Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Q2 2026 Earnings Presentation
59 slides from Canadian Imperial Bank Of Commerce's earnings presentation, May 28, 2026
Slide 1: Quarterly Results Presentation Second Quarter 2026
Quarterly Results Presentation Second Quarter 2026 May 28, 2026 All amounts are in Canadian dollars unless otherwise indicated. Second 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 presentation, in other filings with Canadian securities regulators or the SEC and in other commun
Slide 3: CIBC Overview
CIBC Overview Harry Culham President & Chief Executive Officer
Slide 4: Q2/26 Overview
Q2/26 Overview Focused execution and continued growth momentum Broad-Based Revenue Growth FI NAN CIAL RE SU LTS Net Interest Income Non-Interest Income Trading Cdn. Personal & Revenue12 ($B) Corp. & ex. Trading ($B) ex. Trading ($B) Diluted EPS ROE4 Other Business Bkg. +11% YoY 16.4% U.S. Comm. Bkg.
Slide 5: Strategic Priorities
Strategic Priorities Continued progress in Q2/26 Grow Our Mass Affluent & Private Wealth Franchise Continued progress RECO G NIZED Ranking among Big 6 INDUST RY LEAD E RS HI P with our mass affluent clients with YoY growth in number of clients1 +4% YoY growth in money-in balances2 +8% banks3 in reta
Slide 6: AI @ CIBC
AI @ CIBC Generating outcomes through improved client experience, team productivity, defensive capabilities, and an empowered workforce Revenue Generation Operational Risk Cultural & Client Experience Efficiency Mitigation Transformation • Timely and actionable • Client meeting preparation • Enhance
Slide 7: Balanced and Disciplined Capital Deployment Aligned with Strategic Priorities
Balanced and Disciplined Capital Deployment Aligned with Strategic Priorities Revenue $27.5B $31.2B $24.1B • Broad-based organic deployment, supporting our client franchise ORGANIC • Deliver market-leading growth at premium returns Q2/24 Q2/25 Q2/26 GROWTH LTM LTM LTM Return of Capital • Dividend gr
Slide 8: Driving Sustainable Growth and Value for Our Stakeholders
Driving Sustainable Growth and Value for Our Stakeholders Results highlight Focused execution Strong balance sheet continued broad- of our client-focused and capital provide based momentum strategy and deep strategic flexibility and sustainable connectivity across while continuing to performance the
Slide 9: Financial Overview
Financial Overview Robert Sedran Senior Executive Vice-President, Chief Financial Officer and Enterprise Strategy
Slide 10: Q2/26 Results Summary
Q2/26 Results Summary Diluted EPS Return on Equity Revenue Operating Leverage1 and Efficiency Ratio Reported $2.53 16.4% $8.0B +14% YoY Reported 4.1% | 52.4% Adjusted2 $2.54 +260 bps / +250 bps YoY Reported & Adjusted2 Adjusted2,3 4.0% | 52.3% +24% YoY Reported & Adjusted2 PPPT4 PCL Ratio5 CET1
Slide 11: Financial Overview
Financial Overview Broad-based revenue growth, operating leverage, and capital strength elevate ROE Reported ($MM) Q2/26 YoY QoQ Q2/26 YoY Highlights: Revenue 8,006 14% (5)% Revenue Non-Trading Net Interest Income 4,583 14% (2)% • Revenue growth of 14% driven by margin expansion, volume growth, high
Slide 12: Net Interest Income (NII)
Net Interest Income (NII) NII (ex-trading) grew 14% YoY, reflecting margin expansion and volume growth Total Bank Net Interest Income Canadian Personal & Commercial5 ($MM) Q2/26 YoY QoQ NIM3,4 Avg. Balances +1 bps Q2/26 NII 4,345 +15% +1% NII (ex. Trading) 4,583 +14% (2)% 3.00% 2 bps 0 bps 3.01% $45
Slide 13: Non-Interest Income
Non-Interest Income Fee income strengthened from growth in market-related fees Non-Interest Income ($MM)4 Growth by Category Market-Related Fees5 ($B) Other +13% +54% +18% (9)% YoY 3,661 3.1 Invst. (4) 2.8 2.5 Mgmt. & 132 2.4 2.3 Trading 6 Custodial +13% YoY $2.8B +14% +18% YoY YoY 293 Mutual 3,234
Slide 14: Non-Interest Expenses
Non-Interest Expenses Delivered another quarter of positive operating leverage contributing to an improving efficiency ratio trend Q2/26 YoY Adjusted1 Expense Growth Drivers ($MM) Operating Leverage (Adjusted1,4) 4.3% 4.3% 4.0% +10% 3.6% +4% 167 3,978 213 4,191 1.7% 3,808 82 (79) Q2/25 Q3/25 Q4/25 Q
Slide 15: Capital and Liquidity
Capital and Liquidity Maintaining robust capital strength and prudent deployment Capital Position $B Q2/25 Q1/26 Q2/26 1 • CET1 ratio of 13.6%, up 20 bps from prior quarter Average Loans and Acceptances 568.4 592.4 597.8 1 • Strong net internal capital generation Average Deposits 793.6 825.2 829.4 2
Slide 16: Canadian Personal & Business Banking
Canadian Personal & Business Banking Strong earnings growth driven by continued revenue growth and positive operating leverage Q2/26 YoY Highlights: Reported Adjusted1 • Drove revenue growth through deepening relationships, pricing discipline, and ($MM) Q2/26 YoY QoQ Q2/26 YoY QoQ tailored advice Re
