First Quarter, 2024 Earnings Report
Canadian Banking: Personal & Business Banking
Double-digit revenue growth and relatively stable expenses contribute to PPPT growth of 25% and strong operating leverage
•
Net interest income up 13% YoY driven by margin expansion and
higher loan and deposit volumes
Reported
Adjusted¹
•
Net interest margin up 25 bps YoY
•
YoY deposit growth continued to outpace loan growth
($MM)
Revenue
Q1/24
YOY
QoQ
Q1/24
YOY
QoQ
2,497
10%
2%
2,497
10%
2%
Non-interest income up 3% YoY, primarily driven by fees
Expenses down 1% YoY, mainly due to timing of ongoing strategic
investments, offset in part by higher employee-related costs
Provision for Credit Losses:
Net Interest Income
1,927
13%
1%
1,927
13%
1%
Non-Interest Income
570
3%
4%
570
3%
4%
Expenses
1,280
(1)%
(2)%
1,273
(1)%
(2)%
PPPT2
1,217
25%
6%
1,224
25%
6%
.
Higher PCLS reflect macro credit trends
.
Total PCL ratio of 41 bps
•
Impaired PCL ratio of 36 bps
Provision for Credit Losses
329
$171
$47
329
$171
$47
Net Income
650
10%
2%
655
10%
2%
Loans (Average, $B) 3,4
320
2%
0%
320
2%
0%
Deposits (Average, $B)4
223
3%
1%
223
3%
1%
Net Interest Margin (bps)
241
25
241
25
3
Q1/24 | Key Highlights
+600K
Net New Client Growth [LTM]5
Continued momentum in client growth
$1.4B
Money-In Balance Growth
for Imperial Service during the quarter
95%
Digital Transactions?
Record high number completed digitally
Endnotes are included on slides 49 to 54.
CIBC
First Quarter, 2024
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