|
CIBC's 2021 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. Our 2021 Annual Report is available on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars, unless otherwise indicated.
|
TORONTO, Dec. 2, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2021.
"We delivered strong financial performance in 2021 with growth across all of our strategic business units as our entire team focused on helping our clients achieve their ambitions," said Victor Dodig, President and CEO, CIBC. "Against the backdrop of the ongoing global pandemic, our bank continued to invest for the future, including expanding our platform and capabilities in the U.S., accelerating the growth of our Canadian consumer franchise, and making foundational investments in cloud technology and other capabilities that will enable us to do more for clients in 2022 and beyond. We also launched our new brand, a statement on the bank we've become by living our purpose, and a symbol of the opportunities that lie ahead. We enter the new fiscal year well positioned for growth with a strong capital position, clear momentum across our business, and the full commitment of our team as we contribute to an equitable and sustainable future for our clients, our communities and our planet."
Fourth quarter highlights
|
Q4/21
|
Q4/20
|
Q3/21
|
YoY Variance
|
QoQ Variance
|
|
Reported Net Income
|
$1,440 million
|
$1,016 million
|
$1,730 million
|
+42%
|
-17%
|
|
Adjusted Net Income (1)
|
$1,573 million
|
$1,280 million
|
$1,808 million
|
+23%
|
-13%
|
|
Reported Diluted Earnings Per Share (EPS)
|
$3.07
|
$2.20
|
$3.76
|
+40%
|
-18%
|
|
Adjusted Diluted EPS (1)
|
$3.37
|
$2.79
|
$3.93
|
+21%
|
-14%
|
|
Reported Return on Common Shareholders' Equity (ROE) (2)
|
13.4%
|
10.7%
|
17.1%
|
|
|
Adjusted ROE (1)(2)
|
14.7%
|
13.5%
|
17.9%
|
|
Common Equity Tier 1 (CET1) Ratio (2)
|
12.4%
|
12.1%
|
12.3%
|
CIBC's results for the fourth quarter of 2021 were affected by the following items of note aggregating to a negative impact of $0.30 per share:
- $109 million ($80 million after-tax) charge related to the consolidation of our real estate portfolio;
- $40 million ($29 million after-tax) increase in legal provisions;
- $19 million ($15 million after-tax) amortization of acquisition-related intangible assets; and
- $12 million ($9 million after-tax) in transaction and integration-related costs(3) associated with the acquisition of the Canadian Costco credit card portfolio.
For the year ended October 31, 2021, CIBC reported net income of $6.4 billion and adjusted net income(1) of $6.7 billion, compared with reported net income of $3.8 billion and adjusted net income(1) of $4.4 billion for 2020.
The following table summarizes our performance in 2021 against our key financial measures and targets, set over the medium term, which we define as three to five years, assuming a normal business environment and credit cycle.
|
Financial Measure
|
Target (4)
|
2021 Reported Results
|
2021 Adjusted Results (1)
|
|
Diluted EPS growth
|
5% to 10% annually
|
$13.93, up 69% from 2020
|
$14.47, up 49% from 2020
|
|
ROE (2)
|
15% +
|
16.1%
|
16.7%
|
|
Operating leverage (2)
|
Positive
|
5.3%, an increase of 930 basis points from 2020
|
0.7%, an increase of 130 basis points from 2020
|
|
CET1 ratio (2)
|
Strong buffer to regulatory minimum
|
12.4%
|
|
Dividend payout ratio (2)
|
40% to 50%
|
41.8%
|
40.3%
|
|
Total shareholder return
|
Outperform the S&P/TSX Composite Banks Index over a rolling five-year period
|
CIBC – 91.9%
S&P/TSX Composite Banks Index – 80.4%
|
|
(1)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
(2)
|
For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
|
|
(3)
|
Transaction and integration costs are comprised of direct and incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling cross-sell opportunities, the upgrade and conversion of systems and processes, project management, and communication costs. These items are recognized in Canadian Personal and Business Banking.
|
|
(4)
|
Based on adjusted results. Adjusted measures are non-GAAP measures. For additional information, see the "Non-GAAP measures" section.
|
Core business performance
F2021 Financial Highlights
|
(C$ million)
|
F2021
|
F2020
|
YoY Variance
|
|
Canadian Personal and Business Banking (1)
|
|
|
|
|
Reported Net Income
|
$2,494
|
$1,785
|
up 40%
|
|
Adjusted Net Income (2)
|
$2,503
|
$1,791
|
up 40%
|
|
Pre-provision, pre-tax earnings (2)
|
$3,736
|
$3,614
|
up 3%
|
|
Adjusted pre-provision, pre-tax earnings (2)
|
$3,748
|
$3,622
|
up 3%
|
|
|
|
|
|
Canadian Commercial Banking and Wealth Management
|
|
|
|
|
Reported Net Income
|
$1,665
|
$1,202
|
up 39%
|
|
Adjusted Net Income (2)
|
$1,665
|
$1,203
|
up 38%
|
|
Pre-provision, pre-tax earnings (2)
|
$2,227
|
$1,942
|
up 15%
|
|
Adjusted pre-provision, pre-tax earnings (2)
|
$2,227
|
$1,943
|
up 15%
|
|
|
|
|
|
U.S. Commercial Banking and Wealth Management (1)
|
|
|
|
|
Reported Net Income
|
$926
|
$375
|
up 147%
|
|
Adjusted Net Income (2)
|
$976
|
$436
|
up 124%
|
|
Pre-provision, pre-tax earnings (2)
|
$1,073
|
$917
|
up 17%
|
|
Adjusted pre-provision, pre-tax earnings (2)
|
$1,141
|
$1,000
|
up 14%
|
|
|
|
|
|
Capital Markets (1)
|
|
|
|
|
Reported Net Income
|
$1,857
|
$1,308
|
up 42%
|
|
Adjusted Net Income (2)
|
$1,857
|
$1,308
|
up 42%
|
|
Pre-provision, pre-tax earnings (2)
|
$2,403
|
$2,124
|
up 13%
|
|
Adjusted pre-provision, pre-tax earnings (2)
|
$2,403
|
$2,124
|
up 13%
|
|
(1)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
(2)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2021, CIBC maintained its capital strength and sound risk management practices:
- Capital ratios were strong, with a Basel III CET1 ratio(1) of 12.4% as noted above, and Tier 1(1) and Total capital ratios(1) of 14.1% and 16.2%, respectively, at October 31, 2021;
- Market risk, as measured by average Value-at-Risk, was $7.6 million in 2021 compared with $8.5 million in 2020;
- We continued to have solid credit performance, with a loan loss ratio(1) of 16 basis points compared with 26 basis points in 2020;
- Liquidity Coverage Ratio(1) was 127% for the three months ended October 31, 2021; and
- Leverage Ratio(1) was 4.7% at October 31, 2021.
CIBC announced an increase in its quarterly common share dividend from $1.46 per share to $1.61 per share for the quarter ending January 31, 2022.
Today we announced our intention to purchase for cancellation up to 10 million common shares, or approximately 2.2% of our outstanding common shares under a new normal course issuer bid, subject to the approval of the Toronto Stock Exchange.
|
(1)
|
For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
|
Credit quality
Provision for credit losses was $78 million for the fourth quarter, down $213 million or 73% from the same quarter last year. The current quarter included a provision reversal on performing loans of $34 million, while the same quarter last year included a provision for credit losses of $113 million. Provision for credit losses on impaired loans was down $66 million as the prior year quarter was adversely impacted by the COVID-19 pandemic.
Making a difference in our Communities
We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter, we further strengthened our communities through the following initiatives:
- Supported cancer research and care as Team CIBC participated in the annual Ride to Conquer Cancer and Weekend to Conquer Cancer benefitting the Princess Margaret Cancer Foundation, and celebrated our 25th anniversary as title partner of the CIBC Run for the Cure as we worked with the Canadian Cancer Society to support innovative breast cancer research and support programs.
- Recognized the inaugural National Day for Truth and Reconciliation and announced initiatives supporting economic prosperity for Indigenous peoples in Canada. We announced further commitments to our newly launched Reconciliation Framework and donated $50,000 to the Orange Shirt Society, an organization working to support Survivors of the residential school system in Canada.
- CIBC and the BlackNorth Initiative announced that applications are now being accepted for the Youth Accelerator, in partnership with BGC Canada, that will provide students from the Black community $50,000 over four years for tuition, mentorship, financial education and opportunities to secure paid internships or co-ops.
- Together with our clients and team members, we responded to several global crises including donations to earthquake relief in Haiti, relief efforts following Hurricane Ida, clean drinking water for Iqaluit, and immediate aid to vulnerable groups in Afghanistan, including support for the evacuation and resettlement of Afghan women and families landing in Canada, and journalists fleeing persecution.
In 2021, corporate and employee giving to more than 4,000 charities was $132.7 million(1), while employee volunteering totalled more than 99,000 hours.
Subsequent to the end of the quarter, we announced the CIBC Foundation, which will serve our commitment to advance inclusion for a more equitable society and help make ambitions real for communities. To support this goal, we have made donations totalling $70 million in fiscal 2021 to launch the foundation, with plans to grow to $155 million over time.
|
(1)
|
Includes corporate giving, including $70 million to CIBC Foundation, corporate sponsorships and employee giving and fundraising.
