CIBC's 2013 audited annual consolidated financial statements and
accompanying management's discussion & analysis (MD&A) will be
available today at www.cibc.com, along with the supplementary financial information report which
includes fourth quarter financial information.
|
TORONTO, Dec. 5, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced net income of $836 million for the
fourth quarter ended October 31, 2013, compared with $852 million for
the fourth quarter of 2012. Adjusted net income(1) of $905 million for the quarter was up from $858 million for the fourth
quarter of 2012. Reported diluted earnings per share (EPS) of $2.05 and
adjusted diluted EPS(1) of $2.22 for the fourth quarter of 2013, compared with reported diluted
EPS of $2.02 and adjusted diluted EPS(1) of $2.04, respectively, for the same period last year.
CIBC's results for the fourth quarter of 2013 were affected by the
following items of note aggregating to a negative impact of $0.17 per
share:
-
$39 million ($37 million after-tax, or $0.09 per share) restructuring
charge relating to FirstCaribbean International Bank Limited (CIBC
FirstCaribbean);
-
$35 million ($19 million after-tax, or $0.05 per share) impairment of an
equity position associated with our exited U.S. leveraged finance
portfolio;
-
$24 million ($18 million after-tax, or $0.05 per share) expenses
relating to the development and marketing of our enhanced proprietary
travel rewards program and to the proposed Aeroplan transactions with
Aimia Canada Inc. (Aimia) and The Toronto-Dominion Bank Group (TD) in
the first quarter of 2014;
-
$15 million ($11 million after-tax, or $0.03 per share) gain from the
structured credit run-off business; and
-
$7 million ($6 million after-tax, or $0.01 per share) amortization of
intangible assets.
CIBC's reported net income of $836 million and adjusted net income(1) of $905 million for the fourth quarter of 2013 compared with reported
net income of $890 million and adjusted net income(1) of $943 million for the third quarter ended July 31, 2013. Reported
diluted EPS of $2.05 and adjusted diluted EPS(1) of $2.22 for the fourth quarter of 2013 compared with reported diluted
EPS of $2.16 and adjusted diluted EPS(1) of $2.29 for the prior quarter.
For the year ended October 31, 2013, CIBC reported net income of $3.4
billion and adjusted net income(1) of $3.6 billion, compared with reported net income of $3.3 billion and
adjusted net income(1) of $3.4 billion for 2012. Reported diluted EPS of $8.23 and adjusted
diluted EPS(1) of $8.78 for 2013 compared with reported diluted EPS of $7.85 and
adjusted diluted EPS(1) of $8.07 for 2012.
CIBC's adjusted return on common shareholders' equity(1) was 22.3% for the year ended October 31, 2013 and the Basel III Common
Equity Tier 1 ratio was 9.4% as at October 31, 2013.
"CIBC reported another year of solid progress in 2013," says Gerry
McCaughey, CIBC President and Chief Executive Officer. "Our results
reflect the strength of our client-focused strategy."
"Within an environment that continues to be challenging, CIBC has the
right strategy to continue to deliver value," adds McCaughey. "In 2014,
we will continue to focus on cultivating deeper relationships with our
clients and pursing strategic growth."
Performance against Objectives
|
Our key measures of performance
|
Our Objectives
|
2013 results
|
Adjusted Earnings per share (EPS) (1)
growth
|
Adjusted EPS growth of 5%-10% per annum, on
average, over the next 3-5 years
|
2013: $8.78, up 9% from 2012
|
Adjusted Return on common
shareholders' equity (ROE) (1)
|
Adjusted return on common shareholders' equity of
20% through the cycle
|
22.3%
|
|
Capital Strength
|
Basel III Common Equity Tier 1 ratio to exceed the
regulatory target set by Office of the
Superintendent of Financial Institutions (OSFI)
|
Basel III Common Equity Tier 1 ratio of 9.4%
|
|
Business mix
|
75% Retail (2)/25% wholesale (as measured by
economic capital (1))
|
77%/23%
Retail (2)/wholesale
|
|
Risk (3)
|
Maintain provision for credit losses as a percentage
of average loans and acceptances (loan loss ratio)
between 45 and 60 basis points through the
business cycle
|
44 basis points
|
|
Productivity
|
Achieve a median ranking within our industry
group, in terms of adjusted non-interest expenses to
total revenue (adjusted efficiency ratio) (1)
|
56.2%
|
|
Adjusted Dividend payout ratio (1)
|
40%-50% (common share dividends as a
percentage of adjusted net income after preferred
share dividends and premium on redemptions)
|
43.2%
|
|
Total shareholder return
|
Outperform the S&P/TSX Composite Banks Index
(dividends reinvested) on a rolling five-year basis
|
Five years ended October 31, 2013: CIBC - 109.3%
Index - 99.0%
|
Core business performance
Retail and Business Banking reported net income of $2.5 billion in 2013,
up from $2.3 billion in 2012, as a result of wider spreads, volume
growth across most retail products and higher fees.
Retail and Business Banking continued to make strategic investments
throughout 2013 in areas that are enhancing the relationship we have
with, and the value we provide to, our clients:
-
As part of CIBC's commitment to provide our clients with the market
leading travel rewards credit card, CIBC launched an enhanced Aventura
card and signed a 10-year extension with Aimia to continue to offer our
clients Aeroplan credit cards. Combined, our clients have the largest
offering of choice in the Canadian marketplace.
-
We became the first and remain the only bank to launch a new mobile
payments App for clients, the CIBC Mobile Payment App.
-
We introduced the CIBC Mobile Business App, offering online cash
management solutions for our business banking clients.
-
More than one million active clients are now using our award-winning
mobile banking App to perform many of their everyday banking
transactions from their mobile device.
-
We launched the CIBC Everyday Banking Bundle and the CIBC Premium
Banking Bundle to make it easier for our clients to bank with us and
reward them for doing so.
-
The ongoing conversion of our FirstLine mortgage clients into CIBC-brand
mortgages continues to exceed targets, and supports our focus on client
retention by introducing these clients to the benefits of a broader
banking relationship with CIBC.
Today, CIBC and the Greater Toronto Airport Authority (GTAA) announced
an innovative multi-year partnership that establishes CIBC as the
exclusive financial services provider of full service banking for the
35 million people who pass through Toronto Pearson Airport each year.
"We made good progress against our priorities in 2013 of building deeper
relationships with our clients, enhancing our sales and service
capabilities, and acquiring and retaining clients," says David
Williamson, Group Head, Retail and Business Banking. "As a result, we
accelerated revenue, increased our margins and improved our client
satisfaction scores."
Wealth Management reported net income of $388 million in 2013, compared
with $339 million in 2012. Adjusting for items of note(1), net income of $392 million was up $87 million from $305 million in
2012. Net income increased as a result of higher revenue across all
businesses.
Wealth Management strengthened its business on many fronts in 2013 in
support of our strategic priorities to attract and deepen client
relationships, seek new sources of domestic assets and pursue
acquisitions and investments. Key highlights included:
-
Announcement of our intent to acquire Atlantic Trust, a U.S. private
wealth management firm, as part of our strategic plan to grow our North
American wealth management business. We are on track with our
transition plans and expect to complete this acquisition in the first
quarter of fiscal 2014 following regulatory approvals.
-
We achieved our 19th consecutive quarter of positive retail net sales of long-term mutual
funds and had record long-term net sales of $4.8 billion.
-
CIBC Private Wealth Management and CIBC Wood Gundy successfully
attracted new clients and assets to the Wealth Management platform at
an accelerated rate during the second half of the year.
-
We made significant enhancements to the CIBC Investor's Edge platform,
with the launch of a new online interface to provide clients with
additional tools and functionality to monitor their investment
portfolios, including a new Exchange Traded Funds (ETF) Centre and
enhanced research centre that includes equity reports from Morningstar
and Thomson-Reuters.
-
CIBC Wood Gundy and CIBC Investor's Edge continue to strengthen client
satisfaction indicators.
"We will continue to invest in our Wealth Management platform,
domestically and internationally, to enhance the client experience and
strengthen shareholder returns," says Victor Dodig, Group Head, Wealth
Management.
Despite ongoing uncertainty in global markets, Wholesale Banking
delivered strong results, reporting net income of $716 million,
compared with $613 million in 2012. Adjusting for items of note(1), net income of $834 million in 2013 compared with net income of $680
million in 2012.
Wholesale Banking's objective is to be the premier client-focused
wholesale bank centred in Canada, with a reputation for consistent and
sustainable earnings, for sound risk management, and for being a
well-managed firm known for excellence in everything we do. During
2013, Wholesale Banking:
-
Ranked as #1 in Canadian equity markets in the annual Brendan Wood
International survey by institutional investors who recognized the
leadership demonstrated by CIBC's equity research, sales and trading
teams and investor conferences.
-
Named top forecaster of Australian and Canadian dollars by Bloomberg for
the four quarters ended June 30, 2013.
-
Ranked #1 in Canadian equity trading by volume, value and number of
trades by TSX and ATS Market Share Report, 2009-present.
-
Led or co-led several key transactions, most notably Choice Properties
Real Estate Investment Trust's $460 million IPO of Trust Units, $600
million inaugural bond offering and $500 million senior unsecured
credit facility.
