Third Quarter 2023 Financial Results Overview
U.S. Region: Commercial Banking & Wealth Management
Continued revenue growth while expense base begins to stabilize
Net interest income up 10% YoY driven by margins and
higher loan volumes
•
Deposits down 6% YoY, and mix shift to interest-
bearing products; however, outflows are dissipating
Non-interest income down 5% YoY, driven primarily by
lower market-related fees
Reported expenses down 1% YoY, and include the
amortization of acquisition-related intangible assets
•
Adjusted expenses¹ stable YoY, as steady investment
in our people, technology and infrastructure is offset by
lower variable expenses driven by market factors
Provision for Credit Losses
Reported
Adjusted¹
(US $MM)
Revenue
Q3/23
YoY QoQ
Q3/23
YOY QoQ
499
5%
5%
499
5%
5%
Net Interest Income
358
10%
6%
358
10%
6%
Non-Interest Income
141
(5%) 1%
141
(5%)
1%
Expenses
258
(1%) (1%)
248
0%
0%
PPPT²
241
14%
12%
251
12%
10%
Provision for Credit Losses
191
$163
$8
191
$163
$8
Net Income
55
(64%)
38%
62
(62%)
24%
Loans (Average, $B) 3,5
41
7%
1%
41
7%
1%
•
Total PCL ratio of 188 bps
Deposits (Average, $B)5
33
(6%)
(4%)
33 (6%)
(4%)
•
PCL ratio on impaired of 128 bps, primarily due to
impairments in the Commercial Real Estate - Office
portfolio
Net Interest Margin (bps)
346
10
5
346
10
5
AUA4 ($B)
101
9%
7%
101
9%
7%
AUM ($B)
76
6%
5%
76
6%
5%
Q3/23 | Key Highlights
+14%
Cross-LOB Referrals 6
Double-digit year-over-year growth
$2.7B
Net Flows from New Clients7
Over the last twelve months
~$100MM
Invested over 12 months
Moderating spend and harvesting investments
Endnotes are included on slides 46 to 51.
CIBC◇
Third Quarter, 2023
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