Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Q3 2025 Earnings Presentation
55 slides from Canadian Imperial Bank Of Commerce's earnings presentation, Aug 28, 2025
Slide 1: Quarterly Results Presentation
Quarterly Results Presentation Third Quarter 2025 August 28, 2025 All amounts are in Canadian dollars unless otherwise indicated.
Slide 2: Forward-Looking Statements
Forward-Looking Statements Third Quarter 2025 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
Slide 3: CIBC Overview
CIBC Overview Victor Dodig President & Chief Executive Officer
Slide 4: Key Messages
Key Messages Continued Strong Well-positioned to CEO Transition Execution Continue Advancing Strong results across all Robust balance sheet CEO succession businesses reflect and deep client transition going well, unwavering commitment to relationships position us supported by strong executing our cl
Slide 5: Q3/25 Overview
Q3/25 Overview Broad-based revenue growth, balanced expense management, and robust balance sheet FI NAN CIAL RE SU LTS Diversified Revenue Momentum Strong Margin Expansion Diluted EPS ROE4 Corp. & Cdn. Total Bank NIM (ex. Trading)8 Other Personal & Business Bkg U.S. $2.16 $2.15 14.2% 14.2% +10 bps +
Slide 6: Our Strategy
Our Strategy Continued execution of our client-focused strategy and differentiated advice Grow Our Mass Affluent & Expand Our Digital-First Private Wealth Franchise Personal Banking Capabilities Launched the tiered Ranked #1 by J.D. Digital Registration has Launched the CIBC CIBC Smart Account, Powe
Slide 7: In Closing
In Closing Positioning CIBC for consistent, strong, profitable growth Results demonstrate Relentless Well-positioned to continued client focus and execute on our momentum and execution mindset strategy to deliver consistency amid with strong relative ongoing global trade performance across outperfor
Slide 8: Financial Overview
Financial Overview Robert Sedran Senior Executive Vice-President, Chief Financial Officer and Enterprise Strategy
Slide 9: Q3/25 Results Snapshot
Q3/25 Results Snapshot Results demonstrate continued momentum and balance sheet strength Diluted Earnings Per Share Return on Equity Revenue Operating Leverage1 Reported $2.15 Reported 14.2% $7.3B Reported 1.9% +10% YoY Adjusted2 $2.16 Adjusted2 14.2% Reported & Adjusted2 Adjusted2,3 1.7% PPPT4 PCL
Slide 10: Financial Overview
Financial Overview Revenue growth and expense discipline driving double-digit earnings growth and positive operating leverage Reported ($MM) Q3/25 YoY QoQ Q3/25 YoY Highlights: Revenue 7,254 10% 3% Revenue Non-Trading Net Interest Income 4,297 13% 7% • Broad-based revenue growth of 10% driven by mar
Slide 11: Net Interest Income (NII)
Net Interest Income (NII) NII (ex-trading) grew 13% YoY, continuing to benefit from volume growth and margin expansion NII and NIM Total Bank NIM (ex. Trading)3,4 +10 bps YoY 1.88% 1.84% 1.94% +6 bps YoY 2 bps 1.50% 1.58% 1.94% 1.54% 5 bps 4,048 +15% 3,532 3,788 (1) bps (249) (278) (222) 1.88% 3,810
Slide 12: Non-Interest Income
Non-Interest Income Momentum in underwriting and advisory activities fueling fee income growth Non-Interest Income by Category ($MM)4 Market-Related Fees5 Transactional Fees5 +4% 3,234 3,206 YoY Other 3,072 +18% YoY 969 816 (3)% 845 Investment Mgmt. & Deposit & Custodial Credit Payment Trading +9% Y
Slide 13: Non-Interest Expenses
Non-Interest Expenses Balanced approach to expense management leads to positive operating leverage Adjusted1 Expenses ($MM) and Operating Leverage Q3/25 YoY Adjusted1 Expense Growth Drivers ($MM) +8% +8% +4% +4% 166 3,965 3,808 3,965 134 3,799 3,665 3,665 Operating Adj.1: 0.6% Adj.1: 4.3% Adj.1: 1.7
Slide 14: Capital and Liquidity
Capital and Liquidity Robust balance sheet supports continued organic growth and return to shareholders Capital Position $B Q3/24 Q2/25 Q3/25 • Balance sheet continues to remain well positioned to support organic growth Average Loans and Acceptances 1 545.9 568.4 576.3 1 • CET1 ratio of 13.4%, consi
