Fourth Quarter, 2023 Financial Overview
Non-Interest Expenses
Contained through focused investments and continued realization of efficiencies
Adjusted¹ Expenses ($B) and YoY Expense Growth (%)
Operating Leverage (%)
Reported ($B)
3.5
4.5
3.1
3.3
3.4
F23
3-Year
Average
5-Year
Average
3.4
3.3
3.3
3.3
3.2
(5.2)%
(0.6)%
(1.5)%
(0.1)%
1.2%
0.0%
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Adjusted¹ Growth
12%
9%
7%
6%
3%
Reported Growth
Reported
Adjusted¹
11%
48%
1%
4%
(1)%
YoY ($MM)
Reported: $12,803MM
Reported: $14,349MM
+6%
+4%
Adjusted 12,429
F23: 1% efficiencies realized
F24+: 1-2% annual savings target
in efficiency
initiatives in F23
+60% of savings
from support
functions
53
13,173
240
561
+$160 MM invested
12,880
(110)
F22
Operating
Costs
Net
Efficiencies
Investments²
Perform.
Based Comp.
F23
Endnotes are included on slides 58 to 66.
CIBC
Fourth Quarter, 2023
5% reduction in full-
time equivalent
employees
+50% of apps/
services migrated to
the Cloud
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