Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Q1 2026 Earnings Presentation
59 slides from Canadian Imperial Bank Of Commerce's earnings presentation, Feb 26, 2026
Slide 1: Quarterly Results Presentation First Quarter 2026
Quarterly Results Presentation First Quarter 2026 February 26, 2026 All amounts are in Canadian dollars unless otherwise indicated. First Quarter 2026 | 0
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 report, in other filings with Canadian securities regulators or the SEC and in other communicatio
Slide 3: CIBC Overview
CIBC Overview Harry Culham President & Chief Executive Officer
Slide 4: Q1/26 Overview
Q1/26 Overview Record results underpinned by execution of our strategic priorities Broad-Based Revenue Growth FI NAN CIAL RE SU LTS Net Interest Income Non-Interest Income Trading Corp. & Cdn. Personal & Business Bkg. ex. Trading ($B) ex. Trading ($B) Revenue12 ($B) Diluted EPS ROE4 Other +13% YoY +
Slide 5: Q1 Progress Against Our Strategic Priorities
Q1 Progress Against Our Strategic Priorities Grow Our Mass Affluent & Private Wealth Franchise Progress on our mass affluent clients with dedicated advisors +51% Imperial Service NPS YoY growth of franchised +6% YoY growth in number of clients1 +12% YoY growth in money-in balances2 Costco card membe
Slide 6: AI @ CIBC
AI @ CIBC Generating AI outcomes through improved revenue growth, client experience, team productivity, and credit monitoring Revenue Generation Operational Risk PROGRESSION & Client Experience Efficiency Mitigation AI & ANALYTICS ~1.2MM Hours saved in Q1/26 • Timely and actionable • Client meeting
Slide 7: Driving Sustainable Growth and Value for Our Stakeholders
Driving Sustainable Growth and Value for Our Stakeholders Record results Our connected Proactive approach highlight positive strategy and client and strong execution momentum and focus is generating will deliver underlying earnings diversified growth sustainable power across businesses outperformanc
Slide 8: Financial Overview
Financial Overview Robert Sedran Senior Executive Vice-President, Chief Financial Officer and Enterprise Strategy
Slide 9: Q1/26 Results Snapshot
Q1/26 Results Snapshot Record performance reflects disciplined execution of our client-focused and connected strategy Diluted EPS Return on Equity Revenue Operating Leverage1 and Efficiency Ratio Reported $3.21 Reported 20.2% $8.4B +15% YoY Reported 3.7% | 51.6% Adjusted2 $2.76 Adjusted2 17.4% Rep
Slide 10: Financial Overview
Financial Overview Diversified revenue growth, positive operating leverage, robust capital, and premium profitability Reported ($MM) Q1/26 YoY QoQ Q1/26 YoY Highlights: Revenue 8,398 15% 11% Revenue Non-Trading Net Interest Income 4,671 13% 5% • Revenue growth of 15% driven by margin expansion, volu
Slide 11: Net Interest Income (NII)
Net Interest Income (NII) NII (ex-trading) grew 13% YoY, reflecting margin expansion and volume growth Total Bank Net Interest Income Canadian Personal & Commercial5 ($MM) Q1/26 YoY QoQ NIM3,4 Avg. Balances Q1/26 NII 4,308 +13% +4% +10 bps NII (ex. Trading) 4,671 +13% +5% $449B 5 bps 2 bps 3 bps 3.0
Slide 12: Non-Interest Income
Non-Interest Income Fee income strengthened from growth in market-related fees and higher credit and FX fees Non-Interest Income ($MM)4 Growth by Category Market-Related Fees5 ($B) +18% +22% Other +18% +69% YoY 4,090 3.1 Invst. 78 2.6 2.5 Mgmt. & 2.4 2.3 Trading 135 +39% Custodial +10% YoY $3.1B +
Slide 13: Non-Interest Expenses
Non-Interest Expenses Delivered another quarter of positive operating leverage Q1/26 YoY Adjusted1 Expense Growth Drivers ($MM) +12% +6% 207 4,089 230 4,319 3,866 70 (54) Q1/25 Investments2 Operating Cost Efficiencies3 Performance-based Q1/26 compensation Reported Expenses $3,878MM $4,329MM Q1/26 Yo
Slide 14: Capital and Liquidity
Capital and Liquidity Strong capital supports shareholder returns and disciplined resource allocation $B Q1/25 Q4/25 Q1/26 Capital Position 1 Average Loans and Acceptances 564.7 584.7 592.4 • CET1 ratio of 13.4%, up 5 bps from prior quarter 1 Average Deposits 794.2 806.2 825.2 • Strong net internal
Slide 15: Canadian Personal & Business Banking
