Fourth Quarter 2022 Financial Highlights
U.S. Commercial & Wealth Management (C$)
Maintained market share growth momentum as strategic investment continues
Net interest income up 27% YoY primarily due to volume
•
Loan balances up 26% YoY
•
Deposit balances up 14% YoY
•
•
NIM up 1bp YoY and 13 bps QoQ
Non-interest income down 4% YoY primarily driven by
lower average AUM balances
•
Asset management fees impacted by market
depreciation, driving a 3% AUM decline YoY
Expenses up 20% YoY
Adjusted expenses¹ up 21% primarily due to
investments in our employee base and infrastructure,
including risk capabilities
Provision for Credit Losses:
Total PCL ratio of 76 bps
PCL ratio on impaired 26 bps
F22 Key Highlights
17% / 10%
Loan & Deposit Growth 3,5
Robust annual growth
Reported
Adjusted¹
($MM)
Revenue
Q4/22
YOY QoQ
Q4/22 YOY QoQ
653
16%
8%
653
16%
8%
Net interest income
466
27%
12%
466 27%
12%
Non-interest income
187
(4%)
(1%)
187
(4%)
(1%)
Expenses
356
20%
7%
339
21%
7%
PPPT²
297
12%
10%
314
11%
9%
Provision for Credit Losses
100
$151 $65
100 $151
$65
Net Income
161
(37%) (17%)
173
(35%) (16%)
Loans (Average, $B)³
53
26%
8%
53
26%
8%
Deposits (Average, $B)
49
14%
8%
49
14%
8%
Net Interest Margin (bps)
349
1
13
349
1
13
AUA4 ($B)
121
(3%)
2%
121
(3%)
2%
AUM ($B)
93
(3%)
1%
93
(3%)
1%
6%
Annual Net Flows / AUM 6
despite challenging markets
$121MM
Investments
related to the infrastructure build
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
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 43 for further details.
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.
5
Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances.
6
Annual net flows include the impact of reinvested income and are calculated based on net sales as a percentage of assets under management.
CIBC◇
Fourth Quarter, 2022
37View entire presentation