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Report to Shareholders for the
Third Quarter,
2026
www.cibc.com August 27, 2026
 
Report of the President and Chief Executive Officer
Overview of results
CIBC today announced its financial results for the third quarter ended July 31, 2026.
Third quarter highlights
 
         
Q3/26
            
Q3/25
            
Q2/26
            
YoY
Variance
            
QoQ
Variance
     
Revenue
       $8,368 million           $7,254 million           $8,006 million           +15%           +5%    
Reported Net Income
       $2,409 million           $2,096 million           $2,465 million           +15%           -2%    
Adjusted Net Income
(1)
       $2,648 million           $2,104 million           $2,471 million           +26%           +7%    
Adjusted pre-provision, pre-tax earnings
(1)
       $3,962 million           $3,289 million           $3,815 million           +20%           +4%    
Reported Diluted Earnings Per Share (EPS)
       $2.47           $2.15           $2.53           +15%           -2%    
Adjusted Diluted EPS
(1)
       $2.73           $2.16           $2.54           +26%           +7%    
Reported Return on Common Shareholders’ Equity (ROE)
(2)
       15.2%           14.2%           16.4%                  
Adjusted ROE
(1)
       16.8%           14.2%           16.4%                  
Net interest margin on average interest-earning assets
(2)(3)
       1.63%           1.58%           1.67%                  
Net interest margin on average interest-earning assets (excluding trading)
(2)(3)
      
2.07%
          
1.94%
          
2.05%
                  
Common Equity Tier 1 (CET1) Ratio
(4)
       13.4%           13.4%           13.6%                            
Results for the third quarter of 2026 were affected by the following items of note resulting in a negative impact of $0.26 per share:
•  
$269 million ($232 million after-tax) of charges related to our announced sale of CIBC Caribbean Bank Limited (CIBC Caribbean); and
•  
$10 million ($7 million after-tax) amortization of acquisition-related intangible assets.
Our CET1 ratio
(4)
was 13.4% at July 31, 2026, compared with 13.6% at the end of the prior quarter. CIBC’s leverage ratio
(4)
and liquidity coverage ratio
(4)
at July 31, 2026 were 4.3% and 127%, respectively.
We continue to accelerate the execution of our strategy, driving another quarter of strong financial results including double-digit growth in net income and a higher return on equity compared to a year ago. We’re investing in key enablers including artificial intelligence (AI) to empower our team, as we continue to modernize our bank, drive efficiency and sharpen our focus on our clients. Leveraging our robust balance sheet and building on our strong credit quality, we stand ready to support our clients and further our momentum.
Core business performance
Canadian Personal and Business Banking
reported net income of $948 million for the third quarter, up $136 million or 17% from the third quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were $1,707 million, up $156 million from the third quarter a year ago, as higher revenue was partially offset by higher adjusted
(1)
non-interest expenses. The higher revenue was mainly driven by higher net interest margin and loan growth. Reported and adjusted non-interest expenses were higher mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.
Canadian Commercial Banking and Wealth Management
reported net income of $619 million for the third quarter, up $21 million or 4% from the third 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 were $1,000 million, up $156 million from the third 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 higher net interest margin and volume growth. 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 commission revenue from increased client activity, and higher net interest income from higher net interest margin and volume growth. Expenses increased primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
(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 9 to 13; and adjusted pre-provision, pre-tax earnings on page 14.
(2)
For additional information on the composition of these specified financial measures, see the “Glossary” section.
(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.
Table of Contents
U.S. Commercial Banking and Wealth Management
reported net income of $320 million (US$228 million) for the third quarter, up $66 million (US$42 million or 23%) from the third quarter a year ago, primarily due to a lower provision for credit losses, and higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings
(1)
were $389 million (US$277 million), up $45 million (US$25 million or 10%) from the third quarter a year ago, as higher revenue was partially offset by higher adjusted
(1)
non-interest expenses. In commercial banking, higher revenue was primarily due to volume growth and higher net interest margin. Wealth management revenue was comparable with the same quarter last year. Reported and adjusted non-interest expenses increased mainly due to higher employee compensation.
Capital Markets
reported net income of $722 million for the third quarter, up $182 million or 34% from the third 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 were up $192 million or 24% from the third quarter a year ago as higher revenue was partially offset by higher non-interest expenses. Global markets revenue was up primarily driven by higher equity trading and financing revenue. Corporate and investment banking revenue was up primarily due to higher revenue from our lending and deposit activities with our corporate clients, partially offset by lower advisory and equity underwriting revenue in our investment banking business. Expenses were up due to higher spending on technology and other strategic initiatives, and higher employee-related compensation.
Key highlights across our bank in the third quarter of 2026 included:
•  
CIBC piloted the first enterprise-wide agentic AI workspace in Canadian banking with CAI 2.0 which enables users to integrate their data and tools into the platform and delegate work to AI-driven agents.
•  
CIBC launched a proprietary AI-enabled solution, CIBC AdvisorAssist, helping advisors spend less time on administrative work and more time on client conversations, advice and relationships.
•  
CIBC’s leadership in Gen AI and digital transformation was recognized with the Best Digital Transformation Program award by Digital Banker for our Request a Call feature on our Knowledge Central AI platform which helps frontline team members get answers to questions more efficiently to deliver consistently positive client experiences.
•  
CIBC received the highest ranking in customer satisfaction for online banking among Canada’s Big 5 banks by J.D. Power for a second consecutive year.
•  
CIBC Capital Markets was recognized at the Euromoney Awards for Excellence 2026 with the award for Best Investment Bank for Financing Solutions – Canada.
•  
CIBC Bank USA’s strong net promoter scores (NPS) increased compared to a year ago in both Commercial Banking and Private Wealth reflecting disciplined execution, strong teamwork and continued focus on delivering for clients.
•  
CIBC was recognized as Canada’s Best Overall Cash Management Bank by Global Finance for its innovative, client-focused solutions for its commercial banking clients.
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:
•  
Team CIBC raised $1.7 million dollars for the 30th annual Tour CIBC Charles-Bruneau in CIBC’s 20th year as title sponsor.
•  
CIBC Foundation donated $250,000 to the YMCA of Greater Toronto in support of the YMCA Black Achievers Mentorship Program, which creates more opportunities for Black youth to build confidence, expand their networks, and access mentorship that supports their personal and professional growth.
•  
CIBC donated $50,000 through the CIBC Foundation’s Ontario Emergency Relief Fund to provide immediate and long-term support to those affected by the wildfires impacting northwestern Ontario, and the communities facing evacuation across the region.
Harry Culham
President and Chief Executive Officer
 
(1)
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.
 
ii
   CIBC THIRD QUARTER 2026
Table of Contents
Enhanced Disclosure Task Force
The Enhanced Disclosure Task Force (EDTF), established by the Financial Stability Board, released its report “Enhancing the Risk Disclosures of Banks” in 2012, which included thirty-two disclosure recommendations. The index below provides the listing of these disclosures, along with their locations. EDTF disclosures are located in our 2025 Annual Report, quarterly Report to Shareholders, and supplementary packages, which may be found on our website (www.cibc.com). No information on CIBC’s website, including the supplementary packages, should be considered incorporated herein by reference.
 
              
Third quarter, 2026
         
Topics
  
Recommendations
  
Disclosures
  
Management’s
discussion
and analysis
  
Consolidated
financial
statements
    
Pillar 3 report
and
Supplementary
regulatory
capital
disclosure
    
2025
Annual
Report
  
              
Page references
  
General   1   Index of risk information – current page            
         
    2   Risk terminology and measures   48–51       93–95       97–100  
         
    3   Top and emerging risks   28–31         50–52  
         
    4   Key future regulatory ratio requirements   25, 40–42     71       15, 25      
 33, 35–36, 72, 74,
157
  
 
         
Risk governance, risk management  and business  model
   5   Risk management structure             43, 44  
  6   Risk culture and appetite             42, 45–47  
  7   Risks arising from business activities   32         42–49, 53  
  8   Bank-wide stress testing   35                    
 31–32, 49, 57, 62,
68, 70
  
 
Capital  adequacy and 
risk-weighted
assets (RWA)		   9   Minimum capital requirements   24     71         31–33, 157  
  10  
Components of capital and reconciliation to the consolidated regulatory balance sheet
           14–17       35  
  11  
Regulatory capital flow statement
           18       36  
  12  
Capital management and planning
             31, 33, 157  
  13  
Business activities and RWA
   32       5       37, 53  
  14  
RWA and capital requirements
           3, 5, 6–7       34, 37  
  15  
Credit risk by major portfolios
           38–52, 59–68       55–60  
  16  
RWA flow statement
           5, 11       35, 37  
         
    17   Back-testing of models                 92       49, 57  
Liquidity   18   Liquid assets   39                     71  
Funding   19   Encumbered assets   40         71, 76  
         
    20  
Contractual maturities of assets, liabilities and off-balance sheet instruments
             75–77  
         
    21   Funding strategy and sources   42                     75  
Market risk   22  
Reconciliation of trading and non-trading portfolios to the consolidated balance  sheet
   37         66  
         
    23  
Significant trading and non-trading market risk factors
   37–38         65–69  
         
    24  
Model assumptions, limitations and validation procedures
             49, 65–69  
         
    25   Stress testing and scenario analysis                         31, 48, 49, 53, 68  
Credit risk   26   Analysis of credit risk exposures   33–36      
 12–13, 55–82,
88–91
  
 
    
 58–64, 77,
133–140, 146, 148,
149, 171, 175
  
 
 
         
    27  
Impaired loan and forbearance techniques
   33, 35        
 55, 62, 83,
116–117, 140
  
 
         
    28  
Reconciliation of impaired loans and the allowance for credit losses
   35     65         62, 135  
         
    29  
Counterparty credit risk arising from derivatives
          
 69–70, 72, 91,
35
(1)
  
 
    
 55, 59, 126, 128,
146, 148–150
  
 
         
    30   Credit risk mitigation   33             29, 69, 71, 91       55, 59, 148–150  
Other risks   31   Other risks   44         77–81  
         
    32  
Discussion of publicly known risk events
         73               50–52, 77, 169  
(1)
Included in our supplementary financial information package.
 
CIBC THIRD QUARTER 2026
     iii  
Table of Contents
Management’s discussion and analysis
 
Management’s discussion and analysis (MD&A) is provided to enable readers to assess CIBC’s financial condition and results of operations as at and for the quarter and nine months ended July 31, 2026 compared with corresponding periods. The MD&A should be read in conjunction with our 2025 Annual Report and the unaudited interim consolidated financial statements included in this report. Unless otherwise indicated, all financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards (IFRS or GAAP) and all amounts are expressed in Canadian dollars (CAD). Certain disclosures in the MD&A have been shaded as they form an integral part of the interim consolidated financial statements. The MD&A is current as of August 26, 2026. Additional information relating to CIBC is available on SEDAR+ at www.sedarplus.com and on the United States (U.S.) Securities and Exchange Commission’s (SEC) website at www.sec.gov. No information on CIBC’s website (www.cibc.com) should be considered incorporated herein by reference. A glossary of terms used throughout this quarterly report can be found on pages 45 to 51.
Contents
 
   
 
2
 
   
    
   
 
3
 
   
    3      Economic outlook
    3      Significant events
    4      Financial results review
    6      Review of quarterly financial information
    
 
 
8
 
   
    
 
 
14
 
   
    15      Canadian Personal and Business Banking
    16      Canadian Commercial Banking and Wealth Management
    18      U.S. Commercial Banking and Wealth Management
    20      Capital Markets
    21      Corporate and Other
    
 
 
23
 
   
    23      Review of condensed consolidated balance sheet
    24      Capital management
    27      Off-balance sheet arrangements
    
 
 
28
 
   
    28      Risk overview
    28      Top and emerging risks
    32      Risks arising from business activities
    33      Credit risk
    37      Market risk
    39      Liquidity risk
    44      Other risks
    
 
 
44
 
   
    44      Critical accounting policies and estimates
    44      Accounting developments
    44      Other regulatory developments
    44      Controls and procedures
    44      Related-party transactions
    
 
 
45
 
   
 
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 report, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the “Financial performance overview – Economic outlook”, “Financial performance overview – Financial results review”, “Financial performance overview – Review of quarterly financial information”, “Financial condition – Capital management”, “Management of risk – Risk overview”, “Management of risk – Top and emerging risks”, “Management of risk – Credit risk”, “Management of risk – Market risk”, “Management of risk – Liquidity risk”, “Accounting and control matters – Critical accounting policies and estimates”, and “Accounting and control matters – Other regulatory developments” sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to our sustainability ambitions and related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2026 and subsequent periods. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “predict”, “commit”, “ambition”, “goal”, “strive”, “project”, “objective” and other similar expressions or future or conditional verbs such as “will”, “may”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions, including the economic assumptions set out in the “Financial performance overview – Economic outlook” section of this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the potential negative economic impacts tied to the actual and proposed U.S. imposition of tariffs on Canada and other countries and their countermeasures, mixed signals from the labour market in the U.S., the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, and the war in Ukraine and conflict in the Middle East, including their contribution to elevated energy and critical input costs, and ongoing supply chain disruptions, on the global economy, financial markets, and our business, results of operations and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: trade policies and tensions, including tariffs and government tariff mitigation policies; inflationary pressures in the U.S.; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East; the impact of post-pandemic hybrid work arrangements; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform, and those relating to bank recapitalization legislation, open banking and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic matters; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; the occurrence of public health emergencies and any related government policies and actions; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks, including the discovery and misuse of vulnerabilities and exposure to cyberattacks in connection with the use of artificial intelligence (AI), which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry, including through internet and mobile banking; technological change, including the development and use of data and AI in our business and the ability to generate expected or potential benefits, such as increased productivity, cost savings, and improved accuracy and enhancement of business processes; the heavy reliance on AI-related capital spending for U.S. growth and the uncertain employment impacts from its adoption; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; environmental and social risks, including climate-related risk, our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this report represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law.
 
CIBC THIRD QUARTER 2026
     1  
Table of Contents
Third quarter financial highlights
 
       
As at or for the three
months ended
          
As at or for the nine
months ended
  
Unaudited
       
2026
Jul. 31
    
2026
Apr. 30
    
2025
Jul. 31
          
2026
Jul. 31
    
2025
Jul. 31
  
Financial results
($ millions)
                  
Net interest income
    
$
4,507
 
   $ 4,345     $ 4,048      
$
13,160
 
   $ 11,637  
Non-interest income
      
 
3,861
 
     3,661       3,206      
 
11,612
 
     9,920  
Total revenue
    
 
8,368
 
     8,006       7,254      
 
24,772
 
     21,557  
Provision for credit losses
    
 
564
 
     605       559      
 
1,737
 
     1,737  
Non-interest expenses
      
 
4,685
 
     4,199       3,976      
 
13,213
 
     11,673  
Income before income taxes
    
 
3,119
 
     3,202       2,719      
 
9,822
 
     8,147  
Income taxes
      
 
710
 
     737       623      
 
1,848
 
     1,873  
Net income
      
$
2,409
 
   $ 2,465     $ 2,096      
$
7,974
 
   $ 6,274  
Net income attributable to non-controlling interests
      
$
10
 
   $ 8     $ 2      
$
25
 
   $ 19  
Preferred shareholders and other equity instrument holders
    
 
128
 
     114       82      
 
348
 
     248  
Common shareholders
      
 
2,271
 
     2,343       2,012      
 
7,601
 
     6,007  
Net income attributable to equity shareholders
      
$
2,399
 
   $ 2,457     $ 2,094      
$
7,949
 
   $ 6,255  
Financial measures
                  
Reported efficiency ratio
(1)
    
 
56.0
 % 
     52.4  %      54.8  %     
 
53.3 %
 
     54.1  % 
Reported operating leverage
(1)
    
 
(2.5
)% 
     4.1  %      1.9  %     
 
1.7
 % 
     3.9  % 
Loan loss ratio
(1)
    
 
0.40
 % 
     0.38  %      0.33  %     
 
0.37
 % 
     0.33  % 
Reported return on common shareholders’ equity
(1)
    
 
15.2
 % 
     16.4  %      14.2  %     
 
17.3
 % 
     14.5  % 
Net interest margin
(1)
    
 
1.50
 % 
     1.53  %      1.46  %     
 
1.51
 % 
     1.42  % 
Net interest margin on average interest-earning assets
(1)(2)
    
 
1.63
 % 
     1.67  %      1.58  %     
 
1.64
 % 
     1.54  % 
Return on average assets
(1)(2)
    
 
0.80
 % 
     0.87  %      0.75  %     
 
0.91
 % 
     0.76  % 
Return on average interest-earning assets
(1)(2)
    
 
0.87
 % 
     0.95  %      0.82  %     
 
0.99
 % 
     0.83  % 
Reported effective tax rate
      
 
22.8
 % 
     23.0  %      22.9  %     
 
18.8
 % 
     23.0  % 
Common share information
                    
Per share ($)
  
– basic earnings
    
$
2.49
 
   $ 2.55     $ 2.16      
$
8.28
  
   $ 6.41  
 
– reported diluted earnings
    
 
2.47
 
     2.53       2.15      
 
8.22
  
     6.37  
 
– dividends
    
 
1.07
 
     1.07       0.97      
 
3.21
  
     2.91  
 
– book value
(1)
    
 
65.14
 
     63.77       60.18      
 
65.14
  
     60.18  
Closing share price ($)
      
 
166.04
 
     151.57       99.03      
 
166.04
  
     99.03  
Shares outstanding (thousands)
  
– weighted-average basic
    
 
911,667
 
     917,401       932,258      
 
917,915
  
     937,588  
 
– weighted-average diluted
    
 
919,211
 
     924,297       937,518      
 
925,064
  
     942,579  
 
– end of period
    
 
907,935
 
     914,773       929,451      
 
907,935
  
     929,451  
Market capitalization ($ millions)
      
$
150,754
 
   $ 138,652     $ 92,044      
$
150,754
  
   $ 92,044  
Value measures
                  
Total shareholder return
    
 
10.30
 % 
     21.40  %      15.05  %     
 
46.30
 % 
     17.47  % 
Dividend yield (based on closing share price)
    
 
2.6
 % 
     2.9  %      3.9  %     
 
2.6
 % 
     3.9  % 
Reported dividend payout ratio
(1)
    
 
42.9
 % 
     41.9  %      44.9  %     
 
38.7
 % 
     45.4  % 
Market value to book value ratio
      
 
2.55
 
     2.38       1.65      
 
2.55
  
     1.65  
Selected financial results and measures – adjusted
(3)
                  
Adjusted net income ($ millions)
    
$
2,648
 
   $ 2,471     $ 2,104      
$
7,804
 
   $ 6,299  
Adjusted net income attributable to common shareholders ($ millions)
    
$
2,510
 
   $ 2,349     $ 2,020      
$
7,431
 
   $ 6,032  
Adjusted efficiency ratio
    
 
52.7
 % 
     52.3  %      54.7  %     
 
52.1
 % 
     54.0  % 
Adjusted operating leverage
    
 
4.2
 % 
     4.0  %      1.7  %     
 
3.9
 % 
     2.7  % 
Adjusted return on common shareholders’ equity
    
 
16.8
 % 
     16.4  %      14.2  %     
 
16.9
 % 
     14.6  % 
Adjusted effective tax rate
    
 
22.1
 % 
     23.0  %      22.9  %     
 
22.9
 % 
     23.0  % 
Adjusted diluted earnings per share (EPS)
    
$
2.73
 
   $ 2.54     $ 2.16      
$
8.03
  
   $ 6.40  
Adjusted dividend payout ratio
      
 
38.8
 % 
     41.8  %      44.7  %     
 
39.6
 % 
     45.2  % 
On- and off-balance sheet information
($ millions)
                  
Cash, deposits with banks and securities
    
$
361,158
 
   $ 356,753     $ 330,184      
$
361,158
  
   $ 330,184  
Loans and acceptances, net of allowance for credit losses
    
 
611,415
 
     600,980       581,644      
 
611,415
  
     581,644  
Total assets
    
 
1,177,782
 
     1,160,560       1,102,255      
 
1,177,782
  
     1,102,255  
Deposits
    
 
852,175
 
     832,770       792,672      
 
852,175
  
     792,672  
Common shareholders’ equity
(1)
    
 
59,146
 
     58,335       55,930      
 
59,146
  
     55,930  
Average assets
(2)
    
 
1,189,801
 
     1,161,512       1,103,447      
 
1,168,811
  
     1,098,605  
Average interest-earning assets
(1)(2)
    
 
1,094,489
 
     1,066,485       1,015,107      
 
1,073,675
  
     1,010,140  
Average common shareholders’ equity
(1)(2)
    
 
59,203
 
     58,659       56,289      
 
58,811
  
     55,317  
Assets under administration (AUA)
(1)(4)(5)
    
 
  4,332,829
 
       4,154,970         3,965,501      
 
  4,332,829
  		       3,965,501  
Assets under management (AUM)
(1)(5)
      
 
478,734
 
     454,945       402,901      
 
478,734
        402,901  
Balance sheet quality and liquidity measures
(6)
                  
Risk-weighted assets (RWA) ($ millions)
    
$
369,264
  
   $ 358,396     $ 347,712      
$
369,264
  
   $ 347,712  
Common Equity Tier 1 (CET1) ratio
    
 
13.4
 % 
     13.6  %      13.4  %     
 
13.4
 % 
     13.4  % 
Tier 1 capital ratio
    
 
15.6
 % 
     15.6  %      15.3  %     
 
15.6
 % 
     15.3  % 
Total capital ratio
    
 
17.5
 % 
     17.6  %      17.6  %     
 
17.5
 % 
     17.6  % 
Leverage ratio
    
 
4.3
 % 
     4.3  %      4.3  %     
 
4.3
 % 
     4.3  % 
Total loss absorbing capacity (TLAC) ratio
    
 
34.4
 % 
     32.7  %      32.9  %     
 
34.4
 % 
     32.9  % 
TLAC leverage ratio
    
 
9.5
 % 
     8.9  %      9.2  %     
 
9.5
 % 
     9.2  % 
Liquidity coverage ratio (LCR)
    
 
127
 % 
     131  %      127  %     
 
n/a
 
     n/a  
Net stable funding ratio (NSFR)
      
 
113
 % 
     114  %      115  %     
 
113
 % 
     115  % 
Other information
                  
Full-time equivalent employees (FTE)
      
 
51,711
  
     50,648       49,761      
 
51,711
  		     49,761  
 
(1)
For additional information on the composition of these specified financial measures, see the “Glossary” section.
(2)
Average balances are calculated as a weighted average of daily closing balances.
(3)
Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.
(4)
Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $3,368.9 billion (April 30, 2026: $3,238.4 billion; July 31, 2025: $3,130.1 billion).
(5)
AUM amounts are included in the amounts reported under AUA.
(6)
RWA and our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution’s (OSFI’s) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and LCR and NSFR are calculated pursuant to OSFI’s Liquidity Adequacy Requirements (LAR) 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.
n/a
Not applicable.
 
