Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Debt Investor Presentation (June 2024)
76 slides from Canadian Imperial Bank Of Commerce's debt investor presentation, June 2024
Slide 1: CIBC Fixed Income Investor Presentation Q2-2024
CIBC Fixed Income Investor Presentation Q2-2024 All amounts are in Canadian dollars unless otherwise indicated.
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond programme (the "Programme") as of the date of this document. It is information in summary form and does not purport to
Slide 3: Disclaimer (continued)
Disclaimer (continued) The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except
Slide 4: Disclaimer (continued)
Disclaimer (continued) The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or
Slide 5: 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 Investor Presentation, in other filings with Canadian securities regulators or the SEC and in oth
Slide 6: Table of Contents
Table of Contents 1 Debt Programmes Summary - 6 2 Canadian Economy & Consumer Profile - 7 3 Canadian Imperial Bank of Commerce (“CIBC”) Overview - 13 4 Canadian Mortgage Market - 32 5 Legislative Covered Bond Programme, Collateral Pool – 37 6 Contacts – 42 7 Appendix - 43 First Quarter, 2024 5
Slide 7: Debt Programmes Summary
Debt Programmes Summary Outperformed most G7 economies as measured by long term GDP growth rate during 2002-20221 • Strong diversified stable economy Canada • Aaa/AAA/AA+/AAA (Moody’s/S&P/Fitch/DBRS) • The World Economic Forum ranked Canada’s soundness of banks first in the world from 2008 to 2016,
Slide 8: Canadian Economy & Consumer Profile
Canadian Economy & Consumer Profile
Slide 9: Snapshot Of The Canadian Economy
Snapshot Of The Canadian Economy Canada’s GDP by Province / Territory1 (%) Canada: Key Facts Population2 40.8 MM GDP (Market Prices)3 CAD 2,952 BN GDP per capita4 CAD 52,144 YT Labour Force5 21.7 MM 0.2% Provinces / Territories 10 / 3 NT NU 0.2% Best business 0.2% NL Economist Intelligence Unit envi
Slide 10: Canadian Economic Indicators Demonstrate Resilience And Performance
Canadian Economic Indicators Demonstrate Resilience And Performance Unemployment Rate1,2 • Real gross domestic product grew 0.2% in February • The percentage of working-age people who are employed remained steady at 61.4% in April - the working-age population continued to expand at a robust pace (+1
Slide 11: Canada GDP And Exports
Canada GDP And Exports • Well diversified services-driven economy, with several key industries including finance, manufacturing, services and real estate • Following the 2007-2008 global recession, diversification had been a stabilizing factor and has led to strong economic performance relative to o
Slide 12: Canada’s Economic Outlook Post COVID – Employment & Output
Canada’s Economic Outlook Post COVID – Employment & Output Monthly Real GDP & Employment Trend1,2 Canadian Labour Market – Year over Year1,2 Index December 2019 = 100 Unemployment Rate Seasonally Adjusted (% - LHS) Employment Growth (YoY% - RHS) • Real gross domestic product grew 0.2% in February •
Slide 13: Canada’s Economic Outlook Post COVID - Inflation
Canada’s Economic Outlook Post COVID - Inflation Canadian Inflation Has Tracked the U.S.1,2 Canadian Inflation Declining From Peak Levels1,2 • Headline consumer inflation edged up to 2.9% in March, the third consecutive month that the all-items rate has been below the three percent mark • BoC expect
Slide 14: Canadian Imperial Bank of Commerce (“CIBC”) Overview
Canadian Imperial Bank of Commerce (“CIBC”) Overview
Slide 15: A Leading, Well-Diversified North American Financial Institution
A Leading, Well-Diversified North American Financial Institution 1867 14MM 1867 1867 48K $24.1B 1867 1867 12.7% 20.0% 1867 13.1% 1867 FOUNDED CLIENTS FOUNDED FOUNDED 1 EMPLOYEES REVENUE FOUNDED ROE3 FOUNDED TSR4 FOUNDED CET1 RATIO5 FOUNDED (LTM)2 (LTM)2 (1-YR) (Q2/24) DIVERSIFIED EARNINGS MIX STRONG
Slide 16: Our Strategic Priorities
Our Strategic Priorities A modern, relationship-oriented bank that generates value for all stakeholders Leading in Mass Affluent Growing Digital Leveraging our Enabling & & High Net Worth Banking Connected Platform Simplifying our Bank Grow and become a Leverage our digital Deliver solutions from De
Slide 17: Making Progress Against Our Through-The-Cycle Financial Objectives
