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CIBC Announces Second Quarter 2025 Results
TORONTO, May 29, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its financial results for the second quarter ended April 30, 2025.
Second quarter highlights
| | Q2/25 | Q2/24 | Q1/25 | YoY Variance | QoQ Variance |
| Revenue | $7,022 million | $6,164 million | $7,281 million | +14 % | -4 % |
| Reported Net Income | $2,007 million | $1,749 million | $2,171 million | +15 % | -8 % |
| Adjusted Net Income (1) | $2,016 million | $1,718 million | $2,179 million | +17 % | -7 % |
| Adjusted pre-provision, pre-tax earnings (1) | $3,214 million | $2,690 million | $3,415 million | +19 % | -6 % |
| Reported Diluted Earnings Per Share (EPS) | $2.04 | $1.79 | $2.19 | +14 % | -7 % |
| Adjusted Diluted EPS (1) | $2.05 | $1.75 | $2.20 | +17 % | -7 % |
| Reported Return on Common Shareholders' Equity (ROE) (2) | 13.8 % | 13.7 % | 15.2 % | | |
| Adjusted ROE (1) | 13.9 % | 13.4 % | 15.3 % | ||
| Net interest margin on average interest-earnings assets (2)(3) | 1.54 % | 1.46 % | 1.50 % | | |
| Net interest margin on average interest-earnings assets (excluding trading) (2)(3) | 1.88 % | 1.72 % | 1.89 % | | |
| Common Equity Tier 1 (CET1) Ratio (4) | 13.4 % | 13.1 % | 13.5 % | | |
Results for the second quarter of 2025 were affected by the following item of note resulting in a negative impact of $0.01 per share:
- $11 million ($9 million after-tax) amortization of acquisition-related intangible assets.
Our CET1 ratio(4) was 13.4% at April 30, 2025, compared with 13.5% at the end of the prior quarter. CIBC's leverage ratio(4) and liquidity coverage ratio(4) at April 30, 2025 were 4.3% and 131%, respectively.
"Against an uncertain economic backdrop, our CIBC Team is focused on the consistent execution of our client-focused strategy which is delivering strong business results and adding value for our stakeholders," said Victor G. Dodig, CIBC President and Chief Executive Officer. "The CIBC of today is a modern, relationship-oriented bank with a powerful organic growth engine across borders – driven by execution, guided by purpose, and fueled by our talented team and culture. We are navigating the volatility in the global business environment from a position of strength, supported by our robust capital position, disciplined risk management and strong credit quality."
CIBC announced in March that Victor G. Dodig plans to retire as President and Chief Executive Officer, effective October 31, 2025, and that Harry Culham was appointed as Chief Operating Officer effective April 1, 2025 and will succeed Mr. Dodig as President and Chief Executive Officer, effective November 1, 2025. Mr. Dodig will serve as a special advisor to Mr. Culham and the Board from November 1, 2025 to April 30, 2026 to support a seamless transition.
Core business performance
Canadian Personal and Business Banking(5) reported net income of $734 million for the second quarter, up $28 million or 4% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. The higher revenue was mainly driven by volume growth and a higher net interest margin. Adjusted pre-provision, pre-tax earnings(1) were $1,387 million, up $140 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.
| (1) | This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 3 to 7; and adjusted pre-provision, pre-tax earnings on page 8. |
| (2) | Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our Report to Shareholders for the second quarter of 2025 available on SEDAR+ at www.sedarplus.com. |
| (3) | Average balances are calculated as a weighted average of daily closing balances. |
| (4) | Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline and the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our Report to Shareholders for the second quarter of 2025 available on SEDAR+ at www.sedarplus.com. |
| (5) | Certain prior period information has been restated for changes made to our business segments. For additional information, see the "External reporting changes" section of our Report to Shareholders for the second quarter of 2025, available on SEDAR+ at www.sedarplus.com. |
Canadian Commercial Banking and Wealth Management(1) reported net income of $549 million for the second quarter, up $61 million or 13% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were $807 million, up $101 million from the second quarter a year ago, as higher revenue was partially offset by higher non-interest expenses. Commercial banking revenue was higher compared to the prior year due to volume growth, higher loan and deposit margins, and higher fee income. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances as a result of market appreciation, higher net interest income, and higher commission revenue from increased client activity. Expenses increased primarily due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.