Slide 15: Canadian Personal & Business Banking
Canadian Personal & Business Banking Strong margin expansion and continued positive operating leverage Q3/25 YoY Highlights: Reported Adjusted1 • Client-focused strategy delivering solid net interest income ($MM) Q3/25 YoY QoQ Q3/25 YoY QoQ growth driven primarily by strong margins Revenue 3,061 10%
Slide 16: Canadian Commercial Banking & Wealth Management
Canadian Commercial Banking & Wealth Management Record earnings fueled by volume growth, market appreciation, and net sales Q3/25 YoY Highlights: Reported & Adjusted1 ($MM) Q3/25 YoY QoQ • Robust volume growth driving higher net interest income Revenue 1,723 13% 5% • Excluding impact of last year’s
Slide 17: U.S. Commercial Banking & Wealth Management
U.S. Commercial Banking & Wealth Management Strong earnings growth driven by core business drivers and lower PCLs Q3/25 YoY Highlights: Reported Adjusted1 • Deposit volumes and margin expansion driving strong net interest income growth (US$MM) Q3/25 YoY QoQ Q3/25 YoY QoQ Revenue 576 8% 6% 576 8% 6%
Slide 18: Capital Markets
Capital Markets Robust earnings driven by strong growth in Global Markets and Corporate & Investment Banking Q3/25 YoY Highlights: Reported Adjusted1 • Differentiated, client-focused strategy driving strong, broad-based revenue growth ($MM) Q3/25 YoY QoQ Q3/25 YoY QoQ • Global markets adjusted1,2 re
Slide 19: Corporate & Other
Corporate & Other Q3/25 YoY Highlights: Reported Adjusted1 • Reported and adjusted1 revenue down ($MM) Q3/25 YoY QoQ Q3/25 YoY QoQ • Normalized Treasury-related revenues, down from an Revenue2 174 (309) (35) 174 (186) (35) unusually elevated prior year quarter Net Interest Income 114 (258) 12 114 (1
Slide 20: In Closing
In Closing Positioning CIBC for consistent, strong, profitable growth Another quarter of Continued revenue Balance sheet strong results momentum and strength enables driven by benefits from growth and capital consistent investments sustain return to execution of our positive operating shareholders s
Slide 21: Risk Overview
Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer
Slide 22: Key Messages
Key Messages Robust allowance Resilient credit We remain close to for credit losses to performance in both our clients amid prepare for a variety retail and business & macroeconomic of potential government portfolios uncertainty economic outcomes Third Quarter 2025 21
Slide 23: Allowance for Credit Losses
Allowance for Credit Losses Allowance for credit losses was up QoQ Our total provision for credit losses was $559MM in Q3/25, compared to $605MM last quarter Allowance for Credit Losses ($MM) – Q3/25 Movements +$474MM 353 128 4,455 78 4,588 4,114 ( 426 ) Impaired Provisions $481MM Q4/24 Allowance Q2
Slide 24: PCL on Impaired Loans
PCL on Impaired Loans1 Total impaired provision ratio was flat QoQ Total Bank ($MM, bps) Canadian Personal & Business Banking ($MM, bps) • Canadian Personal & Business Banking 600 50 700 44 43 impaired PCL was flat 50 550 33 33 40 600 38 29 40 • Capital Markets impaired PCL was largely 500 30 500 45
Slide 25: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans Gross impaired loan ratio down slightly QoQ • Gross impaired loan ratio was down slightly QoQ, due to a decrease in Gross Impaired Loan Ratios Q3/24 Q2/25 Q3/25 business and government loans, partially offset by an increase in consumer Canadian Residential M
Slide 26: Canadian Consumer Lending
Canadian Consumer Lending Net write-offs and delinquencies trending in line with our expectations Net Write-offs: • Overall consumer net write-off rates were flat QoQ, with the YoY increase driven by an Reported Net Write-offs Q3/24 Q2/25 Q3/25 environment with rising unemployment Canadian Residenti