Subsequent to the quarter-end, on November 29, 2013, CIBC sold an equity
investment that was previously acquired through a loan restructuring in
CIBC's exited European leveraged finance business. The transaction will
result in an after-tax gain, net of associated expenses, of
approximately $50 million in the first quarter of 2014.
"Wholesale Banking delivered high quality and consistent performance in
2013, despite continued challenging market conditions globally," says
Richard Nesbitt, Chief Operating Officer.
While investing in our core Wholesale Banking strategy, CIBC continued
to actively manage and reduce its structured credit run-off portfolio.
In 2013, notional exposures declined by $5.5 billion as a result of
sales and terminations of positions, as well as normal amortization.
|
(1)
|
For additional information, see the "Non-GAAP measures" section.
|
|
(2)
|
For the purpose of calculating this ratio, Retail includes Retail and
Business Banking, Wealth Management and International Banking
operations (reported as part of Corporate and Other). The ratio
represents the amount of economic capital attributed to these
businesses as at the end of the period.
|
|
(3)
|
Going forward, our target will be to maintain a loan loss ratio of less
than 60 basis points.
|
Strong fundamentals
While investing in its core businesses, CIBC has continued to strengthen
its key fundamentals. In 2013, CIBC maintained its capital strength,
competitive productivity and sound risk management:
-
CIBC's capital ratios are strong, including Basel III Common equity Tier
1 ratio of 9.4%, and Tier 1 and Total capital ratios of 11.6% and 14.6%
at October 31, 2013;
-
Credit quality has remained stable, with CIBC's loan loss ratio of 44
basis points compared with 53 basis points in 2012; and
-
Market risk, as measured by average Value-at-Risk, was $4.6 million in
2013 compared with $4.9 million in 2012.
Making a difference in our Communities
As a leader in community investment, CIBC is committed to supporting
causes that matter to its clients, employees and communities. During
the fourth quarter of 2013:
-
CIBC continued its long-term commitment to supporting breast cancer
initiatives. The 2013 Canadian Breast Cancer Foundation CIBC Run for
the Cure raised $27 million, including more than $3 million contributed
by Team CIBC through pledges, fundraising activities and donations to
the CIBC Pink Collection and close to $500,000 raised by students
across Canada as part of the Post Secondary Challenge. CIBC was also
proud to co-sponsor the Pink Tour, which made its final stop in October
after bringing breast health education to 90 communities across
Ontario.
-
CIBC marked its fourth year as title sponsor of the CIBC 401 Bike
Challenge, a three-day, 576-kilometre ride from Toronto's Hospital for
Sick Children to the Montreal Children's Hospital. A number of CIBC
employees and their fellow riders raised more than $274,000 to support
kids with cancer and their families through the Sarah Cook Fund of the
Cedars Cancer Institute.
-
In support of Canada's para athletes, CIBC marked the two-year countdown
to the 2015 TORONTO Parapan Am Games and announced its multi-year
commitment as the Official Banking Partner of the Canadian Paralympic
Committee.
During the quarter, CIBC was ranked among the top 10 Safest Banks in
North America by Global Finance magazine. CIBC was recognized by Mediacorp as one of Canada's Top 100
Employers for a second consecutive year and as one of Canada's Top
Employers for Young People. CIBC was also once again named a
constituent of the following widely regarded indices:
-
Dow Jones Sustainability World Index for a 12th consecutive year, and in
the Dow Jones Sustainability North American Index since its inception
in 2005;
-
FTSE4Good Index since 2001; and
-
Jantzi Social Index since 2000.
"We are proud of the contributions we have made and the recognition we
have received," says Mr. McCaughey. "I would like to thank our
employees for the work that they do in serving our clients, supporting
our communities and helping CIBC achieve business success."
Fourth quarter financial highlights
|
|
As at or for the
|
|
|
|
As at or for the
|
|
|
|
|
|
three months ended
|
|
|
|
twelve months ended
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
2013
|
2012
|
|
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
(1)
|
|
|
Oct. 31
|
Oct. 31
|
(1)
|
|
Financial results ($ millions)
|
|
|
|
|
|
|
Net interest income
|
$
|
1,894
|
|
$
|
1,883
|
|
$
|
1,848
|
|
|
|
$
|
7,455
|
|
$
|
7,326
|
|
|
Non-interest income
|
|
1,306
|
|
|
1,380
|
|
|
1,311
|
|
|
|
|
5,328
|
|
|
5,223
|
|
|
Total revenue
|
|
3,200
|
|
|
3,263
|
|
|
3,159
|
|
|
|
|
12,783
|
|
|
12,549
|
|
|
Provision for credit losses
|
|
271
|
|
|
320
|
|
|
328
|
|
|
|
|
1,121
|
|
|
1,291
|
|
|
Non-interest expenses
|
|
1,932
|
|
|
1,874
|
|
|
1,829
|
|
|
|
|
7,614
|
|
|
7,215
|
|
|
Income before taxes
|
|
997
|
|
|
1,069
|
|
|
1,002
|
|
|
|
|
4,048
|
|
|
4,043
|
|
|
Income taxes
|
|
161
|
|
|
179
|
|
|
150
|
|
|
|
|
648
|
|
|
704
|
|
|
Net income
|
$
|
836
|
|
$
|
890
|
|
$
|
852
|
|
|
|
$
|
3,400
|
|
$
|
3,339
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
(7)
|
|
|
-
|
|
|
2
|
|
|
|
|
(3)
|
|
|
8
|
|
|
Preferred shareholders
|
|
24
|
|
|
25
|
|
|
29
|
|
|
|
|
99
|
|
|
158
|
|
|
Common shareholders
|
|
819
|
|
|
865
|
|
|
821
|
|
|
|
|
3,304
|
|
|
3,173
|
|
|
Net income attributable to equity shareholders
|
$
|
843
|
|
$
|
890
|
|
$
|
850
|
|
|
|
$
|
3,403
|
|
$
|
3,331
|
|
|
Financial measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported efficiency ratio
|
|
60.4
|
%
|
|
57.4
|
%
|
|
57.9
|
%
|
|
|
|
59.6
|
%
|
|
57.5
|
%
|
|
Adjusted efficiency ratio (2)
|
|
56.4
|
%
|
|
55.6
|
%
|
|
56.5
|
%
|
|
|
|
56.2
|
%
|
|
55.8
|
%
|
|
Loan loss ratio
|
|
0.41
|
%
|
|
0.45
|
%
|
|
0.53
|
%
|
|
|
|
0.44
|
%
|
|
0.53
|
%
|
|
Reported return on common shareholders' equity
|
|
19.9
|
%
|
|
21.6
|
%
|
|
21.7
|
%
|
|
|
|
20.9
|
%
|
|
22.0
|
%
|
|
Adjusted return on common shareholders' equity (2)
|
|
21.5
|
%
|
|
22.9
|
%
|
|
21.8
|
%
|
|
|
|
22.3
|
%
|
|
22.6
|
%
|
|
Net interest margin
|
|
1.85
|
%
|
|
1.85
|
%
|
|
1.83
|
%
|
|
|
|
1.85
|
%
|
|
1.84
|
%
|
|
Net interest margin on average interest-earning assets
|
|
2.10
|
%
|
|
2.12
|
%
|
|
2.14
|
%
|
|
|
|
2.12
|
%
|
|
2.15
|
%
|
|
Return on average assets
|
|
0.82
|
%
|
|
0.88
|
%
|
|
0.85
|
%
|
|
|
|
0.84
|
%
|
|
0.84
|
%
|
|
Return on average interest-earning assets
|
|
0.93
|
%
|
|
1.01
|
%
|
|
0.99
|
%
|
|
|
|
0.97
|
%
|
|
0.98
|
%
|
|
Total shareholder return
|
|
15.15
|
%
|
|
(2.04)
|
%
|
|
8.42
|
%
|
|
|
|
18.41
|
%
|
|
9.82
|
%
|
|
Reported effective tax rate
|
|
16.2
|
%
|
|
16.7
|
%
|
|
15.0
|
%
|
|
|
|
16.0
|
%
|
|
17.4
|
%
|
|
Adjusted effective tax rate(2)
|
|
16.8
|
%
|
|
17.2
|
%
|
|
16.2
|
%
|
|
|
|
16.7
|
%
|
|
18.1
|
%
|
|
Common share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share ($)
