Fourth Quarter 2022 Financial Highlights
Corporate & Other
Sequential increase in expenses and market headwinds to Treasury revenue
.
Revenue lower sequentially and relative to the prior year
Treasury revenues pressured by increased cost of
liquidity and volatility in interest rate and FX markets
Offset partly by strong revenue momentum in FCIB
from higher product margins, volume growth and fees
Expenses down 3% YoY, and up 83% QoQ
•
•
Reported expenses include amortization of acquisition-
related intangible assets, a charge related to the
consolidation of our real-estate portfolio, and an
increase in legal provisions
Adjusted expenses² up 2% YoY and 37% QoQ due to
timing of investments, employee-related (including
severance costs), and inflationary costs
Reported
Adjusted²
($ MM)
Revenue¹
Q4/22
Net interest income
Non-interest income
Provision for Credit Losses
Net Income
YOY QoQ Q4/22
(25) ($147) ($134)
(53) ($83) ($3)
28 ($64) ($131)
500 ($13) $227
(525) ($134) ($361)
11
$7 $4
(294) ($61) ($241)
YOY QoQ
(25) ($147) ($134)
(53) ($83) ($3)
28
369
($64) ($131)
$8 $99
(394) ($155) ($233)
11
(197)
$7 $4
($76) ($147)
Expenses
PPPT3
Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q4/22 was $51 million.
1
2
Adjusted results are non-GAAP measures. See slides 43-45 for further details.
3
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 43 for further details.
CIBC◇
Fourth Quarter, 2022
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