First Quarter 2022 Financial Results
Expense growth driven by performance-based compensation, ongoing investments to fuel
sustained growth, and the impact of inflation
Non-Interest Expense Growth ($MM) - Adjusted¹
Reported
$2,726MM
71
2,706
+10%
+7%
Reported
$3,023MM
Higher performance-based compensation
Strategic Initiatives focused on driving long-term
growth
.
Improving our technology infrastructure, including
data and analytics
108
2,990
•
Building on our leading digital platform
105
2,882
•
•
Enhancing our advice capabilities
Investments associated with the acquisition of
the Costco credit card portfolio
• Increase in Other Operating Costs
·
Approximately two thirds of the increase was due
to inflation and variable costs, including business
development
Q1/21
Strategic
Initiatives2
Other Operating
Costs
Performance-
based
compensation
Q1/22
•
Remaining expenses contained, helped by
efficiency improvements
CIBC
1 Adjusted results are non-GAAP financial measures. See slide 37 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.
First Quarter, 2022
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