2
   CIBC THIRD QUARTER 2026
Table of Contents
Financial performance overview
Economic outlook
Geopolitical uncertainties over trade and energy prices present a challenging environment for economic activity in Canada and abroad, with more stimulative monetary policy in most countries aimed at sustaining moderate global growth for the remainder of 2026. The conflict in the Middle East has raised energy and other commodity prices globally, lifting inflation rates in the process. Our outlook assumes that some of these pressures will be unwound over the balance of the calendar year once marine traffic through the Strait of Hormuz and oil and gas production is restored. The U.S. has imposed broad-based tariffs on its trading partners, which is dampening growth in those countries. In Canada’s case, even after the imposition of additional tariffs on August 22, 2026, the average rate on Canadian exports to the U.S. will still be below that faced by other countries to the extent higher auto sector tariffs that were subsequently threatened do not materialize next year, and we expect many sectors will continue to have tariff-free access to the U.S. market under the Canada-U.S.-Mexico trade deal.
China’s economy is expected to decelerate to less than 5% growth in 2026, as weak domestic demand offsets trade flows that have proven to be resilient in the face of elevated U.S. tariffs. Europe is expected to see a modest deceleration in growth in 2026 to roughly 1% in the eurozone and the United Kingdom (U.K.), as headwinds from energy costs offset some of the impacts of increased defence spending in some countries.
After cutting interest rates last year, we expect the Bank of Canada to keep its target rate on hold at 2.25% through 2026 in order to support interest-sensitive demand. While we will see increased inflation from energy prices and some imported goods that will keep total inflation well above the 2% target, core inflation will be better contained due to ongoing labour market slack that will constrain wage gains and consumer purchasing power for domestic goods and services, alongside an easing in rent inflation. Fiscal policy will provide only a small boost this year due to restraint at the provincial level and in federal staffing, with stimulus for large capital projects mostly showing up in subsequent years. While quarterly growth has picked up in the spring, the weak start to the year is likely to see Canadian gross domestic product (GDP) growing at under 1% for 2026 as a whole, but with slow population growth, that will allow the unemployment rate to stabilize near current levels over the remainder of 2026. Growth is expected to improve in 2027, supported by gains in capital spending and a smaller drag from housing. A more severe global trade conflict, particularly if combined with extended oil and gas shortages overseas, or more elevated U.S. tariffs on Canada, including from a significant restructuring or termination of the Canada-U.S.-Mexico trade deal, would represent a downside risk to this forecast, with the results dependent on the degree to which the trade shock would be offset by more substantial monetary and fiscal stimulus.
The U.S. economy faces headwinds from a deceleration in population growth and the impact of higher long-term bond yields on housing. Strong capital spending on AI-related projects is expected to continue to support growth in 2026, while also contributing to inflation in some of the inputs to that build-out. The Federal Reserve could keep interest rates on hold if geopolitical events allow for a stabilization in energy prices, but should the Middle East conflict continue, it would likely raise interest rates modestly before the end of 2026. Real GDP growth is expected to be roughly 2% for 2026 as a whole, with the unemployment rate averaging 4.3%. Higher budget deficits could limit the room for a drop in long-term rates, but fiscal stimulus and lighter regulatory policies will add some support for economic growth in 2026. Inflation is expected to remain well above the 2% target for the balance of the year, but will see more relief in 2027.
For Canadian Personal Banking, mortgage growth is expected to continue at the current rate in 2026, as the interest rate reduction from 2025 continues to bring buyers back to the market tempered by reduced consumer confidence and policy measures designed to slow population growth. We expect to see a marginal improvement in activity as increased inflation from higher energy costs constrains per capita discretionary spending and increased economic uncertainty results in modest demand for mortgage credit.
Despite recent escalation of trade tensions, many Canadian commercial banking and corporate banking clients remain cautiously optimistic about their prospects and ability to navigate any new tariff regulations. As a result, we expect continued loan growth in Canadian commercial banking and corporate banking for the remainder of 2026, building off the momentum provided by interest rate relief in 2025. U.S. commercial banking activity has strengthened recently, consistent with improved loan growth trends across the industry. If trade policy and geopolitical uncertainty ease, we expect that client investment activity will continue to recover, which should support further loan growth, moderated by the extent to which clients use existing deposit holdings to meet financing needs.
Financial markets will benefit from continued lower short-term interest rates in both Canada and the U.S. Canadian and U.S. wealth management businesses have benefitted from strong equity market performance, despite the recent geopolitical uncertainties. Corporate and investment banking is expected to continue to benefit from merger and acquisition activity, and corporate bond issuance could pick up from improved capital spending if tariff uncertainties are reduced over the remainder of 2026.
The economic outlook described above reflects numerous assumptions regarding the conflict in the Middle East, and trade policy, including the continuation of the Canada-U.S.-Mexico trade deal, as well as the economic risks emanating from other geopolitical events. As a result, actual experience may differ materially from expectations. The impact of trade policy uncertainty and geopolitical events on our risk environment, are discussed in the “Top and emerging risks” section. Changes in the level of economic uncertainty continue to impact key accounting estimates and assumptions, particularly the estimation of expected credit losses (ECL). See the “Accounting and control matters” section and Note 5 to our interim consolidated financial statements for further details.
 
Significant events
Sale of CIBC Caribbean
On May 27, 2026, CIBC entered into a definitive agreement to sell our 91.67% interest in CIBC Caribbean Bank Limited (CIBC Caribbean) to The Bank of N.T. Butterfield & Son (Butterfield) for total consideration of approximately US$1.645 billion. The consideration is comprised of US$1 billion in cash and a fixed number of common shares that were valued at US$645 million on the announcement date, that will represent an equity interest of approximately 22% at closing. CIBC will also obtain two seats on the board of Butterfield. Upon close, our stake in Butterfield will be accounted for using the equity method. As a part of the transaction, CIBC will provide certain indemnifications and commit to certain undertakings, including the purchase of certain investments held by CIBC Caribbean.
We recognized a charge of $269 million ($232 million after-tax) this quarter in connection with the transaction, including the difference between the present value of the consideration to be received in 2027 and the carrying value of CIBC Caribbean, and amounts related to the undertakings.
The transaction is expected to close in the first half of 2027, subject to Butterfield shareholder and regulatory approvals and closing conditions.
 
CIBC THIRD QUARTER 2026
     3  
Table of Contents
Strategic partnership and acquisition of interest in &Partners
On May 4, 2026, CIBC entered into a definitive agreement to establish a strategic relationship with Ampersand Partners, LLC (&Partners), a U.S. private wealth management firm, that includes the acquisition of a minority interest. Through this relationship, CIBC adds exposure to a fast-growing segment of the U.S. private wealth market while formalizing CIBC as &Partners’ strategic banking partner. The transaction closed on July 6, 2026, resulting in the acquisition of a 19.15% equity interest (4.99% voting) in exchange for upfront cash and an additional amount payable in 2029 contingent on &Partners achieving certain performance targets. We also obtained a seat on their board. Our investment in &Partners has been accounted for using the equity method and our proportionate share in the results of &Partners has been included in U.S. Commercial Banking and Wealth Management.
Financial results review
Reported net income for the quarter was $2,409 million, compared with $2,096 million for the same quarter last year, and $2,465 million for the prior quarter.
Adjusted net income
(1)
for the quarter was $2,648 million, compared with $2,104 million for the same quarter last year, and $2,471 million for the prior quarter.
Reported diluted EPS for the quarter was $2.47, compared with $2.15 for the same quarter last year, and $2.53 for the prior quarter.
Adjusted diluted EPS
(1)
for the quarter was $2.73, compared with $2.16 for the same quarter last year, and $2.54 for the prior quarter.
In the current quarter, the following items of note decreased revenue by $2 million, increased non-interest expenses by $277 million, decreased income taxes by $40 million and decreased net income by $239 million:
•  
$269 million ($232 million after-tax) of charges related to our announced sale of CIBC Caribbean (Corporate and Other); and
•  
$10 million ($7 million after-tax) amortization of acquisition-related intangible assets ($5 million after-tax in Canadian Personal and Business Banking, and $2 million after-tax in U.S. Commercial Banking and Wealth Management).
Results
         
As at or for the three
months ended
          
For the nine
months ended
  
$ millions
    
2026
Jul. 31
    
2026
Apr. 30
    
2025
Jul. 31
          
2026
Jul. 31
    
2025
Jul. 31
  
Financial results
                  
Net interest income
    
$
4,507
 
   $ 4,345     $ 4,048      
$
13,160
 
   $ 11,637  
Non-interest income
          
 
3,861
 
     3,661       3,206      
 
11,612
 
     9,920  
Total revenue
    
 
8,368
 
     8,006       7,254      
 
 24,772
 
     21,557  
Provision for credit losses
    
 
564
 
     605       559      
 
1,737
 
     1,737  
Non-interest expenses
          
 
4,685
 
     4,199       3,976      
 
13,213
 
     11,673  
Income before income taxes
    
 
3,119
 
     3,202       2,719      
 
9,822
 
     8,147  
Income taxes
          
 
710
 
     737       623      
 
1,848
 
     1,873  
Net income
          
$
2,409
 
   $ 2,465     $ 2,096      
$
7,974
 
   $ 6,274  
Net income attributable to non-controlling interests
          
$
10
 
   $ 8     $ 2      
$
25
 
   $ 19  
Preferred shareholders and other equity instrument holders
    
 
128
 
     114       82      
 
348
 
     248  
Common shareholders
          
 
2,271
 
     2,343       2,012      
 
7,601
 
     6,007  
Net income attributable to equity shareholders
          
$
2,399
 
   $ 2,457     $ 2,094      
$
7,949
 
   $ 6,255  
Net interest income and margin
                  
Non-trading net interest income
    
$
4,886
 
   $ 4,583     $ 4,297      
$
14,140
 
   $ 12,425  
Trading net interest income
(2)
          
 
(379
) 
     (238 )      (249 )     
 
(980
) 
     (788 ) 
Total net interest income
          
$
4,507
 
   $ 4,345     $ 4,048      
$
13,160
 
   $ 11,637  
Average trading interest-earning assets
    
 
159,518
 
     149,319       137,797      
 
155,716
 
     139,507  
Average non-trading interest-earning assets
          
 
934,971
 
     917,166       877,310      
 
917,959
 
     870,633  
Total average interest-earning assets
          
$
  1,094,489
 
   $   1,066,485     $   1,015,107      
$
  1,073,675
 
   $   1,010,140  
Net interest margin on average interest-earning assets
    
 
1.63
% 
     1.67  %      1.58  %     
 
1.64
% 
     1.54  % 
Net interest margin on average interest-earning assets (excluding trading)
(2)
          
 
2.07
% 
     2.05  %      1.94  %     
 
2.06
% 
     1.91  % 
Provision for (reversal of) credit losses
                  
Canadian Personal and Business Banking
    
$
394
 
   $ 397     $ 361      
$
1,117
 
   $ 1,025  
Canadian Commercial Banking and Wealth Management
    
 
132
 
     97       25      
 
328
 
     72  
U.S. Commercial Banking and Wealth Management
    
 
37
 
     40       57      
 
155
 
     228  
Capital Markets
    
 
53
 
     10       37      
 
73
 
     46  
Corporate and Other
          
 
(4
) 
     4       1      
 
7
 
     19  
Provision for credit losses – impaired
          
 
612
 
     548       481      
 
1,680
 
     1,390  
Canadian Personal and Business Banking
    
 
33
 
     77       83      
 
230
 
     236  
Canadian Commercial Banking and Wealth Management
    
 
13
 
     24       (4 )     
 
22
 
     42  
U.S. Commercial Banking and Wealth Management
    
 
(69
) 
     (19 )      (40 )     
 
(145
) 
     (20 ) 
Capital Markets
    
 
(25
) 
     (25 )      39      
 
(53
) 
     85  
Corporate and Other
          
 
–
  
     –        –       
 
3
 
     4  
Provision for (reversal of) credit losses – performing
          
 
(48
) 
     57       78      
 
57
 
     347  
Total provision for credit losses
          
$
564
 
   $ 605     $ 559      
$
1,737
 
   $ 1,737  
(1)
Adjusted measures are non-GAAP measures. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.
(2)
See the “Glossary – Trading activities and trading net interest income” and “Glossary – Net interest margin on average interest-earning assets (excluding trading)” sections for additional information.
 
4
   CIBC THIRD QUARTER 2026
Table of Contents
Q3/26 vs Q3/25
Net income for the quarter was $2,409 million, up $313 million from the same quarter last year, primarily due to higher revenue, partially offset by higher non-interest expenses, including charges related to our announced sale of CIBC Caribbean, which is shown as an item of note.
Revenue was up $1,114 million or 15%.
Net interest income was up $459 million or 11%, primarily due to higher net interest margin in our non-trading businesses, volume growth across our businesses, and the impact of foreign exchange translation. Net interest margin on average interest-earning assets was up 5 basis points, primarily due to higher deposit and loan margins, partially offset by lower trading net interest margin.
Non-interest income was up $655 million or 20%, primarily due to higher trading non-interest income, fee-based revenue and credit fees.
Provision for credit losses was $564 million, up $5 million. The current quarter included a provision reversal on performing loans due to a favourable change in our economic outlook and an allowance release related to a sale of a number of commercial real estate loans in the U.S., partially offset by an increase related to unfavourable credit migration, while the same quarter last year included a provision for credit losses due to an unfavourable change in our economic outlook, partially offset by a release related to favourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Canadian Commercial Banking and Wealth Management, Canadian Personal and Business Banking, and Capital Markets, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.
Non-interest expenses were up $709 million or 18%, primarily due to higher performance-based compensation and other employee-related compensation, charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, higher computer, software and office equipment expenses, and higher professional fees.
Income tax expense was up $87 million or 14%. The effective tax rate was 22.8% compared with 22.9% for the same quarter last year.
Q3/26 vs Q2/26
Net income was down $56 million from the prior quarter, primarily due to higher non-interest expenses, including charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, partially offset by higher revenue and a lower provision for credit losses.
Revenue was up $362 million or 5%.
Net interest income was up $162 million or 4%, primarily due to the impact of additional days in the current quarter, volume growth across our businesses, higher net interest margin in our non-trading businesses and higher treasury revenue, partially offset by lower trading net interest income. Net interest margin on average interest-earning assets was down 4 basis points, primarily due to lower trading net interest margin.
Non-interest income was up $200 million or 5%, primarily due to higher fee-based revenue, higher trading non-interest income and credit fees.
Provision for credit losses was down $41 million. The current quarter included a provision reversal on performing loans as indicated above, while the prior quarter included a provision for credit losses due to an unfavourable change in our economic outlook, partially offset by a release related to favourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Capital Markets and Canadian Commercial Banking and Wealth Management.
Non-interest expenses were up $486 million or 12%, primarily due to charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, higher performance-based compensation and other employee-related compensation, higher computer, software and office equipment expenses, and higher professional fees.
Income tax expense was down $27 million or 4%. The effective tax rate was 22.8% compared with 23.0% for the prior quarter.
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $7,974 million, up $1,700 million from the same period in 2025, primarily due to higher revenue and income tax recoveries related to a capital gains distribution and utilization of capital losses, which was shown as an item of note, partially offset by higher non-interest expenses, including charges related to our announced sale of CIBC Caribbean, which is also shown as an item of note.
Revenue was up $3,215 million or 15%.
Net interest income was up $1,523 million or 13%, primarily due to higher net interest margin in our non-trading businesses, and volume growth across our businesses, partially offset by lower trading net interest income. Net interest margin on average interest-earning assets was up 10 basis points, primarily due to higher deposit and loan margins, partially offset by lower trading net interest margin.
Non-interest income was up $1,692 million or 17%, primarily due to higher trading non-interest income, fee-based revenue, underwriting and advisory fees, credit fees, gains from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net, and commissions on securities transactions.
 
CIBC THIRD QUARTER 2026
     5  
Table of Contents
Provision for credit losses was $1,737 million, comparable with the prior period. Provision for credit losses on performing loans was down as the current period included a favourable change in our economic outlook while the prior period included an unfavourable change. In addition, the current period included less unfavourable model parameter updates and an allowance release related to the sale of a number of commercial real estate loans in the U.S. Partially offsetting these provision decreases, the current period included unfavourable credit migration while the same period last year included favourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Canadian Commercial Banking and Wealth Management, Canadian Personal and Business Banking, and Capital Markets, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.
Non-interest expenses were up $1,540 million or 13%, primarily due to higher performance-based compensation, including from changes in vesting date assumptions, and other employee-related compensation, charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, higher computer, software and office equipment expenses, and higher professional fees.
Income tax expense was down $25 million or 1%. The effective tax rate was 18.8% compared with 23.0% for the same period in 2025, primarily due to income tax recoveries of $422 million related to a capital gains distribution and utilization of capital losses, which was shown as an item of note.
Foreign exchange
The following table provides the estimated impact of U.S. dollar (USD) translation on key lines of our interim consolidated statement of income, as a result of changes in average exchange rates.
 