|
|
Fourth quarter financial highlights
|
|
As at or for the
|
|
|
|
As at or for the
|
|
|
|
|
|
|
three months ended
|
|
|
|
twelve months ended
|
|
|
2021
|
2021
|
|
2020
|
|
|
2021
|
2020
|
|
|
Unaudited
|
Oct. 31
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct. 31
|
Oct. 31
|
|
|
Financial results ($ millions)
|
|
|
|
Net interest income
|
$
|
2,980
|
|
$
|
2,893
|
|
$
|
2,792
|
|
|
$
|
11,459
|
|
$
|
11,044
|
|
|
Non-interest income
|
|
2,084
|
|
|
2,163
|
|
|
1,808
|
|
|
|
8,556
|
|
|
7,697
|
|
|
Total revenue
|
|
5,064
|
|
|
5,056
|
|
|
4,600
|
|
|
|
20,015
|
|
|
18,741
|
|
|
Provision for (reversal of) credit losses
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
|
158
|
|
|
2,489
|
|
|
Non-interest expenses
|
|
3,135
|
|
|
2,918
|
|
|
2,891
|
|
|
|
11,535
|
|
|
11,362
|
|
|
Income before income taxes
|
|
1,851
|
|
|
2,237
|
|
|
1,418
|
|
|
|
8,322
|
|
|
4,890
|
|
|
Income taxes
|
|
411
|
|
|
507
|
|
|
402
|
|
|
|
1,876
|
|
|
1,098
|
|
|
Net income
|
$
|
1,440
|
|
$
|
1,730
|
|
$
|
1,016
|
|
|
$
|
6,446
|
|
$
|
3,792
|
|
|
Net income attributable to non-controlling interests
|
|
4
|
|
|
5
|
|
|
1
|
|
|
|
17
|
|
|
2
|
|
|
Preferred shareholders and other equity instrument holders
|
|
47
|
|
|
30
|
|
|
30
|
|
|
|
158
|
|
|
122
|
|
|
Common shareholders
|
|
1,389
|
|
|
1,695
|
|
|
985
|
|
|
|
6,271
|
|
|
3,668
|
|
|
Net income attributable to equity shareholders
|
$
|
1,436
|
|
$
|
1,725
|
|
$
|
1,015
|
|
|
$
|
6,429
|
|
$
|
3,790
|
|
|
Financial measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported efficiency ratio (1)
|
|
61.9
|
%
|
|
57.7
|
%
|
|
62.9
|
%
|
|
|
57.6
|
%
|
|
60.6
|
%
|
|
Reported operating leverage (1)
|
|
1.7
|
%
|
|
(0.6)
|
%
|
|
(5.5)
|
%
|
|
|
5.3
|
%
|
|
(4.0)
|
%
|
|
Loan loss ratio (2)
|
|
0.10
|
%
|
|
0.10
|
%
|
|
0.17
|
%
|
|
|
0.16
|
%
|
|
0.26
|
%
|
|
Reported return on common shareholders' equity (1)(3)
|
|
13.4
|
%
|
|
17.1
|
%
|
|
10.7
|
%
|
|
|
16.1
|
%
|
|
10.0
|
%
|
|
Net interest margin (1)
|
|
1.41
|
%
|
|
1.42
|
%
|
|
1.43
|
%
|
|
|
1.42
|
%
|
|
1.50
|
%
|
|
Net interest margin on average interest-earning assets (4)(5)
|
|
1.58
|
%
|
|
1.60
|
%
|
|
1.60
|
%
|
|
|
1.59
|
%
|
|
1.69
|
%
|
|
Return on average assets (5)(6)
|
|
0.68
|
%
|
|
0.85
|
%
|
|
0.52
|
%
|
|
|
0.80
|
%
|
|
0.52
|
%
|
|
Return on average interest-earning assets (4)(5)(6)
|
|
0.77
|
%
|
|
0.96
|
%
|
|
0.58
|
%
|
|
|
0.89
|
%
|
|
0.58
|
%
|
|
Reported effective tax rate
|
|
22.2
|
%
|
|
22.7
|
%
|
|
28.3
|
%
|
|
|
22.5
|
%
|
|
22.5
|
%
|
|
Common share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share ($)
|
- basic earnings
|
$
|
3.08
|
|
$
|
3.77
|
|
$
|
2.21
|
|
|
$
|
13.97
|
|
$
|
8.23
|
|
|
|
- reported diluted earnings
|
|
3.07
|
|
|
3.76
|
|
|
2.20
|
|
|
|
13.93
|
|
|
8.22
|
|
|
|
- dividends
|
|
1.46
|
|
|
1.46
|
|
|
1.46
|
|
|
|
5.84
|
|
|
5.82
|
|
|
|
- book value (7)
|
|
91.66
|
|
|
90.06
|
|
|
84.05
|
|
|
|
91.66
|
|
|
84.05
|
|
|
Closing share price ($)
|
|
150.17
|
|
|
145.07
|
|
|
99.38
|
|
|
|
150.17
|
|
|
99.38
|
|
|
Shares outstanding (thousands)
|
- weighted-average basic
|
|
450,469
|
|
|
449,590
|
|
|
446,321
|
|
|
|
448,953
|
|
|
445,435
|
|
|
|
- weighted-average diluted
|
|
452,028
|
|
|
451,148
|
|
|
446,877
|
|
|
|
450,183
|
|
|
446,021
|
|
|
|
- end of period
|
|
450,828
|
|
|
450,082
|
|
|
447,085
|
|
|
|
450,828
|
|
|
447,085
|
|
|
Market capitalization ($ millions)
|
$
|
67,701
|
|
$
|
65,293
|
|
$
|
44,431
|
|
|
$
|
67,701
|
|
$
|
44,431
|
|
|
Value measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholder return
|
|
4.55
|
%
|
|
14.68
|
%
|
|
8.74
|
%
|
|
|
58.03
|
%
|
|
(5.90)
|
%
|
|
Dividend yield (based on closing share price)
|
|
3.9
|
%
|
|
4.0
|
%
|
|
5.8
|
%
|
|
|
3.9
|
%
|
|
5.9
|
%
|
|
Reported dividend payout ratio (1)
|
|
47.3
|
%
|
|
38.7
|
%
|
|
66.2
|
%
|
|
|
41.8
|
%
|
|
70.7
|
%
|
|
Market value to book value ratio
|
|
1.64
|
|
|
1.61
|
|
|
1.18
|
|
|
|
1.64
|
|
|
1.18
|
|
|
Selected financial measures - adjusted (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency ratio (9)
|
|
57.8
|
%
|
|
55.1
|
%
|
|
56.4
|
%
|
|
|
55.4
|
%
|
|
55.8
|
%
|
|
Adjusted operating leverage (9)
|
|
(2.8)
|
%
|
|
(0.6)
|
%
|
|
(0.7)
|
%
|
|
|
0.7
|
%
|
|
(0.6)
|
%
|
|
Adjusted return on common shareholders' equity (3)
|
|
14.7
|
%
|
|
17.9
|
%
|
|
13.5
|
%
|
|
|
16.7
|
%
|
|
11.7
|
%
|
|
Adjusted effective tax rate
|
|
22.5
|
%
|
|
22.8
|
%
|
|
24.5
|
%
|
|
|
22.7
|
%
|
|
21.8
|
%
|
|
Adjusted diluted earnings per share
|
$
|
3.37
|
|
$
|
3.93
|
|
$
|
2.79
|
|
|
$
|
14.47
|
|
$
|
9.69
|
|
|
Adjusted dividend payout ratio
|
|
43.2
|
%
|
|
37.0
|
%
|
|
52.2
|
%
|
|
|
40.3
|
%
|
|
60.0
|
%
|
|
On- and off-balance sheet information ($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, deposits with banks and securities
|
$
|
218,398
|
|
$
|
207,774
|
|
$
|
211,564
|
|
|
$
|
218,398
|
|
$
|
211,564
|
|
|
Loans and acceptances, net of allowance for credit losses
|
|
462,879
|
|
|
449,167
|
|
|
416,388
|
|
|
|
462,879
|
|
|
416,388
|
|
|
Total assets
|
|
837,683
|
|
|
806,067
|
|
|
769,551
|
|
|
|
837,683
|
|
|
769,551
|
|
|
Deposits
|
|
621,158
|
|
|
602,969
|
|
|
570,740
|
|
|
|
621,158
|
|
|
570,740
|
|
|
Common shareholders' equity (1)
|
|
41,323
|
|
|
40,533
|
|
|
37,579
|
|
|
|
41,323
|
|
|
37,579
|
|
|
Average assets (5)
|
|
835,931
|
|
|
806,768
|
|
|
778,933
|
|
|
|
809,621
|
|
|
735,492
|
|
|
Average interest-earning assets (4)(5)
|
|
747,009
|
|
|
718,403
|
|
|
692,465
|
|
|
|
721,686
|
|
|
654,142
|
|
|
Average common shareholders' equity (1)(5)
|
|
40,984
|
|
|
39,263
|
|
|
36,762
|
|
|
|
38,881
|
|
|
36,792
|
|
|
Assets under administration (AUA) (1)(10)(11)(12)
|
2,963,221
|
|
2,982,469
|
|
2,364,005
|
|
|
2,963,221
|
|
2,364,005
|
|
|
Assets under management (AUM) (1)(11)(12)
|
316,834
|
|
310,560
|
|
261,037
|
|
|
316,834
|
|
261,037
|
|
|
Balance sheet quality and liquidity measures (13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (RWA) ($ millions)
|
$
|
272,814
|
|
$
|
268,999
|
|
$
|
254,871
|
|
|
$
|
272,814
|
|
$
|
254,871
|
|
|
CET1 ratio (14)
|
|
12.4
|
%
|
|
12.3
|
%
|
|
12.1
|
%
|
|
|
12.4
|
%
|
|
12.1
|
%
|
|
Tier 1 capital ratio (14)
|
|
14.1
|
%
|
|
13.7
|
%
|
|
13.6
|
%
|
|
|
14.1
|
%
|
|
13.6
|
%
|
|
Total capital ratio (14)
|
|
16.2
|
%
|
|
16.0
|
%
|
|
16.1
|
%
|
|
|
16.2
|
%
|
|
16.1
|
%
|
|
Leverage ratio
|
|
4.7
|
%
|
|
4.6
|
%
|
|
4.7
|
%
|
|
|
4.7
|
%
|
|
4.7
|
%
|
|
Liquidity coverage ratio (LCR) (15)
|
|
127
|
%
|
|
126
|
%
|
|
145
|
%
|
|
|
n/a
|
|
|
n/a
|
|
|
Other information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees
|
|
45,282
|
|
|
44,904
|
|
|
43,853
|
|
|
|
45,282
|
|
|
43,853
|
|
|
(1)
|
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section on pages 100 to 102 of our 2021 Annual Report, available on SEDAR at www.sedar.com.
|
|
(2)
|
The ratio is calculated as the provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
|
|
(3)
|
Annualized.
|
|
(4)
|
Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease-related assets.
|
|
(5)
|
Average balances are calculated as a weighted average of daily closing balances.
|
|
(6)
|
Net income expressed as a percentage of average assets or average interest-earning assets.
|
|
(7)
|
Common shareholders' equity divided by the number of common shares issued and outstanding at end of period.
|
|
(8)
|
Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP measures" section.
|
|
(9)
|
Calculated on a taxable equivalent basis (TEB).
|
|
(10)
|
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 $2,341.1 billion (July 31, 2021: $2,380.2 billion; October 31, 2020: $1,861.5 billion).
|
|
(11)
|
AUM amounts are included in the amounts reported under AUA.
|
|
(12)
|
Certain prior period information was restated in the second quarter of 2021.
