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CIBC Announces Fourth Quarter and Fiscal 2012 Results

CIBC's 2012 audited annual consolidated financial statements and accompanying management's discussion & analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information report which includes fourth quarter financial information.

TORONTO, Dec. 6, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced net income of $852 million for the fourth quarter ended October 31, 2012, up from $757 million for the fourth quarter of 2011. Reported diluted earnings per share (EPS) of $2.02 and adjusted diluted EPS of $2.04(1) for the fourth quarter of 2012, compared with reported diluted EPS of $1.79 and adjusted diluted EPS of $1.78(1), respectively, for the same period last year.

CIBC's results for the fourth quarter of 2012 were affected by the following items of note aggregating to a negative impact of $0.02 per share:

  • $57 million ($32 million after-tax, or $0.08 per share) loan losses in our exited U.S. leveraged finance portfolio;
  • $51 million ($37 million after-tax, or $0.09 per share) gain from the structured credit run-off business;
  • $33 million ($24 million after-tax, or $0.06 per share) loss relating to the change in valuation of collateralized derivatives to an overnight index swap (OIS) basis;
  • $24 million ($19 million after-tax, or $0.05 per share) gain on sale of interests in entities in relation to the acquisition of TMX Group Inc. by Maple Group Acquisition Corporation, net of associated expenses; and
  • $7 million ($6 million after-tax, or $0.02 per share) amortization of intangible assets.

CIBC's results for the fourth quarter of 2011 included items of note aggregating to a positive impact of $0.01 per share.

CIBC's net income of $852 million for the fourth quarter of 2012 compared with net income of $841 million for the third quarter ended July 31, 2012. Reported diluted EPS of $2.02 and adjusted diluted EPS of $2.04(1) for the fourth quarter of 2012 compared with reported diluted EPS of $2.00 and adjusted diluted EPS of $2.06(1) for the prior quarter.

For the year ended October 31, 2012, CIBC reported net income of $3.3 billion, reported diluted EPS of $7.85 and adjusted diluted EPS of $8.07(1), which included items of note aggregating to a negative impact of $0.22 per share. These results compared with net income of $2.9 billion, reported diluted EPS of $6.71 and adjusted diluted EPS of $7.57(1) for 2011, which included items of note aggregating to a negative impact of $0.86 per share.

CIBC's return on common shareholders' equity was 22.0% for the year ended October 31, 2012 and our Tier 1 capital and Tangible Common Equity ratios were 13.8% and 11.6%(1) respectively as at October 31, 2012.

"CIBC reported another year of solid progress in 2012," says Gerry McCaughey, CIBC President and Chief Executive Officer. "Our results reflect broad-based performance across our core businesses and the value of our strategy."

(1) For additional information, see the "Non-GAAP measures" section.

Performance against Objectives

Our key measures of
performance
Our Objectives 2012 results
Adjusted Earnings per
share (EPS)(1) growth
Adjusted EPS growth of 5%-10% per annum, on
average, over the next 3-5 years
2012: $8.07, up 6.6% from
2011 
Return on common
shareholders' equity
(ROE)
Return on average common equity of 20% through the
cycle 
22.0%
Capital strength(2) Tier 1 capital ratio target of 8.5%
Total capital ratio target of 11.5%
Tier 1 capital ratio:13.8%
Total capital ratio: 17.3%
Business mix 75% retail(3)/25% wholesale (as measured by
economic capital(1))
77%/23%
retail(3)/wholesale
Risk Maintain provision for credit losses as a percentage of
average loans and acceptances (loan loss ratio(4)
between 50 and 65 basis points through the business
cycle 
53 basis points
Productivity Achieve a median ranking within our industry group, in
terms of our adjusted non-interest expense to total
revenue (adjusted efficiency ratio)(1)
55.8%
Adjusted Dividend payout ratio(1) 40%-50% (common share dividends paid as a
percentage of adjusted net income after preferred
share dividends and premium on redemptions)
45.1%
Total shareholder return Outperform the S&P/TSX Composite Banks Index
(dividends reinvested) on a rolling five-year basis
Five years ended October
31, 2012: CIBC - (0.1)%
Index - 25.2%
(1)   For additional information, see the "Non-GAAP measures" section.
(2)   Going forward, our capital strength will be measured by the Basel III Common Equity Tier 1 ratio to exceed the regulatory target set by the Office of the Superintendent of Financial Institutions (OSFI).
(3)   For the purpose of calculating this ratio, Retail includes Retail and Business Banking, Wealth Management and International banking operations, reported as part of Corporate and Other. The ratio represents the amount of economic capital attributed to these businesses as at the end of the period.
(4)   Going forward, our loan loss ratio target will be between 45 and 60 basis points through the business cycle.

Core business performance

Retail and Business Banking reported net income of $2.3 billion in 2012, up from $2.2 billion in 2011, as a result of volume growth across most retail products and higher fees, partially offset by narrower spreads in the low-interest environment that continues to prevail.

Retail and Business Banking continued to make strategic investments throughout 2012 in areas that are enhancing the relationship we have with, and the value we provide to, our clients:

  • Continuing our leadership in mobile innovations, we announced the first point-of-sale mobile credit card transaction in Canada in partnership with Rogers Communications. This new mobile payments functionality allows our clients to use their existing CIBC credit card through their smartphone to purchase goods.
  • We launched the CIBC Total Banking Rebate to recognize and reward clients with fee discounts for having deeper relationships with us.
  • We delivered CIBC Home Power Plan which combines the benefits of a traditional mortgage and a line of credit to give clients a long-term borrowing solution.  In addition, we introduced Next Best Offer to enable our frontline sales teams to better understand our clients' needs and provide them with the best offer based on their current holdings.
  • We were named the Best Commercial Bank in Canada by World Finance magazine for our strong client focus.
  • We continued to invest in our branch network, with 28 new, relocated or expanded branches across the country this year and expanded hours of business.