|
- basic earnings
|
$
|
2.05
|
|
$
|
2.16
|
|
$
|
2.02
|
|
|
|
$
|
8.24
|
|
$
|
7.86
|
|
|
|
- reported diluted earnings
|
|
2.05
|
|
|
2.16
|
|
|
2.02
|
|
|
|
|
8.23
|
|
|
7.85
|
|
|
|
- adjusted diluted earnings (2)
|
|
2.22
|
|
|
2.29
|
|
|
2.04
|
|
|
|
|
8.78
|
|
|
8.07
|
|
|
|
- dividends
|
|
0.96
|
|
|
0.96
|
|
|
0.94
|
|
|
|
|
3.80
|
|
|
3.64
|
|
|
|
- book value
|
|
41.44
|
|
|
40.11
|
|
|
37.48
|
|
|
|
|
41.44
|
|
|
37.48
|
|
|
Share price ($)
|
- high
|
|
88.70
|
|
|
80.64
|
|
|
78.56
|
|
|
|
|
88.70
|
|
|
78.56
|
|
|
|
- low
|
|
76.91
|
|
|
74.10
|
|
|
72.97
|
|
|
|
|
74.10
|
|
|
68.43
|
|
|
|
- closing
|
|
88.70
|
|
|
77.93
|
|
|
78.56
|
|
|
|
|
88.70
|
|
|
78.56
|
|
|
Shares outstanding (thousands)
|
- weighted-average basic
|
|
399,819
|
|
|
399,952
|
|
|
405,404
|
|
|
|
|
400,880
|
|
|
403,685
|
|
|
|
- weighted-average diluted
|
|
400,255
|
|
|
400,258
|
|
|
405,844
|
|
|
|
|
401,261
|
|
|
404,145
|
|
|
|
- end of period
|
|
399,250
|
|
|
399,992
|
|
|
404,485
|
|
|
|
|
399,250
|
|
|
404,485
|
|
|
Market capitalization ($ millions)
|
$
|
35,413
|
|
$
|
31,171
|
|
$
|
31,776
|
|
|
|
$
|
35,413
|
|
$
|
31,776
|
|
|
Value measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield (based on closing share price)
|
|
4.3
|
%
|
|
4.9
|
%
|
|
4.8
|
%
|
|
|
|
4.3
|
%
|
|
4.6
|
%
|
|
Reported dividend payout ratio
|
|
46.9
|
%
|
|
44.4
|
%
|
|
46.4
|
%
|
|
|
|
46.1
|
%
|
|
46.3
|
%
|
|
Adjusted dividend payout ratio (2)
|
|
43.2
|
%
|
|
41.8
|
%
|
|
46.1
|
%
|
|
|
|
43.2
|
%
|
|
45.1
|
%
|
|
Market value to book value ratio
|
|
2.14
|
|
|
1.94
|
|
|
2.10
|
|
|
|
|
2.14
|
|
|
2.10
|
|
|
On- and off-balance sheet information ($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, deposits with banks and securities
|
$
|
78,361
|
|
$
|
76,451
|
|
$
|
70,061
|
|
|
|
$
|
78,361
|
|
$
|
70,061
|
|
|
Loans and acceptances, net of allowance
|
|
256,374
|
|
|
254,221
|
|
|
252,732
|
|
|
|
|
256,374
|
|
|
252,732
|
|
|
Total assets
|
|
398,389
|
|
|
397,547
|
|
|
393,385
|
|
|
|
|
398,389
|
|
|
393,385
|
|
|
Deposits
|
|
313,528
|
|
|
311,490
|
|
|
300,344
|
|
|
|
|
313,528
|
|
|
300,344
|
|
|
Common shareholders' equity
|
|
16,546
|
|
|
16,044
|
|
|
15,160
|
|
|
|
|
16,546
|
|
|
15,160
|
|
|
Average assets
|
|
405,634
|
|
|
403,081
|
|
|
401,092
|
|
|
|
|
403,946
|
|
|
397,382
|
|
|
Average interest-earning assets
|
|
357,749
|
|
|
351,753
|
|
|
343,840
|
|
|
|
|
351,677
|
|
|
341,053
|
|
|
Average common shareholders' equity
|
|
16,355
|
|
|
15,921
|
|
|
15,077
|
|
|
|
|
15,807
|
|
|
14,442
|
|
|
Assets under administration
|
|
1,513,126
|
|
|
1,460,311
|
|
|
1,445,870
|
|
|
|
|
1,513,126
|
|
|
1,445,870
|
|
|
Balance sheet quality measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basel III - Transitional basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (RWA) ($ millions)
|
$
|
151,338
|
|
$
|
152,176
|
|
|
n/a
|
|
|
|
$
|
151,338
|
|
|
n/a
|
|
|
Common Equity Tier 1 (CET1) ratio
|
|
11.0
|
%
|
|
10.7
|
%
|
|
n/a
|
|
|
|
|
11.0
|
%
|
|
n/a
|
|
|
Tier 1 capital ratio
|
|
11.8
|
%
|
|
11.4
|
%
|
|
n/a
|
|
|
|
|
11.8
|
%
|
|
n/a
|
|
|
Total capital ratio
|
|
14.3
|
%
|
|
14.0
|
%
|
|
n/a
|
|
|
|
|
14.3
|
%
|
|
n/a
|
|
|
Basel III - All-in basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RWA ($ millions)
|
$
|
136,747
|
|
$
|
133,994
|
|
|
n/a
|
|
|
|
$
|
136,747
|
|
|
n/a
|
|
|
CET1 ratio
|
|
9.4
|
%
|
|
9.3
|
%
|
|
n/a
|
|
|
|
|
9.4
|
%
|
|
n/a
|
|
|
Tier 1 capital ratio
|
|
11.6
|
%
|
|
11.6
|
%
|
|
n/a
|
|
|
|
|
11.6
|
%
|
|
n/a
|
|
|
Total capital ratio
|
|
14.6
|
%
|
|
14.7
|
%
|
|
n/a
|
|
|
|
|
14.6
|
%
|
|
n/a
|
|
|
Basel II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RWA ($ millions)
|
|
n/a
|
|
|
n/a
|
|
$
|
115,229
|
|
|
|
|
n/a
|
|
$
|
115,229
|
|
|
Tier 1 capital ratio
|
|
n/a
|
|
|
n/a
|
|
|
13.8
|
%
|
|
|
|
n/a
|
|
|
13.8
|
%
|
|
Total capital ratio
|
|
n/a
|
|
|
n/a
|
|
|
17.3
|
%
|
|
|
|
n/a
|
|
|
17.3
|
%
|
|
Other information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail / wholesale ratio
|
|
77 % / 23
|
%
|
|
77 % / 23
|
%
|
|
77 % / 23
|
%
|
|
|
|
77 % / 23
|
%
|
|
77 % / 23
|
%
|
Full-time equivalent employees
|
|
43,039
|
|
|
43,516
|
|
|
42,595
|
|
|
|
|
43,039
|
|
|
42,595
|
|
|
(1)
|
Certain information has been reclassified to conform to the presentation
adopted in the current period.
|
|
|
|
(2)
|
For additional information, see the "Non-GAAP measures" section.
|
|
|
|
n/a
|
Not applicable.
|
|
|
Review of Retail and Business Banking fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2013
|
|
|
2012
|
|
|
$ millions, for the three months ended
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Personal banking
|
$
|
1,695
|
|
$
|
1,672
|
|
$
|
1,616
|
|
|
|
Business banking
|
|
384
|
|
|
384
|
|
|
378
|
|
|
|
Other
|
|
25
|
|
|
58
|
|
|
42
|
|
|
Total revenue
|
|
2,104
|
|
|
2,114
|
|
|
2,036
|
|
|
Provision for credit losses
|
|
215
|
|
|
241
|
|
|
255
|
|
|
Non-interest expenses
|
|
1,085
|
|
|
1,033
|
|
|
1,030
|
|
|
Income before taxes
|
|
804
|
|
|
840
|
|
|
751
|
|
|
Income taxes
|
|
194
|
|
|
202
|
|
|
182
|
|
|
Net income
|
$
|
610
|
|
$
|
638
|
|
$
|
569
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders (a)
|
$
|
610
|
|
$
|
638
|
|
$
|
569
|
|
|
Efficiency ratio
|
|
51.5
|
%
|
|
48.9
|
%
|
|
50.6
|
%
|
|
Return on equity (1)
|
|
55.3
|
%
|
|
60.5
|
%
|
|
57.1
|
%
|
|
Charge for economic capital (1) (b)
|
$
|
(137)
|
|
$
|
(132)
|
|
$
|
(126)
|
|
|
Economic profit (1) (a+b)
|
$
|
473
|
|
$
|
506
|
|
$
|
443
|
|
|
Full-time equivalent employees
|
|
21,781
|
|
|
22,186
|
|
|
21,857
|
|
|
(1)
|
For additional information, see the "Non-GAAP measures" section.
|
Net income was $610 million, up $41 million from the fourth quarter of
2012. Adjusted net income (1) was $629 million, up $58 million from the fourth quarter of 2012.
Revenue of $2,104 million was up $68 million from the fourth quarter of
2012. Excluding the impact of Treasury allocations, revenue was up $75
million from the fourth quarter of 2012. Personal banking and business
banking revenue increased primarily due to volume growth across most
products and higher fees, partially offset by lower spreads in business
deposits. Other revenue was down primarily due to lower treasury
allocations and lower revenue in our exited FirstLine mortgage broker
business.
Provision for credit losses of $215 million was down $40 million from
the fourth quarter of 2012, primarily due to lower write-offs in cards,
partially offset by higher losses in commercial banking.
Non-interest expenses of $1,085 million were up $55 million from the
fourth quarter of 2012, mainly due to higher employee-related
compensation relating to an increased number of client-facing
employees, and expenses relating to the development and marketing of
our enhanced proprietary travel rewards program and to the proposed
Aeroplan transactions with Aimia and TD in the first quarter of 2014.