|
|
(13)
|
RWA and our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections on pages 32 and 72, respectively, of our 2021 Annual Report.
|
|
(14)
|
Effective beginning in the second quarter of 2020, ratios reflect the expected credit loss transitional arrangement announced by OSFI on March 27, 2020 in response to the onset of the COVID-19 pandemic.
|
|
(15)
|
Average for the three months ended for each respective period.
|
|
n/a
|
Not applicable.
|
|
Review of Canadian Personal and Business Banking fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
$ millions, for the three months ended
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31(1)
|
|
|
Revenue
|
$
|
2,128
|
|
$
|
2,056
|
|
$
|
1,997
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
87
|
|
|
82
|
|
|
88
|
|
|
Performing
|
|
77
|
|
|
(15)
|
|
|
33
|
|
|
Total provision for credit losses
|
|
164
|
|
|
67
|
|
|
121
|
|
|
Non-interest expenses
|
|
1,152
|
|
|
1,118
|
|
|
1,076
|
|
|
Income before income taxes
|
|
812
|
|
|
871
|
|
|
800
|
|
|
Income taxes
|
|
215
|
|
|
229
|
|
|
210
|
|
|
Net income
|
$
|
597
|
|
$
|
642
|
|
$
|
590
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders
|
$
|
597
|
|
$
|
642
|
|
$
|
590
|
|
|
Efficiency ratio
|
|
54.1
|
%
|
|
54.4
|
%
|
|
53.9
|
%
|
|
Operating leverage
|
|
(0.4)
|
%
|
|
3.4
|
%
|
|
(4.2)
|
%
|
|
Return on equity (2)
|
|
35.9
|
%
|
|
38.6
|
%
|
|
36.1
|
%
|
|
Average allocated common equity (2)
|
$
|
6,608
|
|
$
|
6,595
|
|
$
|
6,509
|
|
|
Full-time equivalent employees
|
|
12,629
|
|
|
12,578
|
|
|
12,437
|
|
Net income for the quarter was $597 million, up $7 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(2) were $988 million, up $65 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses.
Revenue of $2,128 million was up $131 million from the fourth quarter of 2020, primarily due to strong volume growth and higher non-interest income, partially offset by lower product spreads.
Provision for credit losses of $164 million was up $43 million from the fourth quarter of 2020, due to a higher provision for credit losses on performing loans mainly as a result of model parameter updates.
Non-interest expenses of $1,152 million were up $76 million from the fourth quarter of 2020 due to higher spending on strategic initiatives and higher performance-based compensation.
|
(1)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
(2)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
Review of Canadian Commercial Banking and Wealth Management fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
$ millions, for the three months ended
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial banking
|
$
|
489
|
|
$
|
475
|
|
$
|
409
|
|
|
Wealth management
|
|
751
|
|
|
732
|
|
|
619
|
|
|
Total revenue
|
|
1,240
|
|
|
1,207
|
|
|
1,028
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
6
|
|
|
(11)
|
|
|
21
|
|
|
Performing
|
|
(11)
|
|
|
(38)
|
|
|
4
|
|
|
Total provision for (reversal of) credit losses
|
|
(5)
|
|
|
(49)
|
|
|
25
|
|
|
Non-interest expenses
|
|
646
|
|
|
617
|
|
|
540
|
|
|
Income before income taxes
|
|
599
|
|
|
639
|
|
|
463
|
|
|
Income taxes
|
|
157
|
|
|
169
|
|
|
123
|
|
|
Net income
|
$
|
442
|
|
$
|
470
|
|
$
|
340
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders
|
$
|
442
|
|
$
|
470
|
|
$
|
340
|
|
|
Efficiency ratio
|
|
52.0
|
%
|
|
51.2
|
%
|
|
52.5
|
%
|
|
Operating leverage
|
|
1.1
|
%
|
|
0.2
|
%
|
|
(1.5)
|
%
|
|
Return on equity (1)
|
|
24.9
|
%
|
|
27.2
|
%
|
|
20.7
|
%
|
|
Average allocated common equity (1)
|
$
|
7,039
|
|
$
|
6,863
|
|
$
|
6,551
|
|
|
Full-time equivalent employees
|
|
5,241
|
|
|
5,256
|
|
|
4,984
|
|
Net income for the quarter was $442 million, up $102 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(1) were $594 million, up $105 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses.
Revenue of $1,240 million was up $212 million from the fourth quarter of 2020, driven mainly by volume growth reflecting market appreciation and record net sales, as well as higher commissions in wealth management. Revenue increased in commercial banking due to volume growth in loans and deposits, and higher credit fees from increased client transactional activity.
Provision for credit losses was a reversal of $5 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision for credit losses of $25 million in the fourth quarter of 2020, reflective of an increased provision on one fraud-related impairment and a higher provision on impaired loans in the retail and wholesale sectors.
Non-interest expenses of $646 million were up $106 million from the fourth quarter of 2020, primarily due to higher performance-based compensation.
|
(1)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
$ millions, for the three months ended
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31(1)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial banking
|
$
|
366
|
|
$
|
350
|
|
$
|
362
|
|
|
Wealth management
|
|
196
|
|
|
189
|
|
|
157
|
|
|
Total revenue (2)
|
|
562
|
|
|
539
|
|
|
519
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
8
|
|
|
25
|
|
|
55
|
|
|
Performing
|
|
(59)
|
|
|
(82)
|
|
|
27
|
|
|
Total provision for (reversal of) credit losses
|
|
(51)
|
|
|
(57)
|
|
|
82
|
|
|
Non-interest expenses
|
|
296
|
|
|
274
|
|
|
267
|
|
|
Income before income taxes
|
|
317
|
|
|
322
|
|
|
170
|
|
|
Income taxes
|
|
61
|
|
|
56
|
|
|
35
|
|
|
Net income
|
$
|
256
|
|
$
|
266
|
|
$
|
135
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders
|
$
|
256
|
|
$
|
266
|
|
$
|
135
|
|
|
Efficiency ratio
|
|
52.5
|
%
|
|
50.9
|
%
|
|
51.7
|
%
|
|
Return on equity (3)
|
|
11.2
|
%
|
|
12.1
|
%
|
|
5.9
|
%
|
|
Average allocated common equity (3)
|
$
|
9,085
|
|
$
|
8,738
|
|
$
|
9,127
|
|
|
Full-time equivalent employees
|
|
2,170
|
|
|
2,155
|
|
|
2,085
|
|
|
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
$ millions, for the three months ended
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31(1)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial banking
|
$
|
293
|
|
$
|
284
|
|
$
|
272
|
|
|
Wealth management
|
|
155
|
|
|
154
|
|
|
120
|
|
|
Total revenue (2)
|
|
448
|
|
|
438
|
|
|
392
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
7
|
|
|
19
|
|
|
41
|
|
|
Performing
|
|
(47)
|
|
|
(65)
|
|
|
20
|
|
|
Total provision for (reversal of) credit losses
|
|
(40)
|
|
|
(46)
|
|
|
61
|
|
|
Non-interest expenses
|
|
235
|
|
|
223
|
|
|
203
|
|
|
Income before income taxes
|
|
253
|
|
|
261
|
|
|
128
|
|
|
Income taxes
|
|
49
|
|
|
45
|
|
|
26
|
|
|
Net income
|
$
|
204
|
|
$
|
216
|
|
$
|
102
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders
|
$
|
204
|
|
$
|
216
|
|
$
|
102
|
|
|
Operating leverage
|
|
(1.9)
|
%
|
|
3.8
|
%
|
|
12.0
|
%
|
Net income for the quarter was $256 million (US$204 million), up $121 million (up US$102 million) from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(3) were $282 million (US$226 million), up $13 million (up US$24 million) from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses.
Revenue of US$448 million was up US$56 million from the fourth quarter of 2020, primarily due to higher loan and deposit volumes and strong growth in asset management fees.
Provision for credit losses was a reversal of US$40 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision of US$61 million in the fourth quarter of 2020. The same quarter last year reflects a higher provision on performing loans as a result of an unfavourable change in our economic outlook, and a higher provision in the real estate and construction, and manufacturing sectors.
Non-interest expenses of US$235 million were up US$32 million from the fourth quarter of 2020, primarily due to higher employee-related compensation and higher expenses related to investments in the business and infrastructure.
|
(1)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
(2)
|
Included $3 million (US$3 million) of income relating to the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, for the quarter ended October 31, 2021 (July 31, 2021: $3 million (US$2 million); October 31, 2020: $5 million (US$4 million)).
|
|
(3)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
Review of Capital Markets fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
$ millions, for the three months ended
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31(1)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Global markets
|
$
|
420
|
|
$
|
503
|
|
$
|
427
|
|
|
Corporate and investment banking
|
|
382
|
|
|
428
|
|
|
322
|
|
|
Direct financial services
|
|
210
|
|
|
209
|
|
|
185
|
|
|
Total revenue (2)
|
|
1,012
|
|
|
1,140
|
|
|
934
|
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
-
|
|
|
(18)
|
|
|
20
|
|
|
Performing
|
|
(34)
|
|
|
(42)
|
|
|
(3)
|
|
|
Total provision for (reversal of) credit losses
|
|
(34)
|
|
|
(60)
|
|
|
17
|
|
|
Non-interest expenses
|
|
528
|
|
|
529
|
|
|
458
|
|
|
Income before income taxes
|
|
518
|
|
|
671
|
|
|
459
|
|
|
Income taxes (2)
|
|
140
|
|
|
180
|
|
|
149
|
|
|
Net income
|
$
|
378
|
|
$
|
491
|
|
$
|
310
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity shareholders
|
$
|
378
|
|
$
|
491
|
|
$
|
310
|
|
|
Efficiency ratio
|
|
52.2
|
%
|
|
46.4
|
%
|
|
49.0
|
%
|
|
Operating leverage
|
|
(7.2)
|
%
|
|
(9.0)
|
%
|
|
7.8
|
%
|
|
Return on equity (3)
|
|
19.7
|
%
|
|
26.6
|
%
|
|
17.8
|
%
|
|
Average allocated common equity (3)
|
$
|
7,632
|
|
$
|
7,331
|
|
$
|
6,926
|
|
|
Full-time equivalent employees
|
|
2,225
|
|
|
2,259
|
|
|
1,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income for the quarter was $378 million, compared with reported net income of $310 million for the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(3) were up $8 million or 2% from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses.
