First Quarter 2022 Financial Results
Positioned to benefit from rising rates
Year 1 benefit of $454 million to our net interest income from an immediate and sustained 100 bps increase as
at January 31, 2022, with approximately 60% driven by short rates
Year 2 benefit from rising rates (+100 bps) of approximately $840MM, driven primarily by long rates
Net Interest Income Sensitivity to a +100 bps Shock ($MM) 1
Interest Rate Environment in Canada and the U.S.
3.5
Year 1
CIBC
CAD² 380
USD 74
3
2.5
2
Total
454
1.5
1
0.5
0
Year 2
Total
840
Feb-17
Jun-17
Nov-17
Mar-18
Aug-18
Jan-19
May-19
Oct-19
Feb-20
Jul-20
Dec-20
Apr-21
Sep-21
Jan-22
Source: Bloomberg
-CAD 5-YR Swap Rate
BoC Overnight Rate
-USD 5-YR Swap Rate
-Fed Funds Rate
1 A number of assumptions are used to measure Structural Interest Rate Sensitivity. For additional information, see the "Market risk” Non-trading activities section on page 32 in the Q1/22 Management's discussion and
analysis, available on SEDAR at www.sedar.com.
2 Includes CAD and other currency exposures.
First Quarter, 2022
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