   
For the three
months ended
            For the nine
months ended		  
$ millions, except per share amounts
   Jul. 31, 2026
vs.
Jul. 31, 2025		     Jul. 31, 2026
vs.
Apr. 30, 2026		            Jul. 31, 2026
vs.
Jul. 31, 2025		  
Estimated increase (decrease) in:
             
Total revenue
   $ 30     $ 35        $ (94 ) 
Provision for (reversal of) credit losses
        1           1           (3 ) 
Non-interest expenses
     18       21          (49 ) 
Income taxes
     4       5          (14 ) 
Net income (loss)
     7       8          (28 ) 
Impact on EPS:
             
Basic
   $   0.01     $   0.01        $   (0.03 ) 
Diluted
     0.01       0.01          (0.03 ) 
Average USD appreciation (depreciation) relative to CAD
     1.6  %      1.8  %         (1.7 )% 
Review of quarterly financial information
 
$ millions, except per share amounts, for the three months ended
                  
 
2026
 		                             2025       2024  
          
Jul. 31
     Apr. 30     Jan. 31     Oct. 31     Jul. 31     Apr. 30     Jan. 31     Oct. 31  
Revenue
                    
Canadian Personal and Business Banking
  
$
3,344
 
   $ 3,174     $ 3,295     $ 3,188     $ 3,061     $ 2,859     $ 2,923     $ 2,842  
Canadian Commercial Banking and Wealth Management
  
 
2,037
 
     1,918       1,923       1,836       1,723       1,640       1,703       1,602  
U.S. Commercial Banking and Wealth Management
  
 
863
 
     821       874       810       790       769       847       733  
Capital Markets
  
 
1,834
 
     1,868       2,017       1,523       1,506       1,545       1,574       1,155  
Corporate and Other
  
 
290
 
     225       289       219       174       209       234       285  
Total revenue
  
$
8,368
 
   $ 8,006     $ 8,398     $ 7,576     $ 7,254     $ 7,022     $ 7,281     $ 6,617  
Net interest income
  
$
4,507
 
   $ 4,345     $ 4,308     $ 4,132     $ 4,048     $ 3,788     $ 3,801     $ 3,633  
Non-interest income
  
 
3,861
 
     3,661       4,090       3,444       3,206       3,234       3,480       2,984  
Total revenue
  
 
8,368
 
     8,006       8,398       7,576       7,254       7,022       7,281       6,617  
Provision for credit losses
  
 
564
 
     605       568       605       559       605       573       419  
Non-interest expenses
  
 
4,685
 
     4,199       4,329       4,179       3,976       3,819       3,878       3,791  
Income before income taxes
  
 
3,119
 
     3,202       3,501       2,792       2,719       2,598       2,830       2,407  
Income taxes
  
 
710
 
     737       401       612       623       591       659       525  
Net income
  
$
2,409
 
   $ 2,465     $ 3,100     $ 2,180     $ 2,096     $ 2,007     $ 2,171     $ 1,882  
Net income attributable to non-controlling interests
  
$
10
 
   $ 8     $ 7     $ 6     $ 2     $ 9     $ 8     $ 8  
Preferred shareholders and other equity instrument holders
  
 
128
 
     114       106       116       82       78       88       72  
Common shareholders
  
 
2,271
 
     2,343       2,987       2,058       2,012       1,920       2,075       1,802  
Net  income attributable to equity shareholders
  
$
  2,399
 
   $   2,457     $   3,093     $   2,174     $   2,094     $   1,998     $   2,163     $   1,874  
EPS – basic
  
$
2.49
 
   $ 2.55     $ 3.23     $ 2.21     $ 2.16     $ 2.05     $ 2.20     $ 1.91  
     – diluted
  
 
2.47
 
     2.53       3.21       2.20       2.15       2.04       2.19       1.90  
Our quarterly results are modestly affected by seasonal factors. The second quarter has fewer days as compared with the other quarters, generally leading to lower earnings. The summer months (July – third quarter and August – fourth quarter) typically experience lower levels of market activity, which affects our brokerage, investment management, and capital markets activities.
 
6
   CIBC THIRD QUARTER 2026
Table of Contents
Revenue
Revenue in our lending and deposit-taking businesses is generally driven by volume growth, fees related to client transaction activity and the interest rate environment. Our wealth management businesses are driven by net sales activity impacting AUA and AUM, the level of client investment activity and market conditions. Capital markets revenue is also influenced, to a large extent, by market conditions affecting client trading, underwriting and advisory activity.
Canadian Personal and Business Banking benefitted from loan growth and favourable asset mix through the periods presented above, underpinned by organic client growth, along with building and deepening relationships across our client base.
Canadian Commercial Banking and Wealth Management revenue has benefitted from commercial banking volume growth and positive investor sentiment in wealth management. In commercial banking, revenue growth has been driven by client demand. In wealth management, AUA and AUM growth and associated fee income have been helped by market appreciation and strong sales activity across our distribution channels.
U.S. Commercial Banking and Wealth Management revenue has continued to benefit from growth in our core businesses, supported by our ongoing strategy of deepening client relationships. Loan volumes had been growing since the fourth quarter of 2024, except for the fourth quarter of 2025, which experienced high payoffs. Deposit balances have trended up and have increased from the fourth quarter of 2024, except for the declines in the second and third quarters of 2025 due to drawdowns of short-term placements. In our wealth management segment, AUM has shown growth, contributing to higher fee income. This positive trend has been supported by market appreciation, despite some volatility experienced in the first half of 2025 and 2026.
Capital Markets had consistently higher trading revenue in 2025 compared with 2024, driven by robust market conditions and strong client activity. The first three quarters of 2026 had continued strong trading revenue and higher underwriting and advisory activity.
Corporate and Other included investment losses and impairment on debt securities in International banking in the third quarter of 2025. The first quarter of 2026 included an equity pick-up gain in our strategic investment portfolio.
Provision for credit losses
Provision for credit losses is dependent upon the credit cycle, on the credit performance of the loan portfolios, and changes in our economic outlook. We have been operating in an uncertain macroeconomic environment in which there is considerable judgment involved in the estimation of ECL.
Trade policy uncertainty impacted our provision for credit losses on performing loans in fiscal 2025, and in fiscal 2026 through to the current quarter. Unfavourable credit migration in the U.S. real estate and construction sector also negatively impacted our provision for credit losses on performing loans in the U.S. in the fourth quarter of 2025, and the third quarter of 2026, while positive credit migration, including from loan sales, impacted our provision for credit losses on performing loans in the U.S. in the third quarter of 2026.
In Canadian Personal and Business Banking, provisions on impaired loans increased in fiscal 2025 and remained elevated in fiscal 2026 through the current quarter, due to the unfavourable macroeconomic environment for the retail portfolios.
In Canadian Commercial Banking and Wealth Management, the first, second and third quarters of 2026 had higher provisions on impaired loans.
In U.S. Commercial Banking and Wealth Management, higher provisions on impaired loans in the fourth quarter of 2024 were attributable to the real estate and construction sector. Impairment losses from this sector and other sectors were also higher in the first, second and third quarters of 2025, and the first quarter of 2026.
In Capital Markets, the fourth quarter of 2024, the third and fourth quarters of 2025, and the third quarter of 2026 included higher provisions on impaired loans.
In Corporate and Other, provisions for impaired loans in International banking have remained relatively stable.
Non-interest expenses
Non-interest expenses have increased throughout the period presented primarily due to employee compensation expenses and spending on strategic and other initiatives. The third quarter of 2026 included charges related to our announced sale of CIBC Caribbean, shown as an item of note. The first quarters of 2025 and 2026 included higher legal provisions.
Income taxes
Income taxes vary with changes in taxable income in the jurisdictions in which the income is earned. The first quarter of 2026 included income tax recoveries related to a capital gains distribution and utilization of capital losses, which was shown as an item of note.
 
CIBC THIRD QUARTER 2026
     7  
Table of Contents
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 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.
Adjusted measures
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 and adjusted net income, in addition to the adjusted measures noted below, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP.
See the “Strategic business units overview” section and Note 29 to our consolidated financial statements included in our 2025 Annual Report for further details.
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.
Adjusted efficiency ratio
We adjust our reported revenue and non-interest expenses to remove the impact of items of note.
Adjusted operating leverage
We adjust our reported revenue and non-interest expenses to remove the impact of items of note.
Adjusted dividend payout ratio
We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted dividend payout ratio.
Adjusted return on common shareholders’ equity
We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders’ equity.
Adjusted effective tax rate
We adjust our reported income before income taxes and reported income taxes to remove the impact of items of note, to calculate the adjusted effective tax rate.
Pre-provision, pre-tax earnings
Pre-provision, pre-tax earnings is calculated as revenue net of non-interest expenses, and provides the reader with an assessment of our ability to generate earnings to cover credit losses through the credit cycle, as well as an additional basis for comparing underlying business performance between periods by excluding the impact of provision for credit losses, which involves the application of judgments and estimates related to matters that are uncertain and can vary significantly between periods. We adjust our pre-provision, pre-tax earnings to remove the impact of items of note to calculate the adjusted pre-provision, pre-tax earnings. As discussed above, we believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends.
Allocated common equity
Common equity is allocated to the SBUs based on the estimated amount of regulatory capital required to support their businesses (as determined for the consolidated bank pursuant to OSFI’s regulatory capital requirements and internal targets). Unallocated common equity is reported in Corporate and Other. Allocating capital on this basis provides a consistent framework to evaluate the returns of each SBU commensurate with the risk assumed. For additional information, see the “Risks arising from business activities” section.
Segmented return on equity
We use return on equity on a segmented basis as one of the measures for performance evaluation and resource allocation decisions. While return on equity for total CIBC provides a measure of return on common equity, return on equity on a segmented basis provides a similar metric based on allocated common equity to our SBUs. As a result, segmented return on equity is a non-GAAP ratio. Segmented return on equity is calculated as net income attributable to common shareholders for each SBU expressed as a percentage of average allocated common equity, which is the average of monthly allocated common equity during the period. Effective the first quarter of 2026, a change in the allocation methodology that takes into account both RWA and leverage exposure of the SBU was applied, which results in a portion of net income (loss) attributable to preferred shareholders and other equity instrument holders in Corporate and Other being allocated to the SBUs with a corresponding reduction in the net income (loss) attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank reported and adjusted return on common shareholders’ equity.
 
8
   CIBC THIRD QUARTER 2026
Table of Contents
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
 
$ millions, for the three months ended July 31, 2026  
Canadian
Personal
and Business
Banking
    
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)
  
Operating results – reported
                
Total revenue
  
$
3,344
 		  
$
2,037
 		  
$
863
 		  
$
1,834
 		  
$
290
 		  
$
8,368
 		    
$
618
 
Provision for (reversal of) credit losses
  
 
427
 
  
 
145
 
  
 
(32
) 
  
 
28
 
  
 
(4
) 
  
 
564
 
    
 
(23
) 
Non-interest expenses
  
 
1,643
 
  
 
1,037
 
  
 
478
 
  
 
857
 
  
 
670
 
  
 
4,685
 
    
 
343
 
Income (loss) before income taxes
  
 
1,274
 
  
 
855
 
  
 
417
 
  
 
949
 
  
 
(376
) 
  
 
3,119
 
    
 
298
 
Income taxes
  
 
326
 
  
 
236
 
  
 
97
 
  
 
227
 
  
 
(176
) 
  
 
710
 
    
 
70
 
Net income (loss)
  
 
948
 
  
 
619
 
  
 
320
 
  
 
722
 
  
 
(200
) 
  
 
2,409
 
    
 
228
 
Net income attributable to non-controlling interests
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
10
 
  
 
10
 
    
 
– 
 
Preferred shareholders and other equity instrument holders
  
 
11
 
  
 
6
 
  
 
5
 
  
 
42
 
  
 
64
 
  
 
128
 
    
 
4
 
Common shareholders
  
 
937
 
  
 
613
 
  
 
315
 
  
 
680
 
  
 
(274
) 
  
 
2,271
 
    
 
224
 
Net income (loss) attributable to equity shareholders
  
 
948
 
  
 
619
 
  
 
320
 
  
 
722
 
  
 
(210
) 
  
 
2,399
 
    
 
228
 
Diluted EPS
($)
                                          
$
2.47
 
          
Impact of items of note
(1)
                
Revenue
                
Amortization of acquisition-related intangible assets 
(2)
  
$
– 
 
  
$
– 
 
  
$
2
 
  
$
– 
 
  
$
– 
 
  
$
2
 
    
$
1
 
Impact of items of note on revenue
  
 
– 
 
  
 
– 
 
  
 
2
 
  
 
– 
 
  
 
– 
 
  
 
2
 
    
 
1
 
Non-interest expenses
                
Amortization of acquisition-related intangible assets
  
 
(6
) 
  
 
– 
 
  
 
(2
) 
  
 
– 
 
  
 
– 
 
  
 
(8
) 
    
 
(1
) 
Charges related to our announced sale of CIBC Caribbean
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
(269
) 
  
 
(269
) 
    
 
– 
 
Impact of items of note on non-interest expenses
  
 
(6
) 
  
 
– 
 
  
 
(2
) 
  
 
– 
 
  
 
(269
) 
  
 
(277
) 
    
 
(1
) 
Total pre-tax impact of items of note on net income
  
 
6
 
  
 
– 
 
  
 
4
 
  
 
– 
 
  
 
269
 
  
 
279
 
    
 
2
 
Income taxes
                
Amortization of acquisition-related intangible assets 
(2)
  
 
1
 
  
 
– 
 
  
 
2
 
  
 
– 
 
  
 
– 
 
  
 
3
 
    
 
1 
 
Charges related to our announced sale of CIBC Caribbean
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
37
 
  
 
37
 
    
 
– 
 
Impact of items of note on income taxes
  
 
1
 
  
 
– 
 
  
 
2
 
  
 
– 
 
  
 
37
 
  
 
40
 
    
 
1
 
Total after-tax impact of items of note on net income
  
$
5
 
  
$
– 
 
  
$
2
 
  
$
– 
 
  
$
232
 
  
$
239
 
    
$
1
 
Impact of items of note on diluted EPS
($)
(3)
                                          
$
0.26
 
          
Operating results – adjusted
(4)
                
Total revenue – adjusted
  
$
  3,344
 
  
$
  2,037
 
  
$
  865
 
  
$
  1,834
 
  
$
  290
 
  
$
  8,370
 
    
$
  619
 
Provision for (reversal of) credit losses – adjusted
  
 
427
 
  
 
145
 
  
 
(32
) 
  
 
28
 
  
 
(4
) 
  
 
564
 
    
 
(23
) 
Non-interest expenses – adjusted
  
 
1,637
 
  
 
1,037
 
  
 
476
 
  
 
857
 
  
 
401
 
  
 
4,408
 
    
 
342
 
Income (loss) before income taxes – adjusted
  
 
1,280
 
  
 
855
 
  
 
421
 
  
 
949
 
  
 
(107
) 
  
 
3,398
 
    
 
300
 
Income taxes – adjusted
  
 
327
 
  
 
236
 
  
 
99
 
  
 
227
 
  
 
(139
) 
  
 
750
 
    
 
71
 
Net income – adjusted
  
 
953
 
  
 
619
 
  
 
322
 
  
 
722
 
  
 
32
 
  
 
2,648
 
    
 
229
 
Net income attributable to non-controlling interests – adjusted
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
– 
 
  
 
10
 
  
 
10
 
    
 
– 
 
Preferred shareholders and other equity instrument holders – adjusted
  
 
11
 
  
 
6
 
  
 
5
 
  
 
42
 
  
 
64
 
  
 
128
 
    
 
4
 
Common shareholders – adjusted
  
 
942
 
  
 
613
 
  
 
317
 
  
 
680
 
  
 
(42
) 
  
 
2,510
 
    
 
225
 
Net income attributable to equity shareholders – adjusted
  
 
953
 
  
 
619
 
  
 
322
 
  
 
722
 
  
 
22
 
  
 
2,638
 
    
 
229
 
Adjusted diluted EPS ($)
                                          
$
2.73
 
          
(1)
Items of note are removed from reported results to calculate adjusted results.
(2)
Includes the amortization of acquisition-related intangible assets that are a component of equity-accounted associates.
(3)
Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS.
(4)
Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.
 
CIBC THIRD QUARTER 2026
     9  
Table of Contents
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
 
$ millions, for the three months ended April 30, 2026   Canadian
Personal
and Business
Banking		     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)		  
Operating results – reported
                
Total revenue
   $ 3,174     $ 1,918     $ 821     $ 1,868     $ 225     $ 8,006       $ 599  
Provision for (reversal of) credit losses
     474       121       21       (15 )      4       605         16  
Non-interest expenses
     1,571       960       469       807       392       4,199         342  
Income (loss) before income taxes
     1,129       837       331       1,076       (171 )      3,202         241  
Income taxes
     283       223       71       284       (124 )      737         51  
Net income (loss)
     846       614       260       792       (47 )      2,465         190  
Net income attributable to non-controlling interests
     –        –        –        –        8       8         –   
Preferred shareholders and other equity instrument holders
     10       6       4       39       55       114         3  
Common shareholders
     836       608       256       753       (110 )      2,343         187  
Net income (loss) attributable to equity shareholders
     846       614       260       792       (55 )      2,457         190  
Diluted EPS
($)
                                           $ 2.53            
Impact of items of note
(1)
                
Non-interest expenses
                
Amortization of acquisition-related intangible assets
   $ (7 )    $ –      $ (1 )    $ –      $ –      $ (8 )      $ (1 ) 
Impact of items of note on non-interest expenses
     (7 )      –        (1 )      –        –        (8 )        (1 ) 
Total pre-tax impact of items of note on net income
     7       –        1       –        –        8         1  
Income taxes
                
Amortization of acquisition-related intangible assets
     2       –        –        –        –        2         –   
Impact of items of note on income taxes
     2       –        –        –        –        2         –   
Total after-tax impact of items of note on net income
   $ 5     $ –      $ 1     $ –      $ –      $ 6       $ 1  
Impact of items of note on diluted EPS ($)
(3)
                                           $ 0.01            
Operating results – adjusted
(4)
                
Total revenue – adjusted
   $   3,174     $   1,918     $   821     $   1,868     $ 225     $   8,006       $   599  
Provision for (reversal of) credit losses – adjusted
     474       121       21       (15 )      4       605         16  
Non-interest expenses – adjusted
     1,564       960       468       807       392       4,191         341  
Income (loss) before income taxes – adjusted
     1,136       837       332       1,076         (171 )      3,210         242  
Income taxes – adjusted
     285       223       71       284       (124 )      739         51  
Net income (loss) – adjusted
     851       614       261       792       (47 )      2,471         191  
Net income attributable to non-controlling interests – adjusted
     –        –        –        –        8       8         –   
Preferred shareholders and other equity instrument holders – adjusted
     10       6       4       39       55       114         3  
Common shareholders – adjusted
     841       608       257       753       (110 )      2,349         188  
Net income (loss) attributable to equity shareholders – adjusted
     851       614       261       792       (55 )      2,463         191  
Adjusted diluted EPS
($)
                                           $ 2.54            
See previous page for footnote references.
 
10
   CIBC THIRD QUARTER 2026
Table of Contents
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
 
$ millions, for the three months ended July 31, 2025   Canadian
Personal
and Business
Banking		     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)		  
Operating results – reported
                
Total revenue
   $ 3,061     $ 1,723     $ 790     $ 1,506     $ 174     $ 7,254       $ 576  
Provision for credit losses
     444       21       17       76       1       559         14  
Non-interest expenses
     1,517       879       450       721       409       3,976         327  
Income (loss) before income taxes
     1,100       823       323       709       (236 )      2,719         235  
Income taxes
     288       225       69       169       (128 )      623         49  
Net income (loss)
     812       598       254       540       (108 )      2,096         186  
Net income attributable to non-controlling interests
     –       –       –       –       2       2         –  
Preferred shareholders and other equity instrument holders
     –       –       –       –       82       82         –  
Common shareholders
     812       598       254       540       (192 )      2,012         186  
Net income (loss) attributable to equity shareholders
     812       598       254       540       (110 )      2,094         186  
Diluted EPS
($)
                                           $ 2.15            
Impact of items of note
(1)
                
Non-interest expenses
                
Amortization of acquisition-related intangible assets
   $ (7 )    $ –     $ (4 )    $ –     $ –     $ (11 )      $ (3 ) 
Impact of items of note on non-interest expenses
     (7 )      –       (4 )      –       –       (11 )        (3 ) 
Total pre-tax impact of items of note on net income
     7       –       4       –       –       11         3  
Income taxes
                
Amortization of acquisition-related intangible assets
     2       –       1       –       –       3         1  
Impact of items of note on income taxes
     2       –       1       –       –       3         1  
Total after-tax impact of items of note on net income
   $ 5     $ –     $ 3     $ –     $ –     $ 8       $ 2  
Impact of items of note on diluted EPS ($)
(3)
                                           $ 0.01            
Operating results – adjusted
(4)
                
Total revenue – adjusted
   $   3,061     $   1,723     $   790     $   1,506     $ 174     $   7,254       $   576  
Provision for credit losses – adjusted
     444       21       17       76       1       559         14  
Non-interest expenses – adjusted
     1,510       879       446       721          409       3,965         324  
Income (loss) before income taxes – adjusted
     1,107       823       327       709       (236 )      2,730         238  
Income taxes – adjusted
     290       225       70       169       (128 )      626         50  
Net income (loss) – adjusted
     817       598       257       540       (108 )      2,104         188  
Net income attributable to non-controlling interests – adjusted
     –       –       –       –       2       2         –  
Preferred shareholders and other equity instrument holders – adjusted
     –       –       –       –       82       82         –  
Common shareholders – adjusted
     817       598       257       540       (192 )      2,020         188  
Net income (loss) attributable to equity shareholders – adjusted
     817       598       257       540       (110 )      2,102         188  
Adjusted diluted EPS
($)
                                           $ 2.16            
See previous pages for footnote references.
 