Revenue of $1,012 million was up $78 million from the fourth quarter of 2020. In global markets, revenue decreased due to lower fixed income and commodities trading, partially offset by higher foreign exchange and equities trading revenue. In corporate and investment banking, revenue increased driven by higher equity and debt underwriting activity, higher advisory revenue and higher corporate banking revenue.
Provision for credit losses was a reversal of $34 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision of $17 million in the fourth quarter of 2020, reflective of a higher provision on impaired loans in the oil and gas sector.
Non-interest expenses of $528 million were up $70 million from the fourth quarter of 2020, primarily due to higher employee-related compensation and higher spending on strategic initiatives.
|
(1)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
(2)
|
Revenue and income taxes are reported on a TEB. Accordingly, revenue and income taxes include a TEB adjustment of $48 million for the quarter ended October 31, 2021 (July 31, 2021: $51 million; October 31, 2020: $37 million). The equivalent amounts are offset in the revenue and income taxes of Corporate and Other.
|
|
(3)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
Review of Corporate and Other fourth quarter results
|
|
|
|
|
|
|
2021
|
2021
|
2020
|
|
$ millions, for the three months ended
|
Oct. 31
|
Jul. 31
|
Oct. 31(1)
|
|
Revenue
|
|
|
|
|
|
|
|
International banking
|
$
|
180
|
$
|
165
|
$
|
178
|
|
Other
|
|
(58)
|
|
(51)
|
|
(56)
|
|
Total revenue (2)
|
|
122
|
|
114
|
|
122
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
|
Impaired
|
|
11
|
|
30
|
|
(6)
|
|
Performing
|
|
(7)
|
|
(30)
|
|
52
|
|
Total provision for credit losses
|
|
4
|
|
-
|
|
46
|
|
Non-interest expenses
|
|
513
|
|
380
|
|
550
|
|
Loss before income taxes
|
|
(395)
|
|
(266)
|
|
(474)
|
|
Income taxes (2)
|
|
(162)
|
|
(127)
|
|
(115)
|
|
Net loss
|
$
|
(233)
|
$
|
(139)
|
$
|
(359)
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
Non-controlling interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
Equity shareholders
|
|
(237)
|
|
(144)
|
|
(360)
|
|
Full-time equivalent employees
|
|
23,017
|
|
22,656
|
|
22,435
|
Net loss for the quarter was $233 million, compared with a net loss of $359 million for the fourth quarter of 2020. Adjusted pre-provision, pre-tax losses(3) were up $69 million or 41% from the fourth quarter of 2020, due to higher expenses.
Revenue of $122 million was comparable with the fourth quarter of 2020. Higher U.S. dollar revenue in CIBC FirstCaribbean driven by higher fees and volume growth, and higher treasury revenue were offset by the impact of foreign exchange translation and lower product margins.
Provision for credit losses was $4 million, down $42 million from the fourth quarter of 2020, due to a lower provision on performing loans, partially offset by a higher provision on impaired loans due to the impact of the COVID-19 pandemic in CIBC FirstCaribbean.
Non-interest expenses of $513 million were down $37 million from the fourth quarter of 2020. Adjusted non-interest expenses(3) of $361 million were up $69 million from the fourth quarter of 2020, primarily due to higher corporate support costs.
Income tax benefit was up $47 million from the fourth quarter of 2020, as that quarter included a goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean, which was not deductible for tax purposes.
|
(1)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
(2)
|
Revenue and income taxes of Capital Markets are reported on a TEB. 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, 2021 (July 31, 2021: $51 million; October 31, 2020: $37 million).
|
|
(3)
|
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
|
|
Consolidated balance sheet
|
|
|
|
|
|
|
|
|
$ millions, as at October 31
|
|
2021
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
Cash and non-interest-bearing deposits with banks
|
$
|
34,573
|
$
|
43,531
|
|
Interest-bearing deposits with banks
|
|
22,424
|
|
18,987
|
|
Securities
|
|
|
161,401
|
|
149,046
|
|
Cash collateral on securities borrowed
|
|
12,368
|
|
8,547
|
|
Securities purchased under resale agreements
|
|
67,572
|
|
65,595
|
|
Loans
|
|
|
|
|
|
Residential mortgages
|
|
251,526
|
|
221,165
|
|
Personal
|
|
41,897
|
|
42,222
|
|
Credit card
|
|
11,134
|
|
11,389
|
|
Business and government
|
|
150,213
|
|
135,546
|
|
Allowance for credit losses
|
|
(2,849)
|
|
(3,540)
|
|
|
|
|
451,921
|
|
406,782
|
|
Other
|
|
|
|
|
|
Derivative instruments
|
|
35,912
|
|
32,730
|
|
Customers' liability under acceptances
|
|
10,958
|
|
9,606
|
|
Property and equipment
|
|
3,286
|
|
2,997
|
|
Goodwill
|
|
4,954
|
|
5,253
|
|
Software and other intangible assets
|
|
2,029
|
|
1,961
|
|
Investments in equity-accounted associates and joint ventures
|
|
658
|
|
658
|
|
Deferred tax assets
|
|
402
|
|
650
|
|
Other assets
|
|
29,225
|
|
23,208
|
|
|
|
|
87,424
|
|
77,063
|
|
|
|
$
|
837,683
|
$
|
769,551
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Personal
|
$
|
213,932
|
$
|
202,152
|
|
Business and government
|
|
344,388
|
|
311,426
|
|
Bank
|
|
20,246
|
|
17,011
|
|
Secured borrowings
|
|
42,592
|
|
40,151
|
|
|
|
|
621,158
|
|
570,740
|
|
Obligations related to securities sold short
|
|
22,790
|
|
15,963
|
|
Cash collateral on securities lent
|
|
2,463
|
|
1,824
|
|
Obligations related to securities sold under repurchase agreements
|
|
71,880
|
|
71,653
|
|
Other
|
|
|
|
|
|
Derivative instruments
|
|
32,101
|
|
30,508
|
|
Acceptances
|
|
10,961
|
|
9,649
|
|
Deferred tax liabilities
|
|
38
|
|
33
|
|
Other liabilities
|
|
24,923
|
|
22,134
|
|
|
|
|
68,023
|
|
62,324
|
|
Subordinated indebtedness
|
|
5,539
|
|
5,712
|
|
Equity
|
|
|
|
|
|
Preferred shares and other equity instruments
|
|
4,325
|
|
3,575
|
|
Common shares
|
|
14,351
|
|
13,908
|
|
Contributed surplus
|
|
110
|
|
117
|
|
Retained earnings
|
|
25,793
|
|
22,119
|
|
Accumulated other comprehensive income (AOCI)
|
|
1,069
|
|
1,435
|
|
Total shareholders' equity
|
|
45,648
|
|
41,154
|
|
Non-controlling interests
|
|
182
|
|
181
|
|
Total equity
|
|
45,830
|
|
41,335
|
|
|
|
$
|
837,683
|
$
|
769,551
|
|
Consolidated statement of income
|
|
|
For the three
|
|
For the twelve
|
|
months ended
|
|
months ended
|
|
2021
|
2021
|
2020
|
|
2021
|
2020
|
|
$ millions, except as noted
|
Oct. 31
|
Jul. 31
|
Oct. 31
|
|
Oct. 31
|
Oct. 31
|
|
Interest income (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
3,103
|
$
|
3,042
|
$
|
3,099
|
|
$
|
12,150
|
$
|
13,863
|
|
Securities
|
|
527
|
|
516
|
|
572
|
|
|
2,141
|
|
2,568
|
|
Securities borrowed or purchased under resale agreements
|
|
75
|
|
75
|
|
87
|
|
|
319
|
|
842
|
|
Deposits with banks
|
|
32
|
|
27
|
|
42
|
|
|
131
|
|
249
|
|
|
3,737
|
|
3,660
|
|
3,800
|
|
|
14,741
|
|
17,522
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
612
|
|
618
|
|
822
|
|
|
2,651
|
|
5,326
|
|
Securities sold short
|
|
61
|
|
57
|
|
59
|
|
|
236
|
|
254
|
|
Securities lent or sold under repurchase agreements
|
|
42
|
|
40
|
|
71
|
|
|
208
|
|
656
|
|
Subordinated indebtedness
|
|
29
|
|
30
|
|
36
|
|
|
122
|
|
159
|
|
Other
|
|
13
|
|
22
|
|
20
|
|
|
65
|
|
83
|
|
|
757
|
|
767
|
|
1,008
|
|
|
3,282
|
|
6,478
|
|
Net interest income
|
|
2,980
|
|
2,893
|
|
2,792
|
|
|
11,459
|
|
11,044
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting and advisory fees
|
|
151
|
|
197
|
|
103
|
|
|
713
|
|
468
|
|
Deposit and payment fees
|
|
216
|
|
199
|
|
186
|
|
|
797
|
|
781
|
|
Credit fees
|
|
295
|
|
292
|
|
265
|
|
|
1,152
|
|
1,020
|
|
Card fees
|
|
125
|
|
108
|
|
105
|
|
|
460
|
|
410
|
|
Investment management and custodial fees
|
|
441
|
|
417
|
|
357
|
|
|
1,621
|
|
1,382
|
|
Mutual fund fees
|
|
469
|
|
452
|
|
402
|
|
|
1,772
|
|
1,586
|
|
Insurance fees, net of claims
|
|
87
|
|
93
|
|
95
|
|
|
358
|
|
386
|
|
Commissions on securities transactions
|
|
101
|
|
102
|
|
83
|
|
|
426
|
|
362
|
|
Gains (losses) from financial instruments measured/designated at
|
|
|
|
|
|
|
|
|
|
|
|
|
fair value through profit or loss (FVTPL), net
|
|
82
|
|
134
|
|
86
|
|
|
607
|
|
694
|
|
Gains (losses) from debt securities measured at fair value through
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive income (FVOCI) and amortized cost, net
|
|
22
|
|
10
|
|
4
|
|
|
90
|
|
9
|
|
Foreign exchange other than trading
|
|
50
|
|
79
|
|
45
|
|
|
276
|
|
234
|
|
Income from equity-accounted associates and joint ventures
|
|
11
|
|
12
|
|
12
|
|
|
55
|
|
79
|
|
Other
|
|
34
|
|
68
|
|
65
|
|
|
229
|
|
286
|
|
|
2,084
|
|
2,163
|
|
1,808
|
|
|
8,556
|
|
7,697
|
|
Total revenue
|
|
5,064
|
|
5,056
|
|
4,600
|
|
|
20,015
|
|
18,741
|
|
Provision for (reversal of) credit losses
|
|
78
|
|
(99)
|
|
291
|
|
|
158
|
|
2,489
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits
|
|
1,669
|
|
1,619
|
|
1,371
|
|
|
6,450
|
|
6,259
|
|
Occupancy costs
|
|
327
|
|
202
|
|
321
|
|
|
916
|
|
944
|
|
Computer, software and office equipment
|
|
552
|
|
504
|
|
516
|
|
|
2,030
|
|
1,939
|
|
Communications
|
|
76
|
|
76
|
|
72
|
|
|
318
|
|
308
|
|
Advertising and business development
|
|
87
|
|
55
|
|
71
|
|
|
237
|
|
271
|
|
Professional fees
|
|
95
|
|
78
|
|
53
|
|
|
277
|
|
203
|
|
Business and capital taxes
|
|
28
|
|
25
|
|
30
|
|
|
111
|
|
117
|
|
Other
|
|
301
|
|
359
|
|
457
|
|
|
1,196
|
|
1,321
|
|
|
3,135
|
|
2,918
|
|
2,891
|
|
|
11,535
|
|
11,362
|
|
Income before income taxes
|
|
1,851
|
|
2,237
|
|
1,418
|
|
|
8,322
|
|
4,890
|
|
Income taxes
|
|
411
|
|
507
|
|
402
|
|
|
1,876
|
|
1,098
|
|
Net income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
|
Net income attributable to non-controlling interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
$
|
17
|
$
|
2
|
|
Preferred shareholders and other equity instrument holders
|
$
|
47
|
$
|
30
|
$
|
30
|
|
$
|
158
|
$
|
122
|
|
Common shareholders
|
|
1,389
|
|
1,695
|
|
985
|
|
|
6,271
|
|
3,668
|
|
Net income attributable to equity shareholders
|
$
|
1,436
|
$
|
1,725
|
$
|
1,015
|
|
$
|
6,429
|
$
|
3,790
|
|
Earnings per share (in dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.08
|
$
|
3.77
|
$
|
2.21
|
|
$
|
13.97
|
$
|
8.23
|
|
Diluted
|
|
3.07
|
|
3.76
|
|
2.20
|
|
|
13.93
|
|
8.22
|
|
Dividends per common share (in dollars)
|
|
1.46
|
|
1.46
|
|
1.46
|
|
|
5.84
|
|
5.82
|
|
(1)
|
Interest income included $3.4 billion for the quarter ended October 31, 2021 (July 31, 2021: $3.3 billion; October 31, 2020: $3.3 billion) calculated based on the effective interest rate method.
