CIBC's 2021
audited annual consolidated financial statements and accompanying
management's discussion and analysis (MD&A) will be available
today at www.cibc.com, along with the supplementary financial
information and supplementary regulatory capital reports which
include fourth quarter financial information. Our 2021 Annual
Report is available on SEDAR at www.sedar.com. All amounts
are expressed in Canadian dollars, unless otherwise
indicated.
|
TORONTO, Dec. 2, 2021 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced its results for the fourth quarter and
fiscal year ended October 31,
2021.
"We delivered strong financial performance in 2021 with growth
across all of our strategic business units as our entire team
focused on helping our clients achieve their ambitions," said
Victor Dodig, President and CEO,
CIBC. "Against the backdrop of the ongoing global pandemic, our
bank continued to invest for the future, including expanding our
platform and capabilities in the U.S., accelerating the growth of
our Canadian consumer franchise, and making foundational
investments in cloud technology and other capabilities that will
enable us to do more for clients in 2022 and beyond. We also
launched our new brand, a statement on the bank we've become by
living our purpose, and a symbol of the opportunities that lie
ahead. We enter the new fiscal year well positioned for growth with
a strong capital position, clear momentum across our business, and
the full commitment of our team as we contribute to an equitable
and sustainable future for our clients, our communities and our
planet."
Fourth quarter highlights
|
Q4/21
|
Q4/20
|
Q3/21
|
YoY
Variance
|
QoQ
Variance
|
Reported Net
Income
|
$1,440
million
|
$1,016
million
|
$1,730
million
|
+42%
|
-17%
|
Adjusted Net Income
(1)
|
$1,573
million
|
$1,280
million
|
$1,808
million
|
+23%
|
-13%
|
Reported Diluted
Earnings Per Share (EPS)
|
$3.07
|
$2.20
|
$3.76
|
+40%
|
-18%
|
Adjusted Diluted EPS
(1)
|
$3.37
|
$2.79
|
$3.93
|
+21%
|
-14%
|
Reported Return on
Common Shareholders' Equity (ROE) (2)
|
13.4%
|
10.7%
|
17.1%
|
|
Adjusted ROE
(1)(2)
|
14.7%
|
13.5%
|
17.9%
|
Common Equity Tier 1
(CET1) Ratio (2)
|
12.4%
|
12.1%
|
12.3%
|
CIBC's results for the fourth quarter of 2021 were affected by
the following items of note aggregating to a negative impact of
$0.30 per share:
- $109 million ($80 million after-tax) charge related to the
consolidation of our real estate portfolio;
- $40 million ($29 million after-tax) increase in legal
provisions;
- $19 million ($15 million after-tax) amortization of
acquisition-related intangible assets; and
- $12 million ($9 million after-tax) in transaction and
integration-related costs(3) associated with the
acquisition of the Canadian Costco credit card portfolio.
For the year ended October 31,
2021, CIBC reported net income of $6.4 billion and adjusted net
income(1) of $6.7 billion,
compared with reported net income of $3.8
billion and adjusted net income(1) of
$4.4 billion for 2020.
The following table summarizes our performance in 2021 against
our key financial measures and targets, set over the medium term,
which we define as three to five years, assuming a normal business
environment and credit cycle.
Financial
Measure
|
Target
(4)
|
2021 Reported
Results
|
2021 Adjusted
Results (1)
|
Diluted EPS
growth
|
5% to 10%
annually
|
$13.93, up 69% from
2020
|
$14.47, up 49% from
2020
|
ROE
(2)
|
15% +
|
16.1%
|
16.7%
|
Operating leverage
(2)
|
Positive
|
5.3%, an increase of
930 basis points from 2020
|
0.7%, an increase of
130 basis points from 2020
|
CET1 ratio
(2)
|
Strong buffer to
regulatory minimum
|
12.4%
|
Dividend payout ratio
(2)
|
40% to 50%
|
41.8%
|
40.3%
|
Total shareholder
return
|
Outperform the
S&P/TSX Composite Banks Index over a rolling five-year
period
|
CIBC –
91.9%
S&P/TSX Composite
Banks Index – 80.4%
|
(1)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
(2)
|
For additional
information on the composition of these specified financial
measures, see the "Fourth quarter financial highlights"
section.
|
(3)
|
Transaction and
integration costs are comprised of direct and incremental costs
incurred as part of planning for and executing the integration of
the Canadian Costco credit card portfolio, including enabling
cross-sell opportunities, the upgrade and conversion of systems and
processes, project management, and communication costs. These items
are recognized in Canadian Personal and Business
Banking.
|
(4)
|
Based on adjusted
results. Adjusted measures are non-GAAP measures. For additional
information, see the "Non-GAAP measures" section.
|
Core business performance
F2021 Financial
Highlights
(C$
million)
|
F2021
|
F2020
|
YoY
Variance
|
Canadian Personal
and Business Banking (1)
|
|
|
|
Reported Net
Income
|
$2,494
|
$1,785
|
up 40%
|
Adjusted Net Income
(2)
|
$2,503
|
$1,791
|
up 40%
|
Pre-provision,
pre-tax earnings (2)
|
$3,736
|
$3,614
|
up 3%
|
Adjusted
pre-provision, pre-tax earnings (2)
|
$3,748
|
$3,622
|
up 3%
|
|
|
|
|
Canadian
Commercial Banking and Wealth Management
|
|
|
|
Reported Net
Income
|
$1,665
|
$1,202
|
up 39%
|
Adjusted Net Income
(2)
|
$1,665
|
$1,203
|
up 38%
|
Pre-provision,
pre-tax earnings (2)
|
$2,227
|
$1,942
|
up 15%
|
Adjusted
pre-provision, pre-tax earnings (2)
|
$2,227
|
$1,943
|
up 15%
|
|
|
|
|
U.S. Commercial
Banking and Wealth Management (1)
|
|
|
|
Reported Net
Income
|
$926
|
$375
|
up 147%
|
Adjusted Net Income
(2)
|
$976
|
$436
|
up 124%
|
Pre-provision,
pre-tax earnings (2)
|
$1,073
|
$917
|
up 17%
|
Adjusted
pre-provision, pre-tax earnings (2)
|
$1,141
|
$1,000
|
up 14%
|
|
|
|
|
Capital
Markets (1)
|
|
|
|
Reported Net
Income
|
$1,857
|
$1,308
|
up 42%
|
Adjusted Net Income
(2)
|
$1,857
|
$1,308
|
up 42%
|
Pre-provision,
pre-tax earnings (2)
|
$2,403
|
$2,124
|
up 13%
|
Adjusted
pre-provision, pre-tax earnings (2)
|
$2,403
|
$2,124
|
up 13%
|
(1)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
(2)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Strong fundamentals
While investing in core
businesses, CIBC has continued to strengthen key fundamentals. In
2021, CIBC maintained its capital strength and sound risk
management practices:
- Capital ratios were strong, with a Basel III CET1
ratio(1) of 12.4% as noted above, and Tier
1(1) and Total capital ratios(1) of 14.1% and
16.2%, respectively, at October 31,
2021;
- Market risk, as measured by average Value-at-Risk, was
$7.6 million in 2021 compared with
$8.5 million in 2020;
- We continued to have solid credit performance, with a loan loss
ratio(1) of 16 basis points compared with 26 basis
points in 2020;
- Liquidity Coverage Ratio(1) was 127% for the three
months ended October 31, 2021;
and
- Leverage Ratio(1) was 4.7% at October 31, 2021.
CIBC announced an increase in its quarterly common share
dividend from $1.46 per share to
$1.61 per share for the quarter
ending January 31, 2022.
Today we announced our intention to purchase for cancellation up
to 10 million common shares, or approximately 2.2% of our
outstanding common shares under a new normal course issuer bid,
subject to the approval of the Toronto Stock Exchange.
(1)
|
For additional
information on the composition of these specified financial
measures, see the "Fourth quarter financial highlights"
section.
|
Credit quality
Provision for credit losses was
$78 million for the fourth quarter,
down $213 million or 73% from the
same quarter last year. The current quarter included a provision
reversal on performing loans of $34
million, while the same quarter last year included a
provision for credit losses of $113
million. Provision for credit losses on impaired loans was
down $66 million as the prior year
quarter was adversely impacted by the COVID-19 pandemic.
Making a difference in our Communities
We invest our
time and resources to remove barriers to ambitions and demonstrate
that when we come together, positive change happens that helps our
communities thrive. This quarter, we further strengthened our
communities through the following initiatives:
- Supported cancer research and care as Team CIBC participated in
the annual Ride to Conquer Cancer and Weekend to Conquer Cancer
benefitting the Princess Margaret Cancer Foundation, and celebrated
our 25th anniversary as title partner of the CIBC Run
for the Cure as we worked with the Canadian Cancer Society to
support innovative breast cancer research and support
programs.
- Recognized the inaugural National Day for Truth and
Reconciliation and announced initiatives supporting economic
prosperity for Indigenous peoples in Canada. We announced further commitments to
our newly launched Reconciliation Framework and donated
$50,000 to the Orange Shirt Society,
an organization working to support Survivors of the residential
school system in Canada.
- CIBC and the BlackNorth Initiative announced that applications
are now being accepted for the Youth Accelerator, in partnership
with BGC Canada, that will provide students from the Black
community $50,000 over four years for
tuition, mentorship, financial education and opportunities to
secure paid internships or co-ops.
- Together with our clients and team members, we responded to
several global crises including donations to earthquake relief in
Haiti, relief efforts following
Hurricane Ida, clean drinking water for Iqaluit, and immediate aid to vulnerable
groups in Afghanistan, including
support for the evacuation and resettlement of Afghan women and
families landing in Canada, and
journalists fleeing persecution.
In 2021, corporate and employee giving to more than 4,000
charities was $132.7
million(1), while employee volunteering totalled
more than 99,000 hours.
Subsequent to the end of the quarter, we announced the CIBC
Foundation, which will serve our commitment to advance inclusion
for a more equitable society and help make ambitions real for
communities. To support this goal, we have made donations totalling
$70 million in fiscal 2021 to launch
the foundation, with plans to grow to $155
million over time.
(1)
|
Includes corporate
giving, including $70 million to CIBC Foundation, corporate
sponsorships and employee giving and fundraising.
|
Fourth quarter
financial highlights
|
|
As at or for
the
|
|
|
|
As at or for
the
|
|
|
|
|
|
|
three months
ended
|
|
|
|
twelve months
ended
|
|
|
2021
|
2021
|
|
2020
|
|
|
2021
|
2020
|
|
Unaudited
|
Oct.
31
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct.