CIBC THIRD QUARTER 2026
     11  
Table of Contents
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
 
$ millions, for the nine months ended July 31, 2026  
Canadian
Personal
and Business
Banking
    
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)
  
Operating results – reported
                
Total revenue
  
$
  9,813
 
  
$
  5,878
 
  
$
  2,558
 
  
$
  5,719
 
  
$
   804
 
  
$
  24,772
 
    
$
  1,847
 
Provision for credit losses
  
 
1,347
 
  
 
350
 
  
 
10
 
  
 
20
 
  
 
10
 
  
 
1,737
 
    
 
8
 
Non-interest expenses
  
 
4,772
 
  
 
2,938
 
  
 
1,430
 
  
 
2,500
 
  
 
  1,573
 
  
 
13,213
 
    
 
1,033
 
Income (loss) before income taxes
  
 
3,694
 
  
 
2,590
 
  
 
1,118
 
  
 
3,199
 
  
 
(779
) 
  
 
9,822
 
    
 
806
 
Income taxes
  
 
940
 
  
 
710
 
  
 
244
 
  
 
808
 
  
 
(854
) 
  
 
1,848
 
    
 
176
 
Net income
  
 
2,754
 
  
 
1,880
 
  
 
874
 
  
 
2,391
 
  
 
75
 
  
 
7,974
 
    
 
630
 
Net income attributable to non-controlling interests
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
25
 
  
 
25
 
    
 
–
 
Preferred shareholders and other equity instrument holders
  
 
33
 
  
 
18
 
  
 
14
 
  
 
122
 
  
 
161
 
  
 
348
 
    
 
10
 
Common shareholders
  
 
2,721
 
  
 
1,862
 
  
 
860
 
  
 
2,269
 
  
 
(111
) 
  
 
7,601
 
    
 
620
 
Net income attributable to equity shareholders
  
 
2,754
 
  
 
1,880
 
  
 
874
 
  
 
2,391
 
  
 
50
 
  
 
7,949
 
    
 
630
 
Diluted EPS ($)
                                          
$
8.22
 
          
Impact of items of note
(1)
                
Revenue
                
Amortization of acquisition-related intangible assets 
(2)
  
$
–
 
  
$
–
 
  
$
2
 
  
$
–
 
  
$
–
 
  
$
2
 
    
$
1
 
Impact of items of note on revenue
  
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
2
 
    
 
1
 
Non-interest expenses
                
Amortization of acquisition-related intangible assets
  
 
(19
) 
  
 
–
 
  
 
(7
) 
  
 
–
 
  
 
–
 
  
 
(26
) 
    
 
(5
) 
Charges related to our announced sale of CIBC Caribbean
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(269
) 
  
 
(269
) 
    
 
–
 
Impact of items of note on non-interest expenses
  
 
(19
) 
  
 
–
 
  
 
(7
) 
  
 
–
 
  
 
(269
) 
  
 
(295
) 
    
 
(5
) 
Total pre-tax impact of items of note on net income
  
 
19
 
  
 
–
 
  
 
9
 
  
 
–
 
  
 
269
 
  
 
297
 
    
 
6
 
Income taxes
                
Amortization of acquisition-related intangible assets 
(2)
  
 
5
 
  
 
–
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
8
 
    
 
2
 
Charges related to our announced sale of CIBC Caribbean
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
37
 
  
 
37
 
    
 
–
 
Income tax recoveries related to a capital gains distribution and utilization of capital losses
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
422
 
  
 
422
 
    
 
–
 
Impact of items of note on income taxes
  
 
5
 
  
 
–
 
  
 
3
 
  
 
–
 
  
 
459
 
  
 
467
 
    
 
2
 
Total after-tax impact of items of note on net income
  
$
14
 
  
$
–
 
  
$
6
 
  
$
–
 
  
$
(190
) 
  
$
(170
) 
    
$
4
 
Impact of items of note on diluted EPS ($)
(3)
                                          
$
(0.19
) 
          
Operating results – adjusted
(4)
                
Total revenue – adjusted
  
$
9,813
 
  
$
5,878
 
  
$
2,560
 
  
$
5,719
 
  
$
804
 
  
$
24,774
 
    
$
1,848
 
Provision for credit losses – adjusted
  
 
1,347
 
  
 
350
 
  
 
10
 
  
 
20
 
  
 
10
 
  
 
1,737
 
    
 
8
 
Non-interest expenses – adjusted
  
 
4,753
 
  
 
2,938
 
  
 
1,423
 
  
 
2,500
 
  
 
1,304
 
  
 
12,918
 
    
 
1,028
 
Income (loss) before income taxes – adjusted
  
 
3,713
 
  
 
2,590
 
  
 
1,127
 
  
 
3,199
 
  
 
(510
) 
  
 
10,119
 
    
 
812
 
Income taxes – adjusted
  
 
945
 
  
 
710
 
  
 
247
 
  
 
808
 
  
 
(395
) 
  
 
2,315
 
    
 
178
 
Net income (loss) – adjusted
  
 
2,768
 
  
 
1,880
 
  
 
880
 
  
 
2,391
 
  
 
(115
) 
  
 
7,804
 
    
 
634
 
Net income attributable to non-controlling interests – adjusted
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
25
 
  
 
25
 
    
 
–
 
Preferred shareholders and other equity instrument holders – adjusted
  
 
33
 
  
 
18
 
  
 
14
 
  
 
122
 
  
 
161
 
  
 
348
 
    
 
10
 
Common shareholders – adjusted
  
 
2,735
 
  
 
1,862
 
  
 
866
 
  
 
2,269
 
  
 
(301
) 
  
 
7,431
 
    
 
624
 
Net income (loss) attributable to equity shareholders – adjusted
  
 
2,768
 
  
 
1,880
 
  
 
880
 
  
 
2,391
 
  
 
(140
) 
  
 
7,779
 
    
 
634
 
Adjusted diluted EPS ($)
                                          
$
8.03
 
          
See previous pages for footnote references.
 
12
   CIBC THIRD QUARTER 2026
Table of Contents
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
 
$ millions, for the nine months ended July 31, 2025   Canadian
Personal
and Business
Banking		     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)
  
Operating results – reported
                
Total revenue
   $   8,843     $   5,066     $   2,406     $   4,625     $    617     $   21,557       $   1,709  
Provision for credit losses
     1,261       114       208       131       23       1,737         148  
Non-interest expenses
     4,455       2,565       1,361       2,145       1,147       11,673         966  
Income (loss) before income taxes
     3,127       2,387       837       2,349       (553 )      8,147         595  
Income taxes
     816       649       154       624       (370 )      1,873         109  
Net income (loss)
     2,311       1,738       683       1,725       (183 )      6,274         486  
Net income attributable to non-controlling interests
     –       –       –       –       19       19         –  
Preferred shareholders and other equity instrument holders
     –       –       –       –       248       248         –  
Common shareholders
     2,311       1,738       683       1,725       (450 )      6,007         486  
Net income (loss) attributable to equity shareholders
     2,311       1,738       683       1,725       (202 )      6,255         486  
Diluted EPS ($)
                                           $ 6.37            
Impact of items of note
(1)
                
Non-interest expenses
                
Amortization of acquisition-related intangible assets
   $ (20 )    $ –     $ (14 )    $ –     $ –     $ (34 )      $ (10 ) 
Impact of items of note on non-interest expenses
     (20 )      –       (14 )      –       –       (34 )        (10 ) 
Total pre-tax impact of items of note on net income
     20       –       14       –       –       34         10  
Income taxes
                
Amortization of acquisition-related intangible assets
     5       –       4       –       –       9         3  
Impact of items of note on income taxes
     5       –       4       –       –       9         3  
Total after-tax impact of items of note on net income
   $ 15     $ –     $ 10     $ –     $ –     $ 25       $ 7  
Impact of items of note on diluted EPS ($)
(3)
                                           $ 0.03            
Operating results – adjusted
(4)
                
Total revenue – adjusted
   $ 8,843     $ 5,066     $ 2,406     $ 4,625     $ 617     $ 21,557       $ 1,709  
Provision for credit losses – adjusted
     1,261       114       208       131       23       1,737         148  
Non-interest expenses – adjusted
     4,435       2,565       1,347       2,145       1,147       11,639         956  
Income (loss) before income taxes – adjusted
     3,147       2,387       851       2,349       (553 )      8,181         605  
Income taxes – adjusted
     821       649       158       624       (370 )      1,882         112  
Net income (loss) – adjusted
     2,326       1,738       693       1,725       (183 )      6,299         493  
Net income attributable to non-controlling interests – adjusted
     –       –       –       –       19       19         –  
Preferred shareholders and other equity instrument holders – adjusted
     –       –       –       –       248       248         –  
Common shareholders – adjusted
     2,326       1,738       693       1,725       (450 )      6,032         493  
Net income (loss) attributable to equity shareholders – adjusted
     2,326       1,738       693       1,725       (202 )      6,280         493  
Adjusted diluted EPS ($)
                                           $ 6.40            
See previous pages for footnote references.
 
CIBC THIRD QUARTER 2026
     13  
Table of Contents
The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis.
 
$ millions, for the three months ended   Canadian
Personal
and Business
Banking		    
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)
  
2026
  
Net income (loss)
  
$
948
 
  
$
619
 
  
$
320
 
  
$
722
 
  
$
(200
) 
  
$
2,409
 
    
$
228
 
Jul. 31
  
Add: provision for (reversal of) credit losses
  
 
427
 
  
 
145
 
  
 
(32
) 
  
 
28
 
  
 
(4
) 
  
 
564
 
    
 
(23
) 
   
Add: income taxes
  
 
326
 
  
 
236
 
  
 
97
 
  
 
227
 
  
 
(176
) 
  
 
710
 
    
 
70
 
 
Pre-provision (reversal), pre-tax earnings (losses)
(1)
  
 
1,701
 
  
 
1,000
 
  
 
385
 
  
 
977
 
  
 
(380
) 
  
 
3,683
 
    
 
275
 
   
Pre-tax impact of items of note
(2)
  
 
6
 
  
 
–
 
  
 
4
 
  
 
–
 
  
 
269
 
  
 
279
 
    
 
2
 
   
Adjusted pre-provision (reversal), pre-tax earnings (losses)
(3)
  
$
1,707
 
  
$
  1,000
 
  
$
389
 
  
$
977
 
  
$
(111
) 
  
$
3,962
 
    
$
277
 
2026
   Net income (loss)   $ 846     $ 614     $    260     $ 792     $ (47 )    $ 2,465       $ 190  
Apr. 30
   Add: provision for (reversal of) credit losses     474       121       21       (15 )      4       605         16  
    Add: income taxes     283       223       71       284       (124 )      737         51  
  Pre-provision (reversal), pre-tax earnings (losses)
(1)
     1,603       958       352       1,061       (167 )      3,807         257  
    Pre-tax impact of items of note
(2)
     7       –       1       –       –       8         1  
    Adjusted pre-provision (reversal), pre-tax earnings (losses)
(3)
   $   1,610     $    958     $ 353     $ 1,061     $ (167 )    $ 3,815       $ 258  
2025
   Net income (loss)   $ 812     $ 598     $ 254     $ 540     $ (108 )    $ 2,096       $ 186  
Jul. 31
   Add: provision for credit losses     444       21       17       76       1       559         14  
    Add: income taxes     288       225       69       169       (128 )      623         49  
  Pre-provision (reversal), pre-tax earnings (losses)
(1)
     1,544       844       340       785       (235 )      3,278         249  
    Pre-tax impact of items of note
(2)
     7       –       4       –       –       11         3  
    Adjusted pre-provision (reversal), pre-tax earnings (losses)
(3)
   $ 1,551     $ 844     $ 344     $ 785     $   (235 )    $   3,289       $   252  
$ millions, for the nine months ended                                                       
2026
  
Net income
  
$
2,754
 
  
$
1,880
 
  
$
874
 
  
$
  2,391
 
  
$
75
 
  
$
7,974
 
    
$
  630
 
Jul. 31
  
Add: provision for credit losses
  
 
1,347
 
  
 
350
 
  
 
10
 
  
 
20
 
  
 
10
 
  
 
1,737
 
    
 
8
 
   
Add: income taxes
  
 
940
 
  
 
710
 
  
 
244
 
  
 
808
 
  
 
(854
) 
  
 
1,848
 
    
 
176
 
 
Pre-provision (reversal), pre-tax earnings (losses)
(1)
  
 
5,041
 
  
 
2,940
 
  
 
1,128
 
  
 
3,219
 
  
 
(769
) 
  
 
11,559
 
    
 
814
 
   
Pre-tax impact of items of note
(2)
  
 
19
 
  
 
–
 
  
 
9
 
  
 
–
 
  
 
269
 
  
 
297
 
    
 
6
 
   
Adjusted pre-provision (reversal), pre-tax earnings (losses)
(3)
  
$
5,060
 
  
$
2,940
 
  
$
1,137
 
  
$
3,219
 
  
$
(500
) 
  
$
  11,856
 
    
$
820
 
2025
   Net income (loss)   $ 2,311     $ 1,738     $ 683     $ 1,725     $ (183 )    $ 6,274       $ 486  
Jul. 31
   Add: provision for credit losses     1,261       114       208       131       23       1,737         148  
    Add: income taxes     816       649       154       624       (370 )      1,873         109  
  Pre-provision (reversal), pre-tax earnings (losses)
(1)
     4,388       2,501       1,045       2,480       (530 )      9,884         743  
    Pre-tax impact of items of note
(2)
     20       –       14       –       –       34         10  
    Adjusted pre-provision (reversal), pre-tax earnings (losses)
(3)
   $ 4,408     $ 2,501     $   1,059     $ 2,480     $ (530 )    $ 9,918       $ 753  
(1)
Non-GAAP measure.
(2)
Items of note are removed from reported results to calculate adjusted results.
(3)
Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.
Strategic business units overview
CIBC has four SBUs – Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. These SBUs are supported by the following functional groups – Chief Administrative Office, Global Technology, Data and AI, Risk Management, People, Culture and Talent, and Finance and Enterprise Strategy, as well as other support groups, which all are included within Corporate and Other. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. Corporate and Other also includes the results of CIBC Caribbean and other portfolio investments, as well as other income statement and balance sheet items not directly attributable to the business lines. The key methodologies and assumptions used in reporting the financial results of our SBUs are provided on page 16 of our 2025 Annual Report.
As announced on May 28, 2026, upon the completion of supporting changes in our internal management reporting processes in the fourth quarter of 2026, we will realign the external reporting of our commercial banking and wealth management businesses, currently within the Canadian Commercial Banking and Wealth Management, and the U.S. Commercial Banking and Wealth Management SBUs, to form two new SBUs: Commercial Banking (consisting of Canadian and U.S. Commercial banking), and Wealth Management (consisting of Canadian and U.S. Wealth management). As part of this realignment, certain corporate costs that were previously recognized in Corporate and Other will be allocated to all four of our SBUs, including Canadian Personal and Business Banking and Capital Markets. Prior period amounts will be restated in the fourth quarter to reflect these changes for consistent presentation across all reporting periods. While the changes will impact the results of our SBUs and Corporate and Other to reflect the new SBU structure and corporate cost allocation methodology, there will be no impact on our consolidated financial results.
 
14
   CIBC THIRD QUARTER 2026
Table of Contents
Canadian Personal and Business Banking
Canadian Personal and Business Banking
provides clients across Canada with financial solutions, services and advice through our dedicated team members in banking centres and contact centres, as well as leading mobile and online banking platforms to help make their ambitions a reality.
Results
(1)
 
    
For the three
months ended
           
For the nine
months ended
  
$ millions
   
 
2026
Jul. 31
 
 
     
 2026
Apr. 30		  
 		     
 2025
Jul. 31		  
 		     
 
2026
Jul. 31
 
 
     
 2025
Jul. 31		  
 
Revenue
   
$
3,344
 
    $ 3,174      $ 3,061       
$
9,813
 
    $ 8,843  
Provision for credit losses
                     
Impaired
   
 
394
 
      397        361       
 
1,117
 
      1,025  
Performing
   
 
33
 
      77        83       
 
230
 
      236  
Total provision for credit losses
   
 
427
 
      474        444       
 
1,347
 
      1,261  
Non-interest expenses
   
 
1,643
 
      1,571        1,517       
 
4,772
 
      4,455  
Income before income taxes
   
 
1,274
 
      1,129        1,100       
 
3,694
 
      3,127  
Income taxes
   
 
326
 
      283        288       
 
940
 
      816  
Net income
   
$
948
 
    $ 846      $ 812       
$
2,754
 
    $ 2,311  
Preferred shareholders and other equity instrument holders
(2)
   
$
11
 
    $ 10      $ –       
$
33
 
    $ –  
Common shareholders
(2)
   
 
937
 
      836        812       
 
2,721
 
      2,311  
Net income attributable to equity shareholders
   
$
948
 
    $ 846      $ 812       
$
2,754
 
    $ 2,311  
Total revenue
                     
Net interest income
   
$
2,721
 
    $ 2,581      $ 2,459       
$
7,954
 
    $ 7,057  
Non-interest income
(3)
   
 
623
 
      593        602       
 
1,859
 
      1,786  
    
$
3,344
 
    $ 3,174      $ 3,061       
$
  9,813
 
    $   8,843  
Net interest margin on average interest-earning assets
   
 
3.16
 % 
      3.12  %       2.91  %      
 
3.13
 % 
      2.83  % 
Efficiency ratio
   
 
49.1
 % 
      49.5  %       49.6  %      
 
48.6
 % 
      50.4  % 
Operating leverage
   
 
0.9
 % 
      4.7  %       7.3  %      
 
3.9
 % 
      4.2  % 
Return on equity
(4)
   
 
28.2
 % 
      26.2  %       25.9  %      
 
27.9
 % 
      24.9  % 
Average allocated common equity
(4)
   
$
  13,183
 
    $   13,040      $   12,458       
$
  13,025
 
    $   12,388  
FTE
(5)
   
 
17,413
 
      17,624        13,800       
 
17,413
 
      13,800  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(3)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(4)
For additional information, see the “Non-GAAP measures” section.
(5)
The change in FTEs in the first quarter of 2026 included the net impact of FTE transfers from Corporate and Other to Canadian Personal and Business Banking to better align certain functions that are directly supporting the businesses and FTE transfers from Canadian Personal and Business Banking to Corporate and Other to reflect the centralization of certain administrative functions within Corporate and Other. This change has no impact on the SBU financial results as the related costs are reflected in the SBU in each period results either through our cost allocation process or through direct recognition by the business.
Q3/26 vs Q3/25
Net income for the quarter was $948 million, up $136 million from the same quarter last year, primarily due to higher revenue, partially offset by higher non-interest expenses.
Revenue was up $283 million or 9%. Net interest income was up $262 million or 11%, primarily due to higher net interest margin and loan growth. Non-interest income was up $21 million or 3%, primarily due to higher mutual fund distribution fees, partially offset by lower deposit and card fees.
Net interest margin on average interest-earning assets was up 25 basis points, primarily due to higher loan and deposit margins.
Provision for credit losses was down $17 million. Provision for credit losses on performing loans was down due to a favourable change in our economic outlook in the current quarter, compared to an unfavourable change in the same quarter last year. Partially offsetting this provision decrease, the current quarter included unfavourable credit migration, while the same quarter last year included favourable credit migration. Provision for credit losses on impaired loans was up, due to higher write-offs in credit cards and the personal lending portfolio, partially offset by a lower allowance increase for impaired balances.
Non-interest expenses were up $126 million or 8%, primarily due to higher spending on technology and other strategic initiatives, and employee-related compensation.
Q3/26 vs Q2/26
Net income was up $102 million from the prior quarter, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses.
Revenue was up $170 million or 5%. Net interest income was up $140 million or 5%, primarily due to the impact of additional days in the current quarter, and higher net interest margin and loan growth. Non-interest income was up $30 million or 5%, primarily due to higher mutual fund distribution and card fees.
Net interest margin on average interest-earning assets was up 4 basis points, primarily due to higher loan and deposit margins.
 