"As we close fiscal 2012, our business is well positioned for growth," says David Williamson, Group Head, Retail and Business Banking. "We have re-positioned our focus towards building deeper relationships with our clients, built more branches, extended our branch operating hours, launched new products and reinforced our leadership position in mobile banking with our launch of mobile payments."

"To further our business in 2013 and beyond, we are continuing to invest in building deeper relationships with our clients; improving our sales and service capabilities; and acquiring and retaining clients who seek deeper and more rewarding relationships," adds Williamson.

Wealth Management had net income of $339 million in 2012, up from $279 million in 2011. Net income increased as a result of higher revenue in asset management partially offset by lower revenue in retail brokerage.

Wealth Management strengthened its business on many fronts in 2012 in support of our strategic priorities to attract and deepen client relationships, seek new sources of domestic assets and pursue acquisitions and investments. Key highlights included:

  • Acquired MFS McLean Budden's private wealth management business, adding approximately $1.4 billion in client assets.
  • Our investment in American Century Investments continues to generate solid results with positive net sales and was named Deal of the Year for its impact on the U.S. mutual fund landscape.
  • For the 3rd consecutive year, achieved record long-term mutual funds net sales of $3.9 billion.
  • Investment performance consistently ranked amongst the Canadian leaders, as measured against median.

"We will continue to invest in our Wealth Management platform, domestically and internationally, to enhance the client experience and strengthen shareholder returns," says Victor Dodig, Group Head, Wealth Management.

Despite ongoing volatility and uncertainty in global equity markets, Wholesale Banking delivered strong results, reporting net income of $613 million, compared with $543 million in 2011.

Wholesale Banking's objective is to be the premier client-focused wholesale bank centred in Canada, with a reputation for consistent and sustainable earnings, for risk-controlled growth, and for being a well-managed firm known for excellence in everything we do. During 2012, Wholesale Banking:

  • Ranked among the leading foreign exchange providers globally, and was also ranked a top bank in Canadian dollar service in the FX Week Best Bank Awards 2012;
  • Reinforced our energy advisory business with the acquisition of Griffis & Small, LLC;
  • Ranked #1 overall in loan syndication by number of deals and #2 by volume;
  • Received Best Bank of the Year - Project Finance and Infrastructure - Canada by Deal Makers Monthly; and
  • Led or co-led several key transactions, most notably the Canada Housing Trust # 1 $15 billion Canada Mortgage Bond offerings.

"Wholesale Banking delivered high quality, consistent and risk-controlled performance in 2012, despite continued volatile market conditions globally," says Richard Nesbitt, Group Head, Wholesale, International, and Technology and Operations.

While investing in our core Wholesale Banking strategy, CIBC continued to actively manage and reduce its structured credit run-off portfolio. In 2012, notional exposures declined by $4.1 billion as a result of sales and terminations of positions, as well as normal amortization. The remaining portfolio of primarily collateralized loan obligations and corporate debt has experienced minimal defaults in the underlying collateral and continues to benefit from significant levels of subordination.

Strong fundamentals

While investing in its core businesses, CIBC has continued to strengthen its key fundamentals. In 2012, CIBC maintained its capital strength, competitive productivity and sound risk management:

  • CIBC's capital ratios are strong, including Tier 1 and Tangible Common Equity(1) ratios of 13.8% and 11.6% at October 31, 2012;
  • Credit quality has remained stable, with CIBC's loan loss ratio of 53(1) basis points comparable to 51(1) basis points in 2011; and
  • Market risk, as measured by average Value-at-Risk, was $4.9 million in 2012 compared with $6.5 million in 2011.

With a pro forma Basel III Common Equity Tier 1 ratio estimated at 9.0% on a fully phased-in basis, CIBC is well in excess of the 7% minimum requirement as proposed by the Basel Committee on Banking Supervision and the Office of the Superintendent of Financial Institutions.

"CIBC's first principle is to be a lower risk bank that delivers consistent and sustainable earnings over the long term," adds McCaughey. "Within an environment that is impacted by the macro trends of uncertainty, deleveraging and re-regulation, CIBC has the right strategy to continue to deliver value."

(1) For additional information, see the "Non-GAAP measures" section.

Fourth Quarter Financial Highlights            
         As at or for the
three months ended
    As at or for
the twelve months
ended
         2012        2012        2011        2012        2011  
       Oct. 31        Jul. 31        Oct. 31        Oct. 31        Oct. 31  
Financial results ($ millions)                                          
Net interest income     $   2,016     $   1,883     $  1,776     $ 7,494     $  7,062  
Non-interest income       1,143       1,266       1,419       5,055       5,373  
Total revenue       3,159       3,149       3,195       12,549       12,435  
Provision for credit losses       328       317       306       1,291       1,144  
Non-interest expenses       1,829       1,831       1,920       7,215       7,486  
Income before taxes        1,002       1,001       969       4,043       3,805  
Income taxes       150       160       212       704       927  
Net income     $  852     $   841     $ 757     $ 3,339     $ 2,878  
Net income attributable to non-controlling interests   $   2      $ 2     $ 3     $ 8      $ 11  
  Preferred shareholders       29       29       38       158       177  
  Common shareholders       821       810       716       3,173       2,690  
Net income attributable to equity shareholders     $ 850     $   839     $ 754     $ 3,331     $ 2,867  
                                           
Financial measures                                          
Reported efficiency ratio     57.9
%     58.1
%     60.1
%     57.5
%     60.2
%
Adjusted efficiency ratio(1)        56.5 %     56.1 %     58.7 %     55.8 %     56.4 %
Loan loss ratio        0.53 %     0.52 %     0.52 %     0.53 %     0.51 %
Return on common shareholders' equity     21.7 %     21.8 %     22.6 %     22.0 %     22.2 %
Net interest margin     2.00
%     1.87
%     1.77
%     1.89
%     1.79
%
Net interest margin on average interest-earning assets     2.33
%     2.18
%     2.05
%     2.20
%     2.03
%
Return on average assets     0.85
%     0.84
%     0.75
%     0.84
%     0.73
%
Return on average interest-earning assets     0.99 %     0.98 %     0.87 %     0.98 %     0.83 %
Total shareholder return       8.42 %     (0.33) %     4.19 %     9.82 %     0.43 %
                                           
