Fourth Quarter 2022 Financial Highlights
Financial Results Overview
Results reflect core business strength and resilience of our diversified business model
Revenue
Reported ($MM)
Q4/22
YOY
QoQ
Revenue
5,388
6%
•
Revenue growth of 6% over the prior year, despite the
impact of challenging markets
(3%)
Net interest income
3,185
7%
(2%)
•
•
•
•
•
•
Net interest income up 7%, or 12% excluding trading
Driven by volume growth across business lines
and the benefit of rising interest rates
Negatively impacted by lower asset margins
Non-interest income down 3% excluding trading
Robust growth in trading revenues over prior year
Expenses
Expense growth of 11% YoY and 9% QoQ (12% and 7%
respectively on an adjusted² basis)
Reflects impact of inflation, higher investment
initiatives, and severance costs mainly in Capital
Markets and Corporate & Other
Provision for Credit Losses (PCL)
PCL increase driven largely by unfavourable changes in
the economic outlook
Non-interest income
2,203
6%
(6%)
Expenses
3,483
11%
9%
Provision for Credit Losses
436
459%
79%
Net Income
1,185
(18%)
(29%)
Diluted EPS
$1.26
(18%)
(29%)
Efficiency Ratio¹
ROE
64.6%
270 bps
750 bps
10.1%
(330) bps
(450) bps
CET1 Ratio
11.7%
(65) bps
(4) bps
Adjusted² ($MM)
Q4/22
YOY
QoQ
Revenue
5,382
6%
(3%)
Non-Trading Net Interest Income
3,126
12%
1%
Non-Trading Non-Interest Income
1,921
(3%)
(7%)
Trading Revenue³
335
13%
(17%)
Expenses
3,310
12%
7%
PPPT4
2,072
(2%)
(16%)
•
Total PCL ratio of 33 bps
•
PCL ratio on impaired of 16 bps
Provision for Credit Losses
436
459%
79%
Net Income
1,308
(17%)
(24%)
Diluted EPS
$1.39
(17%)
(25%)
Efficiency Ratio (TEB)5
60.9%
310 bps
570 bps
ROE
11.2%
(350) bps
(390) bps
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 102 in the 2022 Annual Report, available on SEDAR at www.sedar.com.
Adjusted results are non-GAAP measures. See slides 43-45 for further details.
1
2
3
See note 7 on slide 46.
4
5
See note 8 on slide 46.
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 43 for further details.
CIBC◇
Fourth Quarter, 2022
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