Third Quarter 2023 Financial Results Overview
Financial Results Overview
Results demonstrate revenue momentum and expense agility in an uncertain environment
Revenue
•
Revenue up 5% YoY, broad-based (6% YoY adjusted¹)
•
•
•
Net interest income up 8% excluding trading 1,2
Non-interest income up 0% excluding trading (1% YoY
adjusted) 1,3
• Trading revenue up 10%4
Expenses
Expense growth of 4% YoY and 5% sequentially, or 6%
YoY and 2% sequentially on an adjusted basis¹
•
•
Proactive expense containment without sacrificing
strategic investments and long-term growth
Reported expenses include the amortization of
acquisition-related intangible assets
Adjusted¹ expense growth reflects the moderating
impact of inflation, higher operating costs, and
increasing investments through 2022
Provision for Credit Losses (PCL)
Higher YoY due to normalizing impairments, US office
portfolio, and unfavourable change in economic outlook
Net Income
Diluted EPS
Efficiency Ratio5
ROE
•
Total PCL ratio of 54 bps
.
PCL ratio on impaired of 35 bps
Endnotes are included on slides 46 to 51.
CIBC◇
Reported ($MM)
Revenue
Q3/23
YOY
QoQ
5,850
5%
3%
Non-Trading Net Interest Income
3,338
8%
6%
Non-Trading Non-Interest Income
2,066
0%
1%
Trading Revenue
446
10%
(10%)
Expenses
3,307
4%
5%
Provision for Credit Losses
736
203%
68%
1,430
(14%)
(15%)
$1.47
(17%)
(16%)
56.5%
(60) bps
140 bps
11.6%
(300) bps
(290) bps
CET1 Ratio
12.2%
43 bps
30 bps
Adjusted ($MM)
Q3/23
YOY
QoQ
Revenue¹
5,884
6%
3%
Non-Trading Net Interest Income 12
3,338
8%
6%
Non-Trading Non-Interest Income 1,3
2,100
1%
3%
Trading Revenue
446
10%
(10%)
Expenses¹
3,284
6%
2%
PPPT 1,6
2,600
5%
5%
Provision for Credit Losses¹
736
203%
68%
Net Income¹
1,473
(15%)
(9%)
Diluted EPS1
$1.52
(18%)
(11%)
Efficiency Ratio (TEB) 1,7
55.2%
0 bps
(80) bps
ROE1
11.9%
(320) bps
(200) bps
Third Quarter, 2023
8View entire presentation