Fourth Quarter, 2023 Financial Overview
U.S. Region: Commercial Banking & Wealth Management
Disciplined growth through relationship focused strategy despite market challenges
Net interest income up 1% YoY driven by margins and
loan volumes, partially offset by deposit volumes
•
Deposits down 6% YoY due partly to mix shift to
investment products; up 3% sequentially
Non-interest income up 5% YoY, driven primarily by
asset management fees
Reported expenses up 8% YoY, and include the
amortization of acquisition-related intangible assets
Adjusted expenses¹ up 11% YoY due to higher
severance, as well as continued
investments in technology and infrastructure
Provision for Credit Losses
Reported
Adjusted¹
(US $MM)
Q4/23
YOY QoQ Q4/23 YOY QoQ
Revenue
492
2%
(1)%
492
2%
(1)%
Net Interest Income
348
1% (3)% 348
1%
(3)%
Non-Interest Income
144
5%
2%
144
5%
2%
Expenses
284
8% 10%
278
11% 12%
PPPT²
208
(5)% (14)%
214
(8)% (15)%
Provision for Credit Losses
183
$107 $(8)
183
$107
$(8)
Net Income
35
(70)% (36)%
39
(69)%
(37)%
Loans (Average, $B)³,4
40
3% (2)%
40
3%
(2)%
•
Total PCL ratio of 183 bps
Deposits (Average, $B)4
34
(6)% 3%
34
(6)%
3%
Impaired PCL ratio of 150 bps, primarily due to
impairments in the CRE Office portfolio
Net Interest Margin (bps)
344
(5)
(2)
344
(5)
(2)
AUA5 ($B)
93
5%
(8)%
93
5%
(8)%
AUM5 ($B)
70
10
3%
(8)%
70
70
3%
(8)%
Q4/23 | Key Highlights
35%
Cross-LOB Referrals in F236
versus 10% in F22
$2.7B
Net Flows from New Clients7
over the last twelve months
~$120MM
Invested over the Year
Investments in people, technology, infrastructure
Endnotes are included on slides 58 to 66.
CIBC◇
Fourth Quarter, 2023
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