Fourth Quarter 2022 Financial Highlights
U.S. Commercial & Wealth Management
Maintained market share growth momentum as strategic investment continues
Net interest income up 18% YoY primarily due to volume
•
•
•
Loan balances up 17%
•
Deposit balances up 6%
NIM up 1 bp YoY and 13 bps sequentially
Non-interest income down 12% YoY primarily driven by
lower average AUM balances impacted by challenging
markets
Expenses up 12% YoY
Reported expenses include the amortization of
acquisition-related intangible assets
Adjusted expenses¹ up 13%, primarily due to
investments in our employee base, technology and
infrastructure
Provision for Credit Losses
•
Total PCL ratio of 76 bps
PCL ratio on impaired 26 bps
F22 Key Highlights
13% / 7%
Loan & Deposit Growth 3,5
Robust annual growth
Reported
Adjusted¹
(US$ MM)
Revenue
Q4/22
YOY QoQ Q4/22 YOY QoQ
483
Net interest income
346
8%
18%
2%
483
8%
2%
6%
346
18%
6%
Non-interest income
137
(12%) (7%) 137
(12%) (7%)
Expenses
264
12%
1%
251
13%
1%
PPPT²
219
3%
3%
232
3%
3%
Provision for Credit Losses
76
$116
$48
76
$116
$48
Net Income
116
(43%) (24%)
125
(42%) (23%)
Loans (Average, $B)³
39
17%
2%
39
17%
2%
Deposits (Average, $B)
36
6%
2%
36
6%
2%
Net Interest Margin (bps)
349
1
13
349
1
13
AUA4 ($B)
89
(12%)
(4%)
89
(12%)
(4%)
AUM4 ($B)
68
(12%)
(5%)
80
68
(12%)
(5%)
6%
Annual Net Flows / AUM 6
despite challenging markets
$94MM
Investments
related to the infrastructure build
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 43 for further details.
1
Adjusted results are non-GAAP measures. See slides 43-45 for further details.
2
3
Loan amounts are stated before any related allowances or purchase accounting adjustments.
4
5
6
Annual net flows include the impact of reinvested income and are calculated based on net sales as a percentage of assets under management.
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.
Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances.
CIBC
Fourth Quarter, 2022
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