CIBC THIRD QUARTER 2026
     15  
Table of Contents
Provision for credit losses was down $47 million. Provision for credit losses on performing loans was down due to a favourable change in our economic outlook in the current quarter, compared to an unfavourable change in the prior quarter. Partially offsetting this provision decrease, the current quarter included unfavourable credit migration, while the prior quarter included favourable credit migration. Provision for credit losses on impaired loans was down slightly, compared with the prior quarter.
Non-interest expenses were up $72 million or 5%, primarily due to employee-related compensation and higher spending on technology and other strategic initiatives.
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $2,754 million, up $443 million from the same period in 2025, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.
Revenue was up $970 million or 11%. Net interest income was up $897 million or 13%, primarily due to higher net interest margin and loan growth. Non-interest income was up $73 million or 4%, primarily due to higher mutual fund distribution fees, partially offset by lower card fees.
Net interest margin on average interest-earning assets was up 30 basis points, primarily due to higher loan and deposit margins.
Provision for credit losses was up $86 million. Provision for credit losses on performing loans was down slightly due to a less unfavourable change in our economic outlook and a less unfavourable impact of model parameter updates in the current period, partially offset by unfavourable credit migration in the current period compared to favourable credit migration in the comparative period. Provision for credit losses on impaired loans was up, primarily due to higher write-offs in credit cards and the personal lending portfolio, and higher impaired balances, partially offset by the favourable impact of model parameter updates in residential mortgages.
Non-interest expenses were up $317 million or 7%, primarily due to higher spending on technology and other strategic initiatives, and employee-related compensation.
Canadian Commercial Banking and Wealth Management
Canadian Commercial Banking and Wealth Management
provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada. Our offering also includes an online brokerage platform for retail clients and asset management services for institutional investors.
Results
(1)
 
    
For the three
months ended
           
For the nine
months ended
  
$ millions
   
 
2026
Jul. 31
 
 
     
 2026
Apr. 30		  
 		     
 2025
Jul. 31		  
 		     
 
2026
Jul. 31
 
 
     
 2025
Jul. 31		  
 
Revenue
                     
Commercial banking
   
$
752
 
    $ 728      $ 679       
$
2,213
 
    $ 2,016  
Wealth management
   
 
1,285
 
      1,190        1,044       
 
3,665
 
      3,050  
Total revenue
   
 
2,037
 
      1,918        1,723       
 
5,878
 
      5,066  
Provision for (reversal of) credit losses
                     
Impaired
   
 
132
 
      97        25       
 
328
 
      72  
Performing
   
 
13
 
      24        (4 )      
 
22
 
      42  
Total provision for credit losses
   
 
145
 
      121        21       
 
350
 
      114  
Non-interest expenses
   
 
1,037
 
      960        879       
 
2,938
 
      2,565  
Income before income taxes
   
 
855
 
      837        823       
 
2,590
 
      2,387  
Income taxes
   
 
236
 
      223        225       
 
710
 
      649  
Net income
   
$
619
 
    $ 614      $ 598       
$
1,880
 
    $ 1,738  
Preferred shareholders and other equity instrument holders
(2)
   
$
6
 
    $ 6      $ –       
$
18
 
    $ –  
Common shareholders
(2)
   
 
613
 
      608        598       
 
1,862
 
      1,738  
Net income attributable to equity shareholders
   
$
619
 
    $ 614      $ 598       
$
1,880
 
    $ 1,738  
Total revenue
                     
Net interest income
   
$
872
 
    $ 829      $ 751       
$
  2,531
 
    $ 2,176  
Non-interest income
(3)
   
 
1,165
 
      1,089        972       
 
3,347
 
      2,890  
    
$
2,037
 
    $ 1,918      $ 1,723       
$
5,878
 
    $ 5,066  
Net interest margin on average interest-earning assets
   
 
3.11
 % 
      3.12  %       2.89%       
 
3.11
 % 
      2.89  % 
Efficiency ratio
   
 
50.9
 % 
      50.1  %       51.0%       
 
50.0
 % 
      50.6  % 
Operating leverage
   
 
0.3
 % 
      1.7  %       2.2%       
 
1.5
 % 
      0.3  % 
Return on equity
(4)
   
 
23.1
 % 
      23.7  %       23.8%       
 
23.8
 % 
      23.6  % 
Average allocated common equity
(4)
   
$
  10,562
 
    $   10,513      $   9,977       
$
  10,466
 
    $   9,832  
FTE
(5)
   
 
6,253
 
      6,031        6,155       
 
6,253
 
      6,155  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(3)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(4)
For additional information, see the “Non-GAAP measures” section.
(5)
The change in FTEs in the first quarter of 2026 included the centralization of certain administrative functions within Corporate and Other. This change has no impact on the SBU financial results as the related costs previously reflected directly in the SBU are now reflected in the SBU results through our cost allocation process.
 
16
   CIBC THIRD QUARTER 2026
Table of Contents
Q3/26 vs Q3/25
Net income for the quarter was $619 million, up $21 million from the same quarter last year, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.
Revenue was up $314 million or 18%.
Commercial banking revenue was up $73 million, primarily due to higher net interest margin and volume growth.
Wealth management revenue was up $241 million, primarily due to higher fee-based revenue from higher average AUA and AUM balances attributable to market appreciation, higher commission revenue from increased client activity and higher net interest income from higher net interest margin and volume growth.
Net interest margin on average interest-earning assets was up 22 basis points, primarily due to higher deposit margins and business mix.
Provision for credit losses was up $124 million. The current quarter included a provision for credit losses on performing loans due to unfavourable credit migration, partially offset by a favourable change in our economic outlook, while the same quarter last year included a small provision reversal. Provision for credit losses on impaired loans was up due to higher provisions in the retail and wholesale, and consumer goods manufacturing sectors.
Non-interest expenses were up $158 million or 18%, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
Q3/26 vs Q2/26
Net income was up $5 million from the prior quarter, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.
Revenue was up $119 million or 6%.
Commercial banking revenue was up $24 million, primarily due to the impact of additional days in the current quarter and volume growth, partially offset by lower fee income.
Wealth management revenue was up $95 million, primarily due to higher fee-based revenue from higher average AUA and AUM balances attributable to market appreciation and higher commission revenue from increased client activity.
Net interest margin on average interest-earning assets was down 1 basis point.
Provision for credit losses was up $24 million. Provision for credit losses on performing loans was down due to a favourable change in our economic outlook in the current quarter, compared with an unfavourable change in the prior quarter, partially offset by higher unfavourable credit migration in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in the retail and wholesale, and consumer goods manufacturing sectors, partially offset by lower provisions in the hardware and software, and real estate and construction sectors.
Non-interest expenses were up $77 million or 8%, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $1,880 million, up $142 million from the same period in 2025, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.
Revenue was up $812 million or 16%.
Commercial banking revenue was up $197 million, primarily due to higher net interest margin and volume growth.
Wealth management revenue was up $615 million, primarily due to higher fee-based revenue from higher average AUA and AUM balances attributable to market appreciation, higher commission revenue from increased client activity and higher net interest income from higher net interest margin and volume growth.
Net interest margin on average interest-earning assets was up 22 basis points, primarily due to higher deposit margins and business mix.
Provision for credit losses was up $236 million. Provision for credit losses on performing loans was down due to a favourable change in our economic outlook in the current period, compared with an unfavourable change in the prior period, partially offset by unfavourable credit migration in the current period. Provision for credit losses on impaired loans was up, primarily due to higher provisions in the retail and wholesale, consumer goods manufacturing, hardware and software, and business services sectors.
Non-interest expenses were up $373 million or 15%, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
 
CIBC THIRD QUARTER 2026
     17  
Table of Contents
U.S. Commercial Banking and Wealth Management
U.S. Commercial Banking and Wealth Management
provides tailored, relationship-oriented banking and wealth management solutions across the U.S., focusing on middle-market and mid-corporate companies, entrepreneurs, high-net-worth individuals and families, as well as operating private and small business banking services in strategic markets across the U.S.
Results in Canadian dollars
(1)
    
For the three
months ended
           
For the nine
months ended
  
$ millions
   
 
2026
Jul. 31
 
 
     
 2026
Apr. 30		  
 		     
 2025
Jul. 31		  
 		     
 
2026
Jul. 31
 
 
     
 2025
Jul. 31		  
 
Revenue
                     
Commercial banking
   
$
618
 
    $ 587      $ 554       
$
1,818
 
    $ 1,660  
Wealth management
   
 
245
 
      234        236       
 
740
 
      746  
Total revenue
   
 
863
 
      821        790       
 
2,558
 
      2,406  
Provision for (reversal of) credit losses
                     
Impaired
   
 
37
 
      40        57       
 
155
 
      228  
Performing
   
 
(69
) 
      (19 )       (40 )      
 
(145
) 
      (20 ) 
Total provision for (reversal of) credit losses
   
 
(32
) 
      21        17       
 
10
 
      208  
Non-interest expenses
   
 
478
 
      469        450       
 
1,430
 
      1,361  
Income before income taxes
   
 
417
 
      331        323       
 
1,118
 
      837  
Income taxes
   
 
97
 
      71        69       
 
244
 
      154  
Net income
   
$
320
 
    $ 260      $ 254       
$
874
 
    $ 683  
Preferred shareholders and other equity instrument holders
(2)
   
$
5
 
    $ 4      $ –       
$
14
 
    $ –  
Common shareholders
(2)
   
 
315
 
      256        254       
 
860
 
      683  
Net income attributable to equity shareholders
   
$
320
 
    $ 260      $ 254       
$
874
 
    $ 683  
Total revenue
                     
Net interest income
   
$
608
 
    $ 577      $ 548       
$
1,785
 
    $ 1,646  
Non-interest income
   
 
255
 
      244        242       
 
773
 
      760  
    
$
863
 
    $ 821      $ 790       
$
  2,558
 
    $ 2,406  
Average allocated common equity
(3)
   
$
  11,580
 
    $   11,283      $   11,200       
$
  11,399
 
    $   11,441  
FTE
(4)
   
 
3,360
 
      3,235        3,196       
 
3,360
 
      3,196  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(3)
For additional information, see the “Non-GAAP measures” section.
(4)
The change in FTEs in the first quarter of 2026 included the impact of FTE transfers from Corporate and Other to U.S. Commercial Banking and Wealth Management to better align certain functions that are directly supporting the businesses. This change has no impact on the SBU financial results as the related costs are reflected in the SBU in each period results either through our cost allocation process or through direct recognition by the business.
Results in U.S. dollars
(1)
    
For the three
months ended
           
For the nine
months ended
  
US$ millions
   
 
2026

Jul. 31
 

 
     
 2026
Apr. 30		  
 		     
 2025
Jul. 31		  
 		     
 
2026
Jul. 31
 
 
     
 2025
Jul. 31		  
 
Revenue
                     
Commercial banking
   
$
442
 
    $ 428      $ 404       
$
1,312
 
    $ 1,179  
Wealth management
   
 
176
 
      171        172       
 
535
 
      530  
Total revenue
   
 
618
 
      599        576       
 
1,847
 
      1,709  
Provision for (reversal of) credit losses
                     
Impaired
   
 
24
 
      29        42       
 
109
 
      162  
Performing
   
 
(47
) 
      (13 )       (28 )      
 
(101
) 
      (14 ) 
Total provision for (reversal of) credit losses
   
 
(23
) 
      16        14       
 
8
 
      148  
Non-interest expenses
   
 
343
 
      342        327       
 
1,033
 
      966  
Income before income taxes
   
 
298
 
      241        235       
 
806
 
      595  
Income taxes
   
 
70
 
      51        49       
 
176
 
      109  
Net income
   
$
228
 
    $ 190      $ 186       
$
630
 
    $ 486  
Preferred shareholders and other equity instrument holders
(2)
   
$
4
 
    $ 3      $ –       
$
10
 
    $ –  
Common shareholders
(2)
   
 
224
 
      187        186       
 
620
 
      486  
Net income attributable to equity shareholders
   
$
228
 
    $ 190      $ 186       
$
630
 
    $ 486  
Total revenue
                     
Net interest income
   
$
435
 
    $ 421      $ 399       
$
1,289
 
    $ 1,169  
Non-interest income
   
 
183
 
      178        177       
 
558
 
      540  
    
$
618
 
    $ 599      $ 576       
$
  1,847
 
    $ 1,709  
Net interest margin on average interest-earning assets
   
 
3.76
 % 
      3.90  %       3.78  %      
 
3.89
 % 
      3.77  % 
Efficiency ratio
   
 
55.5
 % 
      57.1  %       57.0  %      
 
55.9
 % 
      56.6  % 
Operating leverage
   
 
2.9
 % 
      0.4  %       0.9  %      
 
1.2
 % 
      10.4  % 
Return on equity
(3)
   
 
10.8
 % 
      9.3  %       9.0  %      
 
10.1
 % 
      8.0  % 
Average allocated common equity
(3)
   
$
  8,296
 
    $   8,232      $   8,150       
$
8,231
 
    $   8,124  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(3)
For additional information, see the “Non-GAAP measures” section.
 
18
   CIBC THIRD QUARTER 2026
Table of Contents
Q3/26 vs Q3/25
Net income for the quarter was $320 million (US$228 million), up $66 million (US$42 million) from the same quarter last year, primarily due to higher revenue and a provision reversal in the current quarter compared with a provision for credit losses in the same quarter last year, partially offset by higher non-interest expenses.
Revenue was up US$42 million or 7%.
Commercial banking revenue was up US$38 million, primarily due to volume growth and higher net interest margin.
Wealth management revenue was comparable with the same quarter last year. Higher fee-based revenue from higher average AUM balances attributable to market appreciation largely offset lower net interest margin.
Net interest margin on average interest-earning assets was down 2 basis points.
Provision reversal of credit losses was US$23 million compared with a provision for credit losses of US$14 million in the same quarter last year. Provision reversal on performing loans was up as the current quarter included an allowance release related to a sale of a number of commercial real estate loans and a change in the economic outlook. Partially offsetting these provision decreases, the current quarter included unfavourable credit migration, while the same quarter last year included favourable credit migration. Provision for credit losses on impaired loans was down due to lower provisions in the real estate and construction, utilities, and capital goods manufacturing sectors, partially offset by higher provisions in the consumer goods manufacturing and agriculture sectors.
Non-interest expenses were up US$16 million or 5%, primarily due to higher employee compensation.
Q3/26 vs Q2/26
Net income was up $60 million (US$38 million) from the prior quarter, primarily due to higher revenue and a provision reversal in the current quarter compared with a provision for credit losses in the prior quarter.
Revenue was up US$19 million or 3%.
Commercial banking revenue was up US$14 million, primarily due to the impact of additional days in the current quarter and higher volumes, partially offset by lower net interest margin.
Wealth management revenue was up US$5 million, including from higher fee-based revenue from higher average AUM balances attributable to market appreciation.
Net interest margin on average interest-earning assets was down 14 basis points, primarily due to loan growth in excess of deposit growth and lower loan margins and deposit margins.
Provision reversal of credit losses was US$23 million compared with a provision for credit losses of US$16 million in the prior quarter. Provision reversal on performing loans was up as the current quarter included an allowance release related to a sale of a number of commercial real estate loans and a change in the economic outlook. Partially offsetting these provision decreases, the current quarter included unfavourable credit migration, while the prior quarter included favourable credit migration. Provision for credit losses on impaired loans was down slightly from the prior quarter.
Non-interest expenses were comparable with the prior quarter.
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $874 million (US$630 million), up $191 million (US$144 million) from the same period in 2025, primarily due to a provision reversal in the current period compared with a provision for credit losses in the same period in 2025 and higher revenue, partially offset by higher non-interest expenses.
Revenue was up US$138 million or 8%.
Commercial banking revenue was up US$133 million, primarily due to volume growth, higher net interest margin and higher advisory fees.
Wealth management revenue was up US$5 million, primarily due to higher fee-based revenue from higher average AUM balances attributable to market appreciation, partially offset by lower annual performance-based mutual fund fees.
Net interest margin on average interest-earning assets was up 12 basis points, primarily due to higher deposit margins and favourable business mix, partially offset by lower loan margins.
Provision for credit losses was down US$140 million. Provision reversal on performing loans was up as the current period included an allowance release related to a sale of a number of commercial real estate loans and a change in the economic outlook, while the prior period included an unfavourable change in economic outlook. Partially offsetting these provision decreases, the current period included a less favourable credit migration. Provision for credit losses on impaired loans was down due to lower provisions in the real estate and construction, capital goods manufacturing and utilities sectors, partially offset by higher provisions in the consumer goods manufacturing, agriculture, and telecommunications and cable sectors.
Non-interest expenses were up US$67 million or 7%, primarily due to higher employee compensation, including from higher severance, partially offset by a provision reversal.
 
CIBC THIRD QUARTER 2026
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Table of Contents
Capital Markets
Capital Markets
provides integrated global markets products and services, investment banking and corporate banking solutions, and top-ranked research to our clients around the world. Leveraging the capabilities of our differentiated platform, Capital Markets also delivers multi-currency payments and innovative solutions for clients across our bank.
Results
(1)
 
    
For the three
months ended
           
For the nine
months ended
  
$ millions
   
 
2026
Jul. 31
 
 
     
 2026
Apr. 30		  
 		     
 2025
Jul. 31		  
 (2)
 		     
 
2026
Jul. 31
 
 
     
 2025
Jul. 31		  
 (2)
 
Revenue
                     
Global markets
   
$
1,118
 
    $ 1,174      $ 840       
$
3,545
 
    $ 2,817  
Corporate and investment banking
   
 
716
 
      694        666       
 
2,174
 
      1,808  
Total revenue
   
 
1,834
 
      1,868        1,506       
 
5,719
 
      4,625  
Provision for (reversal of) credit losses
                     
Impaired
   
 
53
 
      10        37       
 
73
 
      46  
Performing
   
 
(25
) 
      (25 )       39       
 
(53
) 
      85  
Total provision for (reversal of) credit losses
   
 
28
 
      (15 )       76       
 
20
 
      131  
Non-interest expenses
   
 
857
 
      807        721       
 
2,500
 
      2,145  
Income before income taxes
   
 
949
 
      1,076        709       
 
3,199
 
      2,349  
Income taxes
   
 
227
 
      284        169       
 
808
 
      624  
Net income
   
$
722
 
    $ 792      $ 540       
$
2,391
 
    $ 1,725  
Preferred shareholders and other equity instrument holders
(3)
   
$
42
 
    $ 39      $ –        
$
122
 
    $ –   
Common shareholders
(3)
   
 
680
 
      753        540       
 
2,269
 
      1,725  
Net income attributable to equity shareholders
   
$
722
 
    $ 792      $ 540       
$
2,391
 
    $ 1,725  
Efficiency ratio
   
 
46.8
 % 
      43.2  %       47.9  %      
 
43.7
 % 
      46.4  % 
Operating leverage
   
 
2.9
 % 
      8.7  %       27.3  %      
 
7.1
 % 
      9.6  % 
Return on equity
(4)
   
 
23.0
 % 
      26.4  %       20.7  %      
 
26.2
 % 
      22.8  % 
Average allocated common equity
(4)
   
$
  11,703
 
    $   11,680      $   10,349       
$
  11,578
 
    $   10,110  
FTE
(5)
   
 
1,832
 
      1,636        2,034       
 
1,832
 
      2,034  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, our foreign exchange payments business, previously reported within Global markets, has been realigned to Corporate and investment banking. Prior period amounts have been restated.
(3)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(4)
For additional information, see the “Non-GAAP measures” section.
(5)
The change in FTEs in the first quarter of 2026 included the centralization of certain administrative functions within Corporate and Other. This change has no impact on the SBU financial results as the related costs previously reflected directly in the SBU are now reflected in the SBU results through our cost allocation process.
Q3/26 vs Q3/25
Net income for the quarter was $722 million, up $182 million from the same quarter last year, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses.
Revenue was up $328 million or 22%.
Global markets revenue was up $278 million, primarily due to higher equity trading and financing revenue.
Corporate and investment banking revenue was up $50 million, primarily due to higher revenue from our lending and deposit activities with our corporate clients, partially offset by lower advisory and equity underwriting revenue in our investment banking business.
Provision for credit losses was down $48 million. The current quarter included a provision reversal on performing loans primarily due to the transfer of performing loans to the impaired portfolio and net positive credit migration within the performing portfolio, while the same quarter last year included a provision for credit losses mainly due to unfavourable credit migration. Provision for credit losses on impaired loans was up due to higher provisions in the transportation sector, partially offset by lower provisions in the telecommunications and cable sector.
Non-interest expenses were up $136 million or 19%, primarily due to higher spending on technology and other strategic initiatives, and higher employee compensation.
Q3/26 vs Q2/26
Net income was down $70 million from the prior quarter, primarily due to higher non-interest expenses, a provision for credit losses in the current quarter compared with a provision reversal in the prior quarter, and lower revenue.
Revenue was down $34 million or 2%.
Global markets revenue was down $56 million, primarily due to lower commodities trading and fixed income trading revenue.
Corporate and investment banking revenue was up $22 million, primarily due to higher revenue from lending and deposit activities with our corporate clients, including the impact of additional days in the current quarter, partially offset by lower advisory revenue.
Provision for credit losses was $28 million compared with a provision reversal of credit losses of $15 million in the prior quarter. Provision reversal on performing loans was comparable with the prior quarter, while provision on impaired loans was up due to higher provisions in the transportation, and telecommunications and cable sectors.
Non-interest expenses were up $50 million or 6%, primarily due to higher spending on technology and other strategic initiatives, and higher employee-related compensation, partially offset by lower performance-based compensation.
 