Income tax expense of $194 million was up $12 million from the fourth
quarter of 2012 due to higher income.
|
(1)
|
For additional information, see the "Non-GAAP measures" section.
|
Review of Wealth Management fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2013
|
|
|
2012
|
|
|
$ millions, for the three months ended
|
|
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail brokerage
|
|
|
$
|
272
|
|
$
|
267
|
|
$
|
256
|
|
|
|
Asset management
|
|
|
|
165
|
|
|
159
|
|
|
138
|
|
|
|
Private wealth management
|
|
|
|
33
|
|
|
32
|
|
|
26
|
|
|
Total revenue
|
|
|
|
470
|
|
|
458
|
|
|
420
|
|
|
Provision for credit losses
|
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
Non-interest expenses
|
|
|
|
334
|
|
|
325
|
|
|
308
|
|
|
Income before taxes
|
|
|
|
135
|
|
|
133
|
|
|
112
|
|
|
Income taxes
|
|
|
|
31
|
|
|
31
|
|
|
28
|
|
|
Net income
|
|
|
$
|
104
|
|
$
|
102
|
|
$
|
84
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders (a)
|
|
|
$
|
104
|
|
$
|
102
|
|
$
|
84
|
|
|
Efficiency ratio
|
|
|
|
71.2
|
%
|
|
71.0
|
%
|
|
73.4
|
%
|
|
Return on equity (1)
|
|
|
|
21.6
|
%
|
|
21.4
|
%
|
|
18.9
|
%
|
|
Charge for economic capital (1) (b)
|
|
|
$
|
(59)
|
|
$
|
(58)
|
|
$
|
(55)
|
|
|
Economic profit (1) (a+b)
|
|
|
$
|
45
|
|
$
|
44
|
|
$
|
29
|
|
|
Full-time equivalent employees
|
|
|
|
3,840
|
|
|
3,837
|
|
|
3,783
|
|
|
(1)
|
For additional information, see the "Non-GAAP measures" section.
|
Net Income for the quarter was $104 million, up $20 million from the
fourth quarter of 2012.
Revenue of $470 million was up $50 million from the fourth quarter of
2012, primarily due to higher average client assets under management
driven by market appreciation and higher net sales of long-term mutual
funds, higher contribution from our investment in American Century
Investments, and higher fee-based revenue.
Non-interest expenses of $334 million were up $26 million from the
fourth quarter of 2012, primarily due to higher performance-based
compensation.
Review of Wholesale Banking fourth quarter results
|
|
|
|
|
|
|
2013
|
|
|
2013
|
|
|
2012
|
|
|
$ millions, for the three months ended
|
|
|
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital markets
|
|
|
|
$
|
279
|
|
$
|
349
|
|
$
|
295
|
|
|
|
Corporate and investment banking
|
|
|
|
|
249
|
|
|
243
|
|
|
206
|
|
|
|
Other
|
|
|
|
|
(6)
|
|
|
4
|
|
|
74
|
|
|
Total revenue (1)
|
|
|
|
|
522
|
|
|
596
|
|
|
575
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
(1)
|
|
|
14
|
|
|
66
|
|
|
Non-interest expenses
|
|
|
|
|
272
|
|
|
303
|
|
|
263
|
|
|
Income before taxes
|
|
|
|
|
251
|
|
|
279
|
|
|
246
|
|
|
Income taxes (1)
|
|
|
|
|
41
|
|
|
62
|
|
|
53
|
|
|
Net income
|
|
|
|
$
|
210
|
|
$
|
217
|
|
$
|
193
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders (a)
|
|
|
|
$
|
210
|
|
$
|
217
|
|
$
|
193
|
|
|
Efficiency ratio
|
|
|
|
|
52.1
|
%
|
|
50.9
|
%
|
|
45.7
|
%
|
|
Return on equity (2)
|
|
|
|
|
36.1
|
%
|
|
38.7
|
%
|
|
35.0
|
%
|
|
Charge for economic capital (2) (b)
|
|
|
|
$
|
(72)
|
|
$
|
(70)
|
|
$
|
(70)
|
|
|
Economic profit (2) (a+b)
|
|
|
|
$
|
138
|
|
$
|
147
|
|
$
|
123
|
|
|
Full-time equivalent employees
|
|
|
|
|
1,273
|
|
|
1,302
|
|
|
1,268
|
|
|
(1)
|
Revenue and income taxes are reported on a taxable equivalent basis
(TEB). Accordingly, revenue and income taxes include a TEB adjustment
of $78 million for the quarter
ended October 31, 2013 (July 31, 2013: $90 million; October 31, 2012:
$92 million).
|
|
(2)
|
For additional information, see the "Non-GAAP measures" section.
|
Net income for the quarter was $210 million, compared with net income of
$217 million for the third quarter of 2013. Adjusted net income (1) for the quarter was $218 million, compared with $223 million for the
prior quarter.
Revenue of $522 million was down $74 million from the third quarter,
primarily due lower Capital Markets revenue and a loss related to
impairment of an equity position associated with our exited U.S.
leveraged finance portfolio, partially offset by higher revenue in U.S.
Real Estate Finance and the Structured Credit Run-Off business.
Net reversal of credit losses of $1 million compared with a provision
for credit losses of $14 million from the third quarter, mainly due to
losses in our U.S. Leveraged Finance portfolio in the prior quarter.
Non-interest expenses of $272 million were down $31 million from the
third quarter, primarily due to lower performance-based compensation.
Income tax expense of $41 million was down $21 million from the third
quarter, due to lower income and a decrease in the relative proportion
of income earned in higher tax jurisdictions.
|
(1)
|
For additional information, see the "Non-GAAP measures" section.
|
Review of Corporate and Other fourth quarter results
|
|
|
|
|
|
2013
|
2013
|
2012
|
|
|
$ millions, for the three months ended
|
|
|
|
|
Oct. 31
|
Jul. 31
|
Oct. 31
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International banking
|
|
|
|
|
$
|
148
|
$
|
142
|
$
|
149
|
|
|
|
Other
|
|
|
|
|
|
(44)
|
|
(47)
|
|
(21)
|
|
|
Total revenue (1)
|
|
|
|
|
|
104
|
|
95
|
|
128
|
|
|
Provision for credit losses
|
|
|
|
|
|
56
|
|
65
|
|
7
|
|
|
Non-interest expenses
|
|
|
|
|
|
241
|
|
213
|
|
228
|
|
|
Loss before taxes
|
|
|
|
|
|
(193)
|
|
(183)
|
|
(107)
|
|
|
Income taxes (1)
|
|
|
|
|
|
(105)
|
|
(116)
|
|
(113)
|
|
|
Net income (loss)
|
|
|
|
|
$
|
(88)
|
$
|
(67)
|
$
|
6
|
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests
|
|
|
|
|
$
|
(7)
|
$
|
-
|
$
|
2
|
|
|
|
Equity shareholders
|
|
|
|
|
|
(81)
|
|
(67)
|
|
4
|
|
|
Full-time equivalent employees
|
|
|
|
|
|
16,145
|
|
16,191
|
|
15,687
|
|
|
(1)
|
TEB adjusted. See footnote 1 in "Wholesale Banking" section for
additional details.
|
Net income was down $94 million from the fourth quarter of 2012 as a
result of lower Other revenue, a higher provision for credit losses and
higher non-interest expenses.
Revenue was down $24 million from the fourth quarter of 2012 mainly due
to lower unallocated treasury revenue.
Provision for credit losses was up $49 million from the fourth quarter
of 2012 primarily due to higher losses in CIBC FirstCaribbean.
Non-interest expenses were up $13 million from the fourth quarter of
2012 mainly due to a restructuring charge relating to CIBC
FirstCaribbean.
Income tax benefit was down $8 million from the fourth quarter of 2012
mainly due to a lower TEB adjustment.