U.S. Commercial Banking and Wealth Management(1) reported net income of $173 million (US$122 million) for the second quarter, up $81 million (US$54 million) from the second quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings(2) were $333 million (US$234 million), up $43 million (US$20 million) from the second quarter a year ago, as higher adjusted(2) non-interest expenses were more than offset by higher revenue. In commercial banking, higher revenue was primarily due to higher volumes. Higher revenue in wealth management was primarily due to higher fee-based revenue from higher average AUM balances from market appreciation. Adjusted(2) non-interest expenses increased mainly due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.
Capital Markets(1) reported net income of $566 million for the second quarter, up $94 million or 20% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $240 million or 41% from the second quarter a year ago due to higher revenue from our global markets and corporate and investment banking businesses, partially offset by higher expenses. Global markets revenue was up driven by higher financing revenue, and higher trading revenue. Corporate and investment banking revenue was up driven by higher corporate banking revenue and higher debt underwriting activity. Expenses were up due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.
Credit quality
Provision for credit losses was $605 million, up $91 million from the same quarter last year. Provision for credit losses on performing loans was up primarily due to an unfavourable change in our economic outlook. Provision for credit losses on impaired loans was up due to higher provisions in Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, and Capital Markets, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.
Key highlights across our bank in the second quarter of 2025 included:
- Sustained momentum in the Wood Gundy client experience, achieving the highest internal Net Promoter Score to date, which underscores our unwavering commitment to client satisfaction.
- CIBC Capital Markets was recognized by Global Finance for the third consecutive year as the Best Investment Bank in Canada.
- CIBC Private Wealth, US, was awarded Best High Net-Worth Investment Platform for the third consecutive year; remains the most awarded firm in the industry in the last 15 years by Private Asset Management.
- CIBC released its annual environmental, social and governance (ESG) disclosures that included the 2024 Sustainability Report and Public Accountability Statement, and the 2024 Climate Report, which provides a progress update on CIBC's ESG strategy and outlines how the bank is helping to drive positive change toward a more sustainable future.
- CIBC reinforced its commitment to responsible AI by becoming the first major Canadian bank to sign the Government of Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems.
- CIBC was recognized as one of Canada's Greenest Employers by MediaCorp Canada Inc. for the fourth consecutive year.
Making a difference in our communities
At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:
- CIBC Foundation announced a $100,000 donation to the CIBC Foundation British Columbia Emergency Relief Fund in response to the recent tragic event in Vancouver. The funding will aid local efforts to provide support to those impacted by this tragic event and contribute to broader healing and recovery efforts within the community. Until the end of May 2025, CIBC will match donations made by employees up to $50,000.
- CIBC announced it will be a Founding Partner of the Toronto Tempo, Canada's first WNBA team, and CIBC will support the partnership with a new community program, "Champions of Ambition," which will celebrate and elevate Canadians who have been changing the tempo in women's sports and the country.
- CIBC proudly sponsored Soaring: Indigenous Youth Empowerment Gathering hosted by Indspire, an Indigenous national charity that invests in the education of First Nations, Inuit, and Métis people. Since 1993, CIBC has granted more than $8.5 million to Indspire, including currently supporting the Building Brighter Futures: Scholarships, Bursaries and Awards.
| (1) | Certain prior period information has been restated for changes made to our business segments. For additional information, see the "External reporting changes" section of our Report to Shareholders for the second quarter of 2025, available on SEDAR+ at www.sedarplus.com. |
| (2) | This measure is a non-GAAP measure. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the "Non-GAAP measures" section. |
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 (International Financial Reporting Standards), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance.
Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders' equity and adjusted effective tax rate.
