First Quarter 2022 Financial Results
First Quarter 2022 Financial Results
Reported ($MM)
Revenue
Q1/22
YOY
QoQ
5,498
11%
9%
•
Net interest income
3,132
10%
5%
Non-interest income
2,366
11%
14%
Non-Interest Expenses
3,023
11%
(4%)
Provision for Credit Losses
75
(49%)
(4%)
•
Net Income
1,869
15%
30%
Diluted EPS
$4.03
14%
31%
Efficiency Ratio¹
ROE
CET1 Ratio
55.0%
10 bps
(690) bps
17.4%
40 bps
400 bps
12.2%
(3) bps
(13) bps
Revenue
Net interest income up 10% YoY
•
•
Diversified volume growth across our business; total average loans up 14%
YoY, average deposits up 12% YoY
Stable and improving margins
Non-interest income up 11% YoY
•
Strong trading activity in Capital Markets
Growth in wealth management fees driven by market appreciation and strong
client flows
Higher card and deposit fees reflecting continued recovery in consumer activity
Adjusted² ($MM)
Revenue
Net interest income
Q1/22
YOY
QoQ
5,498
11%
9%
3,132
10%
5%
Non-interest income
2,366
11%
14%
Adjusted² Expenses
•
Higher performance-based compensation; expenses up 7% YoY excluding this
increase
Inflationary pressures and investments to fuel long-term, sustainable growth
Non-Interest Expenses
2,990
10%
1%
Pre-Provision, Pre-Tax Earnings³
2,508
11%
19%
Provision for Credit Losses
75
(49%)
(4%)
Net Income
1,894
15%
20%
•
Provision for Credit Losses (PCL)
PCL decrease driven by lower impairments
Diluted EPS
$4.08
14%
Efficiency Ratio (TEB)
ROE
53.8%
17.6%
(10) bps
40 bps
21%
(400) bps
•
Total PCL ratio of 6 bps
290 bps
•
PCL ratio on impaired of 11 bps
CIBC
2
1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 42 in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com.
Adjusted results are non-GAAP financial measures. See slide 37 for further details.
3 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details.
First Quarter, 2022
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