Slide 27: In Summary
In Summary Solid credit Growing allowance Proactive performance over the year management demonstrates provides coverage continues as we disciplined and for various potential navigate an prudent risk trade policy uncertain economic management outcomes backdrop Third Quarter 2025 26
Slide 28: Appendix
Appendix CIBCO®
Slide 29: Digital Trends
Digital Trends Growing Digital Adoption & Engagement in Canadian Personal Banking1 DIGITAL ADOPTION RATE2 ACTIVE DIGITAL BANKING USERS3 DIGITAL CHANNEL USAGE (MM) (# of Sessions, MM) 87.8% 87.9% 8.0 87.6% 7.9 7.9 413 409 419 391 393 86.7% 7.5 86.3% 7.4 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25
Slide 30: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking1 Continued margin expansion driven by rates and business mix tailwinds REVENUE YIELD METRICS ($MM) Net Interest Margin3 Mortgage Portfolio Spreads4 3,598 3,740 3,393 3,479 3,521 2.81% 666 659 714 662 660 2.73% 2.72% 2,817 2,932 2,861 3,081 2.65% 2,679 2.63% Q3/
Slide 31: North American Wealth Management
North American Wealth Management1 Strong markets and net sales drive asset growth REVENUE1 ASSETS UNDER ADMINISTRATION2 (C$MM) (C$B) Canada U.S +15% +12% 1,286 1,184 1,250 45 16 552 1,085 1,160 492 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 % of Total Bank (Adjusted) 16% 18% 18% 17% 17% Q3/24 Market Net Sales Q3
Slide 32: Balance Sheet
Balance Sheet Modest growth in loans and deposits; yields down reflecting rate decreases AVERAGE ASSETS ($B) & YIELDS1,2,3 AVERAGE LIABILITIES AND EQUITY ($B), & COSTS1,4,5 5.70% 5.48% 4.20% 3.97% 5.00% 4.82% 3.51% 3.28% 4.72% 3.14% 1,099 1,096 1,103 1,099 1,096 1,103 1,036 1,036 60 63 62 1,012 1,01
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 $500B of the total funding base • Funding strategy is suppleme
Slide 34: Interest Rate Sensitivity
Interest Rate Sensitivity Well-positioned in a changing rate environment NET INTEREST INCOME SENSITIVITY TO A +/- 100 BPS CHANGE1 INTEREST RATE ENVIRONMENT2 ($MM) 5YR CAD Swap – Average (%) 5.0 Impact by Currency Long-Term vs. Short-Term Rates 4.0 D 3.0 2.0 e 147 147 1.0 0.0 s 116 145 p Q3/25 Q3/26
Slide 35: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) PCL trended lower QoQ Provision for Credit Losses down QoQ ($MM) Q3/24 Q2/25 Q3/25 • Impaired provision was up in Q3/25 due to higher impairments in Capital Markets, Cdn. Personal & Business Banking 342 389 444 partially offset by decreases in Canadian Commercial an
Slide 36: Allowance Coverage
Allowance Coverage Allowance coverage trended higher QoQ and YoY Total Allowance Coverage Ratio up QoQ and YoY Total Allowance Coverage Q3/24 Q2/25 Q3/25 • Allowance increase is reflective of the evolving economic environment Canadian Credit Cards 4.1% 4.9% 4.6% Canadian Residential Mortgages 0.1% 0
Slide 37: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending Mortgage delinquencies performing in line with expectations • Portfolio average Loan-To-Value (LTV) continues to remain healthy • Condominium mortgages account for 16% of our total residential mortgage portfolio, with a 15% insured mix. This segment cont
Slide 38: Canadian Mortgages Renewal Profile – 3 Year Outlook
Canadian Mortgages Renewal Profile – 3 Year Outlook Impacts of payment increases at renewal expected to be minimal 83 83 Current Balances by Renewal Year1 ($B) 24 Variable Rate 35 Fixed Rate • Using illustrative 4.0% and 4.5% 59 mortgage rates at time of renewal, 17 48 and no borrower income growth
Slide 39: Canadian Uninsured Residential Mortgages
Canadian Uninsured Residential Mortgages Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution 64% 58% 59% 57% 18% 16% 18% 18% 13% 12% 12% 13% 5% 4% 5% 6% 6% 4% 6% 6% ≤650 651-700 701-750 751-800 >800 Canada Total GVA 3 GTA 3 Canada Variable Rate Loan-to-Value