Consolidated balance sheet
|
$ millions, as at October 31
|
|
2013
|
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
|
Cash and non-interest-bearing deposits with banks
|
$
|
2,211
|
|
$
|
2,613
|
|
Interest-bearing deposits with banks
|
|
4,168
|
|
|
2,114
|
|
Securities
|
|
|
|
|
|
|
Trading
|
|
44,068
|
|
|
40,330
|
|
Available-for-sale (AFS)
|
|
27,627
|
|
|
24,700
|
|
Designated at fair value (FVO)
|
|
287
|
|
|
304
|
|
|
|
71,982
|
|
|
65,334
|
|
Cash collateral on securities borrowed
|
|
3,417
|
|
|
3,311
|
|
Securities purchased under resale agreements
|
|
25,311
|
|
|
25,163
|
|
Loans
|
|
|
|
|
|
|
Residential mortgages
|
|
150,938
|
|
|
150,056
|
|
Personal
|
|
34,441
|
|
|
35,323
|
|
Credit card
|
|
14,772
|
|
|
15,153
|
|
Business and government
|
|
48,201
|
|
|
43,624
|
|
Allowance for credit losses
|
|
(1,698)
|
|
|
(1,860)
|
|
|
|
246,654
|
|
|
242,296
|
|
Other
|
|
|
|
|
|
|
Derivative instruments
|
|
19,947
|
|
|
27,039
|
|
Customers' liability under acceptances
|
|
9,720
|
|
|
10,436
|
|
Land, buildings and equipment
|
|
1,719
|
|
|
1,683
|
|
Goodwill
|
|
1,733
|
|
|
1,701
|
|
Software and other intangible assets
|
|
756
|
|
|
656
|
|
Investments in equity-accounted associates and joint ventures
|
|
1,713
|
|
|
1,635
|
|
Other assets
|
|
9,058
|
|
|
9,404
|
|
|
|
44,646
|
|
|
52,554
|
|
|
$
|
398,389
|
|
$
|
393,385
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Personal
|
$
|
125,034
|
|
$
|
118,153
|
|
Business and government
|
|
133,100
|
|
|
125,055
|
|
Bank
|
|
5,592
|
|
|
4,723
|
|
Secured borrowings
|
|
49,802
|
|
|
52,413
|
|
|
|
313,528
|
|
|
300,344
|
|
Obligations related to securities sold short
|
|
13,327
|
|
|
13,035
|
|
Cash collateral on securities lent
|
|
2,099
|
|
|
1,593
|
|
Capital Trust securities
|
|
1,638
|
|
|
1,678
|
|
Obligations related to securities sold under repurchase agreements
|
|
4,887
|
|
|
6,631
|
|
Other
|
|
|
|
|
|
|
Derivative instruments
|
|
19,724
|
|
|
27,091
|
|
Acceptances
|
|
9,721
|
|
|
10,481
|
|
Other liabilities
|
|
10,808
|
|
|
10,671
|
|
|
|
40,253
|
|
|
48,243
|
|
Subordinated indebtedness
|
|
4,228
|
|
|
4,823
|
|
Equity
|
|
|
|
|
|
|
Preferred shares
|
|
1,706
|
|
|
1,706
|
|
Common shares
|
|
7,753
|
|
|
7,769
|
|
Contributed surplus
|
|
82
|
|
|
85
|
|
Retained earnings
|
|
8,402
|
|
|
7,042
|
|
Accumulated other comprehensive income (AOCI)
|
|
309
|
|
|
264
|
|
Total shareholders' equity
|
|
18,252
|
|
|
16,866
|
|
Non-controlling interests
|
|
177
|
|
|
172
|
|
Total equity
|
|
18,429
|
|
|
17,038
|
|
|
$
|
398,389
|
|
$
|
393,385
|
Consolidated statement of income
|
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
2013
|
2013
|
|
2012
|
|
|
|
2013
|
2012
|
|
|
|
$ millions, except as noted
|
Oct. 31
|
Jul. 31
|
|
Oct. 31
|
(1)
|
|
|
Oct. 31
|
Oct. 31
|
(1)
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
2,453
|
$
|
2,479
|
|
$
|
2,494
|
|
|
|
$
|
9,795
|
$
|
10,020
|
|
|
|
Securities
|
|
407
|
|
412
|
|
|
377
|
|
|
|
|
1,631
|
|
1,522
|
|
|
|
Securities borrowed or purchased under resale agreements
|
|
91
|
|
82
|
|
|
87
|
|
|
|
|
347
|
|
323
|
|
|
|
Deposits with banks
|
|
8
|
|
9
|
|
|
11
|
|
|
|
|
38
|
|
42
|
|
|
|
|
|
2,959
|
|
2,982
|
|
|
2,969
|
|
|
|
|
11,811
|
|
11,907
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
867
|
|
904
|
|
|
895
|
|
|
|
|
3,541
|
|
3,630
|
|
|
|
Securities sold short
|
|
84
|
|
85
|
|
|
84
|
|
|
|
|
334
|
|
333
|
|
|
|
Securities lent or sold under repurchase agreements
|
|
25
|
|
20
|
|
|
30
|
|
|
|
|
102
|
|
156
|
|
|
|
Subordinated indebtedness
|
|
45
|
|
46
|
|
|
52
|
|
|
|
|
193
|
|
208
|
|
|
|
Capital Trust securities
|
|
35
|
|
31
|
|
|
36
|
|
|
|
|
136
|
|
144
|
|
|
|
Other
|
|
9
|
|
13
|
|
|
24
|
|
|
|
|
50
|
|
110
|
|
|
|
|
|
1,065
|
|
1,099
|
|
|
1,121
|
|
|
|
|
4,356
|
|
4,581
|
|
|
|
Net interest income
|
|
1,894
|
|
1,883
|
|
|
1,848
|
|
|
|
|
7,455
|
|
7,326
|
|
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting and advisory fees
|
|
88
|
|
98
|
|
|
118
|
|
|
|
|
389
|
|
438
|
|
|
|
Deposit and payment fees
|
|
215
|
|
223
|
|
|
194
|
|
|
|
|
824
|
|
775
|
|
|
|
Credit fees
|
|
117
|
|
118
|
|
|
111
|
|
|
|
|
462
|
|
418
|
|
|
|
Card fees
|
|
150
|
|
151
|
|
|
152
|
|
|
|
|
599
|
|
619
|
|
|
|
Investment management and custodial fees
|
|
126
|
|
119
|
|
|
110
|
|
|
|
|
474
|
|
424
|
|
|
|
Mutual fund fees
|
|
267
|
|
258
|
|
|
230
|
|
|
|
|
1,014
|
|
880
|
|
|
|
Insurance fees, net of claims
|
|
93
|
|
94
|
|
|
92
|
|
|
|
|
358
|
|
335
|
|
|
|
Commissions on securities transactions
|
|
98
|
|
106
|
|
|
98
|
|
|
|
|
412
|
|
402
|
|
|
|
Trading income (loss)
|
|
(9)
|
|
24
|
|
|
(17)
|
|
|
|
|
28
|
|
53
|
|
|
|
AFS securities gains, net
|
|
9
|
|
48
|
|
|
61
|
|
|
|
|
212
|
|
264
|
|
|
|
FVO gains (losses), net
|
|
6
|
|
2
|
|
|
(4)
|
|
|
|
|
5
|
|
(32)
|
|
|
|
Foreign exchange other than trading
|
|
5
|
|
18
|
|
|
9
|
|
|
|
|
44
|
|
91
|
|
|
|
Income from equity-accounted associates and joint ventures
|
|
45
|
|
40
|
|
|
44
|
|
|
|
|
139
|
|
160
|
|
|
|
Other
|
|
96
|
|
81
|
|
|
113
|
|
|
|
|
368
|
|
396
|
|
|
|
|
|
1,306
|
|
1,380
|
|
|
1,311
|
|
|
|
|
5,328
|
|
5,223
|
|
|
|
Total revenue
|
|
3,200
|
|
3,263
|
|
|
3,159
|
|
|
|
|
12,783
|
|
12,549
|
|
|
|
Provision for credit losses
|
|
271
|
|
320
|
|
|
328
|
|
|
|
|
1,121
|
|
1,291
|
|
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits
|
|
1,055
|
|
1,079
|
|
|
1,001
|
|
|
|
|
4,253
|
|
4,044
|
|
|
|
Occupancy costs
|
|
181
|
|
171
|
|
|
182
|
|
|
|
|
700
|
|
697
|
|
|
|
Computer, software and office equipment
|
|
285
|
|
269
|
|
|
266
|
|
|
|
|
1,052
|
|
1,022
|
|
|
|
Communications
|
|
75
|
|
75
|
|
|
74
|
|
|
|
|
307
|
|
304
|
|
|
|
Advertising and business development
|
|
79
|
|
59
|
|
|
69
|
|
|
|
|
236
|
|
233
|
|
|
|
Professional fees
|
|
59
|
|
45
|
|
|
45
|
|
|
|
|
179
|
|
174
|
|
|
|
Business and capital taxes
|
|
16
|
|
15
|
|
|
12
|
|
|
|
|
62
|
|
50
|
|
|
|
Other
|
|
182
|
|
161
|
|
|
180
|
|
|
|
|
825
|
|
691
|
|
|
|
|
|
1,932
|
|
1,874
|
|
|
1,829
|
|
|
|
|
7,614
|
|
7,215
|
|
|
|
Income before income taxes
|
|
997
|
|
1,069
|
|
|
1,002
|
|
|
|
|
4,048
|
|
4,043
|
|
|
|
Income taxes
|
|
161
|
|
179
|
|
|
150
|
|
|
|
|
648
|
|
704
|
|
|
|
Net income
|
$
|
836
|
$
|
890
|
|
$
|
852
|
|
|
|
$
|
3,400
|
$
|
3,339
|
|
|
|
Net income (loss) attributable to non-controlling interests
|
$
|
(7)
|
$
|
-
|
|
$
|
2
|
|
|
|
$
|
(3)
|
$
|
8
|
|
|
|
|
Preferred shareholders
|
$
|
24
|
$
|
25
|
|
$
|
29
|
|
|
|
$
|
99
|
$
|
158
|
|
|
|
|
Common shareholders
|
|
819
|
|
865
|
|
|
821
|
|
|
|
|
3,304
|
|
3,173
|
|
|
|
Net income attributable to equity shareholders
|
$
|
843
|
$
|
890
|
|
$
|
850
|
|
|
|
$
|
3,403
|
$
|
3,331
|
|
|
|
Earnings per share (in dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
2.05
|
$
|
2.16
|
|
$
|
2.02
|
|
|
|
$
|
8.24
|
$
|
7.86
|
|
|
|
|
Diluted
|
|
2.05
|
|
2.16
|
|
|
2.02
|
|
|
|
|
8.23
|
|
7.85
|
|
|
|
Dividends per common share (in dollars)
|
|
0.96
|
|
0.96
|
|
|
0.94
|
|
|
|
|
3.80
|
|
3.64
|
|
|
|
(1)
|
Certain information has been reclassified to conform to the presentation
adopted in the current period.
