Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — CIBC — Q4 2025 Earnings Presentation
68 slides from Canadian Imperial Bank Of Commerce's earnings presentation, Dec 4, 2025
Slide 1: Quarterly Results Presentation
Quarterly Results Presentation Fourth Quarter 2025 December 4, 2025 All amounts are in Canadian dollars unless otherwise indicated. Fourth Quarter 2025 | 0
Slide 2: Forward-Looking Statements
Forward-Looking Statements Fourth 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 Harry Culham President & Chief Executive Officer
Slide 4: Our Strategy and Path Forward Are Unchanged
Our Strategy and Path Forward Are Unchanged Our Ambition A client-focused, connected, and performance-driven bank, delivering Has Evolved industry-leading shareholder returns Our Strategy Accelerating implementation of proven strategic priorities Remains will generate momentum and drive relative out
Slide 5: FY2025 Overview
FY2025 Overview Strong shareholder returns fueled by double-digit revenue growth, positive operating leverage, and robust capital strength FI NAN CIAL RE SU LTS Broad-Based Revenue Growth Delivering Profitable Growth Diluted EPS ROE4 Corp. & Cdn. Other Personal & $8.61 $8.57 14.4% 14.3% Business Bkg
Slide 6: Furthering Momentum Through Our Consistent Strategy
Furthering Momentum Through Our Consistent and Client-Focused Strategy Grow Our Mass Affluent & Expand Our Digital-First Private Wealth Franchise Personal Banking Capabilities Imperial Service ranked #1 on the 2025 Investment Executive Named Best Consumer Banking Mobile Report Card and delivered a r
Slide 7: Driving Sustainable Growth and Value
Driving Sustainable Growth and Value for Our Stakeholders Our ambition and the We have built a Execution mindset consistent foundation to and unwavering client execution of our generate profitable focus will drive strong strategy position us growth and deliver stakeholder value for long-term success
Slide 8: Financial Overview
Financial Overview Robert Sedran Senior Executive Vice-President, Chief Financial Officer and Enterprise Strategy
Slide 9: Q4/25 Results Snapshot
Q4/25 Results Snapshot Record performance reflects disciplined execution of our client-focused and connected strategy Diluted Earnings Per Share Return on Equity Revenue Operating Leverage1 Reported $2.20 14.1% $7.6B Reported 4.2% Adjusted2 $2.21 +80 bps / +70 bps YoY +14% YoY Adjusted2,3 4.3% +16%
Slide 10: Financial Overview
Financial Overview Strong top-line and positive operating leverage drove double-digit earnings growth Reported ($MM) Q4/25 YoY QoQ Q4/25 YoY Highlights: Revenue 7,576 14% 4% Revenue Non-Trading Net Interest Income 4,468 14% 4% • Broad-based revenue growth of 14% driven by margin expansion, volume No
Slide 11: Net Interest Income (NII)
Net Interest Income (NII) NII (ex-trading) grew 14% YoY, reflecting margin expansion and volume growth NII ($MM) and NIM Total Bank NIM (ex. Trading)3,4 +14 bps YoY 1.94% 1.86% 2.00% +6 bps YoY 2 bps 0 bps 1.50% 1.58% 1.59% 2.00% 4,132 +14% 4 bps 4,048 3,633 (336) (249) (303) 1.94% 3,936 4,297 4,468
Slide 12: Non-Interest Income
Non-Interest Income Fee income fueled by broad-based growth in market-related fees and higher credit fees Non-Interest Income by Category ($MM)4 Market-Related Fees5 Transactional Fees5 +15% 3,444 YoY Other 3,206 +23% 2,984 YoY 933 +19% 816 Investment 785 Mgmt. & Deposit & Credit Custodial Payment T
Slide 13: Non-Interest Expenses
Non-Interest Expenses Balanced approach to expense management delivered positive operating leverage Adjusted1 Expenses ($MM) and Operating Leverage Q4/25 YoY Adjusted1 Expense Growth Drivers ($MM) +10% +5% +10% 4,168 312 24 4,168 3,965 3,782 (58) 108 3,782 Operating Adj.1: 1.8% Adj.1: 1.7% Adj.1: 4.