Making Progress Against Our Through-The-Cycle Financial Objectives Medium-Term Objectives1,2 3-Year 5-Year Reported: 7.9% Reported: (2.4)% Diluted EPS Growth of 7% - 10% (CAGR3) Adjusted4,5: 11.5% Adjusted4,5: 2.0% Reported: 13.5% Reported: 13.0% Return on Equity of 16%+ (Average) Adjusted4,6: 14.9%
Slide 18: Sustainable Returns To Shareholders
Sustainable Returns To Shareholders • CIBC has a strong track record of shareholder returns • CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 18681 • Flat dividends from Q2-2020 to Q4-2021 due to temporary OSFI policy2 For footnoted information refe
Slide 19: Delivering Value For Shareholders By Driving Sustainable Growth And Profitability
Delivering Value For Shareholders By Driving Sustainable Growth And Profitability1 Revenue ($B) Non-Interest Expense ($B) 24 24 23 23 22 22 14 14 14 13 20 20 13 12 19 19 19 19 11 12 11 11 10 11 2019 2020 2021 2022 2023 LTM 2019 2020 2021 2022 2023 LTM Diluted EPS2 ($) Return on Common Shareholders’
Slide 20: Underpinned By Our Balance Sheet Strength And Prudent Risk Management
Underpinned By Our Balance Sheet Strength And Prudent Risk Management CET1 Ratio1 Total Allowance Coverage Ratio2 13.1% 0.89% 12.4% 12.4% 12.1% 0.76% 0.75% 11.7% 0.64% 0.62% 11.6% 0.51% 2019 2020 2021 2022 2023 Q2/24 2019 2020 2021 2022 2023 Q2/24 Liquidity Coverage Ratio1 Impaired PCL Ratio3 (bps)
Slide 21: Asset Yields And Funding Costs
Asset Yields And Funding Costs Average Assets ($B) & Yields1,2,3 Average Liabilities and Equity ($B), & Costs1,4,5 Client Deposit Mix (Spot Balances)6 • NII continues to benefit from growth in loans and deposits, as well as margin expansion • Loan yields and deposit costs continue to rise YoY and se
Slide 22: High-Quality, Client-Driven Balance Sheet
High-Quality, Client-Driven Balance Sheet (Based on Q2-2024 Results) Assets Liabilities & Equity $1,002B Cash & Repos Unsecured 130% Funding 30% 38% Coverage Wholesale-sourced Funding Liquid Assets (Liquid Assets / Trading & Wholesale Funding) Secured Funding3 Investment Securities Personal Deposits
Slide 23: Capital And Liquidity
Capital And Liquidity Capital Position $B Q2/23 Q1/24 Q2/24 • Resilient balance sheet well-positioned to support continued organic growth Average Loans and Acceptances 1 534.8 538.8 540.4 1 • CET1 ratio of 13.1%, up from 13.0% last quarter Average Deposits 702.8 732.4 733.1 2 • Increase primarily du
Slide 24: Credit Portfolio Breakdown
Credit Portfolio Breakdown Credit portfolio is well diversified • Lending portfolio has a strong risk profile Overall Loan Mix (Net Outstanding Loans and Acceptances) • 62% of our portfolio is consumer lending, composed mainly of mortgages, with Canadian uninsured having an average loan-to-value of
Slide 25: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans • Gross impaired loan ratio was down QoQ, primarily due to a decrease in business Gross Impaired Loan Ratios Q2/23 Q1/24 Q2/24 and government loans, partially offset by an increase in Canadian personal lending Canadian Residential Mortgages 0.16% 0.25% 0.26%
Slide 26: Allowance Coverage
Allowance Coverage Total allowance coverage ratio up YoY and down QoQ Total Allowance Coverage Q2/23 Q1/24 Q2/24 • Decrease QoQ was largely attributable to the U.S. Commercial Banking Canadian Credit Cards 4.3% 4.2% 4.0% portfolio, as a result of dispositions in the office sector Canadian Residentia
Slide 27: Canadian Consumer Lending
Canadian Consumer Lending Net Write-offs: Reported Net Write-offs Q2/23 Q1/24 Q2/24 Canadian Residential Mortgages <0.01% <0.01% <0.01% • Overall consumer net write-offs increased QoQ, mainly attributable to seasonality in credit Canadian Credit Cards 2.95% 2.93% 3.25% cards and unsecured lending, c
Slide 28: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) ($MM) Q2/23 Q1/24 Q2/24 Provision for Credit Losses up YoY and down QoQ Cdn. Personal & Business Banking 123 329 270 • Impaired provision was down in Q2/24, largely due to lower impairments in the U.S. and Canadian commercial portfolios, as well as the Canadian reta
Slide 29: Diversification Is Key To A Stable Wholesale Funding Profile
Diversification Is Key To A Stable Wholesale Funding Profile Wholesale Funding Diversification • Well diversified across products, currencies, investor segments and geographic regions • Regular issuance to promote investor engagement and secondary market liquidity • Well balanced maturity profile th