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section of our Report to Shareholders for the second quarter of 2025 available on SEDAR+ at www.sedarplus.com.
| The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
| | | | | | | | | | | | | | | | U.S. | | |
| | | | Canadian | U.S. | | | | | | | Commercial | | |||||
| | | Canadian | Commercial | Commercial | | | | | | | Banking | | |||||
| | | Personal | Banking | Banking | | | | | | | and Wealth | | |||||
| | | and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | | Management | | |||||||
| $ millions, for the three months ended April 30, 2025 | Banking | Management | Management | Markets | and Other | Total | | (US$ millions) | | ||||||||
| Operating results – reported | | | | | | | | | | | | | | | | | |
| Total revenue | $ | 2,859 | $ | 1,640 | $ | 769 | $ | 1,545 | $ | 209 | $ | 7,022 | | $ | 541 | | |
| Provision for credit losses | | 389 | | 54 | | 123 | | 34 | | 5 | | 605 | | | 86 | | |
| Non-interest expenses | | 1,478 | | 833 | | 441 | | 719 | | 348 | | 3,819 | | | 310 | | |
| Income (loss) before income taxes | | 992 | | 753 | | 205 | | 792 | | (144) | | 2,598 | | | 145 | | |
| Income taxes | | 258 | | 204 | | 32 | | 226 | | (129) | | 591 | | | 23 | | |
| Net income (loss) | | 734 | | 549 | | 173 | | 566 | | (15) | | 2,007 | | | 122 | | |
| | Net income attributable to non-controlling interests | | - | | - | | - | | - | | 9 | | 9 | | | - | |
| | Net income (loss) attributable to equity shareholders | | 734 | | 549 | | 173 | | 566 | | (24) | | 1,998 | | | 122 | |
| Diluted EPS ($) | | | | | | | | | | | $ | 2.04 | | | | | |
| Impact of items of note (1) | | | | | | | | | | | | | | | | | |
| Non-interest expenses | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | $ | (6) | $ | - | $ | (5) | $ | - | $ | - | $ | (11) | | $ | (3) | |
| Impact of items of note on non-interest expenses | | (6) | | - | | (5) | | - | | - | | (11) | | | (3) | | |
| Total pre-tax impact of items of note on net income | | 6 | | - | | 5 | | - | | - | | 11 | | | 3 | | |
| Income taxes | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | | 1 | | - | | 1 | | - | | - | | 2 | | | - | |
| Impact of items of note on income taxes | | 1 | | - | | 1 | | - | | - | | 2 | | | - | | |
| Total after-tax impact of items of note on net income | $ | 5 | $ | - | $ | 4 | $ | - | $ | - | $ | 9 | | $ | 3 | | |
| Impact of items of note on diluted EPS ($) (2) | | | | | | | | | | | $ | 0.01 | | | | | |
| Operating results – adjusted (3) | | | | | | | | | | | | | | | | | |
| Total revenue – adjusted (4) | $ | 2,859 | $ | 1,640 | $ | 769 | $ | 1,545 | $ | 209 | $ | 7,022 | | $ | 541 | | |
| Provision for credit losses – adjusted | | 389 | | 54 | | 123 | | 34 | | 5 | | 605 | | | 86 | | |
| Non-interest expenses – adjusted | | 1,472 | | 833 | | 436 | | 719 | | 348 | | 3,808 | | | 307 | | |
| Income (loss) before income taxes – adjusted | | 998 | | 753 | | 210 | | 792 | | (144) | | 2,609 | | | 148 | | |
| Income taxes – adjusted | | 259 | | 204 | | 33 | | 226 | | (129) | | 593 | | | 23 | | |
| Net income (loss) – adjusted | | 739 | | 549 | | 177 | | 566 | | (15) | | 2,016 | | | 125 | | |
| | Net income attributable to non-controlling interests – adjusted | | - | | - | | - | | - | | 9 | | 9 | | | - | |
| | Net income (loss) attributable to equity shareholders – adjusted | | 739 | | 549 | | 177 | | 566 | | (24) | | 2,007 | | | 125 | |
| Adjusted diluted EPS ($) | | | | | | | | | | | $ | 2.05 | | | | | |