Slide 14: Capital and Liquidity
Capital and Liquidity Maintained balance sheet strength through disciplined resource allocation Capital Position $B Q4/24 Q3/25 Q4/25 • Balance sheet continues to remain well positioned to support organic growth Average Loans and Acceptances 1 551.7 576.3 584.7 1 • CET1 ratio of 13.3%, down 7 bps fr
Slide 15: Canadian Personal & Business Banking
Canadian Personal & Business Banking Strong PPPT growth through leading client experience, expert advice, and digital innovation Q4/25 YoY Highlights: Reported Adjusted1 • Strong top-line growth supported by our focus on everyday banking ($MM) Q4/25 YoY QoQ Q4/25 YoY QoQ relationships and the Mass A
Slide 16: Canadian Commercial Banking & Wealth Management
Canadian Commercial Banking & Wealth Management Continued momentum in net sales and volume growth delivered top-line strength Q4/25 YoY Highlights: Reported & Adjusted1 ($MM) Q4/25 YoY QoQ • Strong margin expansion and fee-based revenue growth driven by fostering strong partnerships with commercial
Slide 17: U.S. Commercial Banking & Wealth Management
U.S. Commercial Banking & Wealth Management Revenue uplift through deep client relationships, unique financial solutions, and deposit strength Q4/25 YoY Highlights: Reported Adjusted1 • Focus on high-touch relationships and building scale in our Wealth platform drove strong revenue growth (US$MM) Q4
Slide 18: Capital Markets
Capital Markets Consistent execution and targeted investments delivered another quarter of strong earnings Q4/25 YoY Highlights: Reported & Adjusted1 ($MM) Q4/25 YoY QoQ • Integrated capital markets solutions, innovative platform, and expert advice fueled strong revenue growth Revenue 1,523 32% 1% •
Slide 19: Corporate & Other
Corporate & Other Q4/25 YoY Highlights: Reported & Adjusted1 ($MM) Q4/25 YoY QoQ • Revenue lower YoY and higher sequentially Revenue2 219 (66) 45 • Mainly due to normalization of treasury-related revenues Net Interest Income 133 (45) 19 • Expenses lower due to timing Non-Interest Income 86 (21) 26 •
Slide 20: FY2025 Business Performance & Outlook
FY2025 Business Performance & Outlook Continued execution against our strategy delivered sustainable value for our stakeholders FINANCIAL PERFORMANCE AGAINST OUR MEDIUM-TERM TARGETS Reported ($MM) F25 YoY Revenue 29,133 14% Adjusted1 Diluted EPS1 Growth Adjusted1 Return on Equity Expenses 15,852 10%
Slide 21: Risk Overview
Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer
Slide 22: Key Messages
Key Messages Loan Losses Maintaining stability Robust allowance remained through dynamic risk coverage reflects favourable, within strategies and prudent risk discipline our guidance for strong client fiscal 2025 relationships Fourth Quarter 2025 | 21
Slide 23: Allowance for Credit Losses
Allowance for Credit Losses Allowance for credit losses was up QoQ Allowance for Credit Losses ($MM) – Q4/25 Movements +$625MM 334 163 4,588 108 4,739 4,114 (454) Impaired Provisions $497MM Q4/24 Allowance Q3/25 Allowance Performing Retail Business and Net write-offs and Q4/25 Allowance Provisions G
Slide 24: PCL on Impaired Loans
PCL on Impaired Loans Total Bank impaired PCL ratio1 up slightly QoQ Total Bank ($MM, bps) Canadian Personal & Business Banking ($MM, bps) FY25 FY25 33bps 41bps • Canadian Personal & Business Banking and 700 US Commercial impaired PCLs were down 600 50 43 40 50 550 30 33 34 40 600 35 40 • Capital Ma
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 due to a new impairment Gross Impaired Loan Ratios Q4/24 Q3/25 Q4/25 1 • New formations were up in business and government loans, but down in Canadian Residential Mortgages 0.28%
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 down QoQ, with a slight YoY increase driven by Reported Net Write-offs Q4/24 Q3/25 Q4/25 higher unemployment Canadian Residential Mortgages 1
Slide 27: In Closing
In Closing Stable credit Proactive Increased performance management allowance demonstrates actions continue provides robust resilience in a to mitigate risk coverage for future challenging effectively uncertainties environment Fourth Quarter 2025 | 26
Slide 28: Appendix
Appendix CIBC®
Slide 29: Canadian Personal & Business Banking FY2025 Results
Canadian Personal & Business Banking FY2025 Results Helping our clients achieve their ambitions, and delivering sustainable, market-leading performance F25 FINANC IAL R ES U LTS STRATEGIC HIGHLIGHTS Revenue PPPT2 Ranked #1 by J.D Power Ranked #1 for the Ranked #1 by in customer satisfaction 2025 Inv
Slide 30: Canadian Commercial Banking & Wealth Management FY2025 Results
Canadian Commercial Banking & Wealth Management FY2025 Results Becoming Canada’s leader in financial services and advice to commercial and high-net-worth clients F25 FINANC IAL R ES U LTS STRATEGIC HIGHLIGHTS Revenue PPPT2 Investor’s Edge ranked 1st Recognized as Canada’s Top Reported & Adjusted1 Re