Slide 17: Canadian Commercial Banking & Wealth Management
Canadian Commercial Banking & Wealth Management Ongoing strength fueled by volume growth, elevated new client activity, and market appreciation Q2/26 YoY Highlights: Reported & Adjusted1 ($MM) Q2/26 YoY QoQ • Solid margin expansion, higher fee-based revenue, and stronger new issue and transactional
Slide 18: U.S. Commercial Banking & Wealth Management
U.S. Commercial Banking & Wealth Management Sustained momentum from disciplined client acquisition and volume growth Reported Adjusted1 Q2/26 YoY Highlights: • Double-digit growth across revenue, commercial banking deposits, and (US$MM) Q2/26 YoY QoQ Q2/26 YoY QoQ AUM Revenue 599 11% (5)% 599 11% (5
Slide 19: Capital Markets
Capital Markets Another quarter of robust earnings growth driven by increased client activity and constructive markets Q2/26 YoY Highlights: Reported & Adjusted1 ($MM) Q2/26 YoY QoQ • Our integrated capital markets solutions, focus on clients, and Revenue 1,868 21% (7)% constructive markets resulted
Slide 20: Corporate & Other
Corporate & Other Q2/26 YoY Highlights: Reported Adjusted1 • Revenue up due to treasury-related activities and higher International Banking ($MM) Q2/26 YoY QoQ Q2/26 YoY QoQ revenue • Expenses up due to higher corporate costs and timing of spend Revenue 225 16 (64) 225 16 (64) Net Interest Income 11
Slide 21: Driving Sustainable Growth and Value for Our Stakeholders
Driving Sustainable Growth and Value for Our Stakeholders Continued momentum Delivering Strong balance sheet and disciplined consistent, and capital support execution of our sustainable results, growth momentum, and connected strategy and industry-leading provide strategic returns flexibility Second
Slide 22: Risk Overview
Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer
Slide 23: Allowance for Credit Losses
Allowance for Credit Losses Allowance for credit losses was up QoQ Allowance for Credit Losses ($MM) – Q2/26 Movements 386 162 4,736 57 4,870 4,455 ( 471 ) Impaired Provisions $548MM Q2/25 Allowance Q1/26 Allowance Performing Retail Business and Net write-offs and Q2/26 Allowance Provisions Governme
Slide 24: PCL on Impaired Loans
PCL on Impaired Loans Total Bank impaired PCL ratio1 up QoQ Total Bank ($MM, bps) Canadian Personal & Business Banking ($MM, bps) 700 50 700 48 60 35 38 44 600 33 40 600 38 50 • Canadian Personal & Business Banking 40 500 30 500 impaired PCL was up, mainly due to economic 30 20 pressures and some se
Slide 25: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans Gross impaired loan ratio was up QoQ • Gross impaired loan ratio was up, attributable to Canadian residential Gross Impaired Loan Ratios Q2/25 Q1/26 Q2/26 mortgages, and business and government loans 1 Canadian Residential Mortgages 0.33% 0.43% 0.47% • New f
Slide 26: Canadian Consumer Lending
Canadian Consumer Lending Net write-offs and delinquencies are up YoY Net Write-offs: • Overall consumer net write-off rates were up QoQ and YoY, primarily driven by Credit Cards, Reported Net Write-offs Q2/25 Q1/26 Q2/26 impacted by sustained elevated unemployment, increased insolvencies during the
Slide 27: In Closing
In Closing Credit quality Prudent provisioning Proactive oversight and continues to supports our ability to timely client demonstrate stability navigate the macro engagement reinforces despite ongoing economic pressure portfolio resilience economic uncertainty Second Quarter 2026 | 26
Slide 28: Appendix
Appendix CIBC®
Slide 29: Digital Trends
Digital Trends Growing digital adoption and engagement in Canadian Personal Banking1 DIGITAL ADOPTION RATE2 ACTIVE DIGITAL BANKING USERS3 DIGITAL CHANNEL USAGE (MM) (# of Sessions, MM) 87.8% 87.9% 88.4% 88.8% 88.5% 8.0 8.1 8.2 8.1 7.9 430 409 419 422 425 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/
Slide 30: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking1 Continued margin expansion driven by rates and business mix tailwinds REVENUE YIELD METRICS ($MM) Net Interest Margin3 Mortgage Portfolio Spreads4 3,882 4,028 3,902 3,740 3,521 696 3.01% 659 668 649 3.00% 660 2.90% 3,214 3,332 3,253 2.81% 2,861 3,081 2.73% Q2/
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 +18% +24% 1,356 1,431 1,403 91 32 638 1,184 1,250 515 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 % of Total Bank 17% 17% 18% 17% 18% Q2/25 Market Net Sales Q2/26 Appreciation NET INCOM
Slide 32: Balance Sheet
Balance Sheet Strong growth in loans and deposits; yields stable AVERAGE ASSETS ($B) & YIELDS1,2,3 AVERAGE LIABILITIES AND EQUITY ($B), & COSTS1,4,5 4.82% 3.28% 4.72% 3.14% 3.07% 4.66% 4.42% 4.46% 2.81% 2.79% 1,155 1,162 1,155 1,162 1,103 1,119 1,103 1,119 1,096 1,096 65 66 62 64 63 265 263 253 253