Canadian Personal & Business Banking Strong top line and positive operating leverage drive record net income Q1/26 YoY Highlights: Reported Adjusted1 • Robust revenue generation underpinned by our strategy to lead in highly engaged relationships and capture the Mass Affluent segment ($MM) Q1/26 YoY
Slide 16: Canadian Commercial Banking & Wealth Management
Canadian Commercial Banking & Wealth Management Top-line strength fueled by volume growth, market appreciation, and increased client activity Q1/26 YoY Highlights: Reported & Adjusted1 ($MM) Q1/26 YoY QoQ • Strong margin expansion and fee-based revenue growth driven by deep client relationships, exp
Slide 17: U.S. Commercial Banking & Wealth Management
U.S. Commercial Banking & Wealth Management Building momentum from volume growth and margin expansion Reported Adjusted1 Q1/26 YoY Highlights: • Revenue growth driven by our ongoing focus on acquiring new client (US$MM) Q1/26 YoY QoQ Q1/26 YoY QoQ relationships and deepening existing ones in key mar
Slide 18: Capital Markets
Capital Markets Record earnings driven by strong client activity Q1/26 YoY Highlights: Reported & Adjusted1 ($MM) Q1/26 YoY QoQ • Strong top-line growth driven by increased client activity and constructive Revenue 2,017 28% 32% markets Non-Trading Net Interest Income 473 21% 12% • Global markets rev
Slide 19: Corporate & Other
Corporate & Other Q1/26 YoY Highlights: Reported Adjusted1 • Revenue up primarily due to a gain in our strategic investment portfolio, partially ($MM) Q1/26 YoY QoQ Q1/26 YoY QoQ offset by lower treasury-related activities • Expenses up mainly due to changes to vesting date assumptions for stock-bas
Slide 20: Driving Sustainable Growth and Value for Our Stakeholders
Driving Sustainable Growth and Value for Our Stakeholders Strong balance sheet Continued momentum Delivering strong and capital position and clear focus in revenue growth and support organic growth executing our positive operating and shareholder connected strategy leverage returns First Quarter 202
Slide 21: Risk Overview
Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer
Slide 22: Key Messages
Key Messages Navigating macro Stable allowance Credit performance uncertainties through level supports evolving in line with disciplined risk risk conditions expectations management First Quarter 2026 | 21
Slide 23: Allowance for Credit Losses
Allowance for Credit Losses Allowance for credit losses was down slightly QoQ Allowance for Credit Losses ($MM) – Q1/26 Movements 319 201 4,739 48 4,736 4,376 (571) Impaired Provisions $520MM Q1/25 Allowance Q4/25 Allowance Performing Retail Business and Net write-offs and Q1/26 Allowance Allowance
Slide 24: PCL on Impaired Loans
PCL on Impaired Loans Total Bank impaired PCL ratio1 up QoQ Total Bank ($MM, bps) Canadian Personal & Business Banking ($MM, bps) • Canadian Personal & Business Banking and 650 50 700 40 50 Capital Markets impaired PCLs were down 35 37 38 600 31 34 40 600 40 • Canadian Commercial impaired PCL was 55
Slide 25: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans Gross impaired loan ratio was up QoQ • Gross impaired loan ratio was up, mainly attributable to Canadian consumer Gross Impaired Loan Ratios Q1/25 Q4/25 Q1/26 portfolios 1 Canadian Residential Mortgages 0.31% 0.38% 0.43% • New formations were down in busines
Slide 26: Canadian Consumer Lending
Canadian Consumer Lending Net write-offs and delinquencies trending in line with our expectations Net Write-offs: • Overall consumer net write-off rates were up QoQ and YoY, primarily driven by Credit Cards, Reported Net Write-offs Q1/25 Q4/25 Q1/26 impacted by the higher levels of unemployment over
Slide 27: In Closing
In Closing Agile risk management Prudent allowance Credit performance strategies ensure portfolio level positioned for remains aligned resilience amid market continued economic with full-year outlook volatility uncertainties First Quarter 2026 | 26
Slide 28: Appendix
Appendix CIBC®
Slide 29: Digital Trends
Digital Trends Growing digital adoption and engagement in Canadian Personal Banking1 DIGITAL ADOPTION RATE2 ACTIVE DIGITAL BANKING USERS3 DIGITAL CHANNEL USAGE (MM) (# of Sessions, MM) 88.8% 8.2 419 422 430 8.1 413 409 88.4% 8.0 87.8% 87.9% 7.9 87.6% 7.9 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/