31
|
Oct. 31
|
|
Financial
results ($ millions)
|
|
|
Net interest
income
|
$
|
2,980
|
|
$
|
2,893
|
|
$
|
2,792
|
|
|
$
|
11,459
|
|
$
|
11,044
|
|
Non-interest
income
|
|
2,084
|
|
|
2,163
|
|
|
1,808
|
|
|
|
8,556
|
|
|
7,697
|
|
Total
revenue
|
|
5,064
|
|
|
5,056
|
|
|
4,600
|
|
|
|
20,015
|
|
|
18,741
|
|
Provision for
(reversal of) credit losses
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
|
158
|
|
|
2,489
|
|
Non-interest
expenses
|
|
3,135
|
|
|
2,918
|
|
|
2,891
|
|
|
|
11,535
|
|
|
11,362
|
|
Income before income
taxes
|
|
1,851
|
|
|
2,237
|
|
|
1,418
|
|
|
|
8,322
|
|
|
4,890
|
|
Income
taxes
|
|
411
|
|
|
507
|
|
|
402
|
|
|
|
1,876
|
|
|
1,098
|
|
Net income
|
$
|
1,440
|
|
$
|
1,730
|
|
$
|
1,016
|
|
|
$
|
6,446
|
|
$
|
3,792
|
|
Net income
attributable to non-controlling interests
|
|
4
|
|
|
5
|
|
|
1
|
|
|
|
17
|
|
|
2
|
|
|
Preferred
shareholders and other equity instrument holders
|
|
47
|
|
|
30
|
|
|
30
|
|
|
|
158
|
|
|
122
|
|
|
Common
shareholders
|
|
1,389
|
|
|
1,695
|
|
|
985
|
|
|
|
6,271
|
|
|
3,668
|
|
Net income
attributable to equity shareholders
|
$
|
1,436
|
|
$
|
1,725
|
|
$
|
1,015
|
|
|
$
|
6,429
|
|
$
|
3,790
|
|
Financial
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported efficiency
ratio (1)
|
|
61.9
|
%
|
|
57.7
|
%
|
|
62.9
|
%
|
|
|
57.6
|
%
|
|
60.6
|
%
|
Reported operating
leverage (1)
|
|
1.7
|
%
|
|
(0.6)
|
%
|
|
(5.5)
|
%
|
|
|
5.3
|
%
|
|
(4.0)
|
%
|
Loan loss ratio
(2)
|
|
0.10
|
%
|
|
0.10
|
%
|
|
0.17
|
%
|
|
|
0.16
|
%
|
|
0.26
|
%
|
Reported return on
common shareholders' equity (1)(3)
|
|
13.4
|
%
|
|
17.1
|
%
|
|
10.7
|
%
|
|
|
16.1
|
%
|
|
10.0
|
%
|
Net interest margin
(1)
|
|
1.41
|
%
|
|
1.42
|
%
|
|
1.43
|
%
|
|
|
1.42
|
%
|
|
1.50
|
%
|
Net interest margin
on average interest-earning assets (4)(5)
|
|
1.58
|
%
|
|
1.60
|
%
|
|
1.60
|
%
|
|
|
1.59
|
%
|
|
1.69
|
%
|
Return on average
assets (5)(6)
|
|
0.68
|
%
|
|
0.85
|
%
|
|
0.52
|
%
|
|
|
0.80
|
%
|
|
0.52
|
%
|
Return on average
interest-earning assets (4)(5)(6)
|
|
0.77
|
%
|
|
0.96
|
%
|
|
0.58
|
%
|
|
|
0.89
|
%
|
|
0.58
|
%
|
Reported effective
tax rate
|
|
22.2
|
%
|
|
22.7
|
%
|
|
28.3
|
%
|
|
|
22.5
|
%
|
|
22.5
|
%
|
Common share
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
($)
|
- basic
earnings
|
$
|
3.08
|
|
$
|
3.77
|
|
$
|
2.21
|
|
|
$
|
13.97
|
|
$
|
8.23
|
|
|
|
- reported diluted
earnings
|
|
3.07
|
|
|
3.76
|
|
|
2.20
|
|
|
|
13.93
|
|
|
8.22
|
|
|
|
-
dividends
|
|
1.46
|
|
|
1.46
|
|
|
1.46
|
|
|
|
5.84
|
|
|
5.82
|
|
|
|
- book value
(7)
|
|
91.66
|
|
|
90.06
|
|
|
84.05
|
|
|
|
91.66
|
|
|
84.05
|
|
Closing share price
($)
|
|
150.17
|
|
|
145.07
|
|
|
99.38
|
|
|
|
150.17
|
|
|
99.38
|
|
Shares outstanding
(thousands)
|
- weighted-average
basic
|
|
450,469
|
|
|
449,590
|
|
|
446,321
|
|
|
|
448,953
|
|
|
445,435
|
|
|
|
- weighted-average
diluted
|
|
452,028
|
|
|
451,148
|
|
|
446,877
|
|
|
|
450,183
|
|
|
446,021
|
|
|
|
- end of
period
|
|
450,828
|
|
|
450,082
|
|
|
447,085
|
|
|
|
450,828
|
|
|
447,085
|
|
Market
capitalization ($ millions)
|
$
|
67,701
|
|
$
|
65,293
|
|
$
|
44,431
|
|
|
$
|
67,701
|
|
$
|
44,431
|
|
Value
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholder
return
|
|
4.55
|
%
|
|
14.68
|
%
|
|
8.74
|
%
|
|
|
58.03
|
%
|
|
(5.90)
|
%
|
Dividend yield (based
on closing share price)
|
|
3.9
|
%
|
|
4.0
|
%
|
|
5.8
|
%
|
|
|
3.9
|
%
|
|
5.9
|
%
|
Reported dividend
payout ratio (1)
|
|
47.3
|
%
|
|
38.7
|
%
|
|
66.2
|
%
|
|
|
41.8
|
%
|
|
70.7
|
%
|
Market value to book
value ratio
|
|
1.64
|
|
|
1.61
|
|
|
1.18
|
|
|
|
1.64
|
|
|
1.18
|
|
Selected financial
measures - adjusted (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency
ratio (9)
|
|
57.8
|
%
|
|
55.1
|
%
|
|
56.4
|
%
|
|
|
55.4
|
%
|
|
55.8
|
%
|
Adjusted operating
leverage (9)
|
|
(2.8)
|
%
|
|
(0.6)
|
%
|
|
(0.7)
|
%
|
|
|
0.7
|
%
|
|
(0.6)
|
%
|
Adjusted return on
common shareholders' equity (3)
|
|
14.7
|
%
|
|
17.9
|
%
|
|
13.5
|
%
|
|
|
16.7
|
%
|
|
11.7
|
%
|
Adjusted effective
tax rate
|
|
22.5
|
%
|
|
22.8
|
%
|
|
24.5
|
%
|
|
|
22.7
|
%
|
|
21.8
|
%
|
Adjusted diluted
earnings per share
|
$
|
3.37
|
|
$
|
3.93
|
|
$
|
2.79
|
|
|
$
|
14.47
|
|
$
|
9.69
|
|
Adjusted dividend
payout ratio
|
|
43.2
|
%
|
|
37.0
|
%
|
|
52.2
|
%
|
|
|
40.3
|
%
|
|
60.0
|
%
|
On- and
off-balance sheet information ($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, deposits with
banks and securities
|
$
|
218,398
|
|
$
|
207,774
|
|
$
|
211,564
|
|
|
$
|
218,398
|
|
$
|
211,564
|
|
Loans and
acceptances, net of allowance for credit losses
|
|
462,879
|
|
|
449,167
|
|
|
416,388
|
|
|
|
462,879
|
|
|
416,388
|
|
Total
assets
|
|
837,683
|
|
|
806,067
|
|
|
769,551
|
|
|
|
837,683
|
|
|
769,551
|
|
Deposits
|
|
621,158
|
|
|
602,969
|
|
|
570,740
|
|
|
|
621,158
|
|
|
570,740
|
|
Common shareholders'
equity (1)
|
|
41,323
|
|
|
40,533
|
|
|
37,579
|
|
|
|
41,323
|
|
|
37,579
|
|
Average assets
(5)
|
|
835,931
|
|
|
806,768
|
|
|
778,933
|
|
|
|
809,621
|
|
|
735,492
|
|
Average
interest-earning assets (4)(5)
|
|
747,009
|
|
|
718,403
|
|
|
692,465
|
|
|
|
721,686
|
|
|
654,142
|
|
Average common
shareholders' equity (1)(5)
|
|
40,984
|
|
|
39,263
|
|
|
36,762
|
|
|
|
38,881
|
|
|
36,792
|
|
Assets under
administration (AUA) (1)(10)(11)(12)
|
2,963,221
|
|
2,982,469
|
|
2,364,005
|
|
|
2,963,221
|
|
2,364,005
|
|
Assets under
management (AUM) (1)(11)(12)
|
316,834
|
|
310,560
|
|
261,037
|
|
|
316,834
|
|
261,037
|
|
Balance sheet
quality and liquidity measures (13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets
(RWA) ($ millions)
|
$
|
272,814
|
|
$
|
268,999
|
|
$
|
254,871
|
|
|
$
|
272,814
|
|
$
|
254,871
|
|
CET1 ratio
(14)
|
|
12.4
|
%
|
|
12.3
|
%
|
|
12.1
|
%
|
|
|
12.4
|
%
|
|
12.1
|
%
|
Tier 1 capital ratio
(14)
|
|
14.1
|
%
|
|
13.7
|
%
|
|
13.6
|
%
|
|
|
14.1
|
%
|
|
13.6
|
%
|
Total capital ratio
(14)
|
|
16.2
|
%
|
|
16.0
|
%
|
|
16.1
|
%
|
|
|
16.2
|
%
|
|
16.1
|
%
|
Leverage
ratio
|
|
4.7
|
%
|
|
4.6
|
%
|
|
4.7
|
%
|
|
|
4.7
|
%
|
|
4.7
|
%
|
Liquidity coverage
ratio (LCR) (15)
|
|
127
|
%
|
|
126
|
%
|
|
145
|
%
|
|
|
n/a
|
|
|
n/a
|
|
Other
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
|
45,282
|
|
|
44,904
|
|
|
43,853
|
|
|
|
45,282
|
|
|
43,853
|
|
(1)
|
Certain additional
disclosures on the composition of these specified financial
measures have been incorporated by reference and can be found in
the "Glossary" section on pages 100 to 102 of our 2021 Annual
Report, available on SEDAR at www.sedar.com.
|
(2)
|
The ratio is
calculated as the provision for (reversal of) credit losses on
impaired loans to average loans and acceptances, net of allowance
for credit losses.
|
(3)
|
Annualized.
|
(4)
|
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 allowance for
credit losses, and certain sublease-related assets.
|
(5)
|
Average balances are
calculated as a weighted average of daily closing
balances.
|
(6)
|
Net income expressed
as a percentage of average assets or average interest-earning
assets.
|
(7)
|
Common shareholders'
equity divided by the number of common shares issued and
outstanding at end of period.
|
(8)
|
Adjusted measures are
non-GAAP measures. Adjusted measures are calculated in the same
manner as reported measures, except that financial information
included in the calculation of adjusted measures is adjusted to
exclude the impact of items of note. For additional information and
a reconciliation of reported results to adjusted results, see the
"Non-GAAP measures" section.
|
(9)
|
Calculated on a
taxable equivalent basis (TEB).
|
(10)
|
Includes the full
contract amount of AUA or custody under a 50/50 joint venture
between CIBC and The Bank of New York Mellon of $2,341.1 billion
(July 31, 2021: $2,380.2 billion; October 31, 2020: $1,861.5
billion).
|
(11)
|
AUM amounts are
included in the amounts reported under AUA.
|
(12)
|
Certain prior period
information was restated in the second quarter of 2021.
|
(13)
|
RWA and our capital
ratios are calculated pursuant to OSFI's Capital Adequacy
Requirements (CAR) Guideline, the leverage ratio is calculated
pursuant to OSFI's Leverage Requirements Guideline, and LCR is
calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR)
Guideline, all of which are based on BCBS standards. For additional
information, see the "Capital management" and "Liquidity risk"
sections on pages 32 and 72, respectively, of our 2021 Annual
Report.
|
(14)
|
Effective beginning
in the second quarter of 2020, ratios reflect the expected credit
loss transitional arrangement announced by OSFI on March 27, 2020
in response to the onset of the COVID-19 pandemic.
|
(15)
|
Average for the three
months ended for each respective period.
|
n/a
|
Not
applicable.
|
Review of Canadian
Personal and Business Banking fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
$ millions, for the
three months ended
|
|
Oct.
31
|
|
|
Jul. 31
|
|
|
Oct.