Common share information                                          
Per share - basic earnings   $   2.02     $ 2.00     $ 1.80     $   7.86     $ 6.79  
  - reported diluted earnings     2.02       2.00       1.79       7.85       6.71  
  - adjusted diluted earnings (1)     2.04       2.06       1.78       8.07       7.57  
  - dividends     0.94       0.90       0.90       3.64       3.51  
    - book value     37.48       36.57       32.88       37.48       32.88  
Share price - high     78.56       74.68       76.50       78.56       85.49  
  - low     72.97       69.70       67.84       68.43       67.84  
  - closing     78.56       73.35       75.10       78.56       75.10  
Shares outstanding (thousands)                                          
  - weighted-average basic     405,404       405,165       399,105       403,685       396,233  
  - weighted-average diluted     405,844       405,517       401,972       404,145       406,696  
  - end of period     404,485       405,626       400,534       404,485       400,534  
Market capitalization ($ millions)   $   31,776     $   29,753     $ 30,080     $ 31,776     $ 30,080  
                                           
Value measures                                          
Dividend yield (based on closing share price)     4.8 %     4.9 %     4.8 %     4.6 %     4.7 %
Reported dividend payout ratio        46.4 %     45.0 %     50.1 %     46.3 %     51.7 %
Adjusted dividend payout ratio(1)       46.1 %     43.7 %     50.6 %     45.1 %     46.3 %
Market value to book value ratio     2.10       2.01       2.28       2.10       2.28  
                                           
On- and off-balance sheet information ($ millions)    
     
     
     
     
 
Cash, deposits with banks and securities   $   70,061     $ 70,776     $ 65,437     $ 70,061     $ 65,437  
Loans and acceptances, net of allowance     252,732       253,616       248,409       252,732       248,409  
Total assets       393,385       401,010       383,758       393,385       383,758  
Deposits       300,344       305,096       289,220       300,344       289,220  
Common shareholders' equity       15,160       14,834       13,171       15,160       13,171  
Average assets       401,092       400,543       398,386       397,382       394,527  
Average interest-earning assets       343,840       342,883       343,076       341,053       347,634  
Average common shareholders' equity     15,077       14,760       12,599       14,442       12,145  
Assets under administration          1,445,870         1,377,012         1,317,799         1,445,870         1,317,799  
                                           
Balance sheet quality measures                                        
Risk-weighted assets ($ billions)   $ 115.2        $ 114.9        $ 110.0     $ 115.2     $ 110.0  
Tangible common equity ratio(1)       11.6 %     11.3 %     11.4 %     11.6 %     11.4 %
Tier 1 capital ratio       13.8 %     14.1 %     14.7 %     13.8 %     14.7 %
Total capital ratio       17.3 %     17.7 %     18.4 %     17.3 %     18.4 %
Other information                                          
Retail / wholesale ratio(2)        77 % / 23 %      76 % / 24 %      77 % / 23 %      77 % / 23 %      77 % / 23 %
Full-time equivalent employees(3)     42,595       42,380       42,239       42,595       42,239  
(1)   For additional information, see the "Non-GAAP measures" section.
(2)   For the purpose of calculating this ratio, Retail includes Retail and Business Banking, Wealth Management, and International banking operations (reported as part of Corporate and Other).  The ratio represents the amount of economic capital attributed to these businesses as at the end of the period.
(3)   Full-time equivalent headcount is a measure that normalizes the number of full-time and part-time employees, base plus commissioned employees, and 100% commissioned employees into equivalent full-time units based on actual hours of paid work during a given period.

Review of CIBC Fourth Quarter Results

Net income was $852 million, up $95 million from the fourth quarter of 2011 and up $11 million from the prior quarter.

Net interest income of $2,016 million was up $240 million from the fourth quarter of 2011, primarily due to higher trading-related net interest income and volume growth across most retail products. Net interest income was up $133 million from the prior quarter, primarily due to higher trading-related net interest income.

Non-interest income of $1,143 million was down $276 million from the fourth quarter of 2011, primarily due to higher trading losses, including the loss relating to the methodology change in valuing collateralized derivatives shown as an item of note. The current quarter included a gain on sale of interests in relation to the acquisition of TMX Group by Maple, while the prior year quarter included a gain on sale of a merchant banking investment, both shown as items of note. Non-interest income was down $123 million from the prior quarter, primarily due to higher trading losses, including the loss relating to the methodology change in valuing collateralized derivatives noted above.

Provision for credit losses of $328 million was up $22 million from the fourth quarter of 2011. Higher losses in the exited U.S. leveraged finance portfolio, identified as an item of note, as well as higher losses in the business lending portfolio, were partially offset by lower losses in the exited European leveraged finance portfolio, identified as an item of note in the prior year quarter, lower losses in CIBC FirstCaribbean and lower write-offs and bankruptcies in our cards portfolio. In addition, net provision reversals related to the collective allowance were lower in the current quarter. Provision for credit losses was up $11 million from the prior quarter. Higher losses in the exited U.S. leveraged finance portfolio, identified as an item of note, were partially offset by lower losses in U.S. real estate finance and lower write-offs and bankruptcies in our cards portfolio.

Non-interest expenses of $1,829 million were down $91 million from the fourth quarter of 2011, primarily due to lower employee compensation and benefits. The prior year quarter included expenses relating to the sale of a merchant banking investment, which is shown as an item of note.  Non-interest expenses were comparable to the prior quarter.

Income tax expense of $150 million in the fourth quarter of 2012 was down from $212 million in the fourth quarter of 2011, primarily due to higher tax-exempt income, an increase in the relative proportion of income taxed at lower income tax rates, and a lower statutory income tax rate. Income tax expense was down $10 million from the prior quarter primarily due to higher tax-exempt income.