Slide 30: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking1 Continued margin expansion driven by rates and business mix tailwinds REVENUE YIELD METRICS ($MM) Net Interest Margin3 Mortgage Portfolio Spreads4 3,882 4,028 3,740 3.00% 3,598 3,521 668 696 666 659 660 2.90% 2.81% 2,932 3,081 3,214 3,332 2,861 2.73% 2.72% Q1/
Slide 31: Wealth Management
Wealth Management1 Strong markets and net sales drove asset growth REVENUE1 ASSETS UNDER ADMINISTRATION2 (C$MM) (C$B) Canada U.S +11% +14% 1,356 1,431 46 30 614 1,286 1,184 1,250 538 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 % of Total Bank 18% 17% 17% 18% 17% Q1/25 Market Net Sales Q1/26 Appreciation NET INCOM
Slide 32: Balance Sheet
Balance Sheet Strong growth in loans and deposits; yields down reflecting rate decreases AVERAGE ASSETS ($B) & YIELDS1,2,3 AVERAGE LIABILITIES AND EQUITY ($B), & COSTS1,4,5 3.51% 5.00% 3.28% 3.14% 4.82% 4.72% 4.66% 3.07% 4.42% 2.81% 1,155 1,155 1,099 1,103 1,119 1,099 1,103 1,119 1,096 1,096 65 60 6
Slide 33: Funding & Liquidity
Funding & Liquidity A well-diversified, high-quality, client-driven balance sheet • Liquidity and funding position continue to remain well-above regulatory requirements • Client deposits are the primary source of funding, comprising over $500B of the total funding base • Funding strategy is suppleme
Slide 34: Interest Rate Sensitivity
Interest Rate Sensitivity Effective interest rate risk management in a changing rate environment NET INTEREST INCOME SENSITIVITY TO A +/- 100 BPS CHANGE1 INTEREST RATE ENVIRONMENT2 ($MM) 5YR CAD Swap – Average (%) 5.0 Long-Term vs. Short-Term Rates 4.0 Impact by Currency 3.0 2.0 1.0 230 230 0.0 Q1/2
Slide 35: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) PCL trended lower QoQ Provision for Credit Losses lower QoQ ($MM) Q1/25 Q4/25 Q1/26 • Impaired provision was up in Q1/26 due to higher impairments in Canadian and US Cdn. Personal & Business Banking 428 503 446 Commercial Banking, partially offset by lower provision
Slide 36: Allowance Coverage
Allowance Coverage Allowance coverage trended lower slightly QoQ and higher YoY Total Allowance Coverage Ratio down slightly QoQ and up YoY • QoQ allowance decrease is reflective of the evolving economic environment and Total Allowance Coverage Q1/25 Q4/25 Q1/26 credit migration Canadian Credit Card
Slide 37: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending Mortgage delinquencies performing in line with expectations • Portfolio average Loan-To-Value (LTV) continues to remain healthy • Condominium mortgages account for 16% of our total residential mortgage portfolio, with a 15% insured mix. This segment cont
Slide 38: Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook
Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook Impacts of payment increases at renewal expected to be minimal Current Balances by Renewal Year1 ($B) 79 Variable Rate Fixed Rate 58 33 • Using illustrative 4.0% and 4.5% mortgage rates at time of renewal, 20 and no borrower income growth si
Slide 39: Canadian Uninsured Residential Mortgages
Canadian Uninsured Residential Mortgages Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution 63% 57% 58% 56% 18% 16% 17% 18% 13% 12% 13% 14% 5% 4% 6% 6% 7% 5% 6% 6% ≤650 651-700 701-750 751-800 >800 3 3 Canada Total GVA GTA Canada Variable Rate Loan-to-Value
Slide 40: Canadian Uninsured Residential Mortgages – Q1/26 Originations
Canadian Uninsured Residential Mortgages – Q1/26 Originations1 Credit quality of new originations continues to remain high • Originations of $12B in Q1/26 • Average LTV2 in Canada: 66%, GVA3: 63%, GTA3: 67% Credit Bureau Score4 Distribution 49% 53% 51% 51% 22% 23% 23% 23% 18% 15% 16% 17% 9% 7% 8% 7%
Slide 41: Credit Portfolio Breakdown
Credit Portfolio Breakdown Lending portfolio has a strong risk profile and is well diversified Overall Loan Mix (Net Outstanding Loans and Acceptances) Consumer Retailers 1% Business & 60% Government 40% $592B Financial Institutions 10% Key industries include Agriculture, Manufacturing (including St