|
Consolidated statement of comprehensive income
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
2013
|
|
2012
|
|
|
$ millions
|
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
|
Oct. 31
|
|
Oct. 31
|
|
|
Net income
|
|
$
|
836
|
$
|
890
|
$
|
852
|
|
|
$
|
3,400
|
$
|
3,339
|
|
|
Other comprehensive income (OCI), net of tax, that is subject to
subsequent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reclassification to net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on investments in foreign operations
|
|
|
143
|
|
165
|
|
36
|
|
|
|
369
|
|
65
|
|
|
|
Net (gains) losses on investments in foreign operations reclassified to
net income
|
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
1
|
|
|
|
Net gains (losses) on hedges of investments in foreign operations
|
|
|
(93)
|
|
(102)
|
|
(50)
|
|
|
|
(237)
|
|
(65)
|
|
|
|
Net (gains) losses on hedges of investments in foreign operations
reclassified to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income
|
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
(1)
|
|
|
|
|
|
|
|
50
|
|
63
|
|
(14)
|
|
|
|
132
|
|
-
|
|
|
|
Net change in AFS securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on AFS securities
|
|
|
74
|
|
(114)
|
|
36
|
|
|
|
57
|
|
208
|
|
|
|
Net (gains) losses on AFS securities reclassified to net income
|
|
|
(7)
|
|
(36)
|
|
(48)
|
|
|
|
(155)
|
|
(196)
|
|
|
|
|
|
|
|
67
|
|
(150)
|
|
(12)
|
|
|
|
(98)
|
|
12
|
|
|
|
Net change in cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivatives designated as cash flow hedges
|
|
|
60
|
|
7
|
|
21
|
|
|
|
62
|
|
20
|
|
|
|
Net (gains) losses on derivatives designated as cash flow hedges
reclassified to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income
|
|
|
(47)
|
|
(11)
|
|
(15)
|
|
|
|
(51)
|
|
(13)
|
|
|
|
|
|
|
|
13
|
|
(4)
|
|
6
|
|
|
|
11
|
|
7
|
|
|
Total OCI
|
|
|
130
|
|
(91)
|
|
(20)
|
|
|
|
45
|
|
19
|
|
|
Comprehensive income
|
|
$
|
966
|
$
|
799
|
$
|
832
|
|
|
$
|
3,445
|
$
|
3,358
|
|
|
Comprehensive income (loss) attributable to non-controlling interests
|
|
$
|
(7)
|
$
|
-
|
$
|
2
|
|
|
$
|
(3)
|
$
|
8
|
|
|
|
Preferred shareholders
|
|
$
|
24
|
$
|
25
|
$
|
29
|
|
|
$
|
99
|
$
|
158
|
|
|
|
Common shareholders
|
|
|
949
|
|
774
|
|
801
|
|
|
|
3,349
|
|
3,192
|
|
|
Comprehensive income attributable to equity shareholders
|
|
$
|
973
|
$
|
799
|
$
|
830
|
|
|
$
|
3,448
|
$
|
3,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
2013
|
|
2012
|
|
|
$ millions
|
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
|
Oct. 31
|
|
Oct. 31
|
|
|
Income tax (expense) benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on investments in foreign operations
|
|
$
|
(9)
|
$
|
(12)
|
$
|
(9)
|
|
|
$
|
(26)
|
$
|
(10)
|
|
|
|
Net gains (losses) on hedges of investments in foreign operations
|
|
|
19
|
|
17
|
|
7
|
|
|
|
44
|
|
11
|
|
|
|
|
|
|
|
10
|
|
5
|
|
(2)
|
|
|
|
18
|
|
1
|
|
|
|
Net change in AFS securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on AFS securities
|
|
|
(14)
|
|
(6)
|
|
(7)
|
|
|
|
(51)
|
|
(49)
|
|
|
|
Net (gains) losses on AFS securities reclassified to net income
|
|
|
2
|
|
13
|
|
18
|
|
|
|
57
|
|
65
|
|
|
|
|
|
|
|
(12)
|
|
7
|
|
11
|
|
|
|
6
|
|
16
|
|
|
|
Net change in cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivatives designated as cash flow hedges
|
|
|
(22)
|
|
(2)
|
|
(4)
|
|
|
|
(22)
|
|
(4)
|
|
|
|
Net (gains) losses on derivatives designated as cash flow hedges
reclassified to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income
|
|
|
17
|
|
4
|
|
5
|
|
|
|
18
|
|
4
|
|
|
|
|
|
|
|
(5)
|
|
2
|
|
1
|
|
|
|
(4)
|
|
-
|
|
|
|
|
|
|
$
|
(7)
|
$
|
14
|
$
|
10
|
|
|
$
|
20
|
$
|
17
|
|
Consolidated statement of changes in equity
|
|
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
2013
|
|
2012
|
|
|
$ millions
|
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
|
Oct. 31
|
|
Oct. 31
|
|
|
Preferred shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
1,706
|
$
|
1,706
|
$
|
2,006
|
|
|
$
|
1,706
|
$
|
2,756
|
|
|
Redemption of preferred shares
|
|
|
-
|
|
-
|
|
(300)
|
|
|
|
-
|
|
(1,050)
|
|
|
Balance at end of period
|
|
$
|
1,706
|
$
|
1,706
|
$
|
1,706
|
|
|
$
|
1,706
|
$
|
1,706
|
|
|
Common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
7,757
|
$
|
7,743
|
$
|
7,744
|
|
|
$
|
7,769
|
$
|
7,376
|
|
|
Issue of common shares
|
|
|
14
|
|
15
|
|
64
|
|
|
|
114
|
|
430
|
|
|
Purchase of common shares for cancellation
|
|
|
(18)
|
|
-
|
|
(39)
|
|
|
|
(130)
|
|
(39)
|
|
|
Treasury shares
|
|
|
-
|
|
(1)
|
|
-
|
|
|
|
-
|
|
2
|
|
|
Balance at end of period
|
|
$
|
7,753
|
$
|
7,757
|
$
|
7,769
|
|
|
$
|
7,753
|
$
|
7,769
|
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
82
|
$
|
80
|
$
|
87
|
|
|
$
|
85
|
$
|
93
|
|
|
Stock option expense
|
|
|
1
|
|
2
|
|
1
|
|
|
|
5
|
|
7
|
|
|
Stock options exercised
|
|
|
(2)
|
|
-
|
|
(3)
|
|
|
|
(9)
|
|
(15)
|
|
|
Other
|
|
|
1
|
|
-
|
|
-
|
|
|
|
1
|
|
-
|
|
|
Balance at end of period
|
|
$
|
82
|
$
|
82
|
$
|
85
|
|
|
$
|
82
|
$
|
85
|
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
8,026
|
$
|
7,545
|
$
|
6,719
|
|
|
$
|
7,042
|
$
|
5,457
|
|
|
Net income attributable to equity shareholders
|
|
|
843
|
|
890
|
|
850
|
|
|
|
3,403
|
|
3,331
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
(24)
|
|
(25)
|
|
(29)
|
|
|
|
(99)
|
|
(128)
|
|
|
|
Common
|
|
|
(384)
|
|
(384)
|
|
(381)
|
|
|
|
(1,523)
|
|
(1,470)
|
|
|
Premium on redemption of preferred shares
|
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
(30)
|
|
|
Premium on purchase of common shares for cancellation
|
|
|
(59)
|
|
-
|
|
(118)
|
|
|
|
(422)
|
|
(118)
|
|
|
Other
|
|
|
-
|
|
-
|
|
1
|
|
|
|
1
|
|
-
|
|
|
Balance at end of period
|
|
$
|
8,402
|
$
|
8,026
|
$
|
7,042
|
|
|
$
|
8,402
|
$
|
7,042
|
|
|
AOCI, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
(6)
|
$
|
(69)
|
$
|
(74)
|
|
|
$
|
(88)
|
$
|
(88)
|
|
|
|
Net change in foreign currency translation adjustments
|
|
|
50
|
|
63
|
|
(14)
|
|
|
|
132
|
|
-
|
|
|
|
Balance at end of period
|
|
$
|
44
|
$
|
(6)
|
$
|
(88)
|
|
|
$
|
44
|
$
|
(88)
|
|
|
|
Net gains (losses) on AFS securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
185
|
$
|
335
|
$
|
362
|
|
|
$
|
350
|
$
|
338
|
|
|
|
Net change in AFS securities
|
|
|
67
|
|
(150)
|
|
(12)
|
|
|
|
(98)
|
|
12
|
|
|
|
Balance at end of period
|
|
$
|
252
|
$
|
185
|
$
|
350
|
|
|
$
|
252
|
$
|
350
|
|
|
|
