Fourth Quarter 2022 Financial Highlights
Non-Interest Expenses
Higher expenses reflect ongoing investments and the impact of inflationary pressures
•
Expense growth of 11% (adjusted 1 growth of 12% or 10% excluding severance costs incurred during the quarter)
Strategic initiatives focused on long-term growth driving 5% increase YoY, including:
•
•
Expenses associated with the co-brand card portfolio acquired during the year
Investment in our U.S. platform to support continued organic growth
Remaining increase in operating expenses 5% YoY, including the impact of recent elevated inflation
•
Low single digits excluding impact of inflation
Primarily driven by employee and technology-related costs
Expense Growth ($MM) - Adjusted¹
Reported: $3,135MM
+5%
143
3,098
Other
Adjusted 2,955
Inflation
Q4/21
Operating
Costs
+12%
145
Other
Co-Brand &
US Investments
Strategic
Initiatives²
Reported: $3,483MM
67
3,310
Severance
Q4/22
1
Adjusted results are non-GAAP measures. See slides 43-45 for further details.
2
Initiatives include incremental costs associated with front-line hires related to growth initiatives, investments in enterprise initiatives, investments in infrastructure in the U.S., and other growth initiatives.
CIBC◇
Fourth Quarter, 2022
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