|
|
|
Consolidated statement of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
|
|
For the twelve
|
|
|
|
months ended
|
|
months ended
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
$ millions
|
Oct. 31
|
Jul. 31
|
Oct. 31
|
|
Oct. 31
|
Oct. 31
|
|
Net income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
|
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
|
|
(301)
|
|
546
|
|
(187)
|
|
|
(2,610)
|
|
382
|
|
Net gains (losses) on hedges of investments in foreign operations
|
|
172
|
|
(318)
|
|
103
|
|
|
1,495
|
|
(202)
|
|
|
|
|
(129)
|
|
228
|
|
(84)
|
|
|
(1,115)
|
|
180
|
|
Net change in debt securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on securities measured at FVOCI
|
|
(33)
|
|
(1)
|
|
5
|
|
|
(50)
|
|
254
|
|
Net (gains) losses reclassified to net income
|
|
(15)
|
|
(9)
|
|
(5)
|
|
|
(66)
|
|
(22)
|
|
|
|
|
(48)
|
|
(10)
|
|
-
|
|
|
(116)
|
|
232
|
|
Net change in cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivatives designated as cash flow hedges
|
|
(187)
|
|
211
|
|
32
|
|
|
178
|
|
142
|
|
Net (gains) losses reclassified to net income
|
|
32
|
|
(161)
|
|
(62)
|
|
|
(315)
|
|
19
|
|
|
(155)
|
|
50
|
|
(30)
|
|
|
(137)
|
|
161
|
|
OCI, net of income tax, that is not subject to subsequent reclassification to net income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on post-employment defined benefit plans
|
|
254
|
|
137
|
|
147
|
|
|
917
|
|
80
|
|
Net gains (losses) due to fair value change of fair value option (FVO) liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to changes in credit risk
|
|
17
|
|
10
|
|
(8)
|
|
|
12
|
|
(56)
|
|
Net gains (losses) on equity securities designated at FVOCI
|
|
30
|
|
25
|
|
25
|
|
|
100
|
|
50
|
|
|
|
|
301
|
|
172
|
|
164
|
|
|
1,029
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total OCI (1)
|
|
(31)
|
|
440
|
|
50
|
|
|
(339)
|
|
647
|
|
Comprehensive income
|
$
|
1,409
|
$
|
2,170
|
$
|
1,066
|
|
$
|
6,107
|
$
|
4,439
|
|
Comprehensive income attributable to non-controlling interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
$
|
17
|
$
|
2
|
|
Preferred shareholders and other equity instrument holders
|
$
|
47
|
$
|
30
|
$
|
30
|
|
$
|
158
|
$
|
122
|
|
Common shareholders
|
|
1,358
|
|
2,135
|
|
1,035
|
|
|
5,932
|
|
4,315
|
|
Comprehensive income attributable to equity shareholders
|
$
|
1,405
|
$
|
2,165
|
$
|
1,065
|
|
$
|
6,090
|
$
|
4,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes $9 million of losses for the quarter ended October 31, 2021 (July 31, 2021: $3 million of losses; October 31, 2020: $1 million of losses), relating to our investments in equity-accounted associates and joint ventures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
|
|
For the twelve
|
|
|
|
months ended
|
|
months ended
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
$ 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
|
$
|
11
|
$
|
(19)
|
$
|
1
|
|
$
|
45
|
$
|
42
|
|
Net gains (losses) on hedges of investments in foreign operations
|
|
(10)
|
|
18
|
|
(3)
|
|
|
(53)
|
|
(46)
|
|
|
|
|
1
|
|
(1)
|
|
(2)
|
|
|
(8)
|
|
(4)
|
|
Net change in debt securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on securities measured at FVOCI
|
|
5
|
|
(3)
|
|
(7)
|
|
|
(11)
|
|
(59)
|
|
Net (gains) losses reclassified to net income
|
|
5
|
|
3
|
|
1
|
|
|
23
|
|
7
|
|
|
|
|
10
|
|
-
|
|
(6)
|
|
|
12
|
|
(52)
|
|
Net change in cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivatives designated as cash flow hedges
|
|
66
|
|
(75)
|
|
(12)
|
|
|
(64)
|
|
(51)
|
|
Net (gains) losses reclassified to net income
|
|
(11)
|
|
57
|
|
22
|
|
|
112
|
|
(7)
|
|
|
|
55
|
|
(18)
|
|
10
|
|
|
48
|
|
(58)
|
|
Not subject to subsequent reclassification to net income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on post-employment defined benefit plans
|
|
(74)
|
|
(49)
|
|
(42)
|
|
|
(311)
|
|
(19)
|
|
Net gains (losses) due to fair value change of FVO liabilities attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to changes in credit risk
|
|
(6)
|
|
(3)
|
|
4
|
|
|
(4)
|
|
20
|
|
Net gains (losses) on equity securities designated at FVOCI
|
|
(10)
|
|
(9)
|
|
(9)
|
|
|
(34)
|
|
(17)
|
|
|
|
|
(90)
|
|
(61)
|
|
(47)
|
|
|
(349)
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(24)
|
$
|
(80)
|
$
|
(45)
|
|
$
|
(297)
|
$
|
(130)
|
|
Consolidated statement of changes in equity
|
|
|
For the three
|
|
For the twelve
|
|
|
months ended
|
|
months ended
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
$ millions
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct. 31
|
|
Oct. 31
|
|
Preferred shares and other equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
3,575
|
$
|
3,575
|
$
|
2,825
|
|
$
|
3,575
|
$
|
2,825
|
|
Issue of preferred shares and limited recourse capital notes
|
|
750
|
|
-
|
|
750
|
|
|
750
|
|
750
|
|
Balance at end of period
|
$
|
4,325
|
$
|
3,575
|
$
|
3,575
|
|
$
|
4,325
|
$
|
3,575
|
|
Common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
14,252
|
$
|
14,130
|
$
|
13,800
|
|
$
|
13,908
|
$
|
13,591
|
|
Issue of common shares
|
|
99
|
|
124
|
|
89
|
|
|
458
|
|
371
|
|
Purchase of common shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(68)
|
|
Treasury shares
|
|
-
|
|
(2)
|
|
19
|
|
|
(15)
|
|
14
|
|
Balance at end of period
|
$
|
14,351
|
$
|
14,252
|
$
|
13,908
|
|
$
|
14,351
|
$
|
13,908
|
|
Contributed surplus
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
117
|
$
|
119
|
$
|
122
|
|
$
|
117
|
$
|
125
|
|
Compensation expense arising from equity-settled share-based awards
|
|
2
|
|
3
|
|
3
|
|
|
19
|
|
14
|
|
Exercise of stock options and settlement of other equity-settled share-based awards
|
|
(14)
|
|
(6)
|
|
(8)
|
|
|
(43)
|
|
(20)
|
|
Other
|
|
5
|
|
1
|
|
-
|
|
|
17
|
|
(2)
|
|
Balance at end of period
|
$
|
110
|
$
|
117
|
$
|
117
|
|
$
|
110
|
$
|
117
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period before accounting policy changes
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
$
|
20,972
|
|
Impact of adopting IFRS 16 at November 1, 2019
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
148
|
|
Balance at beginning of period after accounting policy changes
|
$
|
25,055
|
$
|
24,003
|
$
|
21,726
|
|
$
|
22,119
|
|
21,120
|
|
Net income attributable to equity shareholders
|
|
1,436
|
|
1,725
|
|
1,015
|
|
|
6,429
|
|
3,790
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred and other equity instruments
|
|
(47)
|
|
(30)
|
|
(30)
|
|
|
(158)
|
|
(122)
|
|
Common
|
|
(657)
|
|
(657)
|
|
(652)
|
|
|
(2,622)
|
|
(2,592)
|
|
Premium on purchase of common shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(166)
|
|
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI
|
|
9
|
|
14
|
|
62
|
|
|
27
|
|
93
|
|
Other
|
|
(3)
|
|
-
|
|
(2)
|
|
|
(2)
|
|
(4)
|
|
Balance at end of period
|
$
|
25,793
|
$
|
25,055
|
$
|
22,119
|
|
$
|
25,793
|
$
|
22,119
|
|
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
|
$
|
187
|
$
|
(41)
|
$
|
1,257
|
|
$
|
1,173
|
$
|
993
|
|
Net change in foreign currency translation adjustments
|
|
(129)
|
|
228
|
|
(84)
|
|
|
(1,115)
|
|
180
|
|
Balance at end of period
|
$
|
58
|
$
|
187
|
$
|
1,173
|
|
$
|
58
|
$
|
1,173
|
|
Net gains (losses) on debt securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
241
|
$
|
251
|
$
|
309
|
|
$
|
309
|
$
|
77
|
|
Net change in securities measured at FVOCI
|
|
(48)
|
|
(10)
|
|
-
|
|
|
(116)
|
|
232
|
|
Balance at end of period
|
$
|
193
|