31(1)
|
|
Revenue
|
$
|
2,128
|
|
$
|
2,056
|
|
$
|
1,997
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
87
|
|
|
82
|
|
|
88
|
|
|
Performing
|
|
77
|
|
|
(15)
|
|
|
33
|
|
Total provision for
credit losses
|
|
164
|
|
|
67
|
|
|
121
|
|
Non-interest
expenses
|
|
1,152
|
|
|
1,118
|
|
|
1,076
|
|
Income before income
taxes
|
|
812
|
|
|
871
|
|
|
800
|
|
Income
taxes
|
|
215
|
|
|
229
|
|
|
210
|
|
Net income
|
$
|
597
|
|
$
|
642
|
|
$
|
590
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity
shareholders
|
$
|
597
|
|
$
|
642
|
|
$
|
590
|
|
Efficiency
ratio
|
|
54.1
|
%
|
|
54.4
|
%
|
|
53.9
|
%
|
Operating
leverage
|
|
(0.4)
|
%
|
|
3.4
|
%
|
|
(4.2)
|
%
|
Return on
equity (2)
|
|
35.9
|
%
|
|
38.6
|
%
|
|
36.1
|
%
|
Average allocated
common equity (2)
|
$
|
6,608
|
|
$
|
6,595
|
|
$
|
6,509
|
|
Full-time equivalent
employees
|
|
12,629
|
|
|
12,578
|
|
|
12,437
|
|
Net income for the quarter was $597
million, up $7 million from
the fourth quarter of 2020. Adjusted pre-provision, pre-tax
earnings(2) were $988
million, up $65 million from
the fourth quarter of 2020, due to higher revenue partially offset
by higher expenses.
Revenue of $2,128 million was up
$131 million from the fourth quarter
of 2020, primarily due to strong volume growth and higher
non-interest income, partially offset by lower product
spreads.
Provision for credit losses of $164
million was up $43 million
from the fourth quarter of 2020, due to a higher provision for
credit losses on performing loans mainly as a result of model
parameter updates.
Non-interest expenses of $1,152
million were up $76 million
from the fourth quarter of 2020 due to higher spending on strategic
initiatives and higher performance-based compensation.
(1)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
(2)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Review of Canadian
Commercial Banking and Wealth Management fourth quarter
results
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
$ millions, for the
three months ended
|
|
Oct.
31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial
banking
|
$
|
489
|
|
$
|
475
|
|
$
|
409
|
|
|
Wealth
management
|
|
751
|
|
|
732
|
|
|
619
|
|
Total
revenue
|
|
1,240
|
|
|
1,207
|
|
|
1,028
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
6
|
|
|
(11)
|
|
|
21
|
|
|
Performing
|
|
(11)
|
|
|
(38)
|
|
|
4
|
|
Total provision for
(reversal of) credit losses
|
|
(5)
|
|
|
(49)
|
|
|
25
|
|
Non-interest
expenses
|
|
646
|
|
|
617
|
|
|
540
|
|
Income before income
taxes
|
|
599
|
|
|
639
|
|
|
463
|
|
Income
taxes
|
|
157
|
|
|
169
|
|
|
123
|
|
Net income
|
$
|
442
|
|
$
|
470
|
|
$
|
340
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity
shareholders
|
$
|
442
|
|
$
|
470
|
|
$
|
340
|
|
Efficiency
ratio
|
|
52.0
|
%
|
|
51.2
|
%
|
|
52.5
|
%
|
Operating
leverage
|
|
1.1
|
%
|
|
0.2
|
%
|
|
(1.5)
|
%
|
Return on equity
(1)
|
|
24.9
|
%
|
|
27.2
|
%
|
|
20.7
|
%
|
Average allocated
common equity (1)
|
$
|
7,039
|
|
$
|
6,863
|
|
$
|
6,551
|
|
Full-time equivalent
employees
|
|
5,241
|
|
|
5,256
|
|
|
4,984
|
|
Net income for the quarter was $442
million, up $102 million from
the fourth quarter of 2020. Adjusted pre-provision, pre-tax
earnings(1) were $594
million, up $105 million from
the fourth quarter of 2020, due to higher revenue partially offset
by higher expenses.
Revenue of $1,240 million was up
$212 million from the fourth quarter
of 2020, driven mainly by volume growth reflecting market
appreciation and record net sales, as well as higher commissions in
wealth management. Revenue increased in commercial banking due to
volume growth in loans and deposits, and higher credit fees from
increased client transactional activity.
Provision for credit losses was a reversal of $5 million due to a favourable change in economic
conditions as well as our economic outlook, compared with a
provision for credit losses of $25
million in the fourth quarter of 2020, reflective of an
increased provision on one fraud-related impairment and a higher
provision on impaired loans in the retail and wholesale
sectors.
Non-interest expenses of $646
million were up $106 million
from the fourth quarter of 2020, primarily due to higher
performance-based compensation.
(1)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Review of U.S.
Commercial Banking and Wealth Management fourth quarter results in
Canadian dollars
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
$ millions, for the
three months ended
|
Oct.
31
|
|
Jul. 31
|
|
Oct.
31(1)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial
banking
|
$
|
366
|
|
$
|
350
|
|
$
|
362
|
|
|
Wealth
management
|
|
196
|
|
|
189
|
|
|
157
|
|
Total revenue
(2)
|
|
562
|
|
|
539
|
|
|
519
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
8
|
|
|
25
|
|
|
55
|
|
|
Performing
|
|
(59)
|
|
|
(82)
|
|
|
27
|
|
Total provision for
(reversal of) credit losses
|
|
(51)
|
|
|
(57)
|
|
|
82
|
|
Non-interest
expenses
|
|
296
|
|
|
274
|
|
|
267
|
|
Income before income
taxes
|
|
317
|
|
|
322
|
|
|
170
|
|
Income
taxes
|
|
61
|
|
|
56
|
|
|
35
|
|
Net income
|
$
|
256
|
|
$
|
266
|
|
$
|
135
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity
shareholders
|
$
|
256
|
|
$
|
266
|
|
$
|
135
|
|
Efficiency
ratio
|
|
52.5
|
%
|
|
50.9
|
%
|
|
51.7
|
%
|
Return on equity
(3)
|
|
11.2
|
%
|
|
12.1
|
%
|
|
5.9
|
%
|
Average allocated
common equity (3)
|
$
|
9,085
|
|
$
|
8,738
|
|
$
|
9,127
|
|
Full-time equivalent
employees
|
|
2,170
|
|
|
2,155
|
|
|
2,085
|
|
Review of U.S.
Commercial Banking and Wealth Management fourth quarter results in
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
$ millions, for the
three months ended
|
Oct.
31
|
|
Jul. 31
|
|
Oct.
31(1)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Commercial
banking
|
$
|
293
|
|
$
|
284
|
|
$
|
272
|
|
|
Wealth
management
|
|
155
|
|
|
154
|
|
|
120
|
|
Total
revenue (2)
|
|
448
|
|
|
438
|
|
|
392
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
7
|
|
|
19
|
|
|
41
|
|
|
Performing
|
|
(47)
|
|
|
(65)
|
|
|
20
|
|
Total provision for
(reversal of) credit losses
|
|
(40)
|
|
|
(46)
|
|
|
61
|
|
Non-interest
expenses
|
|
235
|
|
|
223
|
|
|
203
|
|
Income before income
taxes
|
|
253
|
|
|
261
|
|
|
128
|
|
Income
taxes
|
|
49
|
|
|
45
|
|
|
26
|
|
Net income
|
$
|
204
|
|
$
|
216
|
|
$
|
102
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity
shareholders
|
$
|
204
|
|
$
|
216
|
|
$
|
102
|
|
Operating
leverage
|
|
(1.9)
|
%
|
|
3.8
|
%
|
|
12.0
|
%
|
Net income for the quarter was $256
million (US$204 million), up
$121 million (up US$102 million) from the fourth quarter of 2020.
Adjusted pre-provision, pre-tax earnings(3) were
$282 million (US$226 million), up $13
million (up US$24 million)
from the fourth quarter of 2020, due to higher revenue partially
offset by higher expenses.
Revenue of US$448 million was up
US$56 million from the fourth quarter
of 2020, primarily due to higher loan and deposit volumes and
strong growth in asset management fees.
Provision for credit losses was a reversal of US$40 million due to a favourable change in
economic conditions as well as our economic outlook, compared with
a provision of US$61 million in the
fourth quarter of 2020. The same quarter last year reflects a
higher provision on performing loans as a result of an unfavourable
change in our economic outlook, and a higher provision in the real
estate and construction, and manufacturing sectors.
Non-interest expenses of US$235
million were up US$32 million
from the fourth quarter of 2020, primarily due to higher
employee-related compensation and higher expenses related to
investments in the business and infrastructure.
(1)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
(2)
|
Included $3 million
(US$3 million) of income relating to the accretion of the
acquisition date fair value discount on the acquired loans of The
PrivateBank, for the quarter ended October 31, 2021 (July 31, 2021:
$3 million (US$2 million); October 31, 2020: $5 million (US$4
million)).
|
(3)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Review of Capital
Markets fourth quarter results
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
$ millions, for the
three months ended
|
Oct.
31
|
|
Jul. 31
|
|
Oct.
31(1)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Global
markets
|
$
|
420
|
|
$
|
503
|
|
$
|
427
|
|
|
Corporate and
investment banking
|
|
382
|
|
|
428
|
|
|
322
|
|
|
Direct financial
services
|
|
210
|
|
|
209
|
|
|
185
|
|
Total revenue
(2)
|
|
1,012
|
|
|
1,140
|
|
|
934
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
Impaired
|
|
-
|
|
|
(18)
|
|
|
20
|
|
|
Performing
|
|
(34)
|
|
|
(42)
|
|
|
(3)
|
|
Total provision for
(reversal of) credit losses
|
|
(34)
|
|
|
(60)
|
|
|
17
|
|
Non-interest
expenses
|
|
528
|
|
|
529
|
|
|
458
|
|
Income before income
taxes
|
|
518
|
|
|
671
|
|
|
459
|
|
Income taxes
(2)
|
|
140
|
|
|
180
|
|
|
149
|
|
Net income
|
$
|
378
|
|
$
|
491
|
|
$
|
310
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity
shareholders
|
$
|
378
|
|
$
|
491
|
|
$
|
310
|
|
Efficiency
ratio
|
|
52.2
|
%
|
|
46.4
|
%
|
|
49.0
|
%
|
Operating
leverage
|
|
(7.2)
|
%
|
|
(9.0)
|
%
|
|
7.8
|
%
|
Return on equity
(3)
|
|
19.7
|
%
|
|
26.6
|
%
|
|
17.8
|
%
|
Average allocated
common equity (3)
|
$
|
7,632
|
|
$
|
7,331
|
|
$
|
6,926
|
|
Full-time equivalent
employees
|
|
2,225
|
|
|
2,259
|
|
|
1,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income for the quarter was $378 million, compared with reported net income
of $310 million for the fourth
quarter of 2020. Adjusted pre-provision, pre-tax
earnings(3) were up $8
million or 2% from the fourth quarter of 2020, due to higher
revenue partially offset by higher expenses.
Revenue of $1,012 million was up
$78 million from the fourth quarter
of 2020. In global markets, revenue decreased due to lower fixed
income and commodities trading, partially offset by higher foreign
exchange and equities trading revenue. In corporate and investment
banking, revenue increased driven by higher equity and debt
underwriting activity, higher advisory revenue and higher corporate
banking revenue.
Provision for credit losses was a reversal of $34 million due to a favourable change in
economic conditions as well as our economic outlook, compared with
a provision of $17 million in the
fourth quarter of 2020, reflective of a higher provision on
impaired loans in the oil and gas sector.
Non-interest expenses of $528
million were up $70 million
from the fourth quarter of 2020, primarily due to higher
employee-related compensation and higher spending on strategic
initiatives.
(1)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
(2)
|
Revenue and income
taxes are reported on a TEB. Accordingly, revenue and income taxes
include a TEB adjustment of $48 million for the quarter ended
October 31, 2021 (July 31, 2021: $51 million; October 31, 2020: $37
million). The equivalent amounts are offset in the revenue and
income taxes of Corporate and Other.
|
(3)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Review of
Corporate and Other fourth quarter results
|
|
|
|
|
|
|
2021
|
2021
|
2020
|
$ millions, for the
three months ended
|
Oct.