Slide 31: U.S. Commercial Banking & Wealth Management FY2025 Results
U.S. Commercial Banking & Wealth Management FY2025 Results Providing relationship-oriented banking for businesses and high-net-worth clients in key U.S. markets F25 F I N A N C I A L R E S U L T S (U S $) STRATEGIC HIGHLIGHTS Revenue PPPT2 CIBC Private Wealth remains US Private Wealth ranked #6 amon
Slide 32: Capital Markets FY2025 Results
Capital Markets FY2025 Results Delivering innovative solutions by providing best-in-class insight and advice, leveraging our differentiated platform capabilities F25 FINANC IAL R ES U LTS STRATEGIC HIGHLIGHTS Revenue PPPT2 Awarded Financial Adviser of the Recognized as Best Investment Year in North
Slide 33: Digital Trends
Digital Trends Growing Digital Adoption & Engagement in Canadian Personal Banking1 DIGITAL ADOPTION RATE2 ACTIVE DIGITAL BANKING USERS3 DIGITAL CHANNEL USAGE (MM) (# of Sessions, MM) 88.4% 8.1 8.0 413 409 419 422 87.8% 87.9% 7.9 393 87.6% 7.9 86.7% 7.5 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25
Slide 34: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking1 Continued margin expansion driven by rates and business mix tailwinds REVENUE YIELD METRICS ($MM) Net Interest Margin3 Mortgage Portfolio Spreads4 3,740 3,882 3,598 3,521 2.90% 3,479 659 668 662 666 660 2.81% 2.73% 3,214 2.72% 2,817 2,932 2,861 3,081 2.65% Q4/
Slide 35: North American Wealth Management
North American Wealth Management1 Strong markets and net sales drove asset growth REVENUE1 ASSETS UNDER ADMINISTRATION2 (C$MM) (C$B) Canada U.S +17% +17% 1,286 1,250 1,356 66 21 597 1,160 1,184 510 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 % of Total Bank 18% 18% 17% 17% 18% Q4/24 Market Net Sales Q4/25 Appreci
Slide 36: 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 3.97% 5.48% 5.00% 3.51% 4.82% 3.28% 3.14% 4.72% 4.66% 3.07% 1,099 1,103 1,119 1,099 1,103 1,119 1,096 1,096 1,036 1,036 60 62 6
Slide 37: 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 $500B of the total funding base • Funding strategy is suppleme
Slide 38: Interest Rate Sensitivity
Interest Rate Sensitivity Effective interest rate risk management in a changing rate environment NET INTEREST INCOME SENSITIVITY TO A +/- 100 BPS CHANGE1 INTEREST RATE ENVIRONMENT2 ($MM) D 5YR CAD Swap – Average (%) 5.0 Impact by Currency Long-Term vs. Short-Term Rates 4.0 e 3.0 2.0 s 163 163 1.0 p
Slide 39: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) PCL trended higher QoQ Provision for Credit Losses up QoQ ($MM) Q4/24 Q3/25 Q4/25 • Impaired provision was up in Q4/25 due to higher impairments in Capital Markets Cdn. Personal & Business Banking 280 444 503 and Canadian Commercial Banking, partially offset by lowe
Slide 40: Allowance Coverage
Allowance Coverage Allowance coverage trended higher QoQ and YoY Total Allowance Coverage Ratio up QoQ and YoY • Allowance increase is reflective of the evolving economic environment and credit Total Allowance Coverage Q4/24 Q3/25 Q4/25 migration Canadian Credit Cards 4.6% 4.6% 5.0% Canadian Residen
Slide 41: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending Mortgage delinquencies performing in line with expectations • Portfolio average Loan-To-Value (LTV) continues to remain healthy • Condominium mortgages account for 16% of our total residential mortgage portfolio, with a 15% insured mix. This segment cont
Slide 42: Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook
Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook Impacts of payment increases at renewal expected to be minimal Current Balances by Renewal Year1 ($B) 80 81 Variable Rate 23 Fixed Rate 34 • Using illustrative 4.0% and 4.5% mortgage rates at time of renewal, and no borrower income growth si
Slide 43: 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% 11% 12% 13% 5% 4% 5% 6% 6% 5% 6% 6% ≤650 651-700 701-750 751-800 >800 3 3 Canada Total GVA GTA Canada Variable Rate Loan-to-Value
Slide 44: Canadian Uninsured Residential Mortgages – Q4/25 Originations
Canadian Uninsured Residential Mortgages – Q4/25 Originations1 Credit quality of new originations continues to remain high • Originations of $12B in Q4/25 • Average LTV2 in Canada: 66%, GVA3: 64%, GTA3: 67% Credit Bureau Score4 Distribution 49% 52% 50% 51% 22% 23% 23% 23% 18% 15% 17% 17% 9% 8% 8% 8%
Slide 45: 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) Financial Institution Lending1 by Category Consumer 60% Business & Government 40% % of Net Loans $61B & Acceptances Retailers 1% Traditional Bank Le
Slide 46: Commercial Real Estate
Commercial Real Estate Commercial real estate loans outstanding are well diversified Multi-Family Portfolio Metrics Canada US • Canada represents 65% of total Canadian & U.S. real estate loans outstanding Total outstanding ($B) C$12.3 US$5.4 • Gross impaired loans as a percentage of total Canadian &
Slide 47: Trading Revenue Distribution
