Fourth Quarter 2022 Financial Highlights
Canadian Commercial & Wealth Management
Continued growth in client franchise and revenue despite market
Strong lending volumes and margins driving 28% YoY
increase in net interest income
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•
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Commercial loan balances up 20%
Commercial deposit balances up 11%
Non-interest income down 3% YoY
AUA and AUM down YoY and sequentially due to
market depreciation
Reported & Adjusted¹ ($MM)
Revenue
Net interest income
Q4/22
YoY
QoQ
1,316
6%
(2%)
452
28%
2%
Non-interest income
864
(3%)
(4%)
Expenses
658
2%
(2%)
PPPT²
658
11%
(1%)
•
Decline in transactional revenues and new issuance
Provision for Credit Losses
21
$26
$11
activity
Net Income
469
6%
(3%)
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•
•
•
Expenses up 2% driven by higher employee-related
costs and investments in strategic initiatives
Provision for Credit Losses:
Total PCL ratio of 10 bps
PCL ratio on impaired of 6 bps
F22 Key Highlights
20% / 12%
Loan & Deposit Growth 6
Above market growth?
6.6%
Annual Net Flows³ / AUA
from Private Wealth Management
Commercial Banking - Loans (Average, $B)³
Commercial Banking - Deposits (Average, $B)
90
20%
3%
88
11%
5%
Net Interest Margin (bps)
338
10
(2)
Assets Under Administration 4,5 (AUA, $B)
325
(9%)
(3%)
Assets Under Management 4,5 (AUM, $B)
209
(9%)
(3%)
$5.4B
Annual Referral Volume⁹
22% YoY growth
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 43 for further details.
Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances.
Assets under management (AUM) are included in assets under administration (AUA).
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Adjusted results are non-GAAP measures. See slides 43-45 for further details.
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Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 101 in the 2022 Annual Report, available on SEDAR at www.sedar.com.
Represents loans and deposits for Commercial Banking and Wealth Management. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances.
Based on Commercial and Business Banking loans and deposits, and a comparison to the Big 6 Canadian banks per data disclosed in Supplementary Financial Information material as of Q3/22.
Annual net flows are calculated based on net investment sales from Private Wealth Management and include the impact of reinvested income.
A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank.
CIBC
Fourth Quarter, 2022
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