Slide 30: CIBC Funding Strategy And Sources
CIBC Funding Strategy And Sources Funding Strategy • CIBC’s funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis • The wholesale funding strategy is to develop and maintain a su
Slide 31: Wholesale Funding Geography
Wholesale Funding Geography CAD 47.4 BN EUR 12.6 BN, CHF 2.5 BN, GBP 7.7 BN, NOK: 4.4 BN Canada Mortgage Bonds Covered Bonds JPY 125.0 BN Credit Cards Securitization Medium Term Notes Medium Term Notes Medium Term Notes Certificates of Deposit Canadian Dollar Deposits HKD 7.3 BN Me
Slide 32: CIBC Funding Sources And Composition – April 2024
CIBC Funding Sources And Composition – April 20241 Funding Sources BN Client Deposits 540.2 Personal deposits 248.4 Business, Bank and Government deposits 291.8 Wholesale Funding 199.5 Unsecured funding2 150.4 Securitization & Covered Bonds 49.1 Securities sold short or repurchase agreements 133.1 O
Slide 33: Canadian Mortgage Market
Canadian Mortgage Market CIBC®
Slide 34: Canadian House Price Growth Has Normalized
Canadian House Price Growth Has Normalized Household Debt to Income Ratio4 • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations • Growth rates of house prices in Canada have converged across regions Average Home
Slide 35: Mortgage Market Supported By Strong Fundamentals
Mortgage Market Supported By Strong Fundamentals Mortgage Arrears by Number of Mortgages1 Canadian mortgages consistently outperform U.S. and U.K. mortgages • Low defaults and arrears reflect the strong Canadian credit culture • Mortgage interest is generally not tax deductible, resulting in an ince
Slide 36: CIBC’s Mortgage Portfolio
CIBC’s Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 264.5 BN Condo Exposure: CAD 48.9 BN • 16% of CIBC’s Canadian residential mortgage portfolio is insured, with 57% of insurance being provided by CMHC • The average loan to value1 of the uninsured portfolio is 52% • The condo develope
Slide 37: Canadian Mortgage Renewal Profile
Canadian Mortgage Renewal Profile • Using an illustrative 6% rate at time of renewal, and no borrower income growth since origination, mortgage payment increases are forecasted to be less than 3.8% of clients’ income • Low LTV of renewal mortgages ranging from 43% to 61% over the next 5 years • Proa
Slide 38: Legislative Covered Bond Programme, Collateral Pool
Legislative Covered Bond Programme, Collateral Pool
Slide 39: Legislative Programme Summary
Legislative Programme Summary Programme Size CAD 60,000,000,000 Ratings Aaa / AAA by Moody’s / Fitch Asset Percentage Currently at 93.0% Currency Most Convertible Currencies Guarantor CIBC Covered Bond (Legislative) Guarantor Limited Partnership Listing Luxembourg Law Canadian Legislative Framework
Slide 40: Covered Bond Structure
Covered Bond Structure1 • In April 2012, the Canadian government introduced CIBC Interest Rate Swap legislation which provides a framework for the Provider issuance of covered bonds by Canadian financial institutions Consideration CIBC Seller • In July 2012, the National Housing Act was Loans and CI
Slide 41: Cover Pool
Cover Pool Summary Statistics (April 30, 2024)1 Current Collateral Pool Canadian uninsured residential mortgages Asset Percentage Requirement 93.00% Current Balance CAD 46,537,931,691 Outstanding Covered Bonds CAD Eq. 33,413,646,500 Number of Loans 148,417 Average Balance CAD 313,562 Weighted Ave Or
Slide 42: Cover Pool (April 2024)
Cover Pool (April 2024) Remaining Term Geographic Distribution Current Indexed Loan to Value Property Type For footnoted information refer to slides 67 to 72. First Quarter, 2024 41
Slide 43: Contacts
Contacts WOJTEK NIEBRZYDOWSKI JASON PATCHETT VICE PRESIDENT, GLOBAL TERM FUNDING SENIOR DIRECTOR, INVESTOR RELATIONS Email: Wojtek.Niebrzydowski@cibc.ca Email: Jason.Patchett@cibc.com Phone: +1 (416) 956-6748 Phone: +1 (416) 980-8691 Bloomberg: Niebrzydowsk@bloomberg.net First Quarter, 2024 42
Slide 44: Appendix
Appendix CIBCO
Slide 45: Appendix
Appendix 1 ESG Strategy - 45 2 Canadian Mortgage Market - 46 3 CIBC Canadian Real Estate - 49 4 Selected Credit Exposures - 51 5 Canadian Bail-in and Regulatory Regime Update – 53 6 Covered Bond Triggers and Selected Issuances – 60 7 Endnotes, Non-GAAP Measures, Glossary – 67 First Quarter, 2024 44
Slide 46: Committed To Sustainability Leadership & Creating A Competitive Advantage