Slide 40: Canadian Uninsured Residential Mortgages – Q3/25 Originations
Canadian Uninsured Residential Mortgages – Q3/25 Originations1 Credit quality of new originations continues to remain high • Originations of $13B in Q3/25 • Average LTV2 in Canada: 65%, GVA3: 63%, GTA3: 65% Credit Bureau Score4 Distribution 50% 52% 52% 52% 22% 22% 22% 23% 18% 16% 17% 17% 8% 8% 7% 6%
Slide 41: Credit Portfolio Breakdown
Credit Portfolio Breakdown Lending portfolio has a strong risk profile and is well diversified Overall Loan Mix (Net Outstanding Loans and Acceptances) Auto Lending 2% Industries that may be impacted by Consumer Personal Lending 3% tariffs are diversified, and represent 61% only 4% of the total lend
Slide 42: Commercial Real Estate
Commercial Real Estate Commercial real estate loans outstanding are well diversified Multi-Family Portfolio Metrics Canada US • Canada represents 66% of total Canadian & U.S. real estate loans outstanding Total outstanding ($B) C$11.9 US$5.4 • Gross impaired loans as a percentage of total Canadian &
Slide 43: Trading Revenue Distribution
Trading Revenue Distribution Robust trading performance in recent volatile market ($MM) ($MM) 30 30 20 20 10 10 0 0 (10) (10) (20) May-25 Jun-25 Jul-25 (20) Trading Revenue VaR Third Quarter 2025 42
Slide 44: Forward Looking Information
Forward Looking Information Variables used to estimate our Expected Credit Losses1 Forward-Looking Information Variables Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the next 12 months remaining forecast next 12 months remaining
Slide 45: Items of Note
Items of Note Third Quarter 2025 Period Q3/25 Reporting Segments Pre-Tax EPS After-Tax & NCI Effect Effect Effect ($MM) ($MM) ($/Share) Canadian Personal and Business Banking Amortization of acquisition-related intangible assets 11 8 0.01 U.S. Commercial Banking and Wealth Management Adjustment to N
Slide 46: Endnotes
Endnotes Third Quarter 2025 Slide 4 – CIBC Overview 2. Adjusted results are non-GAAP measures. See slide 52 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 52 for further details. 4. For additional informatio
Slide 47: Endnotes
Endnotes Third Quarter 2025 Slide 9 – Financial Overview 1. Adjusted results are non-GAAP measures. See slide 52 for further details. 3. For additional information on the composition, see the "Glossary" section in the Q3/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com.
Slide 48: Endnotes
Endnotes Third Quarter 2025 Slide 13 - Capital and Liquidity 1. Average balances are calculated as a weighted average of daily closing balances. 2. RWA and our capital balances and ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Re
Slide 49: Endnotes
Endnotes Third Quarter 2025 Slide 16 – U.S. Commercial Banking & Wealth Management 1. Adjusted results are non-GAAP measures. See slide 52 for further details. 2. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. 3. C
Slide 50: Endnotes
Endnotes Third Quarter 2025 Slide 28 – Digital Trends 1. Based on spot balances as at July 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
Slide 51: Endnotes
Endnotes Third Quarter 2025 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 adminis
Slide 52: Endnotes
Endnotes Third Quarter 2025 Slide 37 – Canadian Mortgages Renewal Profile – 3 Year Outlook 1. Excludes third party mortgages which were not originated by CIBC. 2. Includes remaining renewals only. 3. Based on average original qualification rate of all cohorts. Slide 38 – Canadian Uninsured Residenti
Slide 53: Non-GAAP Measures
Non-GAAP Measures Third Quarter 2025 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 measu
Slide 54: Glossary
Glossary Third Quarter 2025 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
Slide 55: Glossary
Glossary Third Quarter 2025 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 loan
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