| (1) | Items of note are removed from reported results to calculate adjusted results. | ||||||||||||||||
| (2) | Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS. | ||||||||||||||||
| (3) | Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. | ||||||||||||||||
| (4) | CIBC total results excludes a TEB adjustment of nil for the quarter ended April 30, 2025 (January 31, 2025: nil; April 30, 2024: $71 million) and nil for the six months ended April 30, 2025 (April 30, 2024: $139 million). | ||||||||||||||||
| (5) | Certain prior period information has been restated for changes made to our business segments. For additional information, see the "External reporting changes" section of our Report to Shareholders for the second quarter of 2025, available on SEDAR+ at www.sedarplus.com. | ||||||||||||||||
| (6) | This item of note reports the impact on consolidated income tax expense had a Federal tax proposal related to the denial of Canadian dividends been substantively enacted at that time. The corresponding impact on revenue reported on a TEB in Capital Markets and Corporate and Other is also included in this item of note with no impact on the consolidated item of note. | ||||||||||||||||
| The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
| | | | | | | | | | | | | | | | U.S. | | |
| | | | Canadian | U.S. | | | | | | | Commercial | | |||||
| | | Canadian | Commercial | Commercial | | | | | | | Banking | | |||||
| | | Personal | Banking | Banking | | | | | | | and Wealth | | |||||
| | | and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | | Management | | |||||||
| $ millions, for the three months ended January 31, 2025 | Banking | Management | Management | Markets | and Other | Total | | (US$ millions) | | ||||||||
| Operating results – reported | | | | | | | | | | | | | | | | | |
| Total revenue | $ | 2,923 | $ | 1,703 | $ | 847 | $ | 1,574 | $ | 234 | $ | 7,281 | | $ | 592 | | |
| Provision for credit losses | | 428 | | 39 | | 68 | | 21 | | 17 | | 573 | | | 48 | | |
| Non-interest expenses | | 1,460 | | 853 | | 470 | | 705 | | 390 | | 3,878 | | | 329 | | |
| Income (loss) before income taxes | | 1,035 | | 811 | | 309 | | 848 | | (173) | | 2,830 | | | 215 | | |
| Income taxes | | 270 | | 220 | | 53 | | 229 | | (113) | | 659 | | | 37 | | |
| Net income (loss) | | 765 | | 591 | | 256 | | 619 | | (60) | | 2,171 | | | 178 | | |
| | Net income attributable to non-controlling interests | | - | | - | | - | | - | | 8 | | 8 | | | - | |
| | Net income (loss) attributable to equity shareholders | | 765 | | 591 | | 256 | | 619 | | (68) | | 2,163 | | | 178 | |
| Diluted EPS ($) | | | | | | | | | | | $ | 2.19 | | | | | |
| Impact of items of note (1) | | | | | | | | | | | | | | | | | |
| Non-interest expenses | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | $ | (7) | $ | - | $ | (5) | $ | - | $ | - | $ | (12) | | $ | (4) | |
| Impact of items of note on non-interest expenses | | (7) | | - | | (5) | | - | | - | | (12) | | | (4) | | |
| Total pre-tax impact of items of note on net income | | 7 | | - | | 5 | | - | | - | | 12 | | | 4 | | |
| Income taxes | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | | 2 | | - | | 2 | | - | | - | | 4 | | | 2 | |
| Impact of items of note on income taxes | | 2 | | - | | 2 | | - | | - | | 4 | | | 2 | | |
| Total after-tax impact of items of note on net income | $ | 5 | $ | - | $ | 3 | $ | - | $ | - | $ | 8 | | $ | 2 | | |
| Impact of items of note on diluted EPS ($) (2) | | | | | | | | | | | $ | 0.01 | | | | | |