Slide 42: Commercial Real Estate
Commercial Real Estate Commercial real estate loans outstanding are well diversified Multi-Family Portfolio Metrics Canada US • Canada represents 64% of total Canadian & U.S. real estate loans outstanding Total outstanding ($B) C$12.4 US$5.6 • Gross impaired loans as a percentage of total Canadian &
Slide 43: Trading Revenue Distribution
Trading Revenue Distribution Robust trading performance in recent volatile market ($MM) ($MM) 40 40 30 30 20 20 10 10 0 0 (10) (10) (20) Nov-25 Dec-25 Jan-26 (20) Trading Revenue VaR First Quarter 2026 | 42
Slide 44: Forward Looking Information
Forward Looking Information Variables used to estimate our Expected Credit Losses1 Forward-Looking Information Variables Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the next 12 months remaining forecast next 12 months remaining
Slide 45: Items of Note
Items of Note Period Q1/26 Reporting Segments Pre-Tax EPS After-Tax & NCI Effect Effect Effect ($MM) ($MM) ($/Share) Canadian Personal and Business Banking Amortization of acquisition-related intangible assets 10 7 0.01 U.S. Commercial Banking and Wealth Management Tax recoveries related to capital
Slide 46: Glossary
Glossary Definition 1 Adjusted Diluted EPS We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, t
Slide 47: Glossary
Glossary Definition 12 Adjusted Efficiency Ratio We adjust our reported revenue and non-interest expenses to remove the impact of items of note. 13 Total Allowance Coverage Ratio Total allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain l
Slide 48: Endnotes
Endnotes Slide 3 – CIBC Overview 2. Adjusted results are non-GAAP measures. see slide 54 for further details. 3. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. see slide 54 for further details. 4. For additional information on the compositio
Slide 49: Endnotes
Endnotes Slide 9 – Financial Overview 1. Adjusted results are non-GAAP measures. see slide 54 for further details. 3. For additional information on the composition, see the "Glossary" section in the Q1/26 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 4. Pre-provision, p
Slide 50: Endnotes
Endnotes Slide 13 - Capital and Liquidity 4. Includes 3bps of common share issuance through equity-settled share-based compensation plans 5. CIBC received OSFI approval to exclude an operational loss event that was recognized in fiscal 2023 from the operational risk capital calculations. This exclus
Slide 51: Endnotes
Endnotes Slide 17 – Capital Markets 1. Adjusted results are non-GAAP measures. see slide 54 for further details. 2. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. see slide 54 for further details. 3. Loan amounts are before any related allowances.
Slide 52: Endnotes
Endnotes Slide 28 – Digital Trends 1. Based on spot balances as at January 31 for the respective periods. 2. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in th
Slide 53: Endnotes
Endnotes Slide 30 – North American Wealth Management 1. Includes the results of Canadian Wealth Management and U.S. Private Wealth Management, excludes Imperial Service in Canadian Personal and Business Banking. 2. Assets under management (AUM) are included in assets under administration (AUA). For
Slide 54: Endnotes
Endnotes Slide 37 – Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook 1. Excludes third party mortgages which were not originated by CIBC. 2. Based on average original qualification rate of all cohorts. Slide 38 – Canadian Uninsured Residential Mortgages 1. Starting Q2/23, our primary credi
Slide 55: Non-GAAP Measures
Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (IFRS), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comp
Slide 56: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures First Quarter 2026 | 55
Slide 57: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures First Quarter 2026 | 56
Slide 58: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures First Quarter 2026 | 57
Slide 59: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures First Quarter 2026 | 58
Canadian Imperial Bank of Commerce — Q1 2026 Earnings Presentation on 6ix