Review of Retail and Business Banking Fourth Quarter Results
       
       2012        2012        2011  
$ millions, for the three months ended      Oct. 31        Jul. 31        Oct. 31  
Revenue                        
  Personal banking   $ 1,616     $ 1,595     $ 1,568  
  Business banking     378       382       358  
  Other     42       108       150  
Total revenue      2,036       2,085       2,076  
Provision for credit losses      255       273       266  
Non-interest expenses      1,030       1,035       1,023  
Income before taxes      751       777       787  
Income taxes     182       183       190  
Net income    $ 569     $ 594     $ 597  
Net income attributable to:                        
  Equity shareholders (a)   $ 569     $ 594     $ 597  
Efficiency ratio      50.6 %     49.7 %     49.3 %
Return on equity(1)      57.1 %     60.1 %     64.9 %
Charge for economic capital (1) (b)   $ (126)     $ (126)     $ (122)  
Economic profit (1) (a+b)   $ 443     $ 468     $ 475  
Full-time equivalent employees     21,857       21,588       21,658  

 (1)  For additional information, see the "Non-GAAP measures" section.

Net income was $569 million, down $28 million from the fourth quarter of 2011.

Revenue of $2,036 million was down $40 million from the fourth quarter of 2011. Revenue was impacted by lower Treasury allocations.  Excluding the impact of Treasury, revenue was up $65 million from the fourth quarter of 2011. Personal banking and business banking revenue increased primarily due to volume growth across most lines of business, partially offset by lower spreads in deposits. Other revenue was down primarily due to lower treasury allocations.

Provision for credit losses of $255 million was down $11 million from the fourth quarter of 2011, primarily due to lower write-offs in cards, partially offset by higher losses in commercial banking.

Non-interest expenses of $1,030 million were up $7 million from the fourth quarter of 2011, primarily as a result of higher corporate support costs and employee compensation, partially offset by cost savings from operational efficiencies.

Income tax expense of $182 million was down $8 million from the fourth quarter of 2011 due to a lower pre-tax income.

Review of Wealth Management Fourth Quarter Results
                         
       
       2012        2012        2011  
$ millions, for the three months ended      Oct. 31        Jul. 31        Oct. 31  
Revenue                        
  Retail brokerage   $ 256     $ 246     $ 256  
  Asset management     138       130       115  
  Private wealth management     26       25       25  
Total revenue      420       401       396  
Non-interest expenses      308       299       299  
Income before taxes      112       102       97  
Income taxes     28       26       27  
Net income    $ 84     $ 76     $ 70  
Net income attributable to:                        
  Equity shareholders (a)   $ 84     $ 76     $ 70  
Efficiency ratio      73.4 %     74.6 %     75.4 %
Return on equity(1)      18.9 %     17.4 %     29.9 %
Charge for economic capital (1) (b)   $ (55)     $ (55)     $ (31)  
Economic profit (1) (a+b)   $ 29     $ 21     $ 39  
Full-time equivalent employees     3,783       3,708       3,731  

 (1) For additional information, see the "Non-GAAP measures" section.

Net Income for the quarter was $84 million, up $14 million from the fourth quarter of 2011.

Revenue of $420 million was up $24 million from the fourth quarter of 2011, primarily due to higher asset management revenue from higher average client assets under management driven by record net sales of long term mutual funds and income from our proportionate share in American Century Investments (included from September 2011).

Non-interest expenses of $308 million were up $9 million from the fourth quarter of 2011, primarily due to higher performance-based compensation.

Review of Wholesale Banking Fourth Quarter Results
                         
       
       2012        2012        2011  
$ millions, for the three months ended      Oct. 31        Jul. 31        Oct. 31  
Revenue                         
  Capital markets   $ 295     $ 308     $ 242  
  Corporate and investment banking     206       223       328  
  Other     74       (4)       (9)  
Total revenue(1)     575       527       561  
Provision for credit losses     66       34       32  
Non-interest expenses      263       284       347  
Income before taxes     246       209       182  
Income taxes(1)     53       53       60  
Net income    $ 193     $ 156     $ 122  
Net income attributable to:                        
  Equity shareholders (a)     193       156       122  
Efficiency ratio      45.7 %     53.8 %     61.9  
Return on equity(2)      35.0 %     27.9 %     25.9 %
Charge for economic capital (2) (b)   $ (70)     $ (70)     $ (61)  
Economic profit (2) (a+b)   $ 123     $ 86     $ 61  
Full-time equivalent employees     1,268       1,274       1,206  

(1)  Revenue and income taxes are reported on a TEB basis, and accordingly include a TEB adjustment of $92 million (Q3/12: $71 million; Q4/11: $56 million).  The equivalent amounts are offset in Corporate and Other.
(2) For additional information, see the "Non-GAAP measures" section.

Net income for the quarter was $193 million, compared to net income of $156 million for the third quarter.

Revenue of $575 million was up $48 million from the third quarter, primarily due to gains in the structured credit run-off business, a gain on sale of interests in entities in relation to the acquisition of TMX Group by Maple, and higher derivatives trading revenue, partially offset by a loss relating to the methodology change in valuing collateralized derivatives to an OIS basis and lower merchant banking gains.

Provision for credit losses of $66 million was up $32 million from the third quarter, mainly attributable to increased losses in our U.S. Leveraged Finance portfolio, partially offset by lower losses in our U.S. Real Estate Finance and Canadian credit portfolios.

Non-interest expenses of $263 million were down $21 million from the third quarter, primarily due to lower performance-based compensation.

Income tax expense of $53 million was comparable to the third quarter. The impact of an increased Taxable equivalent basis (TEB) adjustment on higher tax-exempt income was offset by the impact of a decrease in the relative proportion of income earned in higher tax jurisdictions.

