^(1)
Loans		$	4,091	$	4,069	$	3,764		$	16,048	$	13,901
Securities			707		720		583			2,779		2,269
Securities borrowed or purchased under resale agreements			375		378		310			1,474		1,053
Deposits with banks			104		104		79			396		282
			5,277		5,271		4,736			20,697		17,505
Interest expense
Deposits			2,040		2,117		1,852			8,422		6,240
Securities sold short			64		80		75			291		272
Securities lent or sold under repurchase agreements			307		321		224			1,198		736
Subordinated indebtedness			56		50		43			198		174
Other			9		9		3			37		18
			2,476		2,577		2,197			10,146		7,440
Net interest income			2,801		2,694		2,539			10,551		10,065
Non-interest income
Underwriting and advisory fees			105		112		91			475		420
Deposit and payment fees			228		232		223			908		877
Credit fees			248		249		212			958		851
Card fees			110		117		128			458		510
Investment management and custodial fees			341		335		328			1,305		1,247
Mutual fund fees			403		403		406			1,595		1,624
Insurance fees, net of claims			107		102		105			430		431
Commissions on securities transactions			77		78		89			313		357
Gains (losses) from financial instruments measured/designated at
	fair value through profit or loss (FVTPL), net		168		180		191			761		603
Gains (losses) from debt securities measured at fair value through
	other comprehensive income (FVOCI) and amortized cost, net		6		5		(58)			34		(35)
Foreign exchange other than trading			59		84		64			304		310
Income from equity-accounted associates and joint ventures			22		25		27			92		121
Other			97		116		107			427		453
			1,971		2,038		1,913			8,060		7,769
Total revenue			4,772		4,732		4,452			18,611		17,834
Provision for credit losses			402		291		264			1,286		870
Non-interest expenses
Employee compensation and benefits			1,436		1,469		1,353			5,726		5,665
Occupancy costs			230		220		228			892		875
Computer, software and office equipment			493		476		467			1,874		1,742
Communications			71		76		78			303		315
Advertising and business development			95		93		95			359		327
Professional fees			67		59		71			226		226
Business and capital taxes			25		29		26			110		103
Other			421		248		273			1,366		1,005
			2,838		2,670		2,591			10,856		10,258
Income before income taxes			1,532		1,771		1,597			6,469		6,706
Income taxes			339		373		329			1,348		1,422
Net income		$	1,193	$	1,398	$	1,268		$	5,121	$	5,284
Net income attributable to non-controlling interests		$	8	$	6	$	2		$	25	$	17
	Preferred shareholders	$	32	$	28	$	24		$	111	$	89
	Common shareholders		1,153		1,364		1,242			4,985		5,178
Net income attributable to equity shareholders		$	1,185	$	1,392	$	1,266		$	5,096	$	5,267
Earnings per share (in dollars)
	Basic	$	2.59	$	3.07	$	2.81		$	11.22	$	11.69
	Diluted		2.58		3.06		2.80			11.19		11.65
Dividends per common share (in dollars)			1.44		1.40		1.36			5.60		5.32

(1)	Interest income included $4.8 billion for the three months ended October 31, 2019 (July 31, 2019: $4.8 billion; October 31, 2018: $4.4 billion) calculated based on the effective interest rate method

Consolidated statement of comprehensive income

			For the three							For the twelve
			months ended							months ended
			2019		2019		2018			2019		2018
$ millions			Oct. 31		Jul. 31		Oct. 31			Oct. 31		Oct. 31
Net income			$	1,193	$	1,398	$	1,268		$	5,121	$	5,284
Other comprehensive income (loss) (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			(79)		(492)		340			(21)		635
	Net gains (losses) on hedges of investments in foreign operations			35		250		(159)			(10)		(349)
				(44)		(242)		181			(31)		286
	Net change in debt securities measured at FVOCI
	Net gains (losses) on securities measured at FVOCI			53		43		(28)			244		(142)
	Net (gains) losses reclassified to net income			(4)		(4)		-			(28)		(29)
				49		39		(28)			216		(171)
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges			91		(53)		(66)			137		(25)
	Net (gains) losses reclassified to net income			(50)		58		38			(6)		(26)
				41		5		(28)			131		(51)
OCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans			11		(88)		(95)			(220)		226
	Net gains (losses) due to fair value change of fair value option (FVO) liabilities
		attributable to changes in credit risk		13		11		(8)			28		(2)
	Net gains (losses) on equity securities designated at FVOCI			1		(2)		10			(2)		29
Total OCI^(1)				71		(277)		32			122		317
Comprehensive income			$	1,264	$	1,121	$	1,300		$	5,243	$	5,601
Comprehensive income attributable to non-controlling interests			$	8	$	6	$	2		$	25	$	17
	Preferred shareholders		$	32	$	28	$	24		$	111	$	89
	Common shareholders			1,224		1,087		1,274			5,107		5,495
Comprehensive income attributable to equity shareholders			$	1,256	$	1,115	$	1,298		$	5,218	$	5,584

(1)	Includes $2 million of gains for the quarter ended October 31, 2019 (July 31, 2019: $11 million of gains; October 31, 2018: $3 million of losses), relating to our investments in equity-accounted associates and joint ventures.