$
|
241
|
$
|
309
|
|
$
|
193
|
$
|
309
|
|
Net gains (losses) on cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
292
|
$
|
242
|
$
|
304
|
|
$
|
274
|
$
|
113
|
|
Net change in cash flow hedges
|
|
(155)
|
|
50
|
|
(30)
|
|
|
(137)
|
|
161
|
|
Balance at end of period
|
$
|
137
|
$
|
292
|
$
|
274
|
|
$
|
137
|
$
|
274
|
|
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
|
$
|
380
|
$
|
243
|
$
|
(430)
|
|
$
|
(283)
|
$
|
(363)
|
|
Net change in post-employment defined benefit plans
|
|
254
|
|
137
|
|
147
|
|
|
917
|
|
80
|
|
Balance at end of period
|
$
|
634
|
$
|
380
|
$
|
(283)
|
|
$
|
634
|
$
|
(283)
|
|
Net gains (losses) due to fair value change of FVO liabilities attributable to changes
in credit risk
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
(45)
|
$
|
(55)
|
$
|
(32)
|
|
$
|
(40)
|
$
|
16
|
|
Net change attributable to changes in credit risk
|
|
17
|
|
10
|
|
(8)
|
|
|
12
|
|
(56)
|
|
Balance at end of period
|
$
|
(28)
|
$
|
(45)
|
$
|
(40)
|
|
$
|
(28)
|
$
|
(40)
|
|
Net gains (losses) on equity securities designated at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
54
|
$
|
43
|
$
|
39
|
|
$
|
2
|
$
|
45
|
|
Net gains (losses) on equity securities designated at FVOCI
|
|
30
|
|
25
|
|
25
|
|
|
100
|
|
50
|
|
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained
earnings
|
|
(9)
|
|
(14)
|
|
(62)
|
|
|
(27)
|
|
(93)
|
|
Balance at end of period
|
$
|
75
|
$
|
54
|
$
|
2
|
|
$
|
75
|
$
|
2
|
|
Total AOCI, net of income tax
|
$
|
1,069
|
$
|
1,109
|
$
|
1,435
|
|
$
|
1,069
|
$
|
1,435
|
|
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$
|
177
|
$
|
170
|
$
|
179
|
|
$
|
181
|
$
|
186
|
|
Net income attributable to non-controlling interests
|
|
4
|
|
5
|
|
1
|
|
|
17
|
|
2
|
|
Dividends
|
|
(6)
|
|
(1)
|
|
(2)
|
|
|
(9)
|
|
(15)
|
|
Other
|
|
7
|
|
3
|
|
3
|
|
|
(7)
|
|
8
|
|
Balance at end of period
|
$
|
182
|
$
|
177
|
$
|
181
|
|
$
|
182
|
$
|
181
|
|
Equity at end of period
|
$
|
45,830
|
$
|
44,285
|
$
|
41,335
|
|
$
|
45,830
|
$
|
41,335
|
|
n/a
|
Not applicable.
|
|
Consolidated statement of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
|
|
For the twelve
|
|
|
|
|
months ended
|
|
months ended
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
$ millions
|
|
Oct. 31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct. 31
|
|
Oct. 31
|
|
Cash flows provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
|
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (reversal of) credit losses
|
|
78
|
|
(99)
|
|
291
|
|
|
158
|
|
2,489
|
|
Amortization and impairment (1)
|
|
287
|
|
244
|
|
536
|
|
|
1,017
|
|
1,311
|
|
Stock options and restricted shares expense
|
|
2
|
|
3
|
|
3
|
|
|
19
|
|
14
|
|
Deferred income taxes
|
|
(11)
|
|
(44)
|
|
(16)
|
|
|
(41)
|
|
(228)
|
|
Losses (gains) from debt securities measured at FVOCI and amortized cost
|
|
(22)
|
|
(10)
|
|
(4)
|
|
|
(90)
|
|
(9)
|
|
Net losses (gains) on disposal of land, buildings and equipment
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
4
|
|
Other non-cash items, net
|
|
470
|
|
(55)
|
|
14
|
|
|
927
|
|
(767)
|
|
Net changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks
|
|
(2,362)
|
|
211
|
|
64
|
|
|
(3,437)
|
|
(5,468)
|
|
Loans, net of repayments
|
|
(14,462)
|
|
(17,188)
|
|
(2,256)
|
|
|
(46,883)
|
|
(18,891)
|
|
Deposits, net of withdrawals
|
|
18,948
|
|
25,466
|
|
3,775
|
|
|
47,521
|
|
82,120
|
|
Obligations related to securities sold short
|
|
975
|
|
1,546
|
|
(263)
|
|
|
6,827
|
|
328
|
|
Accrued interest receivable
|
|
(170)
|
|
77
|
|
(179)
|
|
|
46
|
|
97
|
|
Accrued interest payable
|
|
114
|
|
(249)
|
|
109
|
|
|
(419)
|
|
(238)
|
|
Derivative assets
|
|
(1,546)
|
|
973
|
|
10,715
|
|
|
(3,172)
|
|
(8,832)
|
|
Derivative liabilities
|
|
2,797
|
|
(4,855)
|
|
(12,386)
|
|
|
1,582
|
|
5,184
|
|
Securities measured at FVTPL
|
|
(191)
|
|
791
|
|
(1,868)
|
|
|
(9,552)
|
|
(8,296)
|
|
Other assets and liabilities measured/designated at FVTPL
|
|
6,081
|
|
(2,364)
|
|
975
|
|
|
7,277
|
|
1,563
|
|
Current income taxes
|
|
37
|
|
290
|
|
(221)
|
|
|
543
|
|
1,287
|
|
Cash collateral on securities lent
|
|
(1,148)
|
|
406
|
|
260
|
|
|
639
|
|
2
|
|
Obligations related to securities sold under repurchase agreements
|
|
1,533
|
|
1,752
|
|
6,678
|
|
|
(2,248)
|
|
19,852
|
|
Cash collateral on securities borrowed
|
|
928
|
|
(1,723)
|
|
(1,335)
|
|
|
(3,821)
|
|
(4,883)
|
|
Securities purchased under resale agreements
|
|
(4,662)
|
|
196
|
|
(10,747)
|
|
|
(1,977)
|
|
(9,394)
|
|
Other, net (2)
|
|
(812)
|
|
136
|
|
1,983
|
|
|
(4,694)
|
|
(270)
|
|
|
8,304
|
|
7,234
|
|
(2,856)
|
|
|
(3,332)
|
|
60,767
|
|
Cash flows provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of subordinated indebtedness
|
|
-
|
|
-
|
|
-
|
|
|
1,000
|
|
1,000
|
|
Redemption/repurchase/maturity of subordinated indebtedness
|
|
-
|
|
-
|
|
(33)
|
|
|
(1,008)
|
|
(33)
|
|
Issue of preferred shares and limited recourse capital notes, net of issuance cost
|
|
748
|
|
-
|
|
747
|
|
|
748
|
|
747
|
|
Issue of common shares for cash
|
|
51
|
|
86
|
|
4
|
|
|
284
|
|
163
|
|
Purchase of common shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(234)
|
|
Net sale (purchase) of treasury shares
|
|
-
|
|
(2)
|
|
19
|
|
|
(15)
|
|
14
|
|
Dividends and distributions paid
|
|
(670)
|
|
(655)
|
|
(650)
|
|
|
(2,649)
|
|
(2,571)
|
|
Repayment of lease liabilities
|
|
(82)
|
|
(75)
|
|
(78)
|
|
|
(305)
|
|
(307)
|
|
|
|
|
|
47
|
|
(646)
|
|
9
|
|
|
(1,945)
|
|
(1,221)
|
|
Cash flows provided by (used in) investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of securities measured/designated at FVOCI and amortized cost
|
|
(15,249)
|
|
(12,641)
|
|
(10,056)
|
|
|
(49,896)
|
|
(54,075)
|
|
Proceeds from sale of securities measured/designated at FVOCI and amortized cost
|
|
5,748
|
|
3,978
|
|
2,346
|
|
|
23,917
|
|
11,883
|
|
Proceeds from maturity of debt securities measured at FVOCI and amortized cost
|
|
5,780
|
|
5,555
|
|
4,968
|
|
|
23,312
|
|
23,093
|
|
Net sale (purchase) of property, equipment, software and other intangibles (2)
|
|
(270)
|
|
(210)
|
|
(238)
|
|
|
(839)
|
|
(781)
|
|
|
|
|
|
(3,991)
|
|
(3,318)
|
|
(2,980)
|
|
|
(3,506)
|
|
(19,880)
|
|
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks
|
|
(21)
|
|
40
|
|
(13)
|
|
|
(175)
|
|
25
|
|
Net increase (decrease) in cash and non-interest-bearing deposits with banks
|
|
|
|
|
|
|
|
|
|
|
|
|
during the period
|
|
4,339
|
|
3,310
|
|
(5,840)
|
|
|
(8,958)
|
|
39,691
|
|
Cash and non-interest-bearing deposits with banks at beginning of period
|
|
30,234
|
|
26,924
|
|
49,371
|
|
|
43,531
|
|
3,840
|
|
Cash and non-interest-bearing deposits with banks at end of period (3)
|
$
|
34,573
|
$
|
30,234
|
$
|
43,531
|
|
$
|
34,573
|
$
|
43,531
|
|
Cash interest paid
|
$
|
643
|
$
|
1,016
|
$
|
899
|
|
$
|
3,701
|
$
|
6,716
|
|
Cash interest received
|
|
3,363
|
|
3,545
|
|
3,401
|
|
|
13,890
|
|
16,774
|
|
Cash dividends received
|
|
204
|
|
192
|
|
220
|
|
|
897
|
|
845
|
|
Cash income taxes paid
|
|
385
|
|
261
|
|
639
|
|
|
1,374
|
|
39
|
|
(1) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill.
|
|
(2) Restated from amounts previously presented.
|
|
(3) Includes restricted cash of $446 million (July 31, 2021: $498 million; October 31, 2020: $463 million) and interest-bearing demand deposits with Bank of Canada.
|
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, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance.
Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note from reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures.
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on page 15 of our 2021 Annual Report available on SEDAR at www.sedar.com.
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a consolidated basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
|
|
|
For the twelve
|
|
|
|
|
|
|
months ended
|
|
|
months ended
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
$ millions
|
|
Oct. 31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Oct. 31
|
|
|
Oct. 31
|
|
Operating results – reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
$
|
5,064
|
|
$
|
5,056
|
|
$
|
4,600
|
|
$
|
20,015
|
|
$
|
18,741
|
|
Provision for (reversal of) credit losses
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
158
|
|
|
2,489
|
|
Non-interest expenses
|
|
3,135
|
|
|
2,918
|
|
|
2,891
|
|
|
11,535
|
|
|
11,362
|
|
Income before income taxes
|
|
1,851
|
|
|
2,237
|
|
|
1,418
|
|
|
8,322
|
|
|
4,890
|
|
Income taxes
|
|
411
|
|
|
507
|
|
|
402
|
|
|
1,876
|
|
|
1,098
|
|
Net income
|
|
1,440
|
|
|
1,730
|
|
|
1,016
|
|
|
6,446
|
|
|
3,792
|
|
Net income attributable to non-controlling interests
|
|
4
|
|
|
5
|
|
|
1
|
|
|
17
|
|
|
2
|
|
Net income attributable to equity shareholders
|
|
1,436
|
|
|
1,725
|
|
|
1,015
|
|
|
6,429
|
|
|
3,790
|
|
Diluted EPS ($)
|
$
|
3.07
|
|
$
|
3.76
|
|
$
|
2.20
|
|
$
|
13.93
|
|
$
|
8.22
|
|
Impact of items of note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets (2)
|
$
|
(19)
|
|
$
|
(20)
|
|
$
|
(23)
|
|
$
|
(79)
|
|
$
|
(105)
|
|
Transaction and integration-related costs (3)
|
|
(12)
|
|
|
-
|
|
|
-
|
|
|
(12)
|
|
|
-
|
|
Charge related to the consolidation of our real estate portfolio
|
|
(109)
|
|
|
-
|
|
|
(114)
|
|
|
(109)
|
|
|
(114)
|
|
Gain as a result of plan amendments related to pension and other post-employment plans
|
|
-
|
|
|
-
|
|
|
79
|
|
|
-
|
|
|
79
|
|
Restructuring charge (4)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(339)
|
|
Goodwill impairment (5)
|
|
-
|
|
|
-
|
|
|
(220)
|
|
|
-
|
|
|
(248)
|
|
Increase in legal provisions (6)
|
|
(40)
|
|
|
(85)
|
|
|
-
|
|
|
(125)
|
|
|
(70)
|
|
Impact of items of note on non-interest expenses
|
|
(180)
|
|
|
(105)
|
|
|
(278)
|
|
|
(325)
|
|
|
(797)
|
|
Total pre-tax impact of items of note on net income
|
|
180
|
|
|
105
|
|
|
278
|
|
|
325
|
|
|
797
|
|
Amortization of acquisition-related intangible assets (2)
|
|
4
|
|
|
5
|
|
|
5
|
|
|
19
|
|
|
25
|
|
Transaction and integration-related costs (3)
|
|
3
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
Charge related to the consolidation of our real estate portfolio
|
|
29
|
|
|
-
|
|
|
30
|
|
|
29
|
|
|
30
|
|
Gain as a result of plan amendments related to pension and other post-employment plans
|
|
-
|
|
|
-
|
|
|
(21)
|
|
|
-
|
|
|
(21)
|
|
Restructuring charge (4)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
89
|
|
Increase in legal provisions (6)
|
|
11
|
|
|
22
|
|
|
-
|
|
|
33
|
|
|
19
|
|
Impact of items of note on income taxes
|
|
47
|
|
|
27
|
|
|
14
|
|
|
84
|
|
|
142
|
|
Total after-tax impact of items of note on net income
|
|
133
|
|
|
78
|
|
|
264
|
|
|
241
|
|
|
655
|
|
Impact of items of note on diluted EPS ($)
|
$
|
0.30
|
|
$
|
0.17
|
|
$
|
0.59
|
|
$
|
0.54
|
|
$
|
1.47
|
|
Operating results – adjusted (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue – adjusted (8)
|
$
|
5,064
|
|
$
|
5,056
|
|
$
|
4,600
|
|
$
|
20,015
|
|
$
|
18,741
|
|
Provision for (reversal of) credit losses – adjusted
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
158
|
|
|
2,489
|
|
Non-interest expenses – adjusted
|
|
2,955
|
|
|
2,813
|
|
|
2,613
|
|
|
11,210
|
|
|
10,565
|
|
Income before income taxes – adjusted
|
|
2,031
|
|
|
2,342
|
|
|
1,696
|
|
|
8,647
|
|
|
5,687
|
|
Income taxes – adjusted
|
|
458
|
|
|
534
|
|
|
416
|
|
|
1,960
|
|
|
1,240
|
|
Net income – adjusted
|
|
1,573
|
|
|
1,808
|
|
|
1,280
|
|
|
6,687
|
|
|
4,447
|
|
Net income attributable to non-controlling interests – adjusted
|
|
4
|
|
|
5
|
|
|
1
|
|
|
17
|
|
|
2
|
|
Net income attributable to equity shareholders – adjusted
|
|
1,569
|
|
|
1,803
|
|
|
1,279
|
|
|
6,670
|
|
|
4,445
|
|
Adjusted diluted EPS ($)
|
$
|
3.37
|
|
$
|
3.93
|
|
$
|
2.79
|
|
$
|
14.47
|
|
$
|
9.69
|
|
|
|
|
|
|
|
(1)
|
Items of note are removed from reported results to calculate adjusted results.
|
|
(2)
|
Amortization of acquisition-related intangible assets is recognized in the SBU of the acquired business or Corporate and Other. A summary is provided in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Personal and Business Banking (pre-tax)
|
$
|
-
|
|
$
|
-
|
|
$
|
(2)
|
|
$
|
-
|
|
$
|
(8)
|
|
Canadian Personal and Business Banking (after-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(6)
|
|
Canadian Commercial Banking and Wealth Management (pre-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(1)
|
|
Canadian Commercial Banking and Wealth Management (after-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(1)
|
|
U.S. Commercial Banking and Wealth Management (pre-tax)
|
|
(16)
|
|
|
(17)
|
|
|
(17)
|
|
|
(68)
|
|
|
(83)
|
|
U.S. Commercial Banking and Wealth Management (after-tax)
|
|
(12)
|
|
|
(13)
|
|
|
(13)
|
|
|
(50)
|
|
|
(61)
|
|
Corporate and Other (pre-tax)
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
|
(11)
|
|
|
(13)
|
|
Corporate and Other (after-tax)
|
|
(3)
|
|
|
(2)
|
|
|
(3)
|
|
|
(10)
|
|
|
(12)
|
|
(3)
|
Transaction and integration costs are comprised of direct and incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling cross-sell opportunities, the upgrade and conversion of systems and processes, project management and communication costs. These items are recognized in Canadian Personal and Business Banking in the fourth quarter of 2021.
|
|
(4)
|
Restructuring charge associated with ongoing efforts to transform our cost structure and simplify our bank. This charge consists primarily of employee severance and related costs and was recognized in Corporate and Other.
|
|
(5)
|
Goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean recognized in Corporate and Other.
|
|
(6)
|
Recognized in Corporate and Other.
|
|
(7)
|
Adjusted to exclude the impact of items of note.
|
|
(8)
|
Excludes a TEB adjustment of $48 million (July 31, 2021: $51 million; October 31, 2020: $37 million). Our adjusted efficiency ratio and adjusted operating leverage are calculated on a TEB. For further details on TEB, see pages 15 and 18 of our 2021 Annual Report.
|
The following tables provide a reconciliation of GAAP (reported) net income and non-interest expenses to non-GAAP (adjusted) net income and non-interest expenses, respectively, on a segmented basis.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking and
|
Banking and
|
|
|
|
|
|
|
|
|
|
|
and Business
|
Wealth
|
Wealth
|
|
Capital
|
Corporate
|
CIBC
|
|
$ millions, for the three months ended
|
Banking
|
Management
|
Management
|
|
Markets
|
and Other
|
Total
|
|
2021
|
Reported net income (loss)
|
$
|
597
|
$
|
442
|
$
|
256
|
|
$
|
378
|
$
|
(233)
|
$
|
1,440
|
|
Oct. 31
|
After-tax impact of items of note (1)
|
|
9
|
|
-
|
|
12
|
|
|
-
|
|
112
|
|
133
|
|
|
Adjusted net income (loss) (2)
|
$
|
606
|
$
|
442
|
$
|
268
|
|
$
|
378
|
$
|
(121)
|
$
|
1,573
|
|
2021
|
Reported net income (loss)
|
$
|
642
|
$
|
470
|
$
|
266
|
|
$
|
491
|
$
|
(139)
|
$
|
1,730
|
|
Jul. 31
|
After-tax impact of items of note (1)
|
|
-
|
|
-
|
|
13
|
|
|
-
|
|
65
|
|
78
|
|
|
Adjusted net income (loss) (2)
|
$
|
642
|
$
|
470
|
$
|
279
|
|
$
|
491
|
$
|
(74)
|
$
|
1,808
|
|
2020
|
Reported net income (loss)
|
$
|
590
|
$
|
340
|
$
|
135
|
|
$
|
310
|
$
|
(359)
|
$
|
1,016
|
|
Oct. 31 (3)
|
After-tax impact of items of note (1)
|
|
1
|
|
1
|
|
13
|
|
|
-
|
|
249
|
|
264
|
|
|
Adjusted net income (loss) (2)
|
$
|
591
|
$
|
341
|
$
|
148
|
|
$
|
310
|
$
|
(110)
|
$
|
1,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the twelve months ended
|
|
|
|
|
|
|
|
|
2021
|
Reported net income (loss)
|
$
|
2,494
|
$
|
1,665
|
$
|
926
|
|
$
|
1,857
|
$
|
(496)
|
$
|
6,446
|
|
Oct. 31
|
After-tax impact of items of note (1)
|
|
9
|
|
-
|
|
50
|
|
|
-
|
|
182
|
|
241
|
|
|
Adjusted net income (loss) (2)
|
$
|
2,503
|
$
|
1,665
|
$
|
976
|
|
$
|
1,857
|
$
|
(314)
|
$
|
6,687
|
|
2020
|
Reported net income (loss)
|
$
|
1,785
|
$
|
1,202
|
$
|
375
|
|
$
|
1,308
|
$
|
(878)
|
$
|
3,792
|
|
Oct. 31 (3)
|
After-tax impact of items of note (1)
|
|
6
|
|
1
|
|
61
|
|
|
-
|
|
587
|
|
655
|
|
|
Adjusted net income (loss) (2)
|
$
|
1,791
|
$
|
1,203
|
$
|
436
|
|
$
|
1,308
|
$
|
(291)
|
$
|
4,447
|
|
(1)
|
Items of note are removed from reported results to calculate adjusted results.