Review of Corporate and Other Fourth Quarter Results
                       
       
       2012        2012        2011
$ millions, for the three months ended      Oct. 31        Jul. 31        Oct. 31
Revenue                      
  International banking   $ 149     $ 146     $ 139
  Other     (21)       (10)       23
Total revenue(1)     128       136       162
Provision for credit losses     7       10       8
Non-interest expenses     228       213       251
Loss before taxes      (107)       (87)       (97)
Income taxes(1)     (113)       (102)       (65)
Net income (loss)   $ 6     $ 15     $ (32)
Net income (loss) attributable to:                      
  Non-controlling interests   $ 2     $ 2     $ 3
  Equity shareholders     4       13       (35)
Full-time equivalent employees     15,687       15,810       15,644

 (1)  Wholesale Banking revenue and income taxes are reported on a TEB basis with an equivalent offset in the revenue and income taxes of Corporate and Other.  Accordingly, revenue and income taxes include a TEB adjustment of $92 million (Q3/12: $71 million; Q4/11: $56 million).

Net income was up $38 million from the fourth quarter of 2011 mainly due to lower expenses.

Revenue was down $34 million from the fourth quarter of 2011 mainly due to a higher TEB adjustment.

Provision for credit losses was comparable to the fourth quarter of 2011.

Non-interest expenses were down $23 million from the fourth quarter of 2011, mainly due to lower unallocated corporate support costs.

Income tax benefit was up $48 million from the fourth quarter of 2011 mainly due to a higher TEB adjustment.

Making a Difference in Our Communities

As a leader in community investment, CIBC is committed to supporting causes that matter to its clients, employees and communities. During the fourth quarter of 2012:

  • CIBC continued its long term commitment to supporting breast cancer initiatives. The 2012 Canadian Breast Cancer Foundation CIBC Run for the Cure raised more than $30 million, including $3 million contributed by Team CIBC through pledges, fundraising activities and donations to the CIBC Pink Collection and more than $500,000 raised by students across Canada as part of the Post Secondary Challenge. CIBC was also proud to co-sponsor the Pink Tour, which made its final stop in October after bringing breast health education to 122 communities across Ontario over a six month period.
  • CIBC marked its third year as title sponsor of the CIBC 401 Bike Challenge, a three-day, 576-kilometre ride from Toronto's Hospital for Sick Children to the Montreal Children's Hospital. A number of CIBC employees and their fellow riders raised more than $276,000 to support kids with cancer and their families through the Sarah Cook Fund of the Cedars Cancer Institute.
  • CIBC employees joined Gerry McCaughey, CIBC's President and CEO and the 2012 United Way Toronto Campaign Chair, to kick off the United Way GTA campaign and demonstrate CIBC's commitment to building stronger, more vibrant communities through its work within the charitable sector.
  • CIBC presented Hope Rising, a concert benefiting the Stephen Lewis Foundation. CIBC has been a long term supporter of the Foundation, which has raised more than $40 million since 2003 to support HIV/AIDS projects in Africa.
  • CIBC joined the Toronto Pan Am and Parapan Am organizing committee to celebrate the ground breaking for the new Pan Am and Parapan Am Aquatics Centre and Field House presented by CIBC - the largest investment ever in Canadian amateur sport infrastructure and a lasting legacy for the University of Toronto (Scarborough) campus.

"Our performance in 2012 demonstrates the value of strategy and our further potential as we head into 2013," says Mr. McCaughey. "CIBC has the right strategy that will continue to deliver value to all our key stakeholders."

CONSOLIDATED BALANCE SHEET
                       
      2012        2011       2010
$ millions, as at      Oct 31       Oct 31        Nov 1
ASSETS                      
Cash and non-interest-bearing deposits with banks   $   2,613     $   1,481     $ 1,817
Interest-bearing deposits with banks     2,114       3,661       9,005
Securities                      
Trading     40,330       32,713       29,074
Available-for-sale (AFS)     24,700       27,118       24,369
Designated at fair value (FVO)     304       464       875
      65,334       60,295       54,318
Cash collateral on securities borrowed     3,311       1,838       2,401
Securities purchased under resale agreements     25,163       25,641       34,722
Loans                      
Residential mortgages     150,056       150,509       143,284
Personal     35,323       34,842       34,335
Credit card     15,153       15,744       15,914
Business and government     43,624       39,663       37,946
Allowance for credit losses     (1,860)       (1,803)       (1,886)
      242,296       238,955       229,593
Other                      
Derivative instruments     27,039       28,270       24,700
Customers' liability under acceptances     10,436       9,454       7,633
Land, buildings and equipment     1,683       1,580       1,568
Goodwill     1,701       1,677       1,907
Software and other intangible assets     656       633       579
Investments in equity-accounted associates and joint ventures     1,635       1,394       495
Other assets     9,404       8,879       10,570
      52,554       51,887       47,452
    $ 393,385     $ 383,758     $ 379,308
LIABILITIES AND EQUITY                      
Deposits                      
Personal   $ 118,153     $ 116,592     $ 113,294
Business and government      125,055       117,143       115,841
Bank     4,723       4,177       5,618
Secured borrowings     52,413       51,308       43,518
      300,344       289,220       278,271
Obligations related to securities sold short      13,035       10,316       9,673
Cash collateral on securities lent     1,593       2,850       4,306
Capital Trust securities     1,678       1,594       1,600
Obligations related to securities sold under repurchase agreements     6,631       8,564       20,651
Other                      
Derivative instruments     27,091       28,792       25,363
Acceptances     10,481       9,489       7,633
Other liabilities     10,671       11,704       12,239
      48,243       49,985       45,235
Subordinated indebtedness     4,823       5,138       4,773
Equity                      
Preferred shares     1,706       2,756       3,156
Common shares     7,769       7,376       6,804
Contributed surplus      85       93       98
Retained earnings     7,042       5,457       4,157
Accumulated other comprehensive income (AOCI)      264       245       416
Total shareholders' equity     16,866       15,927       14,631
Non-controlling interests     172       164       168
Total equity     17,038       16,091       14,799
    $ 393,385     $ 383,758     $ 379,308

 

                               
                               