			For the three							For the twelve
			months ended							months ended
			2019		2019		2018			2019		2018
$ millions			Oct. 31		Jul. 31		Oct. 31			Oct. 31		Oct. 31
Income tax (expense) benefit allocated to each component of OCI
Subject to subsequent reclassification to net income
	Net foreign currency translation adjustments
	Net gains (losses) on investments in foreign operations		$	-	$	4	$	(2)		$	-	$	(31)
	Net gains (losses) on hedges of investments in foreign operations			(8)		(10)		5			(16)		43
				(8)		(6)		3			(16)		12
	Net change in debt securities measured at FVOCI
	Net gains (losses) on securities measured at FVOCI			(13)		(3)		7			(36)		18
	Net (gains) losses reclassified to net income			2		1		-			10		8
				(11)		(2)		7			(26)		26
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges			(32)		19		22			(49)		8
	Net (gains) losses reclassified to net income			17		(21)		(14)			2		9
				(15)		(2)		8			(47)		17
Not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans			1		31		30			77		(87)
	Net gains (losses) due to fair value change of FVO liabilities attributable
		to changes in credit risk		(4)		(4)		3			(10)		1
	Net gains (losses) on equity securities designated at FVOCI			(1)		-		(4)			-		(11)
			$	(38)	$	17	$	47		$	(22)	$	(42)

