First Quarter 2022 Financial Results
U.S. Commercial & Wealth - continued strength in client acquisition and franchising
Reported (US$MM)
Revenue
Net interest income
Non-interest income
Net interest income up 5% driven by strong volume growth
Loan balances up 8% YoY; up 13% excluding PPP forgiveness
NIM down 8 bps YoY and 3 bps QoQ
Non-interest income up 19% YoY
.
Growth in AUA and AUM of 18% and 16%, respectively, benefiting from market
appreciation and strong client flows
Q1/22
YOY
QoQ
479
10%
7%
306
5%
4%
•
Deposit balances up 10% YoY
173
19%
12%
•
Non-Interest Expenses
250
15%
6%
Provision for Credit Losses
22
(37%)
$62
Net Income
178
22%
(13%)
Q1/22
YOY
QoQ
479
10%
7%
306
5%
4%
Non-interest income
173
19%
12%
•
Non-Interest Expenses
237
16%
7%
•
Total PCL ratio of 25 bps
Pre-Provision, Pre-Tax Earnings²
242
4%
7%
•
Provision for Credit Losses
22
(37%)
$62
PCL ratio on impaired 27 bps
Net Income
188
21%
(12%)
Adjusted¹ (US$MM)
Revenue
Net interest income
Increased commercial banking fees related to credit and treasury services
Adjusted¹ expenses up 16% YoY driven by ongoing investments in our infrastructure
and people, and higher performance-based compensation
Provision for Credit Losses:
Loans and Deposits - Average (US$B)
353
348
345
Wealth Management (US$B)
101
98
33
32
33
34
35
35
83
78
76
66
Q1/21
Q4/21
Q1/22
Q1/21
■Loans³
Deposits
-Net Interest Margin (bps)
Q4/21
■ AUA4 ■AUM4
Q1/22
1 Adjusted results are non-GAAP financial measures. See slide 37 for further details.
CIBC
2 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details.
3 Loan amounts are stated before any related allowances or purchase accounting adjustments.
4
Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth
Management provides sub-advisory services for.
First Quarter, 2022
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