20
   CIBC THIRD QUARTER 2026
Table of Contents
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $2,391 million, up $666 million from the same period in 2025, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses.
Revenue was up $1,094 million or 24%.
Global markets revenue was up $728 million, primarily due to higher equity trading and financing revenue, and realized gains from the sale of FVOCI debt securities, fixed income trading and commodities trading revenue, partially offset by lower foreign exchange trading revenue.
Corporate and investment banking revenue was up $366 million, primarily due to higher revenue from our lending and deposit activities with our corporate clients, higher advisory revenue in our investment banking business, and higher debt and equity underwriting revenue.
Provision for credit losses was down $111 million. The current period included a provision reversal on performing loans due to the transfer of performing loans to the impaired portfolio and net positive credit migration within the performing portfolio, while the prior period included a provision for credit losses due to an unfavourable change in our economic outlook and unfavourable credit migration. Provision for credit losses on impaired loans was up due to higher provisions in the transportation sector.
Non-interest expenses were up $355 million or 17%, primarily due to higher spending on technology and other strategic initiatives, and higher performance-based and other employee-related compensation.
Corporate and Other
Corporate and Other
includes the following functional groups – Chief Administrative Office, Global Technology, Data and AI, Risk Management, People, Culture and Talent, and Finance and Enterprise Strategy, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. Corporate and Other also includes the results of CIBC Caribbean and other portfolio investments, as well as other income statement and balance sheet items not directly attributable to the business lines.
Results
(1)
 
    
For the three
months ended
           
For the nine
months ended
  
$ millions
   
 
2026

Jul. 31
 

 
     
 2026
Apr. 30
  
 
     
 2025
Jul. 31
  
 
     
 
2026

Jul. 31
 

 
     
 2025
Jul. 31
  
 
Revenue
                     
International banking
   
$
266
 
    $ 256      $ 163       
$
786
 
    $ 663  
Other
   
 
24
 
      (31 )       11       
 
18
 
      (46 ) 
Total revenue
   
 
290
 
      225        174       
 
804
 
      617  
Provision for (reversal of) credit losses
                     
Impaired
   
 
(4
) 
      4        1       
 
7
 
      19  
Performing
   
 
–
  
      –         –        
 
3
 
      4  
Total provision for (reversal of) credit losses
   
 
(4
) 
      4        1       
 
10
 
      23  
Non-interest expenses
   
 
670
 
      392        409       
 
1,573
 
      1,147  
Income (loss) before income taxes
   
 
(376
) 
      (171 )       (236 )      
 
(779
) 
      (553 ) 
Income taxes
   
 
(176
) 
      (124 )       (128 )      
 
(854
) 
      (370 ) 
Net income (loss)
   
$
(200
) 
    $ (47 )     $ (108 )      
$
75
 
    $ (183 ) 
Net income attributable to non-controlling interests
   
$
10
 
    $ 8      $ 2       
$
25
 
    $ 19  
Preferred shareholders and other equity instrument holders
(2)
   
$
64
 
    $ 55      $ 82       
$
161
 
    $ 248  
Common shareholders
(2)
   
 
(274
) 
      (110 )       (192 )      
 
(111
) 
      (450 ) 
Net income (loss) attributable to equity shareholders
   
$
(210
) 
    $ (55 )     $ (110 )      
$
      50
 
    $ (202 ) 
FTE
(3)
   
 
  22,853
 
        22,122          24,576       
 
22,853
 
        24,576  
(1)
For additional segmented information, see the notes to the interim consolidated financial statements.
(2)
Effective the first quarter of 2026, the change in the allocation methodology applied to calculate the segmented return on equity has resulted in a portion of net income (loss) attributable to preferred shareholders and other equity instrument holders being allocated from Corporate and Other to the SBUs with a corresponding reduction in the net income (loss) attributable to common shareholders in the SBUs. This change in allocation had no impact on the consolidated bank results. For additional details, see the “Non-GAAP measures” section.
(3)
The change in FTEs in the first quarter of 2026 included the net impact of FTE transfers from Corporate and Other to Canadian Personal and Business Banking and U.S. Commercial Banking and Wealth Management to better align certain functions that are directly supporting the businesses and FTE transfers from the SBUs to reflect the centralization of certain administrative functions within Corporate and Other. This change has no impact on the SBU financial results as the related costs are reflected in the SBU in each period results either through our cost allocation process or through direct recognition by the business.
Q3/26 vs Q3/25
Net loss for the quarter was $200 million, compared with a net loss of $108 million in the same quarter last year, primarily due to charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, partially offset by higher revenue from International banking and treasury.
Revenue was up $116 million.
International banking revenue was up $103 million, primarily due to higher non-interest income, including from investment losses and impairment of debt securities measured at amortized cost in the same quarter last year, the impact of foreign exchange translation and volume growth.
Other revenue was up $13 million, primarily due to higher treasury revenue, partially offset by lower revenue from our strategic investments.
Provision reversal of credit losses in International banking was $4 million compared with a provision for credit losses of $1 million in the same quarter last year. Both the current quarter and the same quarter last year had no provisions for credit losses on performing loans. The current quarter included a small provision reversal on impaired loans attributable to the business services sector, while the same quarter last year included a modest provision.
Non-interest expenses were up $261 million or 64%, primarily due to charges related to our announced sale of CIBC Caribbean, which is shown as an item of note.
 
CIBC THIRD QUARTER 2026
     21  
Table of Contents
Q3/26 vs Q2/26
Net loss for the quarter was $200 million, compared with a net loss of $47 million in the prior quarter, primarily due to higher non-interest expenses, including charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, partially offset by higher revenue from International banking and treasury and a provision reversal in the current quarter compared to a provision for credit losses in the prior quarter.
Revenue was up $65 million.
International banking revenue was up $10 million, primarily due to the impact of foreign exchange translation, and the impact of additional days in the current quarter, partially offset by investment losses in the current quarter.
Other revenue was up $55 million, primarily due to higher treasury revenue, partially offset by lower revenue from our strategic investments.
Provision reversal of credit losses in International banking was $4 million compared with a provision for credit losses of $4 million in the prior quarter. Both the current quarter and the prior quarter had no provisions for credit losses on performing loans. The current quarter included a small provision reversal on impaired loans attributable to the business services sector, while the same quarter last year included a small provision also attributable to the business services sector.
Non-interest expenses were up $278 million or 71%, primarily due to charges related to our announced sale of CIBC Caribbean, which is shown as an item of note.
Q3/26 vs Q3/25 (Year-to-date)
Net income for the nine months ended was $75 million, compared with a net loss of $183 million in the same period in 2025, primarily due to income tax recoveries related to a capital gains distribution and utilization of capital losses, which was shown as an item of note, higher revenue from International banking, our strategic investments and treasury, and a lower provision for credit losses, partially offset by higher non-interest expenses, including charges related to our announced sale of CIBC Caribbean, which is shown as an item of note.
Revenue was up $187 million.
International banking revenue was up $123 million, primarily due to higher non-interest income, including from investment losses and impairment of debt securities measured at amortized cost in the same period last year, volume growth and the impact of foreign exchange translation, partially offset by lower margins.
Other revenue was up $64 million, primarily due to higher revenue from our strategic investments and treasury.
Provision for credit losses in International banking was down $13 million, primarily due to a lower provision for credit losses on impaired loans in the business services sector.
Non-interest expenses were up $426 million or 37%, primarily due to charges related to our announced sale of CIBC Caribbean, which is shown as an item of note, higher corporate costs, including higher performance-based compensation from changes in vesting date assumptions, and higher legal provisions in the current period.
 
22
   CIBC THIRD QUARTER 2026
Table of Contents
Financial condition
Review of condensed consolidated balance sheet
 
$ millions, as at
   
2026
Jul. 31
     
2025
Oct. 31
  
Assets
      
Cash and deposits with banks
   
$
57,488
 
    $ 44,003  
Securities
   
 
303,670
 
      283,235  
Securities borrowed and purchased under resale agreements
   
 
113,198
 
      108,392  
Loans and acceptances, net of allowance for credit losses
   
 
611,415
 
      589,504  
Derivative instruments
   
 
36,383
 
      38,352  
Other assets
   
 
55,628
 
      53,452  
Total assets
   
$
1,177,782
 
    $   1,116,938  
Liabilities and equity
      
Deposits
   
$
852,175
 
    $ 808,124  
Obligations related to securities lent, sold short and under repurchase agreements
   
 
173,347
 
      160,317  
Derivative instruments
   
 
41,145
 
      41,411  
Other liabilities
   
 
36,864
 
      34,854  
Subordinated indebtedness
   
 
6,762
 
      7,819  
Equity
   
 
67,489
 
      64,413  
Total liabilities and equity
   
$
  1,177,782
 
    $ 1,116,938  
Assets
As at July 31, 2026, total assets were up $60.8 billion or 5% from October 31, 2025.
Cash and deposits with banks increased by $13.5 billion or 31%, primarily due to higher short-term placements in Treasury.
Securities increased by $20.4 billion or 7%, primarily due to increases in equity trading securities and debt security portfolios in our trading businesses and Treasury.
Securities borrowed and purchased under resale agreements increased by $4.8 billion or 4%, primarily due to client-driven activities.
Loans and acceptances, net of allowance for credit losses, increased by $21.9 billion or 4%, primarily due to increases in business and government loans, and the Canadian residential mortgage portfolio.
Derivative instruments decreased by $2.0 billion or 5%, largely driven by a decrease in foreign exchange derivatives valuation, partially offset by an increase in equity derivatives valuation.
Other assets increased by $2.2 billion or 4%, primarily due to increases in broker receivables, precious and other metals, investments in equity-accounted associates and joint ventures, and other receivables, partially offset by a decrease in collateral pledged for derivatives.
Liabilities
As at July 31, 2026, total liabilities were up $57.8 billion or 5% from October 31, 2025.
Deposits increased by $44.1 billion or 5%, primarily due to an increase in business and government deposits, partially offset by a decrease in wholesale funding. Further details on the composition of deposits are provided in Note 6 to our interim consolidated financial statements.
Obligations related to securities lent, sold short and under repurchase agreements increased by $13.0 billion or 8%, primarily to finance growth in
client-driven
activities.
Derivative instruments decreased by $0.3 billion or 1%, largely driven by a decrease in foreign exchange derivatives valuation, partially offset by increases in interest rate and equity derivatives valuation.
Other liabilities increased by $2.0 billion or 6%, primarily due to increases in brokers payables, accrued employee compensation, and payables related to precious metals.
Subordinated indebtedness decreased by $1.1 billion or 14%, primarily due to the redemption of subordinated indebtedness in the second quarter. For further details see the “Capital management” section.
Equity
As at July 31, 2026, equity increased by $3.1 billion or 5% from October 31, 2025, primarily due to a net increase in retained earnings from net income that exceeded dividends and distributions, and issuances of Limited Recourse Capital Notes (LRCNs), partially offset by the impact of shares repurchased and cancelled under normal course issuer bids (NCIBs), and a net decrease in accumulated other comprehensive income (AOCI) mainly related to net losses on cash flow hedges net of gains related to post-employment defined benefit plans. For further details see the “Capital management” section.
 
CIBC THIRD QUARTER 2026
     23  
Table of Contents
Capital management
Our overall capital management objective is to maintain a strong and efficient capital base. For additional details on capital management, see pages 31 to 40 of our 2025 Annual Report.
Regulatory capital and total loss absorbing capacity (TLAC) requirements
Our regulatory capital requirements are determined in accordance with guidelines issued by OSFI, which are based upon the capital standards developed by the BCBS.
Regulatory capital consists of CET1, Tier 1 and Tier 2 capital. Qualifying regulatory capital instruments must be capable of absorbing loss at the point of non-viability of the financial institution.
The tiers of regulatory capital indicate increasing quality/permanence and the ability to absorb losses. The major components of our regulatory capital are summarized as follows:
 
 

 
(1)
Excluding AOCI relating to cash flow hedges and changes to fair value option (FVO) liabilities attributable to changes in own credit risk.
OSFI requires all institutions to achieve target capital ratios which include buffers. Targets may be higher for certain institutions at OSFI’s discretion. CIBC has been designated by OSFI as a domestic systemically important bank (D-SIB) in Canada. D-SIBs are subject to a CET1 surcharge equal to 1.0% of RWA. In addition, OSFI expects D-SIBs to hold a Domestic Stability Buffer (DSB) requirement intended to address Pillar 2 risks that are not adequately captured in the Pillar 1 capital requirements. The DSB is currently set at 3.0% (see the “Continuous enhancement to regulatory capital and TLAC requirements” section for additional details). Additionally, banks need to hold an incremental countercyclical capital buffer equal to their weighted-average buffer requirement in Canada and across certain other jurisdictions where they have private sector credit exposures.
In addition, OSFI’s regulatory capital standards include a non-risk-based capital metric, the leverage ratio, to supplement risk-based capital requirements. The leverage ratio is defined as Tier 1 capital divided by the leverage ratio exposure. The leverage ratio exposure is defined under the standards as the sum of:
(i)
On-balance sheet assets less Tier 1 capital regulatory adjustments;
(ii)
Derivative exposures;
(iii)
Securities financing transaction exposures; and
(iv)
Off-balance sheet exposures (such as commitments, direct credit substitutes, letters of credit, and securitization exposures).
Under OSFI’s TLAC guideline, D-SIBs are required to maintain a supervisory target TLAC ratio (which builds on the risk-based capital ratios) and a minimum TLAC leverage ratio (which builds on the leverage ratio). TLAC is defined as the aggregate of total capital and other TLAC instruments primarily comprised of bail-in eligible instruments with a residual maturity greater than 365 days. TLAC is required to ensure that a non-viable D-SIB has sufficient loss absorbing capacity to support its recapitalization. This would, in turn, facilitate an orderly resolution of the D-SIB while minimizing adverse impacts on the financial sector stability and taxpayers.
OSFI’s current regulatory capital and TLAC targets are summarized below. Targets may be higher for certain institutions at OSFI’s discretion. We are in compliance with all current capital, leverage and TLAC requirements imposed by OSFI.
 
As at July 31, 2026  
 
Minimum
 
  
 
Capital
conservation
buffer
 
 
 
  
 
D-SIB
buffer
 
 
  
 
Pillar 1
targets
 
 (1)
 
  
 
DSB
 
  
 
Target
including
all buffer
requirements
 
 
 
 
CET1 ratio
  
 
4.5 %
 
  
 
2.5
 % 
  
 
1.0
 % 
  
 
8.0
 % 
  
 
3.0
 % 
  
 
11.0
 % 
Tier 1 capital ratio
  
 
6.0
 % 
  
 
2.5
 % 
  
 
1.0
 % 
  
 
9.5
 % 
  
 
3.0
 % 
  
 
12.5
 % 
Total capital ratio
  
 
8.0
 % 
  
 
2.5
 % 
  
 
1.0
 % 
  
 
11.5
 % 
  
 
3.0
 % 
  
 
14.5
 % 
Leverage ratio
  
 
3.0
 % 
  
 
n/a
 
  
 
0.5
 % 
  
 
3.5
 % 
  
 
n/a
 
  
 
3.5
 % 
TLAC ratio
  
 
18.0
 % 
  
 
2.5
 % 
  
 
1.0
 % 
  
 
21.5
 % 
  
 
3.0
 % 
  
 
24.5
 % 
TLAC leverage ratio
  
 
6.75
 % 
  
 
n/a
 
  
 
0.5
 % 
  
 
7.25
 % 
  
 
n/a
 
  
 
7.25
 % 
(1)
The countercyclical capital buffer applicable to CIBC is insignificant as at July 31, 2026.
n/a
Not applicable.
 
24
   CIBC THIRD QUARTER 2026
Table of Contents
Capital Adequacy Requirements are applied on a consolidated basis consistent with our financial statements, except for our insurance subsidiaries (CIBC Cayman Reinsurance Limited and CIBC Life Insurance Company Limited), which are excluded from the regulatory scope of consolidation. The basis of consolidation applied to our financial statements is described in Note 1 to the consolidated financial statements included in our 2025 Annual Report. CIBC Life Insurance Company Limited is subject to OSFI’s Life Insurance Capital Adequacy Test.
Continuous enhancement to regulatory capital and TLAC requirements
We continue to monitor and prepare for developments impacting regulatory capital and TLAC requirements and disclosures. The discussion below provides a summary of Capital Adequacy Requirements and Pillar 3 disclosure requirements changes and BCBS and OSFI publications that have been issued since our 2025 Annual Report.
OSFI’s Capital Adequacy Requirements
Effective November 1, 2025, we implemented the Capital Adequacy Requirements (CAR) – 2026 Guideline. The Guideline enhances clarity across credit, market and operational risk components.
We calculate a capital floor based on the revised standardized approaches as part of the implementation of the Basel III reforms. If our capital requirement is lower than that calculated by reference to the standardized approaches with a floor adjustment factor applied, an adjustment to our RWA would be required. The floor adjustment factor is at 67.5%. OSFI confirmed any change to the floor adjustment factor will be communicated at least two years prior to the effective date.
Effective November 1, 2025, we also implemented the Capital and Liquidity Treatment of Crypto-asset Exposures (Banking) Guideline (Crypto-asset Guideline) and the related Pillar 3 disclosures. The Crypto-asset Guideline prescribes the regulatory treatment options and categorizations of crypto-assets. The guideline also limits an institution’s gross exposure to specific crypto-assets, Group 2 as defined in the Crypto-asset Guideline, at 5% of net Tier 1 capital.
Domestic Stability Buffer
Effective June 19, 2026, OSFI reduced the DSB level for D-SIBs from 3.5% to 3.0% of total RWA. As a result, this decreases OSFI’s target capital ratios, including all buffers, for CET1, Tier 1, and Total capital to 11.0%, 12.5%, and 14.5% respectively, effective June 19, 2026. In addition, OSFI lowered the range of the DSB to 0% to 3% from 0% to 4% of total RWA. The reduction in both the DSB level and the top end of its range is to provide Canada’s largest banks with greater flexibility and capacity to deploy capital in order to support the Canadian economy’s adaptation to shifting dynamics in technology, trade and geopolitics.
Regulatory capital, leverage and TLAC ratios
Our capital and TLAC positions remain above OSFI regulatory requirements. Our capital, leverage and TLAC ratios are presented in the table below:
 
$ millions, as at   
2026
Jul. 31
      2025
Oct. 31		  
CET1 capital
   
$
49,478
  
    $ 47,718  
Tier 1 capital
   
 
57,546
  
      54,105  
Total capital
   
 
64,620
  
      62,287  
RWA consisting of:
      
Credit risk
   
$
311,410
  
    $ 294,848  
Market risk
   
 
11,795
  
      12,243  
Operational risk
   
 
46,059
  
      50,712  
Total RWA
   
$
369,264
  
    $ 357,803  
CET1 ratio
   
 
13.4
 % 
      13.3  % 
Tier 1 capital ratio
   
 
15.6
 % 
      15.1  % 
Total capital ratio
   
 
17.5
 % 
      17.4  % 
Leverage ratio exposure
   
$
  1,333,544
  
    $   1,261,098  
Leverage ratio
   
 
4.3
 % 
      4.3  % 
TLAC available
   
$
127,163
  
    $ 114,102  
TLAC ratio
   
 
34.4
 % 
      31.9  % 
TLAC leverage ratio
   
 
9.5
 % 
      9.0  % 
CET1 ratio
The CET1 ratio at July 31, 2026 increased 0.1% from October 31, 2025, driven by an increase in CET1 capital, partially offset by an increase in RWA.
The increase in CET1 capital was mainly due to internal capital generation (net income less dividends and distributions), partially offset by shares repurchased and cancelled under our NCIBs.
The increase in RWA was due to an increase in credit risk RWA, partially offset by decreases in operational risk and market risk RWA. The increase in credit risk RWA was mainly due to organic growth, credit migration and methodology updates, partially offset by model updates. The decrease in market risk RWA was due to methodology updates, partially offset by an increase in risk levels. The decrease in operational risk RWA was primarily due to the exclusion of an operational loss event that was recognized in fiscal 2023 from the operational risk capital calculations in the second quarter of 2026, as approved by OSFI in the fourth quarter of 2025.
Tier 1 capital ratio
The Tier 1 capital ratio at July 31, 2026 increased 0.5% from October 31, 2025, primarily due to the factors affecting the CET1 ratio noted above and the issuance of the LRCN Series 9 Notes and Series 10 Notes in the first and third quarters, respectively, of 2026. See the “Capital initiatives” section for further details.
Total capital ratio
The Total capital ratio at July 31, 2026 increased 0.1% from October 31, 2025, primarily due to the factors affecting the Tier 1 capital ratio noted above, partially offset by the redemption of $1.0 billion subordinated debentures in the second quarter of 2026. See the “Capital initiatives” section for further details.
 