Consolidated statement of changes in equity

		For the three							For the twelve
		months ended							months ended
			2019		2019		2018			2019		2018
$ millions			Oct. 31		Jul. 31		Oct. 31			Oct. 31		Oct. 31
Preferred shares
Balance at beginning of period		$	2,825	$	2,575	$	2,250		$	2,250	$	1,797
Issue of preferred shares			-		250		-			575		450
Treasury shares			-		-		-			-		3
Balance at end of period		$	2,825	$	2,825	$	2,250		$	2,825	$	2,250
Common shares
Balance at beginning of period		$	13,525	$	13,443	$	13,201		$	13,243	$	12,548
Issued pursuant to the acquisition of The PrivateBank			-		-		-			-		194
Issued pursuant to the acquisition of Wellington Financial			-		-		-			-		47
Other issue of common shares			97		80		94			377		555
Purchase of common shares for cancellation			(30)		-		(52)			(30)		(104)
Treasury shares			(1)		2		-			1		3
Balance at end of period		$	13,591	$	13,525	$	13,243		$	13,591	$	13,243
Contributed surplus
Balance at beginning of period		$	128	$	125	$	133		$	136	$	137
Compensation expense arising from equity-settled share-based awards			2		5		8			16		31
Exercise of stock options and settlement of other equity-settled share-based awards			(4)		(3)		(4)			(27)		(32)
Other			(1)		1		(1)			-		-
Balance at end of period		$	125	$	128	$	136		$	125	$	136
Retained earnings
Balance at beginning of period before accounting policy changes			n/a		n/a		n/a		$	18,537	$	16,101
Impact of adopting IFRS 9 at November 1, 2017			n/a		n/a		n/a			n/a		(144)
Impact of adopting IFRS 15 at November 1, 2018			n/a		n/a		n/a			6		n/a
Balance at beginning of period after accounting policy changes		$	20,535	$	19,793	$	18,051			18,543		15,957
Net income attributable to equity shareholders			1,185		1,392		1,266			5,096		5,267
Dividends
	Preferred		(32)		(28)		(24)			(111)		(89)
	Common		(641)		(623)		(602)			(2,488)		(2,356)
Premium on purchase of common shares for cancellation			(79)		-		(163)			(79)		(313)
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI			5		2		1			18		49
Other ^(1)			(1)		(1)		8			(7)		22
Balance at end of period		$	20,972	$	20,535	$	18,537		$	20,972	$	18,537
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	$	1,037	$	1,279	$	843		$	1,024	$	738
	Net change in foreign currency translation adjustments		(44)		(242)		181			(31)		286
	Balance at end of period	$	993	$	1,037	$	1,024		$	993	$	1,024
	Net gains (losses) on debt securities measured at FVOCI
	Balance at beginning of period under IAS 39		n/a		n/a		n/a			n/a	$	60
	Impact of adopting IFRS 9 at November 1, 2017		n/a		n/a		n/a			n/a		(28)
	Balance at beginning of period under IFRS 9	$	28	$	(11)	$	(111)		$	(139)		32
	Net change in securities measured at FVOCI		49		39		(28)			216		(171)
	Balance at end of period	$	77	$	28	$	(139)		$	77	$	(139)
	Net gains (losses) on cash flow hedges
	Balance at beginning of period	$	72	$	67	$	10		$	(18)	$	33
	Net change in cash flow hedges		41		5		(28)			131		(51)
	Balance at end of period	$	113	$	72	$	(18)		$	113	$	(18)
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	$	(374)	$	(286)	$	(48)		$	(143)	$	(369)
	Net change in post-employment defined benefit plans		11		(88)		(95)			(220)		226
	Balance at end of period	$	(363)	$	(374)	$	(143)		$	(363)	$	(143)
	Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
	Balance at beginning of period	$	3	$	(8)	$	(4)		$	(12)	$	(10)
	Net change attributable to changes in credit risk		13		11		(8)			28		(2)
	Balance at end of period	$	16	$	3	$	(12)		$	16	$	(12)
	Net gains (losses) on equity securities designated at FVOCI
	Impact of adopting IFRS 9 at November 1, 2017		n/a		n/a		n/a			n/a	$	85
	Balance at beginning of period under IFRS 9	$	49	$	53	$	56		$	65		85
	Net gains (losses) on equity securities designated at FVOCI		1		(2)		10			(2)		29
	Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings ^(2)		(5)		(2)		(1)			(18)		(49)
	Balance at end of period	$	45	$	49	$	65		$	45	$	65
Total AOCI, net of income tax		$	881	$	815	$	777		$	881	$	777
Non-controlling interests
Balance at beginning of period under IAS 39			n/a		n/a		n/a			n/a	$	202
Impact of adopting IFRS 9 at November 1, 2017			n/a		n/a		n/a			n/a		(4)
Balance at beginning of period under IFRS 9		$	182	$	183	$	173		$	173		198
Net income attributable to non-controlling interests			8		6		2			25		17
Dividends			(2)		(5)		(2)			(11)		(31)
Other			(2)		(2)		-			(1)		(11)
Balance at end of period		$	186	$	182	$	173		$	186	$	173
Equity at end of period		$	38,580	$	38,010	$	35,116		$	38,580	$	35,116

(1)	The third and fourth quarter of 2018 includes the recognition of loss carryforwards relating to foreign exchange translation amounts on CIBC's net investment in foreign operations that were previously reclassified to retained earnings as part of our transition to IFRS in 2012.
(2)	Includes nil reclassified to retained earnings for the three months ended October 31, 2019 (July 31, 2019: nil; October 31, 2018: $1 million of gains), relating to our investments in equity-accounted associates and joint ventures.
n/a	Not applicable.