CONSOLIDATED STATEMENT OF INCOME
                               
         For the three      For the twelve
         months ended      months ended
       2012      2012      2011      2012      2011
$ millions, except as noted      Oct. 31      Jul. 31      Oct. 31      Oct. 31      Oct. 31
Interest income                              
Loans   $   2,494   $ 2,532   $ 2,536   $ 10,020   $ 10,184
Securities     545     394     350     1,690     1,421
Securities borrowed or purchased under resale agreements     87     83     82     323     365
Deposits with banks     11     11     15     42     63
      3,137     3,020     2,983     12,075     12,033
Interest expense                              
Deposits     895     910     960     3,630     3,843
Securities sold short     84     85     89     333     388
Securities lent or sold under repurchase agreements     30     33     47     156     264
Subordinated indebtedness     52     52     52     208     215
Capital Trust securities     36     36     36     144     142
Other     24     21     23     110     119
      1,121     1,137     1,207     4,581     4,971
Net interest income     2,016     1,883     1,776     7,494     7,062
Non-interest income                              
Underwriting and advisory fees     118     99     94     438     514
Deposit and payment fees     194     203     192     775     756
Credit fees     111     112     97     418     379
Card fees     152     154     152     619     609
Investment management and custodial fees     110     107     104     424     411
Mutual fund fees     230     219     210     880     849
Insurance fees, net of claims     92     81     86     335     320
Commissions on securities transactions     98     96     109     402     496
Trading income (loss)      (185)     (16)     (13)     (115)     44
AFS securities gains (losses), net     61     70     236     264     397
FVO gains (losses), net      (4)     (9)     (12)     (32)     (7)
Foreign exchange other than trading     9     17     48     91     204
Income from equity-accounted associates and joint ventures     44     30     9     160     111
Other     113     103     107     396     290
      1,143     1,266     1,419     5,055     5,373
Total revenue     3,159     3,149     3,195     12,549     12,435
Provision for credit losses      328     317     306     1,291     1,144
Non-interest expenses                              
Employee compensation and benefits     1,001     1,036     1,054     4,044     4,052
Occupancy costs     182     170     177     697     667
Computer, software and office equipment     266     259     254     1,022     989
Communications     74     75     76     304     296
Advertising and business development     69     63     61     233     213
Professional fees     45     47     58     174     178
Business and capital taxes     12     15     5     50     38
Other     180     166     235     691     1,053
      1,829     1,831     1,920     7,215     7,486
Income before income taxes     1,002     1,001     969     4,043     3,805
Income taxes     150     160     212     704     927
Net income     852     841     757     3,339     2,878
Net income attributable to non-controlling interests     2     2     3     8     11
  Preferred shareholders     29     29     38     158     177
  Common shareholders     821     810     716     3,173     2,690
Net income attributable to equity shareholders     850     839     754     3,331     2,867
Earnings per share (in dollars)                               
    - Basic   $   2.02   $ 2.00   $ 1.80   $ 7.86   $ 6.79
    - Diluted   $ 2.02   $ 2.00   $ 1.79   $ 7.85   $ 6.71
Dividends per common share (in dollars)   $ 0.94   $ 0.90   $ 0.90   $ 3.64   $ 3.51

 

                               
                               
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                               
       For the three          For the twelve
               months ended      months ended
       2012      2012      2011      2012      2011
$ millions      Oct. 31      Jul. 31      Oct. 31      Oct. 31      Oct. 31
Net income   $   852   $ 841   $ 757   $ 3,339   $    2,878
Other comprehensive income (OCI), net of tax                              
  Net foreign currency translation adjustments                              
  Net gains (losses) on investments in foreign operations     36     83     224     65     (101)
  Net (gains) losses on investments in foreign operations reclassified to net income     -     -     -     1     -
  Net gains (losses) on hedges of investments in foreign operations     (50)     (35)     (92)     (65)     13
  Net (gains) losses on hedges of investments in foreign operations reclassified to net income     -     -     -     (1)     -
      (14)     48     132     -     (88)
  Net change in AFS securities                              
  Net  gains (losses) on AFS securities     36     89     (1)     208     182
  Net (gains) losses on AFS securities reclassified to net income     (48)     (51)     (145)     (196)     (241)
      (12)     38     (146)     12     (59)
  Net change in cash flow hedges                              
  Net gains (losses) on derivatives designated as cash flow hedges     21     (1)     15     20     (40)
  Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income     (15)     (2)     (8)     (13)     16
      6     (3)     7     7     (24)
Total OCI   $   (20)   $   83   $ (7)   $ 19   $   (171)
Comprehensive income   $   832   $   924   $ 750   $ 3,358   $ 2,707
Comprehensive income attributable to non-controlling interests   $ 2   $ 2   $ 3   $ 8   $ 11
  Preferred shareholders     29     29     38     158     177
  Common shareholders     801     893     709     3,192     2,519
Comprehensive income attributable to equity shareholders   $ 830   $ 922   $ 747   $ 3,350   $ 2,696
                               
                               
                               
       For the three      For the twelve
               months ended      months ended
       2012      2012      2011      2012      2011
$ millions      Oct. 31      Jul. 31      Oct. 31      Oct. 31      Oct. 31
Income tax (expense) benefit                              
  Net foreign currency translation adjustments                              
  Net gains (losses) on investments in foreign operations   $   (9)     (3)     (4)   $   (10)     (1)
  Net gains (losses) on hedges of investments in foreign operations     7     8     22     11     (2)
      (2)     5     18     1     (3)
  Net change in AFS securities                              
  Net gains (losses) on AFS securities     (7)     (20)     (10)     (49)     (82)
  Net (gains) losses on AFS securities reclassified to net income     18     7     66     65     112
      11     (13)     56     16     30
  Net change in cash flow hedges                              
  Net gains (losses) on derivatives designated as cash flow hedges     (4)     (1)     (6)     (4)     14
  Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income     5     1     3     4     (4)
      1     -     (3)     -     10
    $   10   $ (8)   $ 71   $ 17   $ 37

 

                               
                               