Committed To Sustainability Leadership & Creating A Competitive Advantage We are focused on embedding ESG principles into our business strategy, purpose and everyday decision-making, while responding to stakeholder interests and operating in line with their expectations to support our business goals
Slide 47: Canadian Mortgage Market Default Insurance
Canadian Mortgage Market Beneficial Mortgage Regulation in Canada • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Default • Insurance covers the entire outstanding principal amo
Slide 48: Canadian Mortgage Market Regulatory Developments
Canadian Mortgage Market Regulatory Developments • Updated Guideline B-20 • Second home mortgage – Residential Mortgage • Max. amortization reduced to insurance no longer Underwriting Practices 35 yrs. from 40 • Reduce max. amortization available and Procedures in • Set min. down payment to 5% to 30
Slide 49: Canadian Mortgage Market Regulatory Developments (continued)
Canadian Mortgage Market Regulatory Developments (continued) • Temporary expansion of portfolio insurance Effective October 25, 2022, the Non-Resident Effective January 2024, eligibility criteria to allow the following for loans Speculation Tax (NRST) rate was increased to 25 per Toronto increased t
Slide 50: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending • Mortgage delinquencies perform in line with expectation 90+ Days Delinquency Rates Q2/23 Q1/24 Q2/24 • Mortgage originations continue to be driven by clients with deep and balanced relationships Total Mortgages 0.16% 0.25% 0.26% • 87% of mortgages are
Slide 51: Canadian Uninsured Residential Mortgages – Q2/24 Originations
Canadian Uninsured Residential Mortgages – Q2/24 Originations1 • Credit quality of new originations continues to remain high • Originations of $7.5B in Q2/24 • Average LTV2 in Canada: 67%, GVA3: 61%, GTA3: 67% Credit Bureau Score4 Distribution 3 3 Loan-to-Value (LTV)2 Distribution 3 3 For footnoted
Slide 52: Commercial Real Estate
Commercial Real Estate • Commercial real estate exposure is well diversified • Canada represents 62% of total Canadian & U.S. real estate exposure • Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.30% Canadian Commercial Real Estate Exposure by Sector1 U.S. Commercial
Slide 53: U.S. Commercial Real Estate – Office Portfolio
U.S. Commercial Real Estate – Office Portfolio • Majority of challenges behind us • Solid progress made as we work through maturity profile and liquidation of problem loans • Gross impaired loan ratio was down from 19.7% in Q1/24 to 10.3% in Q2/24 as a result of focused disposition efforts • 10.2%
Slide 54: Canadian Bail-In Regime Update
Canadian Bail-In Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance’s bank recapitalization (bail-in) conversion regulations • Provide statutory p
Slide 55: Canadian Bail-In Regime – Comparison To Other Jurisdictions
Canadian Bail-In Regime – Comparison To Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on • The hierarchy of
Slide 56: How Bail-In Is Expected To Work
How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. There are no write-down provisions in the fr
Slide 57: Loss Absorption Waterfall
How Bail-In Is Expected To Work Liquidation Scenario Liquidation Resolution Bail-in debt ranks pari passu with all other senior Securitizations, Covered Bonds Securitizations, Covered Bonds unsecured liabilities. Legacy Senior Debt Structured Notes Legacy Senior Debt Derivatives Structured Notes Dep
Slide 58: Comparison Of Canadian And European Hierarchies In Bail-In Resolution
Comparison Of Canadian And European Hierarchies In Bail-In Resolution1 European norm Canada Bank Recapitalization (Bail-in) Regulations Common Equity Tier 1 Common Equity Tier 1 Loss absorption Loss absorption waterfall waterfall Preferred Shares/ AT1 (PONV) Additional Tier 1 Layers of bail-inable T
Slide 59: OSFI Non-Viability Criteria
Office Of The Superintendent Of Financial Institutions (OSFI) Non-Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list1 Whether t
Slide 60: Domestic Stability Buffer
Domestic Stability Buffer Background • Canadian Domestic Systemically Important Banks (D-SIBs) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements • D-SIBs are subject t
Slide 61: Covered Bond Structural Summary - Triggers
Covered Bond Structural Summary - Triggers Trigger Consequences • Servicer downgraded below Baa2/F2 by • Servicer, Guarantor and Bond Trustee agree to Moody’s/Fitch use commercially reasonable efforts to arrange • Servicer defaults on amounts due to Guarantor for the appointment of a successor Servi