Net gains (losses) on cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
-
|
$
|
4
|
$
|
(4)
|
|
|
$
|
2
|
$
|
(5)
|
|
|
|
Net change in cash flow hedges
|
|
|
13
|
|
(4)
|
|
6
|
|
|
|
11
|
|
7
|
|
|
|
Balance at end of period
|
|
$
|
13
|
$
|
-
|
$
|
2
|
|
|
$
|
13
|
$
|
2
|
|
|
Total AOCI, net of tax
|
|
$
|
309
|
$
|
179
|
$
|
264
|
|
|
$
|
309
|
$
|
264
|
|
|
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
168
|
$
|
168
|
$
|
167
|
|
|
$
|
172
|
$
|
164
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
(7)
|
|
-
|
|
2
|
|
|
|
(3)
|
|
8
|
|
|
Dividends
|
|
|
-
|
|
(2)
|
|
-
|
|
|
|
(4)
|
|
(5)
|
|
|
Other
|
|
|
16
|
|
2
|
|
3
|
|
|
|
12
|
|
5
|
|
|
Balance at end of period
|
|
$
|
177
|
$
|
168
|
$
|
172
|
|
|
$
|
177
|
$
|
172
|
|
|
Equity at end of period
|
|
$
|
18,429
|
$
|
17,918
|
$
|
17,038
|
|
|
$
|
18,429
|
$
|
17,038
|
|
Consolidated statement of cash flows
|
|
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
|
|
2013
|
|
2013
|
|
|
2012
|
|
|
|
2013
|
|
2012
|
|
|
$ millions
|
|
|
Oct. 31
|
|
Jul. 31
|
(1)
|
|
Oct. 31
|
|
|
|
Oct. 31
|
|
Oct. 31
|
|
|
Cash flows provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
836
|
$
|
890
|
|
$
|
852
|
|
|
$
|
3,400
|
$
|
3,339
|
|
|
Adjustments to reconcile net income to cash flows provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses
|
|
|
271
|
|
320
|
|
|
328
|
|
|
|
1,121
|
|
1,291
|
|
|
|
Amortization and impairment(2)
|
|
|
95
|
|
91
|
|
|
83
|
|
|
|
354
|
|
357
|
|
|
|
Stock option expense
|
|
|
1
|
|
2
|
|
|
1
|
|
|
|
5
|
|
7
|
|
|
|
Deferred income taxes
|
|
|
(14)
|
|
4
|
|
|
15
|
|
|
|
71
|
|
167
|
|
|
|
AFS securities gains, net
|
|
|
(9)
|
|
(48)
|
|
|
(61)
|
|
|
|
(212)
|
|
(264)
|
|
|
|
Net (losses (gains) on disposal of land, buildings and equipment
|
|
|
1
|
|
-
|
|
|
(14)
|
|
|
|
(2)
|
|
(17)
|
|
|
|
Other non-cash items, net
|
|
|
(128)
|
|
(93)
|
|
|
(102)
|
|
|
|
(336)
|
|
91
|
|
|
|
Net changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks
|
|
|
1,734
|
|
(1,538)
|
|
|
4,366
|
|
|
|
(2,054)
|
|
1,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of repayments
|
|
|
(3,393)
|
|
(1,399)
|
|
|
854
|
|
|
|
(5,889)
|
|
(5,023)
|
|
|
|
|
Deposits, net of withdrawals
|
|
|
1,887
|
|
4,630
|
|
|
(4,592)
|
|
|
|
13,459
|
|
11,339
|
|
|
|
|
Obligations related to securities sold short
|
|
|
76
|
|
(315)
|
|
|
1,091
|
|
|
|
292
|
|
2,719
|
|
|
|
|
Accrued interest receivable
|
|
|
(51)
|
|
58
|
|
|
(81)
|
|
|
|
44
|
|
(22)
|
|
|
|
|
Accrued interest payable
|
|
|
260
|
|
(276)
|
|
|
279
|
|
|
|
(147)
|
|
(95)
|
|
|
|
|
Derivative assets
|
|
|
644
|
|
4,701
|
|
|
1,721
|
|
|
|
6,917
|
|
146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities
|
|
|
(636)
|
|
(4,570)
|
|
|
(1,986)
|
|
|
|
(7,241)
|
|
(54)
|
|
|
|
|
Trading securities
|
|
|
(1,182)
|
|
2,920
|
|
|
(1,183)
|
|
|
|
(3,738)
|
|
(7,617)
|
|
|
|
|
FVO securities
|
|
|
(1)
|
|
22
|
|
|
20
|
|
|
|
17
|
|
160
|
|
|
|
|
Other FVO assets and liabilities
|
|
|
69
|
|
66
|
|
|
(95)
|
|
|
|
349
|
|
(639)
|
|
|
|
|
Current income taxes
|
|
|
29
|
|
(24)
|
|
|
(22)
|
|
|
|
(532)
|
|
(749)
|
|
|
|
|
Cash collateral on securities lent
|
|
|
399
|
|
119
|
|
|
(691)
|
|
|
|
506
|
|
(1,257)
|
|
|
|
|
Obligations related to securities sold under repurchase agreements
|
|
|
(1,461)
|
|
646
|
|
|
(1,896)
|
|
|
|
(1,744)
|
|
(1,933)
|
|
|
|
|
Cash collateral on securities borrowed
|
|
|
1,001
|
|
(711)
|
|
|
679
|
|
|
|
(106)
|
|
(1,473)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities purchased under resale agreements
|
|
|
1,768
|
|
(4,338)
|
|
|
3,842
|
|
|
|
(186)
|
|
516
|
|
|
|
|
Other, net
|
|
|
747
|
|
(604)
|
|
|
(263)
|
|
|
|
838
|
|
(916)
|
|
|
|
|
|
2,943
|
|
553
|
|
|
3,145
|
|
|
|
5,186
|
|
1,620
|
|
|
Cash flows provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption/repurchase of subordinated indebtedness
|
|
|
-
|
|
(550)
|
|
|
-
|
|
|
|
(561)
|
|
(272)
|
|
|
Redemption of preferred shares
|
|
|
-
|
|
-
|
|
|
(300)
|
|
|
|
-
|
|
(1,080)
|
|
|
Issue of common shares for cash
|
|
|
12
|
|
15
|
|
|
61
|
|
|
|
105
|
|
415
|
|
|
Purchase of common shares for cancellation
|
|
|
(77)
|
|
-
|
|
|
(157)
|
|
|
|
(552)
|
|
(157)
|
|
|
Net proceeds from treasury shares
|
|
|
-
|
|
(1)
|
|
|
-
|
|
|
|
-
|
|
2
|
|
|
Dividends paid
|
|
|
(408)
|
|
(409)
|
|
|
(410)
|
|
|
|
(1,622)
|
|
(1,598)
|
|
|
|
|
|
(473)
|
|
(945)
|
|
|
(806)
|
|
|
|
(2,630)
|
|
(2,690)
|
|
|
Cash flows provided by (used in) investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of AFS securities
|
|
|
(7,821)
|
|
(6,894)
|
|
|
(7,691)
|
|
|
|
(27,451)
|
|
(38,537)
|
|
|
Proceeds from sale of AFS securities
|
|
|
2,674
|
|
4,408
|
|
|
3,608
|
|
|
|
14,094
|
|
23,815
|
|
|
Proceeds from maturity of AFS securities
|
|
|
2,516
|
|
2,780
|
|
|
2,147
|
|
|
|
10,550
|
|
17,421
|
|
|
Net cash used in acquisitions
|
|
|
-
|
|
-
|
|
|
(30)
|
|
|
|
-
|
|
(235)
|
|
|
Net cash provided by dispositions
|
|
|
3
|
|
5
|
|
|
42
|
|
|
|
49
|
|
42
|
|
|
Net purchase of land, buildings and equipment
|
|
|
(110)
|
|
(52)
|
|
|
(117)
|
|
|
|
(248)
|
|
(309)
|
|
|
|
|
|
(2,738)
|
|
247
|
|
|
(2,041)
|
|
|
|
(3,006)
|
|
2,197
|
|
Effect of exchange rate changes on cash and non-interest-bearing
deposits with
banks
|
|
|
17
|
|
21
|
|
|
(4)
|
|
|
|
48
|
|
5
|
|
|
Net increase (decrease) in cash and non-interest-bearing deposits with
banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
during period
|
|
|
(251)
|
|
(124)
|
|
|
294
|
|
|
|
(402)
|
|
1,132
|
|
|
Cash and non-interest-bearing deposits with banks at beginning of period
|
|
|
2,462
|
|
2,586
|
|
|
2,319
|
|
|
|
2,613
|
|
1,481
|
|
|
Cash and non-interest-bearing deposits with banks at end of period
|
|
$
|
2,211
|
$
|
2,462
|
|
$
|
2,613
|
|
|
$
|
2,211
|
$
|
2,613
|
|
|
Cash interest paid
|
|
$
|
805
|
$
|
1,375
|
|
$
|
842
|
|
|
$
|
4,503
|
$
|
4,676
|
|
|
Cash income taxes paid
|
|
|
146
|
|
199
|
|
|
157
|
|
|
|
1,109
|
|
1,286
|
|
|
Cash interest and dividends received
|
|
|
2,908
|
|
3,040
|
|
|
3,056
|
|
|
|
11,855
|
|
12,053
|
|
|
(1)
|
Certain amounts have been reclassified to conform to the presentation
adopted in the current period.
|
|
|
(2)
|
Comprises amortization and impairment of buildings, furniture,
equipment, leasehold improvements, and software and other intangible
assets.
|
|
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. For a more detailed
discussion, see the "Non-GAAP measures" section of CIBC's 2013 Annual
Report.
