Fourth Quarter, 2023 Financial Overview
U.S. Region: Commercial Banking & Wealth Management (C$)
Disciplined relationship focused growth despite market challenges
Net interest income up 2% YoY driven by margins and
loan volumes, partially offset by deposit volumes
•
Deposits down 5% YoY as mix shift to interest-
bearing products continue; up 5% sequentially
Non-interest income up 5% YoY, driven primarily by
asset management fees
Reported expenses up 9% YoY, and include the
amortization of acquisition-related intangible assets
•
Adjusted expenses¹ up 12% YoY due to higher
severance, as well as continued investments in
technology and infrastructure.
Provision for Credit Losses
•
Total PCL ratio of 183 bps
Impaired PCL ratio of 150 bps, primarily due to
impairments in the CRE Office portfolio
Q4/23 | Key Highlights
35%
Cross-LOB Referrals 6
+25% from F22
Endnotes are included on slides 58 to 66.
CIBC
Reported
Adjusted¹
($MM)
Revenue
Q4/23
YOY QoQ
Q4/23
YOY
QoQ
672
3%
1%
672
3%
1%
Net Interest Income
476
2%
(0)%
476
2%
(0)%
Non-Interest Income
196
5%
4%
196
5%
4%
Expenses
PPPT2
387
9% 12%
378
12% 14%
285
(4)% (11)%
294
(6)% (12)%
Provision for Credit Losses
249
$149
$(6)
249
$149 $(6)
Net Income
50
(69)%
(32)%
56
(68)%
(33)%
Loans (Average, $B)³,4
55
4%
1%
55
4%
1%
Deposits (Average, $B)4
46
(5)%
5%
46
(5)%
5%
Net Interest Margin (bps)
344
(5)
(2)
344
(5)
(2)
AUA5 ($B)
129
7%
(3)%
129
7%
(3)%
AUM5 ($B)
97
4%
(3)%
97
4%
(3)%
$3.6B
Net Flows from New Clients7
over the last twelve months
~$160 MM
Invested over F23
Investments in people, technology, infrastructure
Fourth Quarter, 2023
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