Slide 62: Covered Bond Structural Summary - Triggers (continued)
Covered Bond Structural Summary - Triggers (continued) Trigger Consequences • Issuer fails to pay any principal or interest in • Delivery of Issuer Acceleration Notice respect of the Covered Bonds within 10 business • Bond Trustee will serve a Notice to Pay on the days in the case of principal and 3
Slide 63: Covered Bond Structural Summary - Triggers (continued)
Covered Bond Structural Summary - Triggers (continued) Trigger Consequences • Servicer Event of Default, not remedied within 30 days • Notice of loans’ sale given by Issuer to Borrowers • Issuer Event of Default (other than insolvency), not • Borrowers notified to make payments to the Standby remedi
Slide 64: Covered Bond Structural Summary – Triggers (continued)
Covered Bond Structural Summary – Triggers (continued) Trigger Consequences Cash Manager required to direct the Servicer to deposit all Revenue Cash Management Cash Manager’s ratings fall below P-1/F1 or A by Moody’s/Fitch Receipts and Principal Receipts directly into the GDA Account within two Depo
Slide 65: Outstanding Covered Issuances
Outstanding Covered Issuances Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL9 CHF 350,000,000 22-Dec-15 22-Dec-25 0.1250% MS + 0% CBL20 CHF 250,000,000 30-Apr-18 30-Apr-25 0.1000% MS - 0.08% CBL22 EUR 1,000,000,000 09-Jul-19 09-Jul-27 0.0400% MS + 0.09% CBL26 CHF 100
Slide 66: Selected Outstanding TLAC Senior
Selected Outstanding TLAC Senior1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread CH0419040826 EMTN CHF 100,000,000 30-Jan-19 30-Jan-25 0.600% MS + 0.70% XS2056446524 EMTN GBP 300,000,000 25-Sep-19 25-Sep-25 1.625% 1.30% CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15
Slide 67: Selected Outstanding TLAC Senior (continued)
Selected Outstanding TLAC Senior (continued) ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607HR469 SEC USD 1,350,000,000 30-Mar-22 07-Apr-25 3.30% T + 0.85% US13607HR386 SEC USD 650,000,000 30-Mar-22 07-Apr-25 SOFR + 0.94% SOFR + 0.94% US13607HR618 SEC USD 1,0
Slide 68: Endnotes
Endnotes Slide 6 – Debt Programmes Summary 1. International Monetary Fund, October 2022. 2. Source: World Economic Forum, The Global Competitiveness Report 2020. 3. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institut
Slide 69: Endnotes
Endnotes Slide 16 – Making Progress Against Our Through-The-Cycle Financial Objectives 1. Based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 73 for further details. 2. Medium-term targets are defined as through the cycle, which is currently defined as three to five years,
Slide 70: Endnotes
Endnotes Slide 21 – High-Quality, Client-Driven Balance Sheet (Based on Q2-2024 Results) 1. Securitized agency MBS are on balance sheet as per IFRS. 2. Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cann
Slide 71: Endnotes
Endnotes Slide 33 – Canadian House Price Growth Has Normalized 1. Source: CREA, April 2024. 2. 1 USD = 1.3674 CAD. 3. Source: Teranet – National Bank House Price Index. 4. Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different instit
Slide 72: Endnotes
Endnotes Slide 45 – Committed To Sustainability Leadership & Creating A Competitive Advantage 1. In 2022, we set a goal to contribute $800 million over the decade (2023-2032) to community investment initiatives. This includes cash and in-kind contributions, the value of time volunteered by regular e
Slide 73: Endnotes
Endnotes Slide 52 – U.S. Commercial Real Estate – Office Portfolio 1. Watchlist is classified as loans CCC+ to C by S&P Global Rating standards Slide 53 – Canadian Bail-In Regime Update 1. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulation
Slide 74: Non-GAAP Measures
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, th
Slide 75: Glossary
Glossary Second quarter 2024 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, ne
Slide 76: Glossary
Glossary Second quarter 2024 Definition We adjust our reported revenue and non-interest expenses to remove the impact of items of note. Commencing Q1/24, we no longer gross up tax-exempt revenue to bring it to a TEB 12 Adjusted Efficiency Ratio for the application of this ratio to our consolidated r
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