Third Quarter 2023 Financial Results Overview
Endnotes
Third quarter 2023
Slide 9 - Net Interest Income (NII)
Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 51-57 in the Q3/23 Report to Shareholders,
available on SEDAR+ at www.sedarplus.ca.
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See note 11 on slide 53.
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Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, and Simplii Financial and CIBC Investor's Edge, in Capital Markets.
Adjusted results are non-GAAP measures. See slide 52 for further details. Adjusted NIM on average interest-earning assets is calculated in the same manner as reported NIM on average interest-earning
assets, except that adjusted NIM excludes $6MM for Q3/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported
net interest income in that period.
Slide 10 Balance Sheet
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Average balances are calculated as weighted average of daily closing balances. Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of
Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowances for credit losses, and certain sublease-related assets.
The yield for loans and acceptances is calculated as interest income on loans as a percentage of average loans and acceptances, net of allowance for credit losses. The yield on securities is calculated as
interest income on securities as a percentage of average securities. Total yield on average interest-earning assets is calculated as interest income on assets as a percentage of average interest-earning
assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions.
Other includes balances related to cash and deposits with banks, reverse repos, and other.
The yield for Personal-Notice/Demand deposits is calculated as interest expense on Personal-Notice/Demand deposits as a percentage of average Personal-Notice/Demand deposits. The yield for Corporate
& Commercial-Notice/Demand deposits is calculated as interest expense on Corporate & Commercial-Notice/Demand deposits as a percentage of average Corporate & Commercial-Notice/Demand deposits.
The yield for Term-Client deposits is calculated as interest expense on Term-Client deposits as a percentage of average Term-Client deposits. Term-Client deposits are term deposits less wholesale funding.
Total cost on average interest-earning assets is calculated as interest expense on liabilities as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may
not be comparable to similar measures disclosed by other financial institutions.
Other includes wholesale funding, sub-debt, repos and other liabilities.
Deposit base represents client deposits, excluding wholesale funding. Reflects spot balances as of the respective period ends.
Slide 11 - Non-Interest Income
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Market-related fees include underwriting and advisory, investment management and custodial, and mutual fund fees, commissions on securities transactions, gains/losses from financial instruments measured
at FVTPL, debt securities measured at FVOCI, and the amount of foreign-exchange other than trading income (loss) that is market-driven. Transactional fees include deposit and payment, credit, and card
fees, and the portion of foreign exchange other than trading that is transactional in nature.
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See note 11 on slide 53.
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Other primarily includes insurance fees, income from equity-accounted associates and joint ventures, and other.
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Charts reflect the allocation of foreign-exchange other than trading income (loss) between market-driven and transactional revenues.
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Adjusted results are non-GAAP measures. See slide 52 for further details. Reported non-interest income has been adjusted to remove the $34MM pre-tax impact of the commodity tax charge related to the
retroactive impact of the 2023 Canadian Federal budget. This has impacted total Transactional Fees and the Cards balance within the Transactional Fees by $34MM.
Slide 12 Non-Interest Expenses
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Adjusted results are non-GAAP measures. See slide 52 for further details.
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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.
Slide 13 Capital & Liquidity
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Average balances, where applicable, are calculated as a weighted average of daily closing balances.
RWA and our capital balances and ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, LCR, HQLA and NSFR are
calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the Q3/23 Report to
Shareholders available on SEDAR+ at www.sedarplus.ca.
CIBC
Third Quarter, 2023
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