31
|
Jul. 31
|
Oct.
31(1)
|
Revenue
|
|
|
|
|
|
|
|
International
banking
|
$
|
180
|
$
|
165
|
$
|
178
|
|
Other
|
|
(58)
|
|
(51)
|
|
(56)
|
Total revenue
(2)
|
|
122
|
|
114
|
|
122
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
Impaired
|
|
11
|
|
30
|
|
(6)
|
|
Performing
|
|
(7)
|
|
(30)
|
|
52
|
Total provision for
credit losses
|
|
4
|
|
-
|
|
46
|
Non-interest
expenses
|
|
513
|
|
380
|
|
550
|
Loss before income
taxes
|
|
(395)
|
|
(266)
|
|
(474)
|
Income taxes
(2)
|
|
(162)
|
|
(127)
|
|
(115)
|
Net loss
|
$
|
(233)
|
$
|
(139)
|
$
|
(359)
|
Net income (loss)
attributable to:
|
|
|
|
|
|
|
|
Non-controlling
interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
Equity
shareholders
|
|
(237)
|
|
(144)
|
|
(360)
|
Full-time equivalent
employees
|
|
23,017
|
|
22,656
|
|
22,435
|
Net loss for the quarter was $233
million, compared with a net loss of $359 million for the fourth quarter of 2020.
Adjusted pre-provision, pre-tax losses(3) were up
$69 million or 41% from the fourth
quarter of 2020, due to higher expenses.
Revenue of $122 million was
comparable with the fourth quarter of 2020. Higher U.S. dollar
revenue in CIBC FirstCaribbean driven by higher fees and volume
growth, and higher treasury revenue were offset by the impact of
foreign exchange translation and lower product margins.
Provision for credit losses was $4
million, down $42 million from
the fourth quarter of 2020, due to a lower provision on performing
loans, partially offset by a higher provision on impaired loans due
to the impact of the COVID-19 pandemic in CIBC FirstCaribbean.
Non-interest expenses of $513
million were down $37 million
from the fourth quarter of 2020. Adjusted non-interest
expenses(3) of $361
million were up $69 million
from the fourth quarter of 2020, primarily due to higher corporate
support costs.
Income tax benefit was up $47
million from the fourth quarter of 2020, as that quarter
included a goodwill impairment charge related to our controlling
interest in CIBC FirstCaribbean, which was not deductible for tax
purposes.
(1)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
(2)
|
Revenue and income
taxes of Capital Markets are reported on a TEB. The equivalent
amounts are offset in the revenue and income taxes of Corporate and
Other. Accordingly, revenue and income taxes include a TEB
adjustment of $48 million for the quarter ended October 31, 2021
(July 31, 2021: $51 million; October 31, 2020: $37
million).
|
(3)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
Consolidated
balance sheet
|
|
|
|
|
|
|
|
$ millions, as at
October 31
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
Cash and
non-interest-bearing deposits with banks
|
$
|
34,573
|
$
|
43,531
|
Interest-bearing
deposits with banks
|
|
22,424
|
|
18,987
|
Securities
|
|
|
161,401
|
|
149,046
|
Cash collateral on
securities borrowed
|
|
12,368
|
|
8,547
|
Securities
purchased under resale agreements
|
|
67,572
|
|
65,595
|
Loans
|
|
|
|
|
Residential
mortgages
|
|
251,526
|
|
221,165
|
Personal
|
|
41,897
|
|
42,222
|
Credit
card
|
|
11,134
|
|
11,389
|
Business and
government
|
|
150,213
|
|
135,546
|
Allowance for credit
losses
|
|
(2,849)
|
|
(3,540)
|
|
|
|
|
451,921
|
|
406,782
|
Other
|
|
|
|
|
Derivative
instruments
|
|
35,912
|
|
32,730
|
Customers' liability
under acceptances
|
|
10,958
|
|
9,606
|
Property and
equipment
|
|
3,286
|
|
2,997
|
Goodwill
|
|
4,954
|
|
5,253
|
Software and other
intangible assets
|
|
2,029
|
|
1,961
|
Investments in
equity-accounted associates and joint ventures
|
|
658
|
|
658
|
Deferred tax
assets
|
|
402
|
|
650
|
Other
assets
|
|
29,225
|
|
23,208
|
|
|
|
|
87,424
|
|
77,063
|
|
|
|
$
|
837,683
|
$
|
769,551
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Deposits
|
|
|
|
|
Personal
|
$
|
213,932
|
$
|
202,152
|
Business and
government
|
|
344,388
|
|
311,426
|
Bank
|
|
20,246
|
|
17,011
|
Secured
borrowings
|
|
42,592
|
|
40,151
|
|
|
|
|
621,158
|
|
570,740
|
Obligations
related to securities sold short
|
|
22,790
|
|
15,963
|
Cash collateral on
securities lent
|
|
2,463
|
|
1,824
|
Obligations
related to securities sold under repurchase
agreements
|
|
71,880
|
|
71,653
|
Other
|
|
|
|
|
Derivative
instruments
|
|
32,101
|
|
30,508
|
Acceptances
|
|
10,961
|
|
9,649
|
Deferred tax
liabilities
|
|
38
|
|
33
|
Other
liabilities
|
|
24,923
|
|
22,134
|
|
|
|
|
68,023
|
|
62,324
|
Subordinated
indebtedness
|
|
5,539
|
|
5,712
|
Equity
|
|
|
|
|
Preferred shares and
other equity instruments
|
|
4,325
|
|
3,575
|
Common
shares
|
|
14,351
|
|
13,908
|
Contributed
surplus
|
|
110
|
|
117
|
Retained
earnings
|
|
25,793
|
|
22,119
|
Accumulated other
comprehensive income (AOCI)
|
|
1,069
|
|
1,435
|
Total
shareholders' equity
|
|
45,648
|
|
41,154
|
Non-controlling
interests
|
|
182
|
|
181
|
Total
equity
|
|
45,830
|
|
41,335
|
|
|
|
$
|
837,683
|
$
|
769,551
|
Consolidated
statement of income
|
|
|
For the
three
|
|
For the
twelve
|
|
months
ended
|
|
months
ended
|
|
2021
|
2021
|
2020
|
|
2021
|
2020
|
$ millions, except as
noted
|
Oct.
31
|
Jul. 31
|
Oct. 31
|
|
Oct.
31
|
Oct. 31
|
Interest
income (1)
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
3,103
|
$
|
3,042
|
$
|
3,099
|
|
$
|
12,150
|
$
|
13,863
|
Securities
|
|
527
|
|
516
|
|
572
|
|
|
2,141
|
|
2,568
|
Securities borrowed
or purchased under resale agreements
|
|
75
|
|
75
|
|
87
|
|
|
319
|
|
842
|
Deposits with
banks
|
|
32
|
|
27
|
|
42
|
|
|
131
|
|
249
|
|
|
3,737
|
|
3,660
|
|
3,800
|
|
|
14,741
|
|
17,522
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
612
|
|
618
|
|
822
|
|
|
2,651
|
|
5,326
|
Securities sold
short
|
|
61
|
|
57
|
|
59
|
|
|
236
|
|
254
|
Securities lent or
sold under repurchase agreements
|
|
42
|
|
40
|
|
71
|
|
|
208
|
|
656
|
Subordinated
indebtedness
|
|
29
|
|
30
|
|
36
|
|
|
122
|
|
159
|
Other
|
|
13
|
|
22
|
|
20
|
|
|
65
|
|
83
|
|
|
757
|
|
767
|
|
1,008
|
|
|
3,282
|
|
6,478
|
Net interest
income
|
|
2,980
|
|
2,893
|
|
2,792
|
|
|
11,459
|
|
11,044
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting and
advisory fees
|
|
151
|
|
197
|
|
103
|
|
|
713
|
|
468
|
Deposit and payment
fees
|
|
216
|
|
199
|
|
186
|
|
|
797
|
|
781
|
Credit
fees
|
|
295
|
|
292
|
|
265
|
|
|
1,152
|
|
1,020
|
Card fees
|
|
125
|
|
108
|
|
105
|
|
|
460
|
|
410
|
Investment management
and custodial fees
|
|
441
|
|
417
|
|
357
|
|
|
1,621
|
|
1,382
|
Mutual fund
fees
|
|
469
|
|
452
|
|
402
|
|
|
1,772
|
|
1,586
|
Insurance fees, net
of claims
|
|
87
|
|
93
|
|
95
|
|
|
358
|
|
386
|
Commissions on
securities transactions
|
|
101
|
|
102
|
|
83
|
|
|
426
|
|
362
|
Gains (losses) from
financial instruments measured/designated at
|
|
|
|
|
|
|
|
|
|
|
|
|
fair value through
profit or loss (FVTPL), net
|
|
82
|
|
134
|
|
86
|
|
|
607
|
|
694
|
Gains (losses) from
debt securities measured at fair value through
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive
income (FVOCI) and amortized cost, net
|
|
22
|
|
10
|
|
4
|
|
|
90
|
|
9
|
Foreign exchange
other than trading
|
|
50
|
|
79
|
|
45
|
|
|
276
|
|
234
|
Income from
equity-accounted associates and joint ventures
|
|
11
|
|
12
|
|
12
|
|
|
55
|
|
79
|
Other
|
|
34
|
|
68
|
|
65
|
|
|
229
|
|
286
|
|
|
2,084
|
|
2,163
|
|
1,808
|
|
|
8,556
|
|
7,697
|
Total
revenue
|
|
5,064
|
|
5,056
|
|
4,600
|
|
|
20,015
|
|
18,741
|
Provision for
(reversal of) credit losses
|
|
78
|
|
(99)
|
|
291
|
|
|
158
|
|
2,489
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
and benefits
|
|
1,669
|
|
1,619
|
|
1,371
|
|
|
6,450
|
|
6,259
|
Occupancy
costs
|
|
327
|
|
202
|
|
321
|
|
|
916
|
|
944
|
Computer, software
and office equipment
|
|
552
|
|
504
|
|
516
|
|
|
2,030
|
|
1,939
|
Communications
|
|
76
|
|
76
|
|
72
|
|
|
318
|
|
308
|
Advertising and
business development
|
|
87
|
|
55
|
|
71
|
|
|
237
|
|
271
|
Professional
fees
|
|
95
|
|
78
|
|
53
|
|
|
277
|
|
203
|
Business and capital
taxes
|
|
28
|
|
25
|
|
30
|
|
|
111
|
|
117
|
Other
|
|
301
|
|
359
|
|
457
|
|
|
1,196
|
|
1,321
|
|
|
3,135
|
|
2,918
|
|
2,891
|
|
|
11,535
|
|
11,362
|
Income before
income taxes
|
|
1,851
|
|
2,237
|
|
1,418
|
|
|
8,322
|
|
4,890
|
Income
taxes
|
|
411
|
|
507
|
|
402
|
|
|
1,876
|
|
1,098
|
Net
income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
Net income
attributable to non-controlling interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
$
|
17
|
$
|
2
|
|
Preferred
shareholders and other equity instrument holders
|
$
|
47
|
$
|
30
|
$
|
30
|
|
$
|
158
|
$
|
122
|
|
Common
shareholders
|
|
1,389
|
|
1,695
|
|
985
|
|
|
6,271
|
|
3,668
|
Net income
attributable to equity shareholders
|
$
|
1,436
|
$
|
1,725
|
$
|
1,015
|
|
$
|
6,429
|
$
|
3,790
|
Earnings per share
(in dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.08
|
$
|
3.77
|
$
|
2.21
|
|
$
|
13.97
|
$
|
8.23
|
|
Diluted
|
|
3.07
|
|
3.76
|
|
2.20
|
|
|
13.93
|
|
8.22
|
Dividends per
common share (in dollars)
|
|
1.46
|
|
1.46
|
|
1.46
|
|
|
5.84
|
|
5.82
|
(1)
|
Interest income
included $3.4 billion for the quarter ended October 31, 2021 (July
31, 2021: $3.3 billion; October 31, 2020: $3.3 billion) calculated
based on the effective interest rate method.
|
|
Consolidated
statement of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three
|
|
For the
twelve
|
|
|
|
months
ended
|
|
months
ended
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
$ millions
|
Oct.
