Third Quarter 2023 Financial Results Overview
U.S. Region: Commercial Banking & Wealth Management (C$)
Continued revenue growth while expense base begins to stabilize
Reported
Adjusted¹
Q3/23
YOY QoQ
Q3/23 YOY QoQ
666
10%
3%
666 10%
3%
Net Interest Income
477
15%
4%
477
15%
4%
Non-Interest Income
189
0%
1%
189
0%
1%
Expenses
PPPT²
345
3%
(3%)
332
5%
(1%)
321
19%
9%
334
16%
7%
Provision for Credit Losses
255
$220
$7
255
$220
$7
Net Income
73
(62%)
33%
83
(60%)
22%
Loans (Average, $B) 3,5
55
12%
1%
55
12%
1%
Deposits (Average, $B)5
44
(2%)
(6%)
44
(2%)
(6%)
Net Interest Margin (bps)
346
10
346
10
5
133 12%
4%
133
12%
4%
100
9%
2%
100
9%
2%
Net interest income up 15% YoY driven by margins and
higher loan volumes
Deposits down 2% YoY with a greater mix shift to
interest-bearing products; outflows dissipating
Non-interest income flat YoY, driven primarily by lower
market-related fees
Reported expenses up 3% YoY, and include the
amortization of acquisition-related intangible assets
•
Adjusted expenses¹ up 5% YoY, as steady investment
in our people, technology and infrastructure is offset by
lower variable expenses driven by market factors
Provision for Credit Losses
•
Total PCL ratio of 188 bps
PCL ratio on impaired of 128 bps, primarily due to
impairments in the Commercial Real Estate - Office
portfolio
($MM)
Revenue
AUA4 ($B)
AUM4 ($B)
Q3/23 | Key Highlights
+14%
Cross-LOB Referrals 6
Double-digit year-over-year growth
$3.6B
Net Flows from New Clients7
Over the last twelve months
~$133MM
Invested over 12 months
Moderating spend and harvesting investments
Endnotes are included on slides 46 to 51.
CIBC◇
Third Quarter, 2023
32View entire presentation