Trading Revenue Distribution Robust trading performance in recent volatile market ($MM) ($MM) 30 30 20 20 10 10 0 0 (10) (10) (20) Aug-25 Sep-25 Oct-25 (20) Trading Revenue VaR Fourth Quarter 2025 | 46
Slide 48: Forward Looking Information
Forward Looking Information Variables used to estimate our Expected Credit Losses1 Forward-Looking Information Variables Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the Avg. Value over the next 12 months remaining forecast next 12 months remaining
Slide 49: Items of Note
Items of Note Period Q4/25 Reporting Segments Pre-Tax EPS After-Tax & NCI Effect Effect Effect ($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 Net Income attributa
Slide 50: 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 51: 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 52: Endnotes
Endnotes Slide 4 – CIBC Overview 2. Adjusted results are non-GAAP measures. see slide 59 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 59 for further details. 4. For additional information on the compositio
Slide 53: Endnotes
Endnotes Slide 10 - Net Interest Income (NII) 3. Deposit and loan portfolio include the mix shift between products. 5. Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, which is part of Canadian Commercial and Wealth Management. 6. Includes 3 bps of CRA
Slide 54: Endnotes
Endnotes Slide 14 – Canadian Personal & Business Banking 1. Adjusted results are non-GAAP measures. see slide 59 for further details. 2. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. see slide 59 for further details. 3. Loan amounts are stated bef
Slide 55: Endnotes
Endnotes Slide 16 – U.S. Commercial Banking & Wealth Management 4. Average balances are calculated as a weighted average of daily closing balances. 5. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management a
Slide 56: Endnotes
Endnotes Slide 25 – Canadian Consumer Lending 1. Includes multi-family mortgages. 2. Includes wealth management loans under Canadian Commercial Banking and Wealth Management. Slide 28 – Canadian Personal & Business Banking FY2025 Results 1. Adjusted results are non-GAAP measures. see slide 59 for fu
Slide 57: Endnotes
Endnotes Slide 32 – Digital Trends 1. Based on spot balances as at October 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 58: Endnotes
Endnotes Slide 34 – 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 59: Endnotes
Endnotes Slide 41 – 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 42 – Canadian Uninsured Residential Mortgages 1. Starting Q2/23, our primary credi
Slide 60: 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 61: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended October 31 Canadian U.S. Commercial Capital Corporate and Other CIBC Total U.S. Commercial Canadian Commercial Banking Banking and Wealth Markets Banking and Wealth Personal and and Wealth Management Management (US$ Busine
Slide 62: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended October 31 Canadian Commercial Banking and W ealth Management U.S. Commercial Banking and W ealth Management Capital Markets Corporate and Other CIBC Total U.S. Commercial Banking and W ealth Management (US$ millions) Cana
Slide 63: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended October 31 2021 2022 2023 2024 2025 2020 Operating results – reported - - - - Total revenue $ 18,741 $ 20,015 $ 21,833 $ 23,332 $ 25,606 $ 29,133 Provision for credit losses 2,489 158 1,057 2,010 2,001 2,342 Non-interest e
Slide 64: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended October 31 2021 2022 2023 2024 2025 2020 Income taxes Amortization and impairment of acquisition-related intangible assets 25 19 23 25 15 12 Acquisition and integration-related costs as well as purchase accounting adjustme
Slide 65: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended October 31 Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management Capital Markets Corporate and Other CIBC Total U.S. Commercial Banking and Wealth Management (US$ millions) Canadia
Slide 66: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the year ended July 31 Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management Capital Markets Corporate and Other CIBC Total U.S. Commercial Banking and Wealth Management (US$ millions) Canadian P
Slide 67: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures $ millions, for the three months ended October 31, 2024 Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management Capital Markets Corporate and Other CIBC Total U.S. Commercial Banking and Wealth Management (US$ mil
Slide 68: Reconciliation for Non-GAAP Financial Measures
Reconciliation for Non-GAAP Financial Measures Date $ millions, for the three months ended Canadian Commercial Banking and Wealth Management U.S. Commercial Capital Corporate and Other CIBC Total U.S. Commercial Banking Banking and Wealth Markets and Wealth Management Management (US$ millions) Canad