Consolidated statement of cash flows

			For the three								For the twelve
			months ended								months ended
				2019		2019			2018			2019		2018
$ millions				Oct. 31		Jul. 31			Oct. 31			Oct. 31		Oct. 31
Cash flows provided by (used in) operating activities
Net income			$	1,193	$	1,398		$	1,268		$	5,121	$	5,284
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
	Provision for credit losses			402		291			264			1,286		870
	Amortization and impairment ^(1)			312		177			162			838		657
	Stock options and restricted shares expense			2		5			8			16		31
	Deferred income taxes			18		5			(33)			108		69
	Losses (gains) from debt securities measured at FVOCI and amortized cost			(6)		(5)			58			(34)		35
	Net losses (gains) on disposal of land, buildings and equipment			-		(6)			-			(7)		(14)
	Other non-cash items, net			(39)		175			10			(229)		(292)
	Net changes in operating assets and liabilities
		Interest-bearing deposits with banks		(761)		(2,529)			827			(208)		(2,599)
		Loans, net of repayments		(3,550)		(2,751)			(4,999)			(17,653)		(16,155)
		Deposits, net of withdrawals		3,187		2,868			1,151			19,838		20,770
		Obligations related to securities sold short		2,092		(645)			1,630			1,853		69
		Accrued interest receivable		(93)		77			(176)			(122)		(341)
		Accrued interest payable		120		(123)			126			138		205
		Derivative assets		667		(2,458)			467			(2,484)		2,780
		Derivative liabilities		(884)		3,124			(800)			4,037		(2,084)
		Securities measured at FVTPL		2,704		5,753			(1,786)			(1,826)		(647)
		Other assets and liabilities designated at fair value		(417)		917			(452)			1,222		(380)
		Current income taxes		13		(35)			22			(309)		(301)
		Cash collateral on securities lent		(95)		29			269			(909)		707
		Obligations related to securities sold under repurchase agreements		1,704		589			(2,145)			20,961		2,869
		Cash collateral on securities borrowed		1,235		380			(405)			1,824		(453)
		Securities purchased under resale agreements		(3,597)		(2,506)			1,945			(10,785)		(1,195)
		Other, net		1,765		(2,184)			1,377			(4,041)		(18)
				5,972		2,546			(1,212)			18,635		9,867
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness				-		1,500			-			1,500		1,534
Redemption/repurchase/maturity of subordinated indebtedness				(1,000)		(1)			(19)			(1,001)		(638)
Issue of preferred shares, net of issuance cost				-		247			-			568		445
Issue of common shares for cash				43		38			43			157		186
Purchase of common shares for cancellation				(109)		-			(215)			(109)		(417)
Net sale (purchase) of treasury shares				(1)		2			-			1		6
Dividends paid				(623)		(612)			(579)			(2,406)		(2,109)
				(1,690)		1,174			(770)			(1,290)		(993)
Cash flows provided by (used in) investing activities
Purchase of securities measured/designated at FVOCI and amortized cost				(12,619)		(9,394)			(8,676)			(42,304)		(33,011)
Proceeds from sale of securities measured/designated at FVOCI and amortized cost				2,640		3,704			6,865			13,764		12,992
Proceeds from maturity of debt securities measured at FVOCI and amortized cost				5,730		1,814			4,619			10,948		12,402
Cash used in acquisitions, net of cash acquired				(25)		-			-			(25)		(315)
Net cash provided by dispositions of investments in equity-accounted associates and
	joint ventures			-		-			-			-		200
Net sale (purchase) of land, buildings and equipment				(106)		(54)			(132)			(272)		(255)
				(4,380)		(3,930)			2,676			(17,889)		(7,987)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks				(3)		(27)			23			4		53
Net increase (decrease) in cash and non-interest-bearing deposits with banks
	during the period			(101)		(237)			717			(540)		940
Cash and non-interest-bearing deposits with banks at beginning of period				3,941		4,178			3,663			4,380		3,440
Cash and non-interest-bearing deposits with banks at end of period ^(2)			$	3,840	$	3,941		$	4,380		$	3,840	$	4,380
Cash interest paid			$	2,356	$	2,700		$	2,071		$	10,008	$	7,235
Cash interest received				4,978		5,162			4,402			19,840		16,440
Cash dividends received				206		186			158			735		724
Cash income taxes paid				308		403			340			1,549		1,654

(1)	Comprises amortization and impairment of buildings, furniture, equipment, leasehold improvements, goodwill, software and other intangible assets.
(2)	Includes restricted balance of $479 million (July 31, 2019: $476 million; October 31, 2018: $438 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 understanding how management views underlying business 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 2019 Annual Report.

			As at or for the										As at or for the
			three months ended										twelve months ended
				2019			2019			2018				2019			2018
$ millions				Oct. 31			Jul. 31			Oct. 31				Oct. 31			Oct. 31
Reported and adjusted diluted EPS
Reported net income attributable to common shareholders	A		$	1,153		$	1,364		$	1,242			$	4,985		$	5,178
After-tax impact of items of note^(1)				116			17			91				323			252
Adjusted net income attributable to common shareholders^(2)	B		$	1,269		$	1,381		$	1,333			$	5,308		$	5,430
Diluted weighted-average common shares outstanding (thousands)	C			446,392			445,915			444,504				445,457			444,627
Reported diluted EPS ($)	A/C		$	2.58		$	3.06		$	2.80			$	11.19		$	11.65
Adjusted diluted EPS ($)^(2)	B/C			2.84			3.10			3.00				11.92			12.21
Reported and adjusted return on common shareholders' equity
Average common shareholders' equity	D		$	35,553		$	35,028		$	32,200			$	34,467		$	31,184
Reported return on common shareholders' equity	A/D	^(3)		12.9	%		15.5	%		15.3	%			14.5	%		16.6	%
Adjusted return on common shareholders' equity^(2)	B/D	^(3)		14.2	%		15.6	%		16.4	%			15.4	%		17.4	%

