Fourth Quarter, 2023 Financial Overview
Endnotes
Fourth quarter and fiscal 2023
Slide 11 Financial Results Overview
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Adjusted results are non-GAAP measures. See slide 67 for further details.
Adjusted results are non-GAAP measures. See slide 67 for further details. For Q3/23, adjusted non-interest income excludes $34MM related to the pre-tax impact of the commodity tax charge related to the
retroactive impact of the 2023 Canadian Federal budget, treated as an item of note, from reported non-interest income in that period. We adjust our non-interest income to remove the impact of trading
activities to calculate the non-trading non-interest income. For further details on the composition of the measure, see notes 5 and 6 on slide 68. For Q4/22, adjusted net interest income excludes $6MM for the
accretion of the acquisition date fair value discount on the acquired Costco credit card receivable, treated as an item of note, from reported net interest income in that period. We adjust our net interest income
to remove the impact of trading activities to calculate the non-trading net interest income - see note 7 on page 68. Refer to Note 11 on page 68 for additional details on "Trading Revenues".
See note 11 on slide 68.
For additional information on the composition, see the "Glossary" section on pages 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca.
Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details.
See note 12 on slide 69.
Slide 12 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 101-107 in the 2023 Annual Report, available
on SEDAR+ at www.sedarplus.ca.
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See note 11 on slide 68.
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See note 3 on slide 68.
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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.
Deposit and asset portfolio include the mix shift between products, and balance sheet mix includes the balance change between asset and liability balances.
Slide 13 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 14 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.
See note 11 on slide 68.
Other primarily includes insurance fees, income from equity-accounted associates and joint ventures, and other.
Charts reflect the allocation of foreign-exchange other than trading income (loss) between market-driven and transactional revenues.
Adjusted results are non-GAAP measures. See slide 67 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.
CIBC
Fourth Quarter, 2023
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