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                               
         For the three      For the twelve
           months ended      months ended
       2012      2012      2011      2012      2011
$ millions      Oct. 31      Jul. 31      Oct. 31      Oct. 31      Oct. 31
Preferred shares                              
Balance at beginning of period   $ 2,006   $   2,006   $ 2,756   $   2,756   $   3,156
Redemption of preferred shares     (300)     -     -     (1,050)     (400)
Balance at end of period   $ 1,706   $ 2,006   $ 2,756   $ 1,706   $ 2,756
Common shares                              
Balance at beginning of period   $ 7,744   $ 7,697   $ 7,254   $ 7,376   $ 6,804
Issue of common shares     64     49     126     430     575
Purchase of common shares for cancellation     (39)     -     -     (39)     -
Treasury shares     -     (2)     (4)     2     (3)
Balance at end of period   $ 7,769   $ 7,744   $ 7,376   $ 7,769   $ 7,376
Contributed surplus                              
Balance at beginning of period   $ 87   $ 86   $ 91   $ 93   $ 98
Stock option expense     1     2     3     7     6
Stock options exercised     (3)     (1)     (2)     (15)     (12)
Other     -     -     1     -     1
Balance at end of period   $ 85   $ 87   $ 93   $ 85   $ 93
Retained earnings                              
Balance at beginning of period   $ 6,719   $ 6,276   $ 5,100   $ 5,457   $ 4,157
Net income attributable to equity shareholders     850     839     754     3,331     2,867
Dividends                              
  Preferred     (29)     (29)
    (38)

  (128)     (165)
  Common     (381)     (365)     (359)     (1,470)     (1,391)
Premium on redemption of preferred shares     -     -     -     (30)     (12)
Premium on purchase of common shares     (118)     -     -     (118)     -
Other     1
    (2)
    -

  -     1
Balance at end of period   $ 7,042   $ 6,719   $ 5,457   $ 7,042   $ 5,457
AOCI, net of tax                              
  Net foreign currency translation adjustments                              
  Balance at beginning of period   $ (74)   $ (122)   $ (220)   $ (88)   $ -
  Net change in foreign currency translation  adjustments     (14)     48     132     -     (88)
  Balance at end of period   $ (88)   $ (74)   $ (88)   $ (88)   $ (88)
  Net gains (losses) on AFS securities                              
  Balance at beginning of period   $ 362   $ 324   $ 484   $ 338   $ 397
  Net change in AFS securities     (12)     38     (146)     12     (59)
    Balance at end of period   $ 350   $ 362   $ 338   $ 350   $ 338
  Net gains (losses) on cash flow hedges                              
  Balance at beginning of period   $ (4)   $ (1)   $ (12)   $ (5)   $ 19
  Net change in cash flow hedges     6     (3)     7     7     (24)
  Balance at end of period   $ 2   $ (4)   $ (5)   $ 2   $ (5)
Total AOCI, net of tax   $ 264   $ 284   $ 245   $ 264   $ 245
Non-controlling interests                              
Balance at beginning of period   $ 167   $ 163   $ 156   $ 164   $ 168
Net income attributable to non-controlling interests     2     2     3     8     11
Dividends     -     (3)     -     (5)     (8)
Other     3     5     5     5     (7)
Balance at end of period   $ 172   $ 167   $ 164   $ 172   $ 164
Equity at end of period    $ 17,038   $  17,007   $ 16,091   $ 17,038   $ 16,091

 

                                           
                                           
CONSOLIDATED STATEMENT OF CASH FLOWS
                                           
         For the three        For the twelve  
             months ended            months ended  
         2012        2012        2011        2012        2011  
$ millions        Oct. 31        Jul. 31        Oct. 31        Oct. 31        Oct. 31  
Cash flows provided by (used in) operating activities(1)                                          
Net income     $   852     $   841     $ 757     $ 3,339     $   2,878  
                                           
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:                                          
  Provision for credit losses       328       317       306       1,291       1,144  
  Amortization(2)       83       91       90       357       556  
  Stock option expense       1       2       3       7       6  
  Deferred income taxes       15       188       34       167       518  
  AFS securities (gains) losses, net       (61)       (70)       (236)       (264)       (397)  
  Net (gains) losses on disposal of land, buildings and equipment       (14)       (3)       -       (17)       (5)  
  Other non-cash items, net       (102)       82       212       91       381  
  Net changes in operating assets and liabilities                                          
    Interest-bearing deposits with banks       4,366       (2,523)       14,865       1,547       5,344  
    Loans, net of repayments       854       (1,257)       (3,132)       (5,023)       (10,279)  
    Deposits, net of withdrawals       (4,592)       8,156       (5,787)       11,339       11,644  
    Obligations related to securities sold short       1,091       2,053       (489)       2,719       643  
    Accrued interest receivable       (81)       96       (41)       (22)       115  
    Accrued interest payable       279       (212)       224       (95)       (167)  
    Derivative assets       1,721       (2,919)       (3,622)       146       (3,047)  
    Derivative liabilities       (1,986)       2,955       4,757       (54)       2,616  
    Trading securities       (1,183)       (1,496)       903       (7,617)       (3,639)  
    FVO securities        20       33       53       160       411  
    Other FVO assets and liabilities        (95)       (469)       (1,083)       (639)       (1,164)  
    Current income taxes       (22)       (225)       117       (749)       191  
    Cash collateral on securities lent       (691)       (757)       (2,198)       (1,257)       (1,456)  
                                               