| Operating results – adjusted (3) | | | | | | | | | | | | | | | | | |
| Total revenue – adjusted (4) | $ | 2,923 | $ | 1,703 | $ | 847 | $ | 1,574 | $ | 234 | $ | 7,281 | | $ | 592 | | |
| Provision for credit losses – adjusted | | 428 | | 39 | | 68 | | 21 | | 17 | | 573 | | | 48 | | |
| Non-interest expenses – adjusted | | 1,453 | | 853 | | 465 | | 705 | | 390 | | 3,866 | | | 325 | | |
| Income (loss) before income taxes – adjusted | | 1,042 | | 811 | | 314 | | 848 | | (173) | | 2,842 | | | 219 | | |
| Income taxes – adjusted | | 272 | | 220 | | 55 | | 229 | | (113) | | 663 | | | 39 | | |
| Net income (loss) – adjusted | | 770 | | 591 | | 259 | | 619 | | (60) | | 2,179 | | | 180 | | |
| | Net income attributable to non-controlling interests – adjusted | | - | | - | | - | | - | | 8 | | 8 | | | - | |
| | Net income (loss) attributable to equity shareholders – adjusted | | 770 | | 591 | | 259 | | 619 | | (68) | | 2,171 | | | 180 | |
| Adjusted diluted EPS ($) | | | | | | | | | | | $ | 2.20 | | | | | |
| | | | | | | | | | | | | | | | | | |
| See previous page for footnote references. | |||||||||||||||||
| The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
| | | | | | | | | | | | | | | | U.S. | | |
| | | | Canadian | U.S. | | | | | | | Commercial | | |||||
| | | Canadian | Commercial | Commercial | | | | | | | Banking | | |||||
| | | Personal | Banking | Banking | | | | | | | and Wealth | | |||||
| | | and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | | Management | | |||||||
| $ millions, for the three months ended April 30, 2024 (5) | Banking | Management | Management | Markets | and Other | Total | | (US$ millions) | | ||||||||
| Operating results – reported | | | | | | | | | | | | | | | | | |
| Total revenue | $ | 2,646 | $ | 1,456 | $ | 669 | $ | 1,243 | $ | 150 | $ | 6,164 | | $ | 491 | | |
| Provision for credit losses | | 274 | | 37 | | 186 | | 12 | | 5 | | 514 | | | 136 | | |
| Non-interest expenses | | 1,405 | | 750 | | 400 | | 586 | | 360 | | 3,501 | | | 293 | | |
| Income (loss) before income taxes | | 967 | | 669 | | 83 | | 645 | | (215) | | 2,149 | | | 62 | | |
| Income taxes | | 261 | | 181 | | (9) | | 173 | | (206) | | 400 | | | (6) | | |
| Net income (loss) | | 706 | | 488 | | 92 | | 472 | | (9) | | 1,749 | | | 68 | | |
| | Net income attributable to non-controlling interests | | - | | - | | - | | - | | 10 | | 10 | | | - | |
| | Net income (loss) attributable to equity shareholders | | 706 | | 488 | | 92 | | 472 | | (19) | | 1,739 | | | 68 | |
| Diluted EPS ($) | | | | | | | | | | | $ | 1.79 | | | | | |
| Impact of items of note (1) | | | | | | | | | | | | | | | | | |
| Revenue | | | | | | | | | | | | | | | | | |
| | Adjustments related to the denial of dividends received deduction for Canadian banks (6) | $ | - | $ | - | $ | - | $ | (71) | $ | 71 | $ | - | | $ | - | |
| Impact of items of note on revenue | | - | | - | | - | | (71) | | 71 | | - | | | - | | |
| Non-interest expenses | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | | (6) | | - | | (8) | | - | | - | | (14) | | | (6) | |
| | Charge related to the special assessment imposed by the FDIC | | - | | - | | (13) | | - | | - | | (13) | | | (10) | |
| Impact of items of note on non-interest expenses | | (6) | | - | | (21) | | - | | - | | (27) | | | (16) | | |
| Total pre-tax impact of items of note on net income | | 6 | | - | | 21 | | (71) | | 71 | | 27 | | | 16 | | |
| Income taxes | | | | | | | | | | | | | | | | | |