31
|
Jul. 31
|
Oct. 31
|
|
Oct.
31
|
Oct. 31
|
Net income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
Other comprehensive
income (loss) (OCI), net of income tax, that is subject to
subsequent
|
|
|
|
|
|
|
|
|
|
|
|
|
reclassification to
net income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign
currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
investments in foreign operations
|
|
(301)
|
|
546
|
|
(187)
|
|
|
(2,610)
|
|
382
|
|
Net gains (losses) on
hedges of investments in foreign operations
|
|
172
|
|
(318)
|
|
103
|
|
|
1,495
|
|
(202)
|
|
|
|
|
(129)
|
|
228
|
|
(84)
|
|
|
(1,115)
|
|
180
|
|
Net change in debt
securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
securities measured at FVOCI
|
|
(33)
|
|
(1)
|
|
5
|
|
|
(50)
|
|
254
|
|
Net (gains) losses
reclassified to net income
|
|
(15)
|
|
(9)
|
|
(5)
|
|
|
(66)
|
|
(22)
|
|
|
|
|
(48)
|
|
(10)
|
|
-
|
|
|
(116)
|
|
232
|
|
Net change in cash
flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
derivatives designated as cash flow hedges
|
|
(187)
|
|
211
|
|
32
|
|
|
178
|
|
142
|
|
Net (gains) losses
reclassified to net income
|
|
32
|
|
(161)
|
|
(62)
|
|
|
(315)
|
|
19
|
|
|
(155)
|
|
50
|
|
(30)
|
|
|
(137)
|
|
161
|
OCI, net of income
tax, that is not subject to subsequent reclassification to net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
post-employment defined benefit plans
|
|
254
|
|
137
|
|
147
|
|
|
917
|
|
80
|
|
Net gains (losses)
due to fair value change of fair value option (FVO)
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
changes in credit risk
|
|
17
|
|
10
|
|
(8)
|
|
|
12
|
|
(56)
|
|
Net gains (losses) on
equity securities designated at FVOCI
|
|
30
|
|
25
|
|
25
|
|
|
100
|
|
50
|
|
|
|
|
301
|
|
172
|
|
164
|
|
|
1,029
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
OCI (1)
|
|
(31)
|
|
440
|
|
50
|
|
|
(339)
|
|
647
|
Comprehensive
income
|
$
|
1,409
|
$
|
2,170
|
$
|
1,066
|
|
$
|
6,107
|
$
|
4,439
|
Comprehensive
income attributable to non-controlling interests
|
$
|
4
|
$
|
5
|
$
|
1
|
|
$
|
17
|
$
|
2
|
|
Preferred
shareholders and other equity instrument holders
|
$
|
47
|
$
|
30
|
$
|
30
|
|
$
|
158
|
$
|
122
|
|
Common
shareholders
|
|
1,358
|
|
2,135
|
|
1,035
|
|
|
5,932
|
|
4,315
|
Comprehensive
income attributable to equity shareholders
|
$
|
1,405
|
$
|
2,165
|
$
|
1,065
|
|
$
|
6,090
|
$
|
4,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes $9 million
of losses for the quarter ended October 31, 2021 (July 31, 2021: $3
million of losses; October 31, 2020: $1 million of losses),
relating to our investments in equity-accounted associates and
joint ventures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three
|
|
For the
twelve
|
|
|
|
months
ended
|
|
months
ended
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
$ millions
|
Oct.
31
|
Jul. 31
|
Oct. 31
|
|
Oct.
31
|
Oct. 31
|
Income tax
(expense) benefit allocated to each component of OCI
|
|
|
|
|
|
|
|
|
|
|
|
Subject to subsequent
reclassification to net income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign
currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
investments in foreign operations
|
$
|
11
|
$
|
(19)
|
$
|
1
|
|
$
|
45
|
$
|
42
|
|
Net gains (losses) on
hedges of investments in foreign operations
|
|
(10)
|
|
18
|
|
(3)
|
|
|
(53)
|
|
(46)
|
|
|
|
|
1
|
|
(1)
|
|
(2)
|
|
|
(8)
|
|
(4)
|
|
Net change in debt
securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
securities measured at FVOCI
|
|
5
|
|
(3)
|
|
(7)
|
|
|
(11)
|
|
(59)
|
|
Net (gains) losses
reclassified to net income
|
|
5
|
|
3
|
|
1
|
|
|
23
|
|
7
|
|
|
|
|
10
|
|
-
|
|
(6)
|
|
|
12
|
|
(52)
|
|
Net change in cash
flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
derivatives designated as cash flow hedges
|
|
66
|
|
(75)
|
|
(12)
|
|
|
(64)
|
|
(51)
|
|
Net (gains) losses
reclassified to net income
|
|
(11)
|
|
57
|
|
22
|
|
|
112
|
|
(7)
|
|
|
|
55
|
|
(18)
|
|
10
|
|
|
48
|
|
(58)
|
Not subject to
subsequent reclassification to net income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on
post-employment defined benefit plans
|
|
(74)
|
|
(49)
|
|
(42)
|
|
|
(311)
|
|
(19)
|
|
Net gains (losses)
due to fair value change of FVO liabilities attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to changes in credit
risk
|
|
(6)
|
|
(3)
|
|
4
|
|
|
(4)
|
|
20
|
|
Net gains (losses) on
equity securities designated at FVOCI
|
|
(10)
|
|
(9)
|
|
(9)
|
|
|
(34)
|
|
(17)
|
|
|
|
|
(90)
|
|
(61)
|
|
(47)
|
|
|
(349)
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(24)
|
$
|
(80)
|
$
|
(45)
|
|
$
|
(297)
|
$
|
(130)
|
Consolidated
statement of changes in equity
|
|
|
For the
three
|
|
For the
twelve
|
|
|
months
ended
|
|
months
ended
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
$ millions
|
|
Oct.
31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct.
31
|
|
Oct. 31
|
Preferred shares
and other equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
3,575
|
$
|
3,575
|
$
|
2,825
|
|
$
|
3,575
|
$
|
2,825
|
Issue of preferred
shares and limited recourse capital notes
|
|
750
|
|
-
|
|
750
|
|
|
750
|
|
750
|
Balance at end of
period
|
$
|
4,325
|
$
|
3,575
|
$
|
3,575
|
|
$
|
4,325
|
$
|
3,575
|
Common
shares
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
14,252
|
$
|
14,130
|
$
|
13,800
|
|
$
|
13,908
|
$
|
13,591
|
Issue of common
shares
|
|
99
|
|
124
|
|
89
|
|
|
458
|
|
371
|
Purchase of common
shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(68)
|
Treasury
shares
|
|
-
|
|
(2)
|
|
19
|
|
|
(15)
|
|
14
|
Balance at end of
period
|
$
|
14,351
|
$
|
14,252
|
$
|
13,908
|
|
$
|
14,351
|
$
|
13,908
|
Contributed
surplus
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
117
|
$
|
119
|
$
|
122
|
|
$
|
117
|
$
|
125
|
Compensation expense
arising from equity-settled share-based awards
|
|
2
|
|
3
|
|
3
|
|
|
19
|
|
14
|
Exercise of stock
options and settlement of other equity-settled share-based
awards
|
|
(14)
|
|
(6)
|
|
(8)
|
|
|
(43)
|
|
(20)
|
Other
|
|
5
|
|
1
|
|
-
|
|
|
17
|
|
(2)
|
Balance at end of
period
|
$
|
110
|
$
|
117
|
$
|
117
|
|
$
|
110
|
$
|
117
|
Retained
earnings
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period before accounting policy changes
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
$
|
20,972
|
Impact of adopting
IFRS 16 at November 1, 2019
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
148
|
Balance at beginning
of period after accounting policy changes
|
$
|
25,055
|
$
|
24,003
|
$
|
21,726
|
|
$
|
22,119
|
|
21,120
|
Net income
attributable to equity shareholders
|
|
1,436
|
|
1,725
|
|
1,015
|
|
|
6,429
|
|
3,790
|
Dividends and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred and other
equity instruments
|
|
(47)
|
|
(30)
|
|
(30)
|
|
|
(158)
|
|
(122)
|
|
Common
|
|
(657)
|
|
(657)
|
|
(652)
|
|
|
(2,622)
|
|
(2,592)
|
Premium on purchase
of common shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(166)
|
Realized gains
(losses) on equity securities designated at FVOCI reclassified from
AOCI
|
|
9
|
|
14
|
|
62
|
|
|
27
|
|
93
|
Other
|
|
(3)
|
|
-
|
|
(2)
|
|
|
(2)
|
|
(4)
|
Balance at end of
period
|
$
|
25,793
|
$
|
25,055
|
$
|
22,119
|
|
$
|
25,793
|
$
|
22,119
|
AOCI, net of
income tax
|
|
|
|
|
|
|
|
|
|
|
|
AOCI, net of income
tax, that is subject to subsequent reclassification to net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net foreign
currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
187
|
$
|
(41)
|
$
|
1,257
|
|
$
|
1,173
|
$
|
993
|
|
Net change in foreign
currency translation adjustments
|
|
(129)
|
|
228
|
|
(84)
|
|
|
(1,115)
|
|
180
|
|
Balance at end of
period
|
$
|
58
|
$
|
187
|
$
|
1,173
|
|
$
|
58
|
$
|
1,173
|
|
Net gains (losses)
on debt securities measured at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
241
|
$
|
251
|
$
|
309
|
|
$
|
309
|
$
|
77
|
|
Net change in
securities measured at FVOCI
|
|
(48)
|
|
(10)
|
|
-
|
|
|
(116)
|
|
232
|
|
Balance at end of
period
|
$
|
193
|
$
|
241
|
$
|
309
|
|
$
|
193
|
$
|
309
|
|
Net gains (losses)
on cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
292
|
$
|
242
|
$
|
304
|
|
$
|
274
|
$
|
113
|
|
Net change in cash
flow hedges
|
|
(155)
|
|
50
|
|
(30)
|
|
|
(137)
|
|
161
|
|
Balance at end of
period
|
$
|
137
|
$
|
292
|
$
|
274
|
|
$
|
137
|
$
|
274
|
AOCI, net of income
tax, that is not subject to subsequent reclassification to net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses)
on post-employment defined benefit plans
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
380
|
$
|
243
|
$
|
(430)
|
|
$
|
(283)
|
$
|
(363)
|
|
Net change in
post-employment defined benefit plans
|
|
254
|
|
137
|
|
147
|
|
|
917
|
|
80
|
|
Balance at end of
period
|
$
|
634
|
$
|
380
|
$
|
(283)
|
|
$
|
634
|
$
|
(283)
|
|
Net gains (losses)
due to fair value change of FVO liabilities attributable to
changes
in
credit risk
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
(45)
|
$
|
(55)
|
$
|
(32)
|
|
$
|
(40)
|
$
|
16
|
|
Net change
attributable to changes in credit risk
|
|
17
|
|
10
|
|
(8)
|
|
|
12
|
|
(56)
|
|
Balance at end of
period
|
$
|
(28)
|
$
|
(45)
|
$
|
(40)
|
|
$
|
(28)
|
$
|
(40)
|
|
Net gains (losses)
on equity securities designated at FVOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
54
|
$
|
43
|
$
|
39
|
|
$
|
2
|
$
|
45
|
|
Net gains (losses) on
equity securities designated at FVOCI
|
|
30
|
|
25
|
|
25
|
|
|
100
|
|
50
|
|
Realized gains
(losses) on equity securities designated at FVOCI reclassified to
retained
earnings
|
|
(9)
|
|
(14)
|
|
(62)
|
|
|
(27)
|
|
(93)
|
|
Balance at end of
period
|
$
|
75
|
$
|
54
|
$
|
2
|
|
$
|
75
|
$
|
2
|
Total AOCI, net of
income tax
|
$
|
1,069
|
$
|
1,109
|
$
|
1,435
|
|
$
|
1,069
|
$
|
1,435
|
Non-controlling
interests
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
177
|
$
|
170
|
$
|
179
|
|
$
|
181
|
$
|
186
|
Net income
attributable to non-controlling interests
|
|
4
|
|
5
|
|
1
|
|
|
17
|
|
2
|
Dividends
|
|
(6)
|
|
(1)
|
|
(2)
|
|
|
(9)
|
|
(15)
|
Other
|
|
7
|
|
3
|
|
3
|
|
|
(7)
|
|
8
|
Balance at end of
period
|
$
|
182
|
$
|
177
|
$
|
181
|
|
$
|
182
|
$
|
181
|
Equity at end of
period
|
$
|
45,830
|
$
|
44,285
|
$
|
41,335
|
|
$
|
45,830
|
$
|
41,335
|
n/a
|
Not
applicable.
|
Consolidated
statement of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three
|
|
For the
twelve
|
|
|
|
|
months
ended
|
|
months
ended
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
$ millions
|
|
Oct.