				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		Markets		and Other		Total
Oct. 31	Reported net income (loss)	$	601	$	306	$	180	$	226	$	(120)	$	1,193
2019	After-tax impact of items of note^(1)		2		1		11		-		102		116
	Adjusted net income (loss)^(2)	$	603	$	307	$	191	$	226	$	(18)	$	1,309
Jul. 31	Reported net income (loss)	$	657	$	348	$	172	$	231	$	(10)	$	1,398
2019	After-tax impact of items of note^(1)		2		-		10		-		5		17
	Adjusted net income (loss)^(2)	$	659	$	348	$	182	$	231	$	(5)	$	1,415
Oct. 31	Reported net income (loss)	$	668	$	333	$	131	$	233	$	(97)	$	1,268
2018	After-tax impact of items of note^(1)		1		1		8		-		86		96
	Adjusted net income (loss)^(2)	$	669	$	334	$	139	$	233	$	(11)	$	1,364
$ millions, for the twelve months ended
Oct. 31	Reported net income (loss)	$	2,291	$	1,301	$	683	$	937	$	(91)	$	5,121
2019	After-tax impact of items of note^(1)		174		1		40		-		108		323
	Adjusted net income (loss)^(2)	$	2,465	$	1,302	$	723	$	937	$	17	$	5,444
Oct. 31	Reported net income (loss)	$	2,547	$	1,307	$	565	$	1,069	$	(204)	$	5,284
2018	After-tax impact of items of note^(1)		9		1		27		-		220		257
	Adjusted net income (loss)^(2)	$	2,556	$	1,308	$	592	$	1,069	$	16	$	5,541

(1)	Reflects impact of items of note under the "2019 Financial results review" section of the 2019 Annual Report.
(2)	Non-GAAP measure.
(3)	Annualized.

Items of note

		For the three							For the twelve
		months ended							months ended
		2019		2019		2018			2019		2018
$ millions		Oct. 31		Jul. 31		Oct. 31			Oct. 31		Oct. 31
Interest income related to the settlement of certain income tax matters		$	(67)	$	-	$	-		$	(67)	-
Amortization of acquisition-related intangible assets			28		27		26			109	115
Goodwill impairment charge related to the expected sale of our controlling interest in CIBC FirstCaribbean			135		-		-			135	-
Charge for a payment made to Air Canada, including related sales tax and transaction costs, to secure our
	participation in its new loyalty program		-		-		-			227	-
Incremental losses on debt securities and loans in CIBC FirstCaribbean resulting from the Barbados government
	debt restructuring		-		-		89			-	89
Transaction and integration-related costs as well as purchase accounting adjustments associated with the
	acquisitions of The PrivateBank, Geneva Advisors and Wellington Financial^(1)		(16)		(6)		8			(45)	16
Increase in legal provisions			28		-		-			28	-
Pre-tax impact of items of note on net income			108		21		123			387	220
	Income tax impact on above items of note		8		(4)		(27)			(64)	(51)
	Charge from net tax adjustments resulting from U.S. tax reforms		-		-		-			-	88
After-tax impact of items of note on net income		$	116	$	17	$	96		$	323	257
	After-tax impact of items of note on non-controlling interests		-		-		(5)			-	(5)
After-tax impact of items of note on net income attributable to common shareholders		$	116	$	17	$	91		$	323	252

(1)

Transaction costs include legal and other advisory fees and interest adjustments relating to the obligation payable to dissenting shareholders. Integration costs are comprised of direct and incremental costs incurred as part of planning for and executing the integration of 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 and changes in the fair value of contingent consideration relating to the Geneva Advisors and Wellington Financial acquisitions.

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 consolidated financial statements follow the same accounting policies and methods of application as CIBC's consolidated financial statements as at and for the year ended October 31, 2019.

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 1-800-806-5484, passcode 8987973#) and French (514-392-1587, or toll-free 1-800-898-3989, passcode 1030719#). 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 2019 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 2545407#) and French (514-861-2272 or 1-800-408-3053, passcode 8849384#) until 11:59 p.m. (ET) December 13, 2019. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html

About CIBC
CIBC is a leading North American financial institution with 10 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 https://cibc.mediaroom.com/.

The information below forms a part of this news 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 2019 Annual Report under the heading "Economic and market environment – Outlook for calendar year 2020" 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 2020 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 "Economic and market environment – Outlook for calendar year 2020" section of our 2019 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, conduct 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 terrorism; 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 or disclosure 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 an acquisition 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: 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 Enquiries: Erica Belling, 416-594-7251, [email protected]; Tom Wallis, 416-980-4048, [email protected]

Related Links

www.cibc.com