The following table provides a quarterly reconciliation of non-GAAP to
GAAP measures related to CIBC on a consolidated basis. For an annual
reconciliation of non-GAAP to GAAP measures, see the "Non-GAAP
measures" section of CIBC's 2013 Annual Report.
|
|
|
|
|
2013
|
|
|
2013
|
|
|
2012
|
|
|
$ millions, as at or for three months ended
|
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Reported and adjusted diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income attributable to diluted common shareholders
|
A
|
$
|
819
|
|
$
|
865
|
|
$
|
821
|
|
|
After-tax impact of items of note
|
|
|
69
|
|
|
53
|
|
|
6
|
|
|
Adjusted net income attributable to diluted common shareholders (1)
|
B
|
$
|
888
|
|
$
|
918
|
|
$
|
827
|
|
|
Diluted weighted-average common shares outstanding (thousands)
|
C
|
|
400,255
|
|
|
400,258
|
|
|
405,844
|
|
|
Reported diluted EPS ($)
|
A/C
|
$
|
2.05
|
|
$
|
2.16
|
|
$
|
2.02
|
|
|
Adjusted diluted EPS ($) (1)
|
B/C
|
|
2.22
|
|
|
2.29
|
|
|
2.04
|
|
|
Reported and adjusted efficiency ratio
|
|
|
|
|
|
|
|
|
|
|
|
Reported total revenue
|
D
|
$
|
3,200
|
|
$
|
3,263
|
|
$
|
3,159
|
|
|
Pre-tax impact of items of note
|
|
|
20
|
|
|
7
|
|
|
(52)
|
|
|
TEB
|
|
|
78
|
|
|
90
|
|
|
92
|
|
|
Adjusted total revenue (1)
|
E
|
$
|
3,298
|
|
$
|
3,360
|
|
$
|
3,199
|
|
|
Reported non-interest expenses
|
F
|
$
|
1,932
|
|
$
|
1,874
|
|
$
|
1,829
|
|
|
Pre-tax impact of items of note
|
|
|
(70)
|
|
|
(6)
|
|
|
(21)
|
|
|
Adjusted non-interest expenses (1)
|
G
|
$
|
1,862
|
|
$
|
1,868
|
|
$
|
1,808
|
|
|
Reported efficiency ratio
|
F/D
|
|
60.4
|
%
|
|
57.4
|
%
|
|
57.9
|
%
|
|
Adjusted efficiency ratio (1)
|
G/E
|
|
56.4
|
%
|
|
55.6
|
%
|
|
56.5
|
%
|
|
Reported and adjusted dividend payout ratio
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income attributable to common shareholders
|
H
|
$
|
819
|
|
$
|
865
|
|
$
|
821
|
|
|
After-tax impact of items of note
|
|
|
69
|
|
|
53
|
|
|
6
|
|
|
Adjusted net income attributable to common shareholders (1)
|
I
|
$
|
888
|
|
$
|
918
|
|
$
|
827
|
|
|
Dividends paid to common shareholders
|
J
|
$
|
384
|
|
$
|
384
|
|
$
|
381
|
|
|
Reported dividend payout ratio
|
J/H
|
|
46.9
|
%
|
|
44.4
|
%
|
|
46.4
|
%
|
|
Adjusted dividend payout ratio (1)
|
J/I
|
|
43.2
|
%
|
|
41.8
|
%
|
|
46.1
|
%
|
|
Reported and adjusted return on common shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Average common shareholders' equity
|
L
|
$
|
16,355
|
|
$
|
15,921
|
|
$
|
15,077
|
|
|
Reported return on common shareholders' equity (%)
|
I / L
|
|
19.9
|
%
|
|
21.6
|
%
|
|
21.7
|
%
|
|
Adjusted return on common shareholders' equity (%) (1)
|
J / L
|
|
21.5
|
%
|
|
22.9
|
%
|
|
21.8
|
%
|
|
Reported and adjusted effective tax
|
|
|
|
|
|
|
|
|
|
|
|
Reported income before income taxes
|
M
|
$
|
997
|
|
$
|
1,069
|
|
$
|
1,002
|
|
|
Pre-tax impact of items of note
|
|
|
90
|
|
|
71
|
|
|
22
|
|
|
Adjusted income before income taxes (1)
|
N
|
$
|
1,087
|
|
$
|
1,140
|
|
$
|
1,024
|
|
|
Reported income taxes
|
O
|
$
|
161
|
|
$
|
179
|
|
$
|
150
|
|
|
Tax impact of items of note
|
|
|
21
|
|
|
18
|
|
|
16
|
|
|
Adjusted income taxes (1)
|
P
|
$
|
182
|
|
$
|
197
|
|
$
|
166
|
|
|
Reported effective tax rate (%)
|
O / M
|
|
16.2
|
%
|
|
16.7
|
%
|
|
15.0
|
%
|
|
Adjusted effective tax rate (%) (1)
|
P / N
|
|
16.8
|
%
|
|
17.2
|
%
|
|
16.2
|
%
|
|
(1) Non-GAAP measure.
|
|
|
|
|
|
|
Retail and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
|
|
Wealth
|
Wholesale
|
Corporate
|
CIBC
|
|
$ millions, for the three months ended
|
Banking
|
Management
|
Banking
|
and Other
|
Total
|
|
Oct. 31
|
|
Reported net income (loss)
|
$
|
610
|
$
|
104
|
$
|
210
|
$
|
(88)
|
$
|
836
|
|
2013
|
|
After-tax impact of items of note (1)
|
|
19
|
|
2
|
|
8
|
|
40
|
|
69
|
|
|
|
|
Adjusted net income (loss) (2)
|
$
|
629
|
$
|
106
|
$
|
218
|
$
|
(48)
|
$
|
905
|
|
Jul. 31
|
|
Reported net income (loss)
|
$
|
638
|
$
|
102
|
$
|
217
|
$
|
(67)
|
$
|
890
|
|
2013
|
|
After-tax impact of items of note (1)
|
|
16
|
|
1
|
|
6
|
|
30
|
|
53
|
|
|
|
|
Adjusted net income (loss) (2)
|
$
|
654
|
$
|
103
|
$
|
223
|
$
|
(37)
|
$
|
943
|
|
Oct. 31
|
|
Reported net income
|
$
|
569
|
$
|
84
|
$
|
193
|
$
|
6
|
$
|
852
|
|
2012
|
|
After-tax impact of items of note (1)
|
|
2
|
|
-
|
|
(1)
|
|
5
|
|
6
|
|
|
|
|
Adjusted net income (2)
|
$
|
571
|
$
|
84
|
$
|
192
|
$
|
11
|
$
|
858
|
|
(1) Reflects impact of items of note under "Financial results" section.
|
|
(2) Non-GAAP measure.
|
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, 2013.
_______________________________________________
The information below forms a part of this press release.
Nothing in CIBC's corporate website (www.cibc.com) should be considered incorporated herein by reference.
(The board of directors of CIBC reviewed this press release prior to it
being issued.)
A NOTE ABOUT FORWARD-LOOKING STATEMENTS
From time to time, we make written or oral forward-looking statements
within the meaning of certain securities laws, including in this press
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 "Performance against
Objectives", "Core business performance", "Strong Fundamentals" and
"Making a Difference in Our Communities" sections of this press
release, and other statements we make about our operations, business
lines, financial condition, risk management, priorities, targets,
ongoing objectives, strategies and outlook for 2014 and subsequent
periods. Forward-looking statements are typically identified by the
words "believe", "expect", "anticipate", "intend", "estimate",
"forecast", target", "objective" and other similar expressions or
future or conditional verbs such as "will", "should", "would" and
"could". By their nature, these statements require us to make
assumptions 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 models 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 Basel Committee on Banking Supervision's (BCBS)
global standards for capital and liquidity reform and those relating to
the payments system in Canada; amendments to, and interpretations of,
risk-based capital guidelines and reporting instructions, and interest
rate and liquidity regulatory guidance; the resolution of legal and
regulatory proceedings and related matters; the effect of changes to
accounting standards, rules and interpretations; changes in our
estimates of reserves and allowances; changes in tax laws; political
conditions and developments; the possible effect on our business of
international conflicts and the war on terror; natural disasters,
public health emergencies, disruptions to public infrastructure and
other catastrophic events; reliance on third parties to provide
components of our business infrastructure; potential disruptions to our
information technology systems and services, including the evolving
risk of cyber attack; losses incurred as a result of internal or
external fraud; the accuracy and completeness of information provided
to us concerning clients and counterparties; the failure of third
parties to comply with their obligations to us and our affiliates;
intensifying competition from established competitors and new entrants
in the financial services industry; technological change; global
capital market activity; changes in monetary and economic policy;
currency value and interest rate fluctuations; general economic
conditions worldwide, as well as in Canada, the U.S. and other
countries where we have operations, including increasing Canadian
household debt levels and Europe's sovereign debt crisis; our success
in developing and introducing new products and services, expanding
existing distribution channels, developing new distribution channels
and realizing increased revenue from these channels; changes in client
spending and saving habits; our ability to attract and retain key
employees and executives; our ability to successfully execute our
strategies and complete and integrate acquisitions and joint ventures;
and our ability to anticipate and manage the risks associated with
these factors. This list is not exhaustive of the factors that may
affect any of our forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on our forward-looking statements. We do not undertake to
update any forward-looking statement that is contained in this press
release or in other communications except as required by law.
SOURCE CIBC