31
|
|
Jul. 31
|
|
Oct. 31
|
|
|
Oct.
31
|
|
Oct. 31
|
Cash flows
provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
1,440
|
$
|
1,730
|
$
|
1,016
|
|
$
|
6,446
|
$
|
3,792
|
Adjustments to
reconcile net income to cash flows provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for (reversal of) credit losses
|
|
78
|
|
(99)
|
|
291
|
|
|
158
|
|
2,489
|
Amortization
and impairment (1)
|
|
287
|
|
244
|
|
536
|
|
|
1,017
|
|
1,311
|
Stock
options and restricted shares expense
|
|
2
|
|
3
|
|
3
|
|
|
19
|
|
14
|
Deferred
income taxes
|
|
(11)
|
|
(44)
|
|
(16)
|
|
|
(41)
|
|
(228)
|
Losses
(gains) from debt securities measured at FVOCI and amortized
cost
|
|
(22)
|
|
(10)
|
|
(4)
|
|
|
(90)
|
|
(9)
|
Net
losses (gains) on disposal of land, buildings and
equipment
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
4
|
Other
non-cash items, net
|
|
470
|
|
(55)
|
|
14
|
|
|
927
|
|
(767)
|
Net
changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
(2,362)
|
|
211
|
|
64
|
|
|
(3,437)
|
|
(5,468)
|
Loans,
net of repayments
|
|
(14,462)
|
|
(17,188)
|
|
(2,256)
|
|
|
(46,883)
|
|
(18,891)
|
Deposits,
net of withdrawals
|
|
18,948
|
|
25,466
|
|
3,775
|
|
|
47,521
|
|
82,120
|
Obligations
related to securities sold short
|
|
975
|
|
1,546
|
|
(263)
|
|
|
6,827
|
|
328
|
Accrued
interest receivable
|
|
(170)
|
|
77
|
|
(179)
|
|
|
46
|
|
97
|
Accrued
interest payable
|
|
114
|
|
(249)
|
|
109
|
|
|
(419)
|
|
(238)
|
Derivative
assets
|
|
(1,546)
|
|
973
|
|
10,715
|
|
|
(3,172)
|
|
(8,832)
|
Derivative
liabilities
|
|
2,797
|
|
(4,855)
|
|
(12,386)
|
|
|
1,582
|
|
5,184
|
Securities
measured at FVTPL
|
|
(191)
|
|
791
|
|
(1,868)
|
|
|
(9,552)
|
|
(8,296)
|
Other
assets and liabilities measured/designated at FVTPL
|
|
6,081
|
|
(2,364)
|
|
975
|
|
|
7,277
|
|
1,563
|
Current
income taxes
|
|
37
|
|
290
|
|
(221)
|
|
|
543
|
|
1,287
|
Cash
collateral on securities lent
|
|
(1,148)
|
|
406
|
|
260
|
|
|
639
|
|
2
|
Obligations
related to securities sold under repurchase agreements
|
|
1,533
|
|
1,752
|
|
6,678
|
|
|
(2,248)
|
|
19,852
|
Cash
collateral on securities borrowed
|
|
928
|
|
(1,723)
|
|
(1,335)
|
|
|
(3,821)
|
|
(4,883)
|
Securities
purchased under resale agreements
|
|
(4,662)
|
|
196
|
|
(10,747)
|
|
|
(1,977)
|
|
(9,394)
|
Other,
net (2)
|
|
(812)
|
|
136
|
|
1,983
|
|
|
(4,694)
|
|
(270)
|
|
|
8,304
|
|
7,234
|
|
(2,856)
|
|
|
(3,332)
|
|
60,767
|
Cash flows
provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Issue of subordinated
indebtedness
|
|
-
|
|
-
|
|
-
|
|
|
1,000
|
|
1,000
|
Redemption/repurchase/maturity of subordinated
indebtedness
|
|
-
|
|
-
|
|
(33)
|
|
|
(1,008)
|
|
(33)
|
Issue of preferred
shares and limited recourse capital notes, net of issuance
cost
|
|
748
|
|
-
|
|
747
|
|
|
748
|
|
747
|
Issue of common
shares for cash
|
|
51
|
|
86
|
|
4
|
|
|
284
|
|
163
|
Purchase of common
shares for cancellation
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(234)
|
Net sale (purchase)
of treasury shares
|
|
-
|
|
(2)
|
|
19
|
|
|
(15)
|
|
14
|
Dividends and
distributions paid
|
|
(670)
|
|
(655)
|
|
(650)
|
|
|
(2,649)
|
|
(2,571)
|
Repayment of lease
liabilities
|
|
(82)
|
|
(75)
|
|
(78)
|
|
|
(305)
|
|
(307)
|
|
|
|
|
|
47
|
|
(646)
|
|
9
|
|
|
(1,945)
|
|
(1,221)
|
Cash flows
provided by (used in) investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
securities measured/designated at FVOCI and amortized
cost
|
|
(15,249)
|
|
(12,641)
|
|
(10,056)
|
|
|
(49,896)
|
|
(54,075)
|
Proceeds from sale of
securities measured/designated at FVOCI and amortized
cost
|
|
5,748
|
|
3,978
|
|
2,346
|
|
|
23,917
|
|
11,883
|
Proceeds from
maturity of debt securities measured at FVOCI and amortized
cost
|
|
5,780
|
|
5,555
|
|
4,968
|
|
|
23,312
|
|
23,093
|
Net sale (purchase)
of property, equipment, software and other intangibles
(2)
|
|
(270)
|
|
(210)
|
|
(238)
|
|
|
(839)
|
|
(781)
|
|
|
|
|
|
(3,991)
|
|
(3,318)
|
|
(2,980)
|
|
|
(3,506)
|
|
(19,880)
|
Effect of exchange
rate changes on cash and non-interest-bearing deposits with
banks
|
|
(21)
|
|
40
|
|
(13)
|
|
|
(175)
|
|
25
|
Net increase
(decrease) in cash and non-interest-bearing deposits with
banks
|
|
|
|
|
|
|
|
|
|
|
|
during
the period
|
|
4,339
|
|
3,310
|
|
(5,840)
|
|
|
(8,958)
|
|
39,691
|
Cash and
non-interest-bearing deposits with banks at beginning of
period
|
|
30,234
|
|
26,924
|
|
49,371
|
|
|
43,531
|
|
3,840
|
Cash and
non-interest-bearing deposits with banks at end of period
(3)
|
$
|
34,573
|
$
|
30,234
|
$
|
43,531
|
|
$
|
34,573
|
$
|
43,531
|
Cash interest
paid
|
$
|
643
|
$
|
1,016
|
$
|
899
|
|
$
|
3,701
|
$
|
6,716
|
Cash interest
received
|
|
3,363
|
|
3,545
|
|
3,401
|
|
|
13,890
|
|
16,774
|
Cash dividends
received
|
|
204
|
|
192
|
|
220
|
|
|
897
|
|
845
|
Cash income taxes
paid
|
|
385
|
|
261
|
|
639
|
|
|
1,374
|
|
39
|
(1) Comprises amortization and impairment of buildings,
right-of-use assets, furniture, equipment, leasehold improvements,
software and other intangible assets, and goodwill.
|
(2) Restated from amounts previously
presented.
|
(3) Includes restricted cash of $446 million (July 31,
2021: $498 million; October 31, 2020: $463 million) and
interest-bearing demand deposits with Bank of Canada.
|
Non-GAAP measures
We use a number of financial
measures to assess the performance of our business lines. Some
measures are calculated in accordance with International Financial
Reporting Standards (IFRS or GAAP), while other measures do not
have a standardized meaning under GAAP, and accordingly, these
measures may not be comparable to similar measures used by other
companies. Investors may find these non-GAAP measures, which
include non-GAAP financial measures and non-GAAP ratios as defined
in National Instrument 52-112 "Non-GAAP and Other Financial
Measures Disclosure", useful in understanding how management views
underlying business performance.
Management assesses results on a reported and adjusted basis and
considers both as useful measures of performance. Adjusted
measures, which include adjusted total revenue, adjusted provision
for credit losses, adjusted non-interest expenses, adjusted income
before income taxes, adjusted income taxes, adjusted net income and
adjusted pre-provision, pre-tax earnings, remove items of note from
reported results to calculate our adjusted results. Adjusted
measures represent non-GAAP measures.
Certain additional disclosures for these specified financial
measures have been incorporated by reference and can be found in
the "Non-GAAP measures" section on page 15 of our 2021 Annual
Report available on SEDAR at www.sedar.com.
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results on a consolidated basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three
|
|
|
For the
twelve
|
|
|
|
|
|
|
months
ended
|
|
|
months
ended
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
$ millions
|
|
Oct.
31
|
|
|
Jul. 31
|
|
|
Oct. 31
|
|
|
Oct.