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Leverage ratio
The leverage ratio at July 31, 2026 was comparable with October 31, 2025, as the increase in the Tier 1 capital discussed above was partially offset by an increase in leverage ratio exposure. The increase in leverage ratio exposure was primarily driven by an increase in exposures from on-balance sheet items, off-balance sheet items, and securities financing transactions, partially offset by a decrease in derivative exposures.
TLAC ratio and TLAC leverage ratio
The TLAC ratio at July 31, 2026 increased 2.5% from October 31, 2025, primarily driven by an increase in total TLAC instruments, partially offset by an increase in RWA. The increase in TLAC instruments was primarily a result of a higher total capital due to the factors noted above and a higher level of TLAC eligible liabilities.
The TLAC leverage ratio at July 31, 2026 increased 0.5% from October 31, 2025, primarily due to the increase in TLAC instruments, partially offset by a higher leverage ratio exposure due to the factors noted above.
Capital initiatives
The following were the main capital initiatives undertaken in 2026:
Normal course issuer bid (NCIB)
On June 4, 2026, 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 30 million common shares; (ii) CIBC providing a notice of termination; or (iii) June 7, 2027. During the quarter, 5,500,000 common shares were purchased and cancelled at an average price of $162.18 for a total amount of $892 million.
CIBC’s previous NCIB for the purchase of up to 20 million common shares commenced on September 10, 2025 and was completed on May 25, 2026. During the quarter, 2,000,000 common shares were purchased and cancelled at an average price of $153.73 for a total amount of $307 million. For the nine months ended July 31, 2026, 16,500,000 common shares were purchased and cancelled at an average price of $133.31 for a total amount of $2,200 million. Since the inception of this NCIB, we repurchased and cancelled 20 million common shares at an average price of $129.68 per share for a total amount of $2,593 million.
Dividends
Common and preferred share dividends are declared quarterly at the discretion of the CIBC Board of Directors (the Board). The declaration and payment of dividends is governed by Section 79 of the
Bank Act
(Canada) and the terms of the preferred shares, as explained in Note 15 to the consolidated financial statements included in our 2025 Annual Report.
Limited Recourse Capital Notes Series 9 (NVCC) (subordinated indebtedness) (LRCN Series 9 Notes)
On January 13, 2026, we issued US$700 million principal amount of 6.500% LRCN Series 9 Notes. The LRCN Series 9 Notes mature on July 28, 2086, and bear interest at a fixed rate of 6.500% per annum (paid quarterly) until July 28, 2031. Starting on July 28, 2031, and every five years thereafter until July 28, 2081, the interest rate will be reset to the then current five-year U.S. Treasury Rate plus 2.727% per annum.
Concurrently with the issuance of the LRCN Series 9 Notes, we issued Non-cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 64 (NVCC) (Series 64 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 64 Preferred Shares are eliminated in CIBC’s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of, interest on, or redemption price for, the LRCN Series 9 Notes when due, the sole remedy of each LRCN Series 9 Note holder is limited to that holder’s proportionate share of the Series 64 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 9 Notes, in whole or in part, on each January 28, April 28, July 28, and October 28, commencing on July 28, 2031, at par.
Limited Recourse Capital Notes Series 10 (NVCC) (subordinated indebtedness) (LRCN Series 10 Notes)
On July 13, 2026, we issued US$500 million principal amount of 6.750% LRCN Series 10 Notes. The LRCN Series 10 Notes mature on January 28, 2087, and bear interest at a fixed rate of 6.750% per annum (paid quarterly) until January 28, 2032. Starting on January 28, 2032, and every five years thereafter until January 28, 2082, the interest rate will be reset to the then current five-year U.S. Treasury Rate plus 2.4997% per annum.
Concurrently with the issuance of the LRCN Series 10 Notes, we issued Non-cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 65 (NVCC) (Series 65 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 65 Preferred Shares are eliminated in CIBC’s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of, interest on, or redemption price for, the LRCN Series 10 Notes when due, the sole remedy of each LRCN Series 10 Note holder is limited to that holder’s proportionate share of the Series 65 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 10 Notes, in whole or in part, on each January 28, April 28, July 28, and October 28, commencing on January 28, 2032, at par.
Subordinated indebtedness
On April 21, 2026, we redeemed all $1.0 billion of our 1.96% Debentures due April 21, 2031. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon. The debentures qualified as Tier 2 capital.
 
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   CIBC THIRD QUARTER 2026
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Convertible instruments
The table below provides a summary of our outstanding shares, NVCC capital instruments, and the maximum number of common shares issuable on conversion/exercise:
 
  
 
Shares outstanding
 
$ millions, except number of shares and per share amounts, as at July 31, 2026
   
Number
of shares
    
Par
value
  
Common shares
   
 
907,956,138
 
  
$
  16,656
 
Treasury shares – common shares
(1)
   
 
(20,701
) 
  
 
(1
) 
Preferred shares
     
Series 47 (NVCC)
   
 
18,000,000
 
  
$
450
 
Series 56 (NVCC)
   
 
600,000
 
  
 
600
 
Series 57 (NVCC)
   
 
500,000
 
  
 
500
 
Series 61 (NVCC)
   
 
150,000
 
  
 
150
 
Treasury shares – preferred shares
(1)
   
 
(162
) 
  
 
–
 
Limited recourse capital notes
     
4.000% Limited Recourse Capital Notes Series 2 (NVCC)
   
 
n/a
 
  
$
750
 
7.150% Limited Recourse Capital Notes Series 3 (NVCC)
   
 
n/a
 
  
 
800
 
6.987% Limited Recourse Capital Notes Series 4 (NVCC)
   
 
n/a
 
  
 
500
 
6.950% Limited Recourse Capital Notes Series 5 (NVCC)
(2)
   
 
n/a
 
  
 
693
 
6.369% Limited Recourse Capital Notes Series 6 (NVCC)
   
 
n/a
 
  
 
450
 
7.000% Limited Recourse Capital Notes Series 7 (NVCC)
(2)
   
 
n/a
 
  
 
1,027
 
5.898% Limited Recourse Capital Notes Series 8 (NVCC)
   
 
n/a
 
  
 
450
 
6.500% Limited Recourse Capital Notes Series 9 (NVCC)
(2)
   
 
n/a
 
  
 
971
 
6.750% Limited Recourse Capital Notes Series 10 (NVCC)
(2)
   
 
n/a
 
  
 
707
 
Subordinated indebtedness
     
4.20% Debentures due April 7, 2032 (NVCC)
   
 
n/a
 
  
$
1,000
 
5.33% Debentures due January 20, 2033 (NVCC)
   
 
n/a
 
  
 
1,000
 
5.35% Debentures due April 20, 2033 (NVCC)
   
 
n/a
 
  
 
750
 
5.30% Debentures due January 16, 2034 (NVCC)
   
 
n/a
 
  
 
1,250
 
4.90% Debentures due June 12, 2034 (NVCC)
   
 
n/a
 
  
 
1,000
 
4.15% Debentures due April 2, 2035 (NVCC)
   
 
n/a
 
  
 
1,250
 
Stock options outstanding
   
 
13,843,118
 
        
(1)
A long position in our own shares is shown as a negative number, which reduces the number of shares outstanding. A short position is shown as a positive number, which adds to the number of shares outstanding. See Note 1 to the consolidated financial statements in our 2025 Annual Report for the accounting policy on treasury shares.
(2)
For LRCNs – Series 5, Series 7, Series 9 and Series 10, the amount represents the Canadian dollar equivalent of the U.S. dollar notional amount.
n/a
Not applicable.
The occurrence of a “Trigger Event” would result in conversion of all of the outstanding NVCC instruments described above into a maximum of approximately 7.0 billion common shares, in aggregate, which would represent a dilution impact of 88% based on the number of CIBC common shares and NVCC instruments outstanding as at July 31, 2026. As described in the CAR Guideline, a Trigger Event occurs when OSFI determines the bank is or is about to become non-viable and, if after conversion of all contingent instruments and consideration of any other relevant factors or circumstances, it is reasonably likely that its viability will be restored or maintained; or if the bank has accepted or agreed to accept a capital injection or equivalent support from a federal or provincial government, without which OSFI would have determined the bank to be non-viable.
Upon the occurrence of a Trigger Event, Class A Preferred Shares Series 47, 56, 57 and 61 will be converted into a number of common shares, determined by dividing the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplements) subject to a minimum price of $2.50 per common share (subject to adjustment in certain events as defined in the relevant prospectus supplements). Series 54, 55, 58, 59, 60, 62, 63, 64 and 65 Preferred Shares held in the Limited Recourse Trust, will automatically and immediately be converted, without the consent of LRCN Note holders, into a variable number of common shares which will be delivered to LRCN Note holders in satisfaction of the principal amount of, and accrued and unpaid interest on, all of the LRCNs. All claims of LRCN Note holders against CIBC under the LRCNs will be extinguished upon receipt of such common shares. The Debentures are convertible into a number of common shares, determined by dividing 150% of the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplement) subject to a minimum price of $2.50 per common share (subject to adjustment in certain events as defined in the relevant prospectus supplement).
In addition to the potential dilution impacts related to the NVCC instruments discussed above, as at July 31, 2026, $76.2 billion (October 31, 2025: $67.0 billion) of our outstanding liabilities were subject to conversion under the bail-in regime. Under the bail-in regime, there is no fixed and pre-determined contractual conversion ratio for the conversion of the specified eligible shares and liabilities of CIBC that are subject to a bail-in conversion into common shares, nor are there specific requirements regarding whether liabilities subject to a bail-in conversion are converted into common shares of CIBC or any of its affiliates. Canada Deposit Insurance Corporation (CDIC) determines the timing of the bail-in conversion, the portion of the specified eligible shares and liabilities to be converted and the terms and conditions of the conversion, subject to parameters set out in the bail-in regime.
See the “Regulatory capital and total loss absorbing capacity (TLAC) requirements” section for further details.
Preferred share and other equity instruments rights and privileges
See Note 15 to the consolidated financial statements included in our 2025 Annual Report for details on our preferred share and other equity instruments rights and privileges.
Off-balance sheet arrangements
We enter into off-balance sheet arrangements in the normal course of our business. Further details of our off-balance sheet arrangements are provided on pages 40–41 of our 2025 Annual Report and also in Note 6 and Note 20 to the consolidated financial statements included in our 2025 Annual Report.
 
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Management of risk
Our approach to management of risk has not changed significantly from that described on pages 42 to 81 of our 2025 Annual Report.
Risk overview
CIBC faces a wide variety of risks across all of its areas of business. Identifying and understanding risks and their impact allows CIBC to frame its risk appetite and risk management practices. Defining acceptable levels of risk, and establishing sound principles, policies and practices for managing risks, are fundamental to achieving consistent and sustainable long-term performance, while remaining within our risk appetite.
 
Our risk appetite defines tolerance levels for various risks. This is the foundation for our risk management culture and our risk management framework.
Our risk management framework includes:
•
 
CIBC, SBU, functional group-level and regional risk appetite statements;
•
 
Risk frameworks, policies, procedures and limits to align activities with our risk appetite;
•
 
Regular risk reports to identify and communicate risk levels;
•
 
An independent control framework to identify and test the design and operating effectiveness of our key controls;
•
 
Stress testing to consider the potential impact of changes in the business environment on capital, liquidity and earnings;
•
 
Proactive consideration of risk mitigation options in order to optimize results; and
•
 
Oversight through our risk-focused committees and governance structure.
Managing risk is a shared responsibility at CIBC. Business units and risk management professionals work in collaboration to ensure that business strategies and activities are consistent with our risk appetite. CIBC’s approach to enterprise-wide risk management aligns with the three lines of defence model:
(i)
As the first line of defence, CIBC’s Management, in SBUs and functional groups, own the risks and are accountable and responsible for identifying and assessing risks inherent in their activities in accordance with the CIBC risk appetite. In addition, Management establishes and maintains controls to mitigate such risks and support operational resilience. Management may create Governance Groups within the business to support Management in meeting their governance, risk and control accountabilities. A Governance Group is considered the first line of defence, in conjunction with Management. Control Groups, which typically reside within centralized functions, provide subject matter expertise to Management and maintain enterprise-wide control programs and activities related to their area of expertise. While Control Groups collaborate with Management in identifying and managing risk, they also challenge risk decisions and risk mitigation strategies.
(ii)
The second line of defence is independent from the first line of defence and provides an enterprise-wide view of specific risk types, guidance and effective challenge to risk and control activities. Risk Management is the primary second line of defence. Risk Management may leverage subject matter expertise of other groups (e.g., third parties or Control Groups) to inform their independent assessments, as appropriate.
(iii)
As the third line of defence, CIBC’s Internal Audit is responsible for providing reasonable assurance to senior management and the Audit Committee of the Board on the effectiveness of CIBC’s governance practices, risk management processes, and Internal Control as a part of its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter.
A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management
.
We continuously monitor our risk profile against our defined risk appetite and related limits, taking action as needed to maintain an appropriate balance of risk and return. Monitoring our risk profile includes forward-looking analysis of sensitivity to local and global market factors, economic conditions, and geopolitical and regulatory environments that influence our overall risk profile.
Regular and transparent risk reporting and discussion at senior management committees facilitates communication of risks and discussion of risk management strategies across the organization.
Top and emerging risks
We monitor and review top and emerging risks that may affect our future results, and take action to mitigate potential risks. We perform
in-depth
analyses, which may include stress testing our exposures relative to the risks, and we provide updates and related developments to the Board on a regular basis. Top and emerging risks are those that we consider to have potential negative implications that are material for CIBC. See pages 50 to 52 of our 2025 Annual Report for details regarding the following top and emerging risks:
•
 
Climate risk
•
 
U.S. banking regulation
•
 
Tax reform
The remainder of this section describes the top and emerging risks that have been updated for developments that have occurred since the issuance of our 2025 Annual Report, as well as regulatory and accounting developments that are material for CIBC.
Geopolitical risk
The level of geopolitical risk escalates at certain points in time. While the specific impact on the global economy and on global credit and capital markets would depend on the nature of the event, in general, any major event could result in instability and volatility, leading to widening spreads, declining equity valuations, flight to safe-haven currencies and increased purchases of gold. In the short run, market disruption could hurt the net income of our trading and
non-trading
market risk positions. The escalation of the conflicts in Iran, which initiated in late February, became the primary driver of repricing in commodities and energy, as well as elevated volatility across financial markets. Conditions have been volatile throughout the quarter as U.S.-Iran negotiations and ceasefire agreements have been ongoing and the risk of renewed geopolitical tensions and potential central bank policy miscalibration remains elevated.
 
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CIBC THIRD QUARTER 2026
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Geopolitical risk could reduce economic growth, and in combination with the potential impacts on commodity prices and protectionism (further details of which are provided in the “Financial performance overview – Economic outlook” section), could have serious negative implications for general economic and banking activities.
Other areas which continue to be of concern include:
•
 
The war in Ukraine; and
•
 
Rising political tensions, civil unrest and activism globally.
While it is difficult to predict where new geopolitical disruption will occur, we do pay particular attention to markets and regions with existing or recent historical instability to assess the impact of these environments on the markets and businesses in which we operate.
Trade policy uncertainty
Newly implemented tariffs by the U.S., and any retaliatory tariffs imposed by Canada, are expected to have negative impacts on supply chains, inflation and economic activity, further amplifying ongoing U.S., Canada and Mexico trade issues that existed prior to the tariff developments, and are posing recessionary fears and increasing market volatility. The U.S. declined to renew
the Canada-U.S.-Mexico
free trade agreement in July, shifting the agreement into annual reviews until 2036, which could pose a significant risk should renegotiations cease resulting in the deal being significantly restructured or terminated. Separate trade discussions are ongoing between Canada and other nations in an effort to diversify international trade. The ongoing uncertainty on the ultimate level and extent of tariffs could diminish consumer and business confidence in Canada and around the globe, increasing credit, market, liquidity, strategic and operational (including third-party) risks.
The eventual impact of tariffs will depend on their nature and duration, as well as fiscal policies that may be enacted in response, and a further escalation would be expected to drive an increase in unemployment and inflation, thereby elevating credit risks. Higher unemployment and inflation could reduce discretionary consumer spending, slow loan origination and negatively impact debt servicing for both retail and commercial clients. Commercial clients may see lower overall revenues and higher costs, which could, in turn, slow growth and expansion plans. Certain sectors are expected to be more susceptible to the impact of the tariff developments, including but not limited to the manufacturing, retail and wholesale, and transportation sectors. We are also monitoring the financial viability of suppliers who may be impacted should economic conditions deteriorate as the result of global tariff impacts.
The impact of macroeconomic uncertainty on the U.S. dollar and long-term bond yields and changes in client sentiment due to macroeconomic volatility, recessionary conditions, or risks associated with banks, could lead to rising liquidity premiums and wider issuance spreads in the funding market.
We continue to regularly monitor economic developments and proactively prepare mitigation plans. Further details on tariffs and our economic outlook are provided in the “Financial performance overview – Economic outlook” section.
Canadian consumer debt and the housing market
The latest household
debt-to-income
ratio data from Statistics Canada (reflecting the first calendar quarter of 2026) has experienced slight increases in recent quarters but continues to remain below 2016 levels. The
debt-to-service
ratio has been relatively stable since the third quarter of 2024, below 2023 and early 2024 levels, partially due to lower interest rates combined with higher income offsetting higher debt serviceability. Mortgage debt continues to trend at historically high levels, but has been slowly coming down in recent quarters and remains favourable to the peaks seen in recent years.
Non-mortgage
debt-to-income
and service ratios remain at historical low levels as clients maintain lower utilization and higher payment rates. Mortgage service ratios could remain elevated as mortgages continue to renew at higher rates and income growth decelerates from a slowing labour market. Property sales continued to decline in 2026 and are the most recessed levels since 2020.
While the interest rate cuts in the second half of 2024 and throughout 2025 have provided some relief, policy rates remain 200 basis points higher than 2020–2021 and 50 basis points above 2019 levels, limiting growth in property values and sales activity. Despite lower interest rates, housing sales have slowed and unemployment has remained elevated in 2026 due to the uncertainty in the macroeconomic environment. However, real estate secured lending losses remain low, supported by strong
loan-to-value
ratios. While there was some weakening to the House Price Index
year-over-year,
it has seen some improvement
quarter-over-quarter
and it remains above late 2022 and early 2023 levels.
Unemployment rates have decreased in recent months, but remains elevated at 6.4% as of July 2026 and is expected to be elevated for the rest of the year. Unemployment rates at high levels could put pressure on
non-mortgage
debt levels and payment capacity, typical of the credit cycle.
Regulators continue to apply higher levels of scrutiny on guidelines and oversight. Further augmentations to regulatory expectations could impact business processes, increase the cost of compliance, and raise the risk of fines for
non-compliance.
In January 2026, OSFI initiated a
six-month
industry consultation in support of a new Credit Risk Management Guideline, the consultative phase was completed on July 29, 2026. This guideline is anticipated to reinforce the expectations of federally regulated financial institutions around policies and management of indebtedness by consolidating existing guidance and expectations related to credit risk, encompassing residential mortgage lending, commercial real estate, corporate lending, and potentially unsecured lending; drafts of the new Credit Risk Management Guideline are expected in the fourth quarter of 2026. As well, OSFI continues to increase expectations on the integration of climate risk in the real estate lending portfolio to ensure robust credit decisions and risk oversight practices.
 