|
|
(2)
|
Non-GAAP measure.
|
|
(3)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking and
|
Banking and
|
|
|
|
|
|
|
|
|
|
|
and Business
|
Wealth
|
Wealth
|
|
Capital
|
Corporate
|
CIBC
|
|
$ millions, for the three months ended
|
Banking
|
Management
|
Management
|
|
Markets
|
and Other
|
Total
|
|
2021
|
Reported non-interest expenses
|
$
|
1,152
|
$
|
646
|
$
|
296
|
|
$
|
528
|
$
|
513
|
$
|
3,135
|
|
Oct. 31
|
Pre-tax impact of items of note (1)
|
|
12
|
|
-
|
|
16
|
|
|
-
|
|
152
|
|
180
|
|
|
Adjusted non-interest expenses (2)
|
$
|
1,140
|
$
|
646
|
$
|
280
|
|
$
|
528
|
$
|
361
|
$
|
2,955
|
|
2021
|
Reported non-interest expenses
|
$
|
1,118
|
$
|
617
|
$
|
274
|
|
$
|
529
|
$
|
380
|
$
|
2,918
|
|
Jul. 31
|
Pre-tax impact of items of note (1)
|
|
-
|
|
-
|
|
17
|
|
|
-
|
|
88
|
|
105
|
|
|
Adjusted non-interest expenses (2)
|
$
|
1,118
|
$
|
617
|
$
|
257
|
|
$
|
529
|
$
|
292
|
$
|
2,813
|
|
2020
|
Reported non-interest expenses
|
$
|
1,076
|
$
|
540
|
$
|
267
|
|
$
|
458
|
$
|
550
|
$
|
2,891
|
|
Oct. 31 (3)
|
Pre-tax impact of items of note (1)
|
|
2
|
|
1
|
|
17
|
|
|
-
|
|
258
|
|
278
|
|
|
Adjusted non-interest expenses (2)
|
$
|
1,074
|
$
|
539
|
$
|
250
|
|
$
|
458
|
$
|
292
|
$
|
2,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the twelve months ended
|
|
|
|
|
|
|
|
|
2021
|
Reported non-interest expenses
|
$
|
4,414
|
$
|
2,443
|
$
|
1,121
|
|
$
|
2,117
|
$
|
1,440
|
$
|
11,535
|
|
Oct. 31
|
Pre-tax impact of items of note (1)
|
|
12
|
|
-
|
|
68
|
|
|
-
|
|
245
|
|
325
|
|
|
Adjusted non-interest expenses (2)
|
$
|
4,402
|
$
|
2,443
|
$
|
1,053
|
|
$
|
2,117
|
$
|
1,195
|
$
|
11,210
|
|
2020
|
Reported non-interest expenses
|
$
|
4,308
|
$
|
2,179
|
$
|
1,126
|
|
$
|
1,929
|
$
|
1,820
|
$
|
11,362
|
|
Oct. 31 (3)
|
Pre-tax impact of items of note (1)
|
|
8
|
|
1
|
|
83
|
|
|
-
|
|
705
|
|
797
|
|
|
Adjusted non-interest expenses (2)
|
$
|
4,300
|
$
|
2,178
|
$
|
1,043
|
|
$
|
1,929
|
$
|
1,115
|
$
|
10,565
|
|
(1)
|
Items of note are removed from reported results to calculate adjusted results.
|
|
(2)
|
Non-GAAP measure.
|
|
(3)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis.
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking and
|
Banking and
|
|
|
|
|
|
|
|
|
|
and Business
|
Wealth
|
Wealth
|
Capital
|
Corporate
|
CIBC
|
|
$ millions, for the three months ended
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
2021
|
Net income (loss)
|
$
|
597
|
$
|
442
|
$
|
256
|
$
|
378
|
$
|
(233)
|
$
|
1,440
|
|
Oct. 31
|
Add: provision for (reversal of) credit losses
|
|
164
|
|
(5)
|
|
(51)
|
|
(34)
|
|
4
|
|
78
|
|
Add: income taxes
|
|
215
|
|
157
|
|
61
|
|
140
|
|
(162)
|
|
411
|
|
|
Pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
976
|
|
594
|
|
266
|
|
484
|
|
(391)
|
|
1,929
|
|
|
Pre-tax impact of items of note (2)
|
|
12
|
|
-
|
|
16
|
|
-
|
|
152
|
|
180
|
|
|
Adjusted pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
988
|
$
|
594
|
$
|
282
|
$
|
484
|
$
|
(239)
|
$
|
2,109
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
226
|
|
n/a
|
|
n/a
|
|
n/a
|
|
2021
|
Net income (loss)
|
$
|
642
|
$
|
470
|
$
|
266
|
$
|
491
|
$
|
(139)
|
$
|
1,730
|
|
Jul. 31
|
Add: provision for (reversal of) credit losses
|
|
67
|
|
(49)
|
|
(57)
|
|
(60)
|
|
-
|
|
(99)
|
|
Add: income taxes
|
|
229
|
|
169
|
|
56
|
|
180
|
|
(127)
|
|
507
|
|
|
Pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
938
|
|
590
|
|
265
|
|
611
|
|
(266)
|
|
2,138
|
|
|
Pre-tax impact of items of note (2)
|
|
-
|
|
-
|
|
17
|
|
-
|
|
88
|
|
105
|
|
|
Adjusted pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
938
|
$
|
590
|
$
|
282
|
$
|
611
|
$
|
(178)
|
$
|
2,243
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
228
|
|
n/a
|
|
n/a
|
|
n/a
|
|
2020
|
Net income (loss)
|
$
|
590
|
$
|
340
|
$
|
135
|
$
|
310
|
$
|
(359)
|
$
|
1,016
|
|
Oct. 31 (3)
|
Add: provision for (reversal of) credit losses
|
|
121
|
|
25
|
|
82
|
|
17
|
|
46
|
|
291
|
|
Add: income taxes
|
|
210
|
|
123
|
|
35
|
|
149
|
|
(115)
|
|
402
|
|
|
Pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
921
|
|
488
|
|
252
|
|
476
|
|
(428)
|
|
1,709
|
|
|
Pre-tax impact of items of note (2)
|
|
2
|
|
1
|
|
17
|
|
-
|
|
258
|
|
278
|
|
|
Adjusted pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
923
|
$
|
489
|
$
|
269
|
$
|
476
|
$
|
(170)
|
$
|
1,987
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
202
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the twelve months ended
|
|
|
|
|
|
|
|
2021
|
Net income (loss)
|
$
|
2,494
|
$
|
1,665
|
$
|
926
|
$
|
1,857
|
$
|
(496)
|
$
|
6,446
|
|
Oct. 31
|
Add: provision for (reversal of) credit losses
|
|
350
|
|
(39)
|
|
(75)
|
|
(100)
|
|
22
|
|
158
|
|
Add: income taxes
|
|
892
|
|
601
|
|
222
|
|
646
|
|
(485)
|
|
1,876
|
|
|
Pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
3,736
|
|
2,227
|
|
1,073
|
|
2,403
|
|
(959)
|
|
8,480
|
|
|
Pre-tax impact of items of note (2)
|
|
12
|
|
-
|
|
68
|
|
-
|
|
245
|
|
325
|
|
|
Adjusted pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
3,748
|
$
|
2,227
|
$
|
1,141
|
$
|
2,403
|
$
|
(714)
|
$
|
8,805
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
909
|
|
n/a
|
|
n/a
|
|
n/a
|
|
2020
|
Net income (loss)
|
$
|
1,785
|
$
|
1,202
|
$
|
375
|
$
|
1,308
|
$
|
(878)
|
$
|
3,792
|
|
Oct. 31 (3)
|
Add: provision for (reversal of) credit losses
|
|
1,189
|
|
303
|
|
487
|
|
311
|
|
199
|
|
2,489
|
|
Add: income taxes
|
|
640
|
|
437
|
|
55
|
|
505
|
|
(539)
|
|
1,098
|
|
|
Pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
3,614
|
|
1,942
|
|
917
|
|
2,124
|
|
(1,218)
|
|
7,379
|
|
|
Pre-tax impact of items of note (2)
|
|
8
|
|
1
|
|
83
|
|
-
|
|
705
|
|
797
|
|
|
Adjusted pre-provision (reversal), pre-tax earnings (losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
3,622
|
$
|
1,943
|
$
|
1,000
|
$
|
2,124
|
$
|
(513)
|
$
|
8,176
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
744
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
(1)
|
Non-GAAP measure.
|
|
(2)
|
Items of note are removed from reported results to calculate adjusted results.
|
|
(3)
|
Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details.
|
|
n/a
|
Not applicable.
|
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, 2021.
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 1028175#) and French (514-392-1587, or toll-free 1-800-898-3989, passcode 7008374#). 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 2021 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 2796615#) and French (514-861-2272 or 1-800-408-3053, passcode 7602633#) until 11:59 p.m. (ET)January 2, 2022. 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 11 million personal banking, business, public sector and institutional clients. Across Personal and 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://www.cibc.com/en/about-cibc/media-centre.html.
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, in other reports to shareholders, 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 2021 Annual Report under the heading "Economic and market environment – Outlook for calendar year 2022" 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 2022 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 2022" section of our 2021 Annual Report, as updated by quarterly reports, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. 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: the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; 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 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, 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; 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; climate change and other environmental and social 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 benefits of an acquisition, merger or divestiture 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
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