31
|
|
|
Oct. 31
|
Operating results
– reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
5,064
|
|
$
|
5,056
|
|
$
|
4,600
|
|
$
|
20,015
|
|
$
|
18,741
|
Provision for
(reversal of) credit losses
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
158
|
|
|
2,489
|
Non-interest
expenses
|
|
3,135
|
|
|
2,918
|
|
|
2,891
|
|
|
11,535
|
|
|
11,362
|
Income before income
taxes
|
|
1,851
|
|
|
2,237
|
|
|
1,418
|
|
|
8,322
|
|
|
4,890
|
Income
taxes
|
|
411
|
|
|
507
|
|
|
402
|
|
|
1,876
|
|
|
1,098
|
Net income
|
|
1,440
|
|
|
1,730
|
|
|
1,016
|
|
|
6,446
|
|
|
3,792
|
|
Net income
attributable to non-controlling interests
|
|
4
|
|
|
5
|
|
|
1
|
|
|
17
|
|
|
2
|
|
Net income
attributable to equity shareholders
|
|
1,436
|
|
|
1,725
|
|
|
1,015
|
|
|
6,429
|
|
|
3,790
|
Diluted EPS
($)
|
$
|
3.07
|
|
$
|
3.76
|
|
$
|
2.20
|
|
$
|
13.93
|
|
$
|
8.22
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets (2)
|
$
|
(19)
|
|
$
|
(20)
|
|
$
|
(23)
|
|
$
|
(79)
|
|
$
|
(105)
|
|
Transaction and
integration-related costs (3)
|
|
(12)
|
|
|
-
|
|
|
-
|
|
|
(12)
|
|
|
-
|
|
Charge related to the
consolidation of our real estate portfolio
|
|
(109)
|
|
|
-
|
|
|
(114)
|
|
|
(109)
|
|
|
(114)
|
|
Gain as a result of
plan amendments related to pension and other post-employment
plans
|
|
-
|
|
|
-
|
|
|
79
|
|
|
-
|
|
|
79
|
|
Restructuring charge
(4)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(339)
|
|
Goodwill impairment
(5)
|
|
-
|
|
|
-
|
|
|
(220)
|
|
|
-
|
|
|
(248)
|
|
Increase in legal
provisions (6)
|
|
(40)
|
|
|
(85)
|
|
|
-
|
|
|
(125)
|
|
|
(70)
|
Impact of items of
note on non-interest expenses
|
|
(180)
|
|
|
(105)
|
|
|
(278)
|
|
|
(325)
|
|
|
(797)
|
Total pre-tax
impact of items of note on net income
|
|
180
|
|
|
105
|
|
|
278
|
|
|
325
|
|
|
797
|
|
Amortization of
acquisition-related intangible assets (2)
|
|
4
|
|
|
5
|
|
|
5
|
|
|
19
|
|
|
25
|
|
Transaction and
integration-related costs (3)
|
|
3
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
Charge related to the
consolidation of our real estate portfolio
|
|
29
|
|
|
-
|
|
|
30
|
|
|
29
|
|
|
30
|
|
Gain as a result of
plan amendments related to pension and other post-employment
plans
|
|
-
|
|
|
-
|
|
|
(21)
|
|
|
-
|
|
|
(21)
|
|
Restructuring charge
(4)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
89
|
|
Increase in legal
provisions (6)
|
|
11
|
|
|
22
|
|
|
-
|
|
|
33
|
|
|
19
|
Impact of items of
note on income taxes
|
|
47
|
|
|
27
|
|
|
14
|
|
|
84
|
|
|
142
|
Total after-tax
impact of items of note on net income
|
|
133
|
|
|
78
|
|
|
264
|
|
|
241
|
|
|
655
|
Impact of items of
note on diluted EPS ($)
|
$
|
0.30
|
|
$
|
0.17
|
|
$
|
0.59
|
|
$
|
0.54
|
|
$
|
1.47
|
Operating results
– adjusted (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (8)
|
$
|
5,064
|
|
$
|
5,056
|
|
$
|
4,600
|
|
$
|
20,015
|
|
$
|
18,741
|
Provision for
(reversal of) credit losses – adjusted
|
|
78
|
|
|
(99)
|
|
|
291
|
|
|
158
|
|
|
2,489
|
Non-interest expenses
– adjusted
|
|
2,955
|
|
|
2,813
|
|
|
2,613
|
|
|
11,210
|
|
|
10,565
|
Income before income
taxes – adjusted
|
|
2,031
|
|
|
2,342
|
|
|
1,696
|
|
|
8,647
|
|
|
5,687
|
Income taxes –
adjusted
|
|
458
|
|
|
534
|
|
|
416
|
|
|
1,960
|
|
|
1,240
|
Net income –
adjusted
|
|
1,573
|
|
|
1,808
|
|
|
1,280
|
|
|
6,687
|
|
|
4,447
|
|
Net income
attributable to non-controlling interests – adjusted
|
|
4
|
|
|
5
|
|
|
1
|
|
|
17
|
|
|
2
|
|
Net income
attributable to equity shareholders – adjusted
|
|
1,569
|
|
|
1,803
|
|
|
1,279
|
|
|
6,670
|
|
|
4,445
|
Adjusted diluted EPS
($)
|
$
|
3.37
|
|
$
|
3.93
|
|
$
|
2.79
|
|
$
|
14.47
|
|
$
|
9.69
|
|
|
|
|
|
|
(1)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
(2)
|
Amortization of
acquisition-related intangible assets is recognized in the SBU of
the acquired business or Corporate and Other. A summary is provided
in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Personal and
Business Banking (pre-tax)
|
$
|
-
|
|
$
|
-
|
|
$
|
(2)
|
|
$
|
-
|
|
$
|
(8)
|
|
Canadian Personal and
Business Banking (after-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(6)
|
|
Canadian Commercial
Banking and Wealth Management (pre-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(1)
|
|
Canadian Commercial
Banking and Wealth Management (after-tax)
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
(1)
|
|
U.S. Commercial
Banking and Wealth Management (pre-tax)
|
|
(16)
|
|
|
(17)
|
|
|
(17)
|
|
|
(68)
|
|
|
(83)
|
|
U.S. Commercial
Banking and Wealth Management (after-tax)
|
|
(12)
|
|
|
(13)
|
|
|
(13)
|
|
|
(50)
|
|
|
(61)
|
|
Corporate and Other
(pre-tax)
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
|
(11)
|
|
|
(13)
|
|
Corporate and Other
(after-tax)
|
|
(3)
|
|
|
(2)
|
|
|
(3)
|
|
|
(10)
|
|
|
(12)
|
(3)
|
Transaction and
integration costs are comprised of direct and incremental costs
incurred as part of planning for and executing the integration of
the Canadian Costco credit card portfolio, including enabling
cross-sell opportunities, the upgrade and conversion of systems and
processes, project management and communication costs. These items
are recognized in Canadian Personal and Business Banking in the
fourth quarter of 2021.
|
(4)
|
Restructuring charge
associated with ongoing efforts to transform our cost structure and
simplify our bank. This charge consists primarily of employee
severance and related costs and was recognized in Corporate and
Other.
|
(5)
|
Goodwill impairment
charge related to our controlling interest in CIBC FirstCaribbean
recognized in Corporate and Other.
|
(6)
|
Recognized in
Corporate and Other.
|
(7)
|
Adjusted to exclude
the impact of items of note.
|
(8)
|
Excludes a TEB
adjustment of $48 million (July 31, 2021: $51 million; October 31,
2020: $37 million). Our adjusted efficiency ratio and adjusted
operating leverage are calculated on a TEB. For further details on
TEB, see pages 15 and 18 of our 2021 Annual Report.
|
The following tables provide a reconciliation of GAAP (reported)
net income and non-interest expenses to non-GAAP (adjusted) net
income and non-interest expenses, respectively, on a segmented
basis.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking
and
|
Banking
and
|
|
|
|
|
|
|
|
|
|
|
and
Business
|
Wealth
|
Wealth
|
|
Capital
|
Corporate
|
CIBC
|
$ millions, for the
three months ended
|
Banking
|
Management
|
Management
|
|
Markets
|
and Other
|
Total
|
2021
|
Reported net
income (loss)
|
$
|
597
|
$
|
442
|
$
|
256
|
|
$
|
378
|
$
|
(233)
|
$
|
1,440
|
Oct.
31
|
After-tax impact
of items of note (1)
|
|
9
|
|
-
|
|
12
|
|
|
-
|
|
112
|
|
133
|
|
|
Adjusted net
income (loss) (2)
|
$
|
606
|
$
|
442
|
$
|
268
|
|
$
|
378
|
$
|
(121)
|
$
|
1,573
|
2021
|
Reported net income
(loss)
|
$
|
642
|
$
|
470
|
$
|
266
|
|
$
|
491
|
$
|
(139)
|
$
|
1,730
|
Jul. 31
|
After-tax impact of
items of note (1)
|
|
-
|
|
-
|
|
13
|
|
|
-
|
|
65
|
|
78
|
|
|
Adjusted net income
(loss) (2)
|
$
|
642
|
$
|
470
|
$
|
279
|
|
$
|
491
|
$
|
(74)
|
$
|
1,808
|
2020
|
Reported net income
(loss)
|
$
|
590
|
$
|
340
|
$
|
135
|
|
$
|
310
|
$
|
(359)
|
$
|
1,016
|
Oct. 31
(3)
|
After-tax impact of
items of note (1)
|
|
1
|
|
1
|
|
13
|
|
|
-
|
|
249
|
|
264
|
|
|
Adjusted net income
(loss) (2)
|
$
|
591
|
$
|
341
|
$
|
148
|
|
$
|
310
|
$
|
(110)
|
$
|
1,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the
twelve months ended
|
|
|
|
|
|
|
|
2021
|
Reported net
income (loss)
|
$
|
2,494
|
$
|
1,665
|
$
|
926
|
|
$
|
1,857
|
$
|
(496)
|
$
|
6,446
|
Oct.
31
|
After-tax impact
of items of note (1)
|
|
9
|
|
-
|
|
50
|
|
|
-
|
|
182
|
|
241
|
|
|
Adjusted net
income (loss) (2)
|
$
|
2,503
|
$
|
1,665
|
$
|
976
|
|
$
|
1,857
|
$
|
(314)
|
$
|
6,687
|
2020
|
Reported net income
(loss)
|
$
|
1,785
|
$
|
1,202
|
$
|
375
|
|
$
|
1,308
|
$
|
(878)
|
$
|
3,792
|
Oct. 31
(3)
|
After-tax impact of
items of note (1)
|
|
6
|
|
1
|
|
61
|
|
|
-
|
|
587
|
|
655
|
|
|
Adjusted net income
(loss) (2)
|
$
|
1,791
|
$
|
1,203
|
$
|
436
|
|
$
|
1,308
|
$
|
(291)
|
$
|
4,447
|
(1)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
(2)
|
Non-GAAP
measure.
|
(3)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking
and
|
Banking
and
|
|
|
|
|
|
|
|
|
|
|
and
Business
|
Wealth
|
Wealth
|
|
Capital
|
Corporate
|
CIBC
|
$ millions, for the
three months ended
|
Banking
|
Management
|
Management
|
|
Markets
|
and Other
|
Total
|
2021
|
Reported
non-interest expenses
|
$
|
1,152
|
$
|
646
|
$
|
296
|
|
$
|
528
|
$
|
513
|
$
|
3,135
|
Oct.
31
|
Pre-tax impact of
items of note (1)
|
|
12
|
|
-
|
|
16
|
|
|
-
|
|
152
|
|
180
|
|
|
Adjusted
non-interest expenses (2)
|
$
|
1,140
|
$
|
646
|
$
|
280
|
|
$
|
528
|
$
|
361
|
$
|
2,955
|
2021
|
Reported non-interest
expenses
|
$
|
1,118
|
$
|
617
|
$
|
274
|
|
$
|
529
|
$
|
380
|
$
|
2,918
|
Jul. 31
|
Pre-tax impact of
items of note (1)
|
|
-
|
|
-
|
|
17
|
|
|
-
|
|
88
|
|
105
|
|
|
Adjusted non-interest
expenses (2)
|
$
|
1,118
|
$
|
617
|
$
|
257
|
|
$
|
529
|
$
|
292
|
$
|
2,813
|
2020
|
Reported non-interest
expenses
|
$
|
1,076
|
$
|
540
|
$
|
267
|
|
$
|
458
|
$
|
550
|
$
|
2,891
|
Oct. 31
(3)
|
Pre-tax impact of
items of note (1)
|
|
2
|
|
1
|
|
17
|
|
|
-
|
|
258
|
|
278
|
|
|
Adjusted non-interest
expenses (2)
|
$
|
1,074
|
$
|
539
|
$
|
250
|
|
$
|
458
|
$
|
292
|
$
|
2,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the
twelve months ended
|
|
|
|
|
|
|
|
2021
|
Reported
non-interest expenses
|
$
|
4,414
|
$
|
2,443
|
$
|
1,121
|
|
$
|
2,117
|
$
|
1,440
|
$
|
11,535
|
Oct.
31
|
Pre-tax impact of
items of note (1)
|
|
12
|
|
-
|
|
68
|
|
|
-
|
|
245
|
|
325
|
|
|
Adjusted
non-interest expenses (2)
|
$
|
4,402
|
$
|
2,443
|
$
|
1,053
|
|
$
|
2,117
|
$
|
1,195
|
$
|
11,210
|
2020
|
Reported non-interest
expenses
|
$
|
4,308
|
$
|
2,179
|
$
|
1,126
|
|
$
|
1,929
|
$
|
1,820
|
$
|
11,362
|
Oct. 31
(3)
|
Pre-tax impact of
items of note (1)
|
|
8
|
|
1
|
|
83
|
|
|
-
|
|
705
|
|
797
|
|
|
Adjusted non-interest
expenses (2)
|
$
|
4,300
|
$
|
2,178
|
$
|
1,043
|
|
$
|
1,929
|
$
|
1,115
|
$
|
10,565
|
(1)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
(2)
|
Non-GAAP
measure.
|
(3)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
The following table provides a reconciliation of GAAP (reported)
net income to non-GAAP (adjusted) pre-provision, pre-tax earnings
on a segmented basis.