    Obligations related to securities sold under repurchase agreements       (1,896)       724       (5,949)       (1,933)       (12,087)  
    Cash collateral on securities borrowed       679       (874)       1,876       (1,473)       563  
    Securities purchased under resale agreements       3,842       (5,523)       5,681       516       9,081  
    Other, net       (263)       (284)       219       (916)       1,253  
        3,145       (1,074)       7,560       1,620       5,103  
Cash provided by (used in) financing activities(1)                                          
Issue of subordinated indebtedness       -       -       -       -       1,500  
Redemption/repurchase of subordinated indebtedness       -       (272)       (19)       (272)       (1,099)  
Redemption of preferred shares       (300)       -       (412)       (1,080)       (1,016)  
Issue of common shares for cash       61       48       124       415       563  
Purchase of common shares for cancellation       (157)       -       -       (157)       -  
Net proceeds from treasury shares       -       (2)       (4)       2       (3)  
Dividends paid       (410)       (394)       (397)       (1,598)       (1,556)  
        (806)       (620)       (708)       (2,690)       (1,611)  
Cash flows provided by (used in) investing activities                                          
Purchase of AFS securities       (7,691)       (7,951)        (12,672)       (38,537)       (33,645)  
Proceeds from sale of AFS securities        3,608       7,995       2,249       23,815       13,514  
Proceeds from maturity of AFS securities       2,147       2,048       3,957       17,421       17,400  
Net cash used in acquisitions       (30)       (202)       (831)       (235)       (855)  
Net cash provided by dispositions       42       -       -       42       10  
Net purchase of land, buildings and equipment       (117)       (94)       (91)       (309)       (234)  
        (2,041)       1,796       (7,388)       2,197       (3,810)  
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks       (4)       17       12       5       (18)  
Net increase (decrease) in cash and non-interest-bearing deposits with banks during period       294       119       (524)       1,132       (336)  
Cash and non-interest-bearing deposits with banks at beginning of period       2,319       2,200       2,005       1,481       1,817  
Cash and non-interest-bearing deposits with banks at end of period     $   2,613     $ 2,319     $ 1,481     $ 2,613     $   1,481  
Cash interest paid     $ 842     $ 1,349     $ 983     $ 4,676     $ 5,138  
Cash income taxes paid     $ 157     $ 197     $ 61     $ 1,286     $ 218  
Cash interest and dividends received     $ 3,056     $ 3,116     $ 2,942     $ 12,053     $ 12,148  
(1) Certain prior period information has been reclassified to conform to the presentation in the current period.
(2) Comprises amortization of buildings, furniture, equipment, leasehold improvements, and software and other intangible assets.  In addition, third quarter of 2011 includes impairment loss on goodwill.
   

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 useful in analyzing financial performance. For a more detailed discussion, see the "Non-GAAP measures" section of CIBC's 2012 Annual Report.

The following table provides a quarterly reconciliation of non-GAAP to GAAP measures related to CIBC on a consolidated basis. For an annual reconciliation of non-GAAP to GAAP measures, see the "Non-GAAP measures" section of CIBC's 2012 Annual Report.

                           
        2012       2012       2011  
$ millions, as at or for the three months ended       Oct. 31       Jul. 31       Oct. 31  
Reported and adjusted diluted EPS                           
Reported net income attributable to diluted                          
  common shareholders A    $ 821      $ 810      $ 718  
Adjusting items:                          
  After-tax impact of items of note        6       25       (6)  
  Dividends on convertible preferred shares        -       -       (2)  
Adjusted net income attributable to diluted                          
  common shareholders (1) B    $ 827      $ 835      $ 710  
Reported diluted weighted-average common shares                          
  outstanding (thousands) C     405,844       405,517       401,972  
Removal of impact of convertible preferred                          
  shares (thousands)        -       -       (2,235)  
Adjusted diluted weighted-average shares                          
  outstanding (thousands) (1) D     405,844       405,517       399,737  
Reported diluted EPS ($) A/C    $ 2.02      $ 2.00      $ 1.79  
Adjusted diluted EPS ($) (1)  B/D     2.04       2.06       1.78  
Reported and adjusted efficiency ratio                          
Reported total revenue E    $ 3,159      $ 3,149      $ 3,195  
Adjusting items:                          
  Pre-tax impact of items of note        (52)       24       (105)  
  TEB       92       71       56  
Adjusted total revenue (1) F    $ 3,199      $ 3,244      $ 3,146  
Reported non-interest expenses G    $ 1,829      $ 1,831      $ 1,920  
Adjusting items:                          
  Pre-tax impact of items of note        (21)       (9)       (72)  
Adjusted non-interest expenses (1) H    $ 1,808      $ 1,822      $ 1,848  
Reported efficiency ratio G/E     57.9 %     58.1 %     60.1 %
Adjusted efficiency ratio (1) H/F     56.5 %     56.1 %     58.7 %
Reported and adjusted dividend payout ratio                          
Reported net income attributable to common shareholders I    $ 821      $ 810      $ 716  
Adjusting items:                          
  After-tax impact of items of note        6       25       (6)  
Adjusted net income attributable to common shareholders (1) J    $ 827      $ 835      $ 710  
Dividends paid to common shares K    $ 381      $ 365      $ 359  
Reported dividend payout ratio K/I     46.4 %     45.0 %     50.1 %
Adjusted dividend payout ratio (1) K/J     46.1 %     43.7 %     50.6 %
(1)  Non-GAAP measure.


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 financial statements follow the same accounting policies and methods of application as CIBC's consolidated financial statements for the year ended October 31, 2012.

The information below forms a part of this press 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 press 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 press release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements made in the "Performance against Objectives", "Core business performance", "Strong Fundamentals" and "Making a Difference in Our Communities" sections of this press release, and other statements we make about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook for 2013 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate" 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 and are subject to inherent risks and uncertainties that may be general or specific. 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: credit, market, liquidity, strategic, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of our risk management models and processes; legislative or regulatory developments in the jurisdictions where we operate; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions; the resolution of legal 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; political conditions and developments; the possible effect on our business of international conflicts and the war on terror; natural disasters, public health emergencies, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; the accuracy and completeness of information provided to us by clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates; intensifying competition from established competitors and new entrants in the financial services industry; technological change; global capital market activity; changes in monetary and economic policy; currency value fluctuations; general economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations; changes in market rates and prices which may adversely affect the value of financial products; 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; 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. We do not undertake to update any forward-looking statement that is contained in this press release or in other communications except as required by law.

 

 

 

SOURCE CIBC

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