Covered Bond Program Overview
Sustainable Returns to Shareholders
CIBC has a strong track record of shareholder returns
CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 18681
Flat dividends from Q2-2020 to Q4-2021 due to temporary OSFI policy²
8.00%
Quarterly Dividend (RHS)
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00% -
0.50%
Q1 2003
Q4 2003
Q3 2004
Yield (LHS)
Q2 2005
Q1 2006
Q4 2006]
Q3 2007
Q2 2008
Q1 2009
Q4 2009.
Q3 2010]
Q2 2011
Q1 2012]
Q4 2012]
Q3 2013
Q2 2014
Q1 2015]
Q4 2015]
Q3 2016]
Source: CIBC
Q2 2017
Q1 2018
Q4 2018
Q3 2019]
Q2 2020
Q1 2021
Q4 2021
Q3 2022
$2.00
$1.90
$1.80
$1.70
$1.60
$1.50
$1.40
$1.30
$1.20
$1.10
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
CIBC
Note: Dividend of CAD 0.81 per share for the quarter ending July 31, 2022 payable on July 28, 2022 to shareholders of record at the close of business on June 28, 2022
1. On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC's issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date)
received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date.
2. On March 13, 2020, OSFI prohibited dividend increases and cancelled future share buybacks. On November 4, 2021, OSFI announced, with immediate effect, the lifting of the temporary restrictions on regular dividend
increases and common share repurchases.
$-
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