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking
and
|
Banking
and
|
|
|
|
|
|
|
|
|
|
and
Business
|
Wealth
|
Wealth
|
Capital
|
Corporate
|
CIBC
|
$ millions, for the
three months ended
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
2021
|
Net income
(loss)
|
$
|
597
|
$
|
442
|
$
|
256
|
$
|
378
|
$
|
(233)
|
$
|
1,440
|
Oct.
31
|
Add: provision for
(reversal of) credit losses
|
|
164
|
|
(5)
|
|
(51)
|
|
(34)
|
|
4
|
|
78
|
|
Add: income
taxes
|
|
215
|
|
157
|
|
61
|
|
140
|
|
(162)
|
|
411
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
976
|
|
594
|
|
266
|
|
484
|
|
(391)
|
|
1,929
|
|
|
Pre-tax impact of
items of note (2)
|
|
12
|
|
-
|
|
16
|
|
-
|
|
152
|
|
180
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
988
|
$
|
594
|
$
|
282
|
$
|
484
|
$
|
(239)
|
$
|
2,109
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
226
|
|
n/a
|
|
n/a
|
|
n/a
|
2021
|
Net income
(loss)
|
$
|
642
|
$
|
470
|
$
|
266
|
$
|
491
|
$
|
(139)
|
$
|
1,730
|
Jul. 31
|
Add: provision for
(reversal of) credit losses
|
|
67
|
|
(49)
|
|
(57)
|
|
(60)
|
|
-
|
|
(99)
|
|
Add: income
taxes
|
|
229
|
|
169
|
|
56
|
|
180
|
|
(127)
|
|
507
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
938
|
|
590
|
|
265
|
|
611
|
|
(266)
|
|
2,138
|
|
|
Pre-tax impact of
items of note (2)
|
|
-
|
|
-
|
|
17
|
|
-
|
|
88
|
|
105
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings (losses)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
938
|
$
|
590
|
$
|
282
|
$
|
611
|
$
|
(178)
|
$
|
2,243
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
228
|
|
n/a
|
|
n/a
|
|
n/a
|
2020
|
Net income
(loss)
|
$
|
590
|
$
|
340
|
$
|
135
|
$
|
310
|
$
|
(359)
|
$
|
1,016
|
Oct. 31
(3)
|
Add: provision for
(reversal of) credit losses
|
|
121
|
|
25
|
|
82
|
|
17
|
|
46
|
|
291
|
|
Add: income
taxes
|
|
210
|
|
123
|
|
35
|
|
149
|
|
(115)
|
|
402
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
921
|
|
488
|
|
252
|
|
476
|
|
(428)
|
|
1,709
|
|
|
Pre-tax impact of
items of note (2)
|
|
2
|
|
1
|
|
17
|
|
-
|
|
258
|
|
278
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings (losses)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
923
|
$
|
489
|
$
|
269
|
$
|
476
|
$
|
(170)
|
$
|
1,987
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
202
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the
twelve months ended
|
|
|
|
|
|
|
2021
|
Net income
(loss)
|
$
|
2,494
|
$
|
1,665
|
$
|
926
|
$
|
1,857
|
$
|
(496)
|
$
|
6,446
|
Oct.
31
|
Add: provision for
(reversal of) credit losses
|
|
350
|
|
(39)
|
|
(75)
|
|
(100)
|
|
22
|
|
158
|
|
Add: income
taxes
|
|
892
|
|
601
|
|
222
|
|
646
|
|
(485)
|
|
1,876
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
3,736
|
|
2,227
|
|
1,073
|
|
2,403
|
|
(959)
|
|
8,480
|
|
|
Pre-tax impact of
items of note (2)
|
|
12
|
|
-
|
|
68
|
|
-
|
|
245
|
|
325
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
3,748
|
$
|
2,227
|
$
|
1,141
|
$
|
2,403
|
$
|
(714)
|
$
|
8,805
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
909
|
|
n/a
|
|
n/a
|
|
n/a
|
2020
|
Net income
(loss)
|
$
|
1,785
|
$
|
1,202
|
$
|
375
|
$
|
1,308
|
$
|
(878)
|
$
|
3,792
|
Oct. 31
(3)
|
Add: provision for
(reversal of) credit losses
|
|
1,189
|
|
303
|
|
487
|
|
311
|
|
199
|
|
2,489
|
|
Add: income
taxes
|
|
640
|
|
437
|
|
55
|
|
505
|
|
(539)
|
|
1,098
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
3,614
|
|
1,942
|
|
917
|
|
2,124
|
|
(1,218)
|
|
7,379
|
|
|
Pre-tax impact of
items of note (2)
|
|
8
|
|
1
|
|
83
|
|
-
|
|
705
|
|
797
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings (losses)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
|
$
|
3,622
|
$
|
1,943
|
$
|
1,000
|
$
|
2,124
|
$
|
(513)
|
$
|
8,176
|
|
|
|
USD
|
|
n/a
|
|
n/a
|
|
744
|
|
n/a
|
|
n/a
|
|
n/a
|
|
(1)
|
Non-GAAP
measure.
|
(2)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
(3)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our 2021 Annual Report for additional
details.
|
n/a
|
Not
applicable.
|
Basis of presentation
The interim consolidated
financial information in this news release is prepared in
accordance with IFRS and is unaudited whereas the annual
consolidated financial information is derived from audited
financial statements. These interim consolidated financial
statements follow the same accounting policies and methods of
application as CIBC's consolidated financial statements as at and
for the year ended October 31,
2021.
Conference Call/Webcast
The conference call will be
held at 8:00 a.m. (ET) and is
available in English (416-340-2217, or toll-free 1-800-806-5484,
passcode 1028175#) and French (514-392-1587, or toll-free
1-800-898-3989, passcode 7008374#). Participants are asked to dial
in 10 minutes before the call. Immediately following the formal
presentations, CIBC executives will be available to answer
questions.
A live audio webcast of the conference call will also be
available in English and French at
www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.
Details of CIBC's 2021 fourth quarter and fiscal year results,
as well as a presentation to investors, will be available in
English and French at www.cibc.com, Investor Relations section,
prior to the conference call/webcast. We are not incorporating
information contained on the website in this news release.
A telephone replay will be available in English (905-694-9451 or
1-800-408-3053, passcode 2796615#) and French (514-861-2272 or
1-800-408-3053, passcode 7602633#) until 11:59 p.m. (ET) January 2,
2022. The audio webcast will be archived at
www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.
About CIBC
CIBC is a leading North American financial
institution with 11 million personal banking, business, public
sector and institutional clients. Across Personal and Business
Banking, Commercial Banking and Wealth Management, and Capital
Markets businesses, CIBC offers a full range of advice, solutions
and services through its leading digital banking network, and
locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at https://www.cibc.com/en/about-cibc/media-centre.html.
The information below forms a part of this news release.
Nothing in CIBC's corporate website (www.cibc.com) should be
considered incorporated herein by reference.
The Board of Directors of CIBC reviewed this news release prior
to it being issued.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS:
From time
to time, we make written or oral forward-looking statements within
the meaning of certain securities laws, including in this news
release, in other filings with Canadian securities regulators or
the U.S. Securities and Exchange Commission, in other reports to
shareholders, and in other communications. All such statements are
made pursuant to the "safe harbour" provisions of, and are intended
to be forward-looking statements under applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. These statements include, but are
not limited to, statements made in the "Core business performance",
"Strong fundamentals", and "Making a difference in our Communities"
sections of this news release, and the Management's Discussion and
Analysis in our 2021 Annual Report under the heading "Economic and
market environment – Outlook for calendar year 2022" and other
statements about our operations, business lines, financial
condition, risk management, priorities, targets, ongoing
objectives, strategies, the regulatory environment in which we
operate and outlook for calendar year 2022 and subsequent periods.
Forward-looking statements are typically identified by the words
"believe", "expect", "anticipate", "intend", "estimate",
"forecast", "target", "objective" and other similar expressions or
future or conditional verbs such as "will", "should", "would" and
"could". By their nature, these statements require us to make
assumptions, including the economic assumptions set out in the
"Economic and market environment – Outlook for calendar year 2022"
section of our 2021 Annual Report, as updated by quarterly reports,
and are subject to inherent risks and uncertainties that may be
general or specific. Given the continuing impact of the coronavirus
(COVID-19) pandemic on the global economy, financial markets, and
our business, results of operations, reputation and financial
condition, there is inherently more uncertainty associated with our
assumptions as compared to prior periods. A variety of factors,
many of which are beyond our control, affect our operations,
performance and results, and could cause actual results to differ
materially from the expectations expressed in any of our
forward-looking statements. These factors include: the occurrence,
continuance or intensification of public health emergencies, such
as the COVID-19 pandemic, and any related government policies and
actions; credit, market, liquidity, strategic, insurance,
operational, reputation, conduct and legal, regulatory and
environmental risk; currency value and interest rate fluctuations,
including as a result of market and oil price volatility; the
effectiveness and adequacy of our risk management and valuation
models and processes; legislative or regulatory developments in the
jurisdictions where we operate, including the Organisation for
Economic Co-operation and Development Common Reporting Standard,
and regulatory reforms in the United
Kingdom and Europe, the
Basel Committee on Banking Supervision's global standards for
capital and liquidity reform, and those relating to bank
recapitalization legislation and the payments system in
Canada; amendments to, and
interpretations of, risk-based capital guidelines and reporting
instructions, and interest rate and liquidity regulatory guidance;
the resolution of legal and regulatory proceedings and related
matters; the effect of changes to accounting standards, rules and
interpretations; changes in our estimates of reserves and
allowances; changes in tax laws; changes to our credit ratings;
political conditions and developments, including changes relating
to economic or trade matters; the possible effect on our business
of international conflicts and terrorism; natural disasters,
disruptions to public infrastructure and other catastrophic events;
reliance on third parties to provide components of our business
infrastructure; potential disruptions to our information technology
systems and services; increasing cyber security risks which may
include theft or disclosure of assets, unauthorized access to
sensitive information, or operational disruption; social media
risk; losses incurred as a result of internal or external fraud;
anti-money laundering; the accuracy and completeness of information
provided to us concerning clients and counterparties; the failure
of third parties to comply with their obligations to us and our
affiliates or associates; intensifying competition from established
competitors and new entrants in the financial services industry
including through internet and mobile banking; technological
change; global capital market activity; changes in monetary and
economic policy; general business and economic conditions
worldwide, as well as in Canada,
the U.S. and other countries where we have operations, including
increasing Canadian household debt levels and global credit risks;
climate change and other environmental and social risks, our
success in developing and introducing new products and services,
expanding existing distribution channels, developing new
distribution channels and realizing increased revenue from these
channels; changes in client spending and saving habits; our ability
to attract and retain key employees and executives; our ability to
successfully execute our strategies and complete and integrate
acquisitions and joint ventures; the risk that expected benefits of
an acquisition, merger or divestiture will not be realized within
the expected time frame or at all; and our ability to anticipate
and manage the risks associated with these factors. This list is
not exhaustive of the factors that may affect any of our
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
our forward-looking statements. Any forward-looking statements
contained in this news release represent the views of management
only as of the date hereof and are presented for the purpose of
assisting our shareholders and financial analysts in understanding
our financial position, objectives and priorities and anticipated
financial performance as at and for the periods ended on the dates
presented, and may not be appropriate for other purposes. We do not
undertake to update any forward-looking statement that is contained
in this news release or in other communications except as required
by law.
SOURCE CIBC