| | Amortization of acquisition-related intangible assets | | 2 | | - | | 2 | | - | | - | | 4 | | | 2 | |
| | Adjustments related to the denial of dividends received deduction for Canadian banks (6) | | - | | - | | - | | (20) | | 71 | | 51 | | | - | |
| | Charge related to the special assessment imposed by the FDIC | | - | | - | | 3 | | - | | - | | 3 | | | 2 | |
| Impact of items of note on income taxes | | 2 | | - | | 5 | | (20) | | 71 | | 58 | | | 4 | | |
| Total after-tax impact of items of note on net income | $ | 4 | $ | - | $ | 16 | $ | (51) | $ | - | $ | (31) | | $ | 12 | | |
| Impact of items of note on diluted EPS ($) (2) | | | | | | | | | | | $ | (0.04) | | | | | |
| Operating results – adjusted (3) | | | | | | | | | | | | | | | | | |
| Total revenue – adjusted (4) | $ | 2,646 | $ | 1,456 | $ | 669 | $ | 1,172 | $ | 221 | $ | 6,164 | | $ | 491 | | |
| Provision for credit losses – adjusted | | 274 | | 37 | | 186 | | 12 | | 5 | | 514 | | | 136 | | |
| Non-interest expenses – adjusted | | 1,399 | | 750 | | 379 | | 586 | | 360 | | 3,474 | | | 277 | | |
| Income (loss) before income taxes – adjusted | | 973 | | 669 | | 104 | | 574 | | (144) | | 2,176 | | | 78 | | |
| Income taxes – adjusted | | 263 | | 181 | | (4) | | 153 | | (135) | | 458 | | | (2) | | |
| Net income (loss) – adjusted | | 710 | | 488 | | 108 | | 421 | | (9) | | 1,718 | | | 80 | | |
| | Net income attributable to non-controlling interests – adjusted | | - | | - | | - | | - | | 10 | | 10 | | | - | |
| | Net income (loss) attributable to equity shareholders – adjusted | | 710 | | 488 | | 108 | | 421 | | (19) | | 1,708 | | | 80 | |
| Adjusted diluted EPS ($) | | | | | | | | | | | $ | 1.75 | | | | | |
| | | | | | | | | | | | | | | | | | |
| See previous pages for footnote references. | |||||||||||||||||
| The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
| | | | | | | | | | | | | | | | U.S. | | |
| | | | Canadian | U.S. | | | | | | | Commercial | | |||||
| | | Canadian | Commercial | Commercial | | | | | | | Banking | | |||||
| | | Personal | Banking | Banking | | | | | | | and Wealth | | |||||
| | | and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | | Management | | |||||||
| $ millions, for the six months ended April 30, 2025 | Banking | Management | Management | Markets | and Other | Total | | (US$ millions) | | ||||||||
| Operating results – reported | | | | | | | | | | | | | | | | | |
| Total revenue | $ | 5,782 | $ | 3,343 | $ | 1,616 | $ | 3,119 | $ | 443 | $ | 14,303 | | $ | 1,133 | | |
| Provision for credit losses | | 817 | | 93 | | 191 | | 55 | | 22 | | 1,178 | | | 134 | | |
| Non-interest expenses | | 2,938 | | 1,686 | | 911 | | 1,424 | | 738 | | 7,697 | | | 639 | | |
| Income (loss) before income taxes | | 2,027 | | 1,564 | | 514 | | 1,640 | | (317) | | 5,428 | | | 360 | | |
| Income taxes | | 528 | | 424 | | 85 | | 455 | | (242) | | 1,250 | | | 60 | | |
| Net income (loss) | | 1,499 | | 1,140 | | 429 | | 1,185 | | (75) | | 4,178 | | | 300 | | |
| | Net income attributable to non-controlling interests | | - | | - | | - | | - | | 17 | | 17 | | | - | |
| | Net income (loss) attributable to equity shareholders | | 1,499 | | 1,140 | | 429 | | 1,185 | | (92) | | 4,161 | | | 300 | |
| Diluted EPS ($) | | | | | | | | | | | $ | 4.23 | | | | | |
| Impact of items of note (1) | | | | | | | | | | | | | | | | | |
| Non-interest expenses Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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