Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — CIBC — Q4 2011 Earnings Presentation
18 slides from Canadian Imperial Bank Of Commerce's earnings presentation, Dec 1, 2011
Slide 1: Fourth Quarter 2011 Investor Presentation
Fourth Quarter, 2011 Investor Presentation CIBC Investor Presentation December 1, 2011 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 securi
Slide 2: CIBC Overview
Fourth Quarter, 2011 Investor Presentation CIBC Overview Gerry McCaughey President and Chief Executive Officer Fourth Quarter, 2011 Financial Review Kevin Glass Senior Executive Vice-President and Chief Financial Officer 2
Slide 3: Q4 2011 Summary
Fourth Quarter, 2011 Investor Presentation Q4 2011 Summary $ Per Share EPS(1): $1.89 Includes(3): Cash EPS(2): $1.91 – Net Gain on sale of a Merchant Banking Investment 0.12 – Loan Loss in the exited European Leveraged Finance business (0.05) – Loss on Structured Credit Run-off (0.03) Tier 1 Capital
Slide 4: Retail & Business Banking
Fourth Quarter, 2011 Investor Presentation Retail & Business Banking Revenue Components F ‘10 F ‘11 ($MM) Q4 Q1 Q2 Q3 Q4 Personal Banking 1,615 1,647 1,577 1,630 1,609 Business Banking 356 349 339 358 357 Other (10) (16) (11) 31 95 1,961 1,980 1,905 2,019 2,061 vs. Q4/10: • Personal Banking hurt by
Slide 5: Wealth Management
Fourth Quarter, 2011 Investor Presentation Wealth Management Revenue Components F ‘10 F ‘11 ($MM) Q4 Q1 Q2 Q3 Q4 Retail Brokerage 255 281 282 263 256 Asset Management 99 111 114 116 115 Private Wealth Management 24 24 24 25 25 378 416 420 404 396 vs. Q4/10: • Retail Brokerage hurt by lower commissio
Slide 6: Wholesale Banking
Fourth Quarter, 2011 Investor Presentation Wholesale Banking Revenue Components F ‘10 F ‘11 ($MM) Q4 Q1 Q2 Q3 Q4 Capital Markets 233 318 291 251 251 Corporate & (1) Investment Banking 146 222 164 232 334 (1) (1) (1) (1) Other (115) (30) (17) 20 28 (1) (2) Total Revenue (TEB) 264 510 438 503 613 Tota
Slide 7: Structured Credit Run-off
Fourth Quarter, 2011 Investor Presentation Structured Credit Run-off Q4/11 Pre-Tax After-Tax EPS Effect Effect ($MM) Effect ($MM) ($/share) [1] Credit Valuation Adjustments with Financial Guarantors (34) (24) (0.06) [2] Purchased Credit Derivatives Hedging Loans & Receivables 49 35 0.09 [3] Gains/(L
Slide 8: Appendix: Balances & Market Share
Fourth Quarter, 2011 Investor Presentation Fourth Quarter, 2011 Financial Review Appendix Retail, Business Banking & Wealth Management Balances & Market Share (1) (2) Balances Market Share (%) ($B) Q3/11 Q4/11 Cards(3) 15.6 18.5 18.5 Mortgages(3) 144.4 13.7 13.6 CIBC Brand 84.8 7.9 8.0 Other(4) 59.6
Slide 9: Wholesale Banking Market Share
Fourth Quarter, 2011 Investor Presentation Wholesale Banking Market Share (%) F ‘10 F ‘11 Q4 Q1 Q2 Q3 Q4 Canadian Equity New 12.5 13.5 13.2 13.2 13.3 Issues(1) Equity Trading 19.8 Canada - % 19.0 19.6 18.9 of shares 17.9 Traded - Total(2) 17.7 16.4 15.5 Corporate Debt 14.9 New Issues(3) 13.0 M&A Ran
Slide 10: Items of Note
Fourth Quarter, 2011 Investor Presentation Items of Note Fiscal 2010 Pre-Tax After-Tax EPS Effect Strategic Business Unit Q4 2010 Effect ($MM) Effect ($MM) ($/share) Loss on Structured Credit Run-off Activities (177) (122) (0.31) Wholesale Bkg Impact of Capital Repatriation Activities 411 (117) (0.3
Slide 11: Q4 Credit Review
Fourth Quarter, 2011 Investor Presentation Fourth Quarter, 2011 Risk Review Tom Woods Senior Executive Vice-President and Chief Risk Officer Q4 Credit Review Specific Loan Loss Provisions ($MM) 257 232 25(1) 232 Q3 Q4 F ‘11 F ‘11 (1) European Run-off portfolio reserve. 22 11
Slide 12: Cards (Managed)
Fourth Quarter, 2011 Investor Presentation Cards (Managed) ($MM) 300 8.0% 7.0% 250 6.0% 200 5.0% 150 4.0% 248 224 218 3.0% 100 192 191 182 180 183 197 184 170 164 138 2.0% 50 1.0% 0 0.0% (1) Q4/08 Q2/09 Q4/09 Q2/10 Q4/10 Q2/11 Q4/11 PCL Net Credit Loss Ratio • During Q4/09, we reclassified the speci
Slide 13: Exposure to Certain Countries and Regions
Fourth Quarter, 2011 Investor Presentation Exposure to Certain Countries and Regions Derivative MTM As of Q4/11 Receivables (2) ($MM) Sovereigns Banks (Banks) Greece $- $- $- Ireland - $10 $194 Italy - - $57 Portugal - - - Spain - - $6 Middle East & North Africa - - $1 (1 ) $- $10 $258 Less Collater
Slide 14: Trading Revenue Days
Fourth Quarter, 2011 Investor Presentation European Leveraged Finance As of Q4/11 $MM Drawn Undrawn Total exposure(1) 457 91 U.S. Leveraged Finance As of Q4/11 $MM Drawn Undrawn Total exposure(1) 112 179 (1) Net of write-downs and allowance for credit losses. 27 Q4 Trading Revenue (TEB) Distribution
Slide 15: Tier Ratio Movement in Q4
Fourth Quarter, 2011 Investor Presentation Tier 1 Ratio Movement in Q4 0.73% (0.39%) (0.36%) 0.19% (0.14%) 0.11% 14.7% 14.6% American Century Investments Earnings Dividends Other RWAs Capital Capital Issued Q3 Q4 F ‘11 F ‘11 29 Fourth Quarter, 2011 Q&A 15
Slide 16: IFRS Update
Fourth Quarter, 2011 Investor Presentation IFRS Update Kevin Glass Senior Executive Vice-President and Chief Financial Officer Upcoming IFRS Disclosure What When Forum Opening Balance Sheet December 1, 2011 2011 Annual Report Restated Comparative P&L Late January 2012 Restated Supplemental Go Live R
Slide 17: Balance Sheet
Fourth Quarter, 2011 Investor Presentation Balance Sheet November 1, 2010 (Opening) ($B) Key Impacts ($B) Canadian IFRS IFRS Assets: Assets GAAP Adjustments Cash and Deposits with Banks 12.1 (1.2) 10.8 • 27.4 Mortgage Securitization Securities 77.6 (23.3) 54.3 • 3.8 Cards Securitization Mortgages 93
Slide 18: Regulatory Capital
Fourth Quarter, 2011 Investor Presentation Regulatory Capital Fiscal 2012 • Reduction in Tier 1 Capital (Basel II) of $1.4 billion (from 14.7% to 13.6%) • OSFI’s transitional relief allows us to phase-in $1.3 billion of the impact over 2012 • Tier 1 ratio after adjustments for transitional relief is