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 1.0 119 119 0.0 Q2/2
Slide 35: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) PCL trended higher QoQ Provision for Credit Losses higher QoQ ($MM) Q2/25 Q1/26 Q2/26 • Impaired provision was up in Q2/26 due to higher provisions in Canadian Personal Cdn. Personal & Business Banking 389 446 474 and Business Banking, partially offset by lower impa
Slide 36: Allowance Coverage
Allowance Coverage Allowance coverage trended higher both QoQ and YoY Total Allowance Coverage Ratio up QoQ and YoY • QoQ allowance increase is reflective of the evolving economic environment and Total Allowance Coverage Q2/25 Q1/26 Q2/26 credit migration Canadian Credit Cards 4.9% 5.5% 5.4% Canadia
Slide 37: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending Mortgage delinquencies performing in line with expectations • Portfolio average Loan-To-Value (LTV) ratio continues to remain healthy • Condominium mortgages account for 16% of our total residential mortgage portfolio, with a 15% insured mix. This segmen
Slide 38: Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook
Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook Impacts of payment increases at renewal expected to be minimal Current Balances by Renewal Year1 ($B) 78 Variable Rate Fixed Rate 32 • Using illustrative 4.0% and 4.5% mortgage rates at time of renewal, and no borrower income growth 34 since
Slide 39: Canadian Uninsured Residential Mortgages
Canadian Uninsured Residential Mortgages Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution 65% 59% 60% 60% 18% 16% 17% 17% 12% 10% 11% 12% 5% 4% 6% 5% 6% 5% 6% 6% ≤650 651-700 701-750 751-800 >800 3 Canada Total GVA GTA3 Canada Variable Rate Loan-to-Value (
Slide 40: Canadian Uninsured Residential Mortgages – Q2/26 Originations
Canadian Uninsured Residential Mortgages – Q2/26 Originations1 Credit quality of new originations continues to remain high • Originations of $12B in Q2/26 • Average LTV2 in Canada: 65%, GVA3: 63%, GTA3: 66% Credit Bureau Score4 Distribution 49% 52% 51% 49% 23% 25% 23% 25% 18% 15% 18% 18% 8% 7% 6% 7%
Slide 41: Loan Portfolio is Highly Diversified
Loan Portfolio is Highly Diversified Private credit exposure is limited to ~3% of the total loan book; collateral is well diversified Q2/26 Overall Loan Mix (Net Outstanding Loans and Acceptances) 48% Spotlight: Private Credit Exposure Consumer 59% Real Estate Business & Secured Lending Government 4
Slide 42: Commercial Real Estate
Commercial Real Estate Commercial real estate loans outstanding are well diversified Multi-Family Portfolio Metrics Canada US • Canada represents 65% of total Canadian & U.S. real estate loans outstanding Total outstanding ($B) C$13.2 US$5.5 • Gross impaired loans as a percentage of total Canadian &
Slide 43: Trading Revenue Distribution
Trading Revenue Distribution Robust trading performance in recent volatile market ($MM) ($MM) 40 40 30 30 20 20 10 10 0 0 (10) (10) (20) Feb-26 Mar-26 Apr-26 (20) Trading Revenue VaR Second Quarter 2026 | 42
Slide 44: Forward Looking Information
Forward Looking Information Variables used to estimate our Expected Credit Losses1 Forward-Looking Information Variables Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the next 12 months remaining forecast next 12 months remaining
Slide 45: Items of Note
Items of Note Period Q2/26 Reporting Segments Pre-Tax EPS After-Tax & NCI Effect Effect Effect ($MM) ($MM) ($/Share) Canadian Personal and Business Banking Amortization of acquisition-related intangible assets 8 6 0.01 U.S. Commercial Banking and Wealth Management Adjustment to Net Income attributab
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 10 – 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 Q2/26 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 4. Pre-provision,
Slide 50: Endnotes
Endnotes Slide 14 - Capital and Liquidity 3. Normal Course Issuer Bid. On September 8, 2025, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence an NCIB. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million commo
Slide 51: Endnotes
Endnotes Slide 18 – 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 April 30 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 the
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 Second Quarter 2026 | 55
Slide 57: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures Second Quarter 2026 | 56
Slide 58: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures Second Quarter 2026 | 57
Slide 59: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures Second Quarter 2026 | 58
Canadian Imperial Bank of Commerce — Q2 2026 Earnings Presentation on 6ix