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Data and Artificial Intelligence risk
Data is integral to advancing CIBC’s strategic objectives and maintaining our competitive edge. We continue to make significant investments in our data management and governance capabilities, building a strong foundation for business decision-making and expanding our analytics and reporting practices. This helps us truly leverage data as a transformative asset for the organization.
With the rapid pace of technological change, we are seeing even broader adoption of artificial intelligence (AI) applications to drive productivity and competitiveness. While these advances bring clear benefits, they also introduce new risks. AI systems built on data and models have the potential to inherit or even amplify biases, raising ongoing concerns about fairness and ethical use. Advanced models, including Claude Mythos and frontier models, could accelerate impacts across cyber, data and technology domains if risks are not properly addressed. For this reason, transparency in our AI models is so critical—to ensure we clearly understand the reasoning, accuracy and appropriateness of their outputs.
With these risks in mind, we have already published an AI framework and implemented robust AI governance and risk management practices. In line with this, OSFI’s final Guideline
E-23
on Model Risk Management, effective May 1, 2027, has expanded the definition of “model” to include AI and machine learning methodologies, reflecting the increasing use of these analytics. As we continue to adopt more
AI-driven
solutions, our focus remains on responsible use and proactive mitigation of operational risks. This approach is designed to protect shareholder value and support long-term stability.
Information and cyber security risk
We continue to evolve our use of technology and business processes to improve the client experience and streamline operations. Concurrently, the cyber threat landscape continues to evolve, including the use of AI to disrupt business and compromise the confidentiality or integrity of data at CIBC or at our third parties. Cyber threats are increasing in frequency and sophistication, raising the potential for financial loss, reputational harm, regulatory exposure, and business interruption. We actively manage these risks through strategic risk reviews and enterprise-wide technology and information security programs focused on prevention, detection, response and recovery. Threats include data breaches, malware and ransomware, unauthorized access, social engineering and fraud, and denial of service attacks, which may result in damage to CIBC systems and information; theft, loss or disclosure of confidential information; unauthorized or fraudulent activity; and service disruption at CIBC or its service providers, including those that offer cloud services. Notable disruptive AI related risks may include automation of highly convincing phishing campaigns, accelerated discovery of vulnerabilities by attackers, and the potential deployment of autonomous agents capable of executing
end-to-end
attack chains. We monitor the cyber threat landscape, including emerging risks associated with the use or availability of advanced third-party AI models, where opaque model behaviour, potential misuse, data exposure, or reliance on external governance frameworks could amplify the impact or speed of cyber events, to assess potential impacts to CIBC.
Given the importance of electronic financial systems, including secure online and mobile banking services provided to our clients, we continue to enhance our controls and processes to protect our systems and client information, informed by evolving cyber threats, mitigation strategies, and regulatory requirements. We perform cyber security preparedness, testing and recovery exercises to validate our defences, benchmark against industry best practices, monitor the regulatory landscape, and provide regular updates to the Board. We maintain well-defined cyber incident response protocols and playbooks in the event of a security incident or breach, and we maintain cyber insurance coverage to help mitigate certain potential losses, subject to specific terms, conditions, and coverage limits. We periodically review our insurance coverage relative to our risk tolerance. Despite our ongoing commitment to information and cyber security, and given the rapidly evolving threat and regulatory landscape and a changing business environment, it is not possible to identify all cyber risks or implement measures that prevent all potential cyber incidents. We continue to refine our protection, detection, response and resilience capabilities to minimize the potential impact of any cyber incidents that may occur.
Technology risk
We are continuing to evolve our technology services to improve the client experience and streamline operations. New technology solutions offer advanced capabilities, connectivity between systems, and efficiencies to support a growing business, while also increasing the complexity of ongoing management and resilience across multiple internal and external stakeholders and platforms hosted on premises, in the cloud or by third parties. We are closely monitoring the development of advanced AI models that could accelerate the discovery of vulnerabilities, potentially resulting in a greater number of vendor-issued patches for systems and platforms in use at CIBC. Although this may increase resource demands and introduce system stability challenges as we implement patches more rapidly, our ongoing enhancements to patch automation, comprehensive testing controls, and strong risk monitoring practices ensure that we are well equipped to effectively manage these emerging risks.
Globally, regulators continue to expect financial institutions to have well-designed and managed technology development, deployment, operational and support processes in place to actively manage the risks inherent to a large enterprise technology environment. We continue to manage these risks through our risk management and governance structures that include policies, standards, and risk assessment, measurement and monitoring tools. A robust control environment is in place, focused on developing, delivering and maintaining high-quality, reliable and stable technology solutions that support business needs and enable operations within our risk appetite.
Disintermediation risk
Consumer expectations for integrated,
low-cost,
digital-first banking and investing may outpace CIBC’s current strategy and delivery, resulting in our offerings not meeting client demands and impacting client relationships. This is reinforced by progress in consumer-driven banking (open banking) and fintech competitors whose offerings and accessibility have improved significantly over the past five years. To mitigate, CIBC will continue investing in AI for deeper client insight and sentiment analysis, maintain open banking readiness, remain agile in product development, and reinforce primary relationships through targeted strategies, along with simplifying client engagements and advancing our omni-channel strategy to deliver personalized experiences, seamless servicing, and timely, relevant advice across all channels.
 
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   CIBC THIRD QUARTER 2026
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Third-party risk
We recognize that third-party relationships are integral to CIBC’s business model and are essential for achieving CIBC’s strategic objectives. As we adopt new technologies, including AI-enabled solutions, and increasingly rely on
sub-contractors,
the third-party ecosystem is rapidly evolving, introducing new complexities and risks. While these relationships can drive cost efficiencies, innovation, enhanced performance and competitiveness, they can also present emerging risks such as service disruptions, operational failures or vulnerabilities stemming from third and fourth parties, which may result from breakdowns in people, processes, systems, or from external events.
To address these evolving risks and meet rising regulatory expectations, CIBC has established a robust Third Party Risk Management program. This program is grounded in our strong risk culture and supported by comprehensive policies, procedures, and specialized resources. It ensures that third-party risks, including AI-related risks, are proactively identified, assessed and managed throughout the entire lifecycle of each relationship, from initial planning to ongoing oversight. In doing so, we maintain effective controls, foster collaborative partnerships, and support the advancement of our strategic goals while operating within our defined risk appetite.
Anti-money laundering, anti-terrorist financing and sanctions
Money laundering, terrorist financing, and related crimes threaten the financial sector’s stability. CIBC is committed to meeting all anti-money laundering (AML), anti-terrorist financing (ATF), and economic sanctions regulations in every jurisdiction where it operates. As identified in Canada’s 2025 National Risk Assessment, banks face significant risks from financial crimes such as drug trafficking, fraud, and crypto-related activities. In response, CIBC invests in robust controls, advanced detection technologies, and comprehensive compliance programs. The bank maintains thorough client due diligence, record keeping, and reporting procedures, and requires annual AML/ATF and sanctions training for all team members. With ongoing regulatory changes coming into effect through 2026, including Financial Transactions and Reports Analysis Centre of Canada’s increased administrative monetary penalties (AMPs) paired with a new supervisory framework and enforcement approach, CIBC continuously monitors and enhances its compliance program to address evolving risks and regulatory expectations.
Corporate transactions
CIBC seeks out acquisition, investment and divestiture opportunities that align with its strategy, risk appetite and financial goals. The ability to successfully execute on such corporate transactions is subject to various factors such as receiving any required approvals on a timely basis and on favourable terms, retaining clients and key personnel, realizing synergies and efficiencies, controlling integration and acquisition costs, and changes in general business and economic conditions, among others.
Although many of the factors are beyond our control, their impact is partially mitigated by conducting due diligence before completing the transaction and developing and executing appropriate plans. However, given the inherent uncertainty involved in such corporate transactions, we cannot anticipate all potential events, facts and circumstances that may arise and there could be an adverse impact on our operations and financial performance as a result of such corporate transactions.
Regulatory developments
See the “Capital management”, “Credit risk” and “Accounting and control matters” sections for additional information on regulatory developments.
Accounting developments
See the “Accounting and control matters” section and Note 1 to the interim consolidated financial statements for additional information on accounting developments.
 
CIBC THIRD QUARTER 2026
     31  
Table of Contents
Risks arising from business activities
The chart below shows our business activities and related risk measures based upon regulatory RWA and allocated common equity as at July 31, 2026:
 
 

 
(1)
Average balances are calculated as a weighted average of daily closing balances.
(2)
Includes counterparty credit risk (CCR) of $7 million, which comprises derivatives and repo-style transactions.
(3)
Includes CCR of $15,644 million, which comprises derivatives and repo-style transactions.
(4)
Includes CCR of $634 million, which comprises derivatives and repo-style transactions.
(5)
Average allocated common equity is a non-GAAP measure. For additional information on the composition of this non-GAAP measure, see the “Non-GAAP measures” section.
(6)
Represents average allocated common equity relating to capital deductions, such as goodwill and intangible assets, in accordance with the rules in OSFI’s CAR Guideline.
 
32
   CIBC THIRD QUARTER 2026
Table of Contents
Credit risk
 
Credit risk is the risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms.
Credit risk arises out of the lending businesses in each of our SBUs and in International banking, which is included in Corporate and Other. Other sources of credit risk consist of our trading activities, which include our
over-the-counter
(OTC) derivatives, debt securities, and our repo-style transaction activity. In addition to losses on the default of a borrower or counterparty, unrealized gains or losses may occur due to changes in the credit spread of the counterparty, which could impact the carrying or fair value of our assets.
Exposure to credit risk
(1)
The following table provides our exposure to credit risk by portfolios based upon how we manage the business and the associated risks. Gross credit exposure amounts presented in the table below represent our estimate of exposure at default (EAD), which is net of derivative master netting agreements and credit valuation adjustment (CVA), but is before allowance for credit losses or credit risk mitigation for internal ratings-based (IRB) approaches.
Non-trading
equity exposures are not included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.
 
$ millions, as at         
2026
Jul. 31
            2025
Oct. 31		  
   
 
IRB
approach
 
  
 
Standardized
approach
 
 
  
 
Total
 
     IRB
approach
 		     Standardized
approach		  
 		     Total  
Business and government portfolios
            
Drawn
  
$
442,449
 
  
$
18,752
 
  
$
461,201
 
   $ 406,405     $ 17,012     $ 423,417  
Undrawn commitments
  
 
75,241
 
  
 
1,366
 
  
 
76,607
 
     67,929       1,266       69,195  
Other
off-balance
sheet
  
 
21,639
 
  
 
534
 
  
 
22,173
 
     20,094       524       20,618  
OTC derivatives
  
 
23,437
 
  
 
80
 
  
 
23,517
 
     22,814       136       22,950  
Gross business and government portfolios
, excluding
repo-style transactions
  
 
562,766
 
  
 
20,732
 
  
 
583,498
 
     517,242       18,938       536,180  
Repo-style transactions, net
(2)
  
 
29,925
 
  
 
–
 
  
 
29,925
 
     25,582       –       25,582  
Net business and government portfolios
  
 
592,691
 
  
 
20,732
 
  
 
613,423
 
     542,824       18,938       561,762  
Retail portfolios
            
Drawn
  
 
343,581
 
  
 
7,050
 
  
 
350,631
 
     338,427       6,830       345,257  
Undrawn commitments
  
 
117,493
 
  
 
4,289
 
  
 
121,782
 
     113,488       4,226       117,714  
Other
off-balance
sheet
  
 
510
 
  
 
120
 
  
 
630
 
     483       120       603  
Gross retail portfolios
  
 
461,584
 
  
 
11,459
 
  
 
473,043
 
     452,398       11,176       463,574  
Securitization exposures
(3)
  
 
45,893
 
  
 
28,395
 
  
 
74,288
 
     40,180       30,105       70,285  
Net credit exposure
(4)
  
$
  1,100,168
 
  
$
  60,586
 
  
$
  1,160,754
 
   $   1,035,402     $   60,219     $   1,095,621  
(1)
Certain prior period information has been revised to conform to the presentation adopted in the current quarter.
(2)
Reflects EAD after collateral netting in accordance with OSFI guidelines.
(3)
OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures are eligible for either the standardized approach or the IRB approach. The external ratings-based approach
(SEC-ERBA),
which is inclusive of the internal assessment approach
(SEC-IAA),
includes exposures that qualify for the IRB approach, as well as exposures under the standardized approach.
(4)
Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of
non-financial
institutions which are risk-weighted at 1,250%, settlement risk, and amounts below the thresholds for deduction which are risk-weighted at 250%.
Non-trading
equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security.
Forbearance techniques
We employ forbearance techniques to manage client relationships and to minimize credit losses due to default, foreclosure or repossession. In certain circumstances, it may be necessary to modify a loan for reasons related to a borrower’s financial difficulties, reducing the potential of default. Total debt restructurings are subject to our normal quarterly impairment review which considers, amongst other factors, covenants and/or payment delinquencies. Loan loss provisions are adjusted as appropriate.
In retail lending, forbearance techniques include interest capitalization, amortization amendments and debt consolidations. We have a set of eligibility criteria that allow our Client Account Management team to determine suitable remediation strategies and propose products based on each borrower’s situation.
The solutions available to corporate and commercial clients vary based on the individual nature of the client’s situation and are undertaken selectively where it has been determined that the client has or is likely to have repayment difficulties servicing its obligations. Covenants often reveal changes in the client’s financial situation before there is a change in payment behaviour and typically allow for a right to reprice or accelerate payments. Solutions may be temporary in nature or may involve other special management options.
 
CIBC THIRD QUARTER 2026
 
 
33
 
Table of Contents
Real estate secured personal lending
Real estate secured personal lending comprises residential mortgages, and personal loans and lines secured by residential property (HELOC). This portfolio is lower risk compared with other retail portfolios, as we have a first charge on the majority of the properties and a second lien on only a small portion of the portfolio. We use the same lending criteria in the adjudication of both first lien and second lien loans.
The following disclosures are required by OSFI pursuant to the Guideline
B-20
“Residential Mortgage Underwriting Practices and Procedures” (Guideline
B-20).
The following table provides details on our residential mortgage and HELOC portfolios:
 
 
 
Residential mortgages
 
(1)(2)
 
 
 
 
  
HELOC
 
(3)
 
 
 
 
  
Total
 
$ billions, as at July 31, 2026
 
Insured
 
  
Uninsured
 
 
  
 
  
Uninsured
 
 
  
 
  
Insured
 
  
Uninsured
 
Ontario
 
(4)
 
$
15.9
 
  
 
10
 % 
  
$
139.4
 
  
 
90
 % 
 
  
$
11.3
 
  
 
100
 % 
 
  
$
15.9
 
  
 
10
 % 
  
$
150.7
 
  
 
90
 % 
British Columbia and territories
 
(5)
 
 
4.7
 
  
 
9
 
  
 
46.1
 
  
 
91
 
 
  
 
4.1
 
  
 
100
 
 
  
 
4.7
 
  
 
9
 
  
 
50.2
 
  
 
91
 
Alberta
 
 
8.1
 
  
 
31
 
  
 
17.7
 
  
 
69
 
 
  
 
1.8
 
  
 
100
 
 
  
 
8.1
 
  
 
29
 
  
 
19.5
 
  
 
71
 
Quebec
 
 
5.6
 
  
 
20
 
  
 
22.7
 
  
 
80
 
 
  
 
1.4
 
  
 
100
 
 
  
 
5.6
 
  
 
19
 
  
 
24.1
 
  
 
81
 
Central prairie provinces
 
 
2.2
 
  
 
34
 
  
 
4.3
 
  
 
66
 
 
  
 
0.5
 
  
 
100
 
 
  
 
2.2
 
  
 
31
 
  
 
4.8
 
  
 
69
 
Atlantic provinces
 
 
2.2
 
  
 
25
 
  
 
6.5
 
  
 
75
 
 
 
 
 
  
 
0.7
 
  
 
100
 
 
 
 
 
  
 
2.2
 
  
 
23
 
  
 
7.2
 
  
 
77
 
Canadian portfolio
 
(6)(7)
 
 
38.7
 
  
 
14
 
  
 
236.7
 
  
 
86
 
 
  
 
19.8
 
  
 
100
 
 
  
 
38.7
 
  
 
13
 
  
 
256.5
 
  
 
87
 
U.S. portfolio
 
(6)
 
 
–
 
  
 
–
 
  
 
3.0
 
  
 
100
 
 
  
 
–
 
  
 
–
 
 
  
 
–
 
  
 
–
 
  
 
3.0
 
  
 
100
 
Other international portfolio
 
(6)
 
 
–
 
  
 
–
 
  
 
3.4
 
  
 
100
 
 
 
 
 
  
 
–
 
  
 
–
 
 
 
 
 
  
 
–
 
  
 
–
 
  
 
3.4
 
  
 
100
 
Total portfolio
 
$
38.7
 
  
 
14
 % 
  
$
243.1
 
  
 
86
 % 
 
 
 
 
  
$
19.8
 
  
 
100
 % 
 
 
 
 
  
$
38.7
 
  
 
13
 % 
  
$
262.9
 
  
 
87
 % 
October 31, 2025
 
$
  39.3
 
  
 
14
 % 
  
$
  239.4
 
  
 
86
 % 
 
 
 
 
  
$
  19.8
 
  
 
100
 % 
 
 
 
 
  
$
  39.3
 
  
 
13
 % 
  
$
  259.2
 
  
 
87
 % 
(1)
Balances reflect principal values.
(2)
Our Canadian condominium mortgages were $45.5 billion (October 31, 2025: $44.2 billion), of which 16% (October 31, 2025: 15%) were insured.
(3)
We did not have any insured HELOCs as at July 31, 2026 and October 31, 2025.
(4)
Includes $6.9 billion (October 31, 2025: $7.0 billion) of insured residential mortgages, $86.3 billion (October 31, 2025: $85.6 billion) of uninsured residential mortgages, and $6.6 billion (October 31, 2025: $6.7 billion) of HELOCs in the Greater Toronto Area (GTA).
(5)
Includes $2.1 billion (October 31, 2025: $2.2 billion) of insured residential mortgages, $31.2 billion (October 31, 2025: $31.3 billion) of uninsured residential mortgages, and $2.7 billion (October 31, 2025: $2.6 billion) of HELOCs in the Greater Vancouver Area (GVA).
(6)
Geographic location is based on the address of the property.
(7)
49% (October 31, 2025: 51%) of insurance on Canadian residential mortgages is provided by Canada Mortgage and Housing Corporation (CMHC) and the remaining by two private Canadian insurers, both rated at least AA (low) by DBRS Limited (Morningstar DBRS).
The average
loan-to-value
(LTV) ratios
(1)(2)
for our uninsured residential mortgages and HELOCs originated and acquired during the quarter ended July 31, 2026, are provided in the following table:
 
 
 
For the three
months ended
 
 
 
 
 
For the nine
months ended
 
 
 
2026
Jul. 31
 
 
2026
Apr. 30
 
 
2025
Jul. 31
 
 
 
 
 
2026
Jul. 31
 
 
2025
Jul. 31
 
  
 
Residential
mortgages
 
 
HELOC
 
 
Residential
mortgages
 
 
HELOC
 
 
Residential
mortgages
 
 
HELOC
 
 
 
 
 
Residential
mortgages
 
 
HELOC
 
 
Residential
mortgages
 
 
HELOC
 
Ontario
(3)
 
 
67
 % 
 
 
69
 % 
 
 
67
 % 
 
 
68
 % 
 
 
67
 % 
 
 
67
 % 
 
 
 
67
 % 
 
 
68
 % 
 
 
67
 % 
 
 
67
 % 
British Columbia and territories
(4)
 
 
65
 
 
 
67
 
 
 
63
 
 
 
65
 
 
 
64
 
 
 
65
 
 
 
 
64
 
 
 
66
 
 
 
64
 
 
 
65
 
Alberta
 
 
70
 
 
 
71
 
 
 
71
 
 
 
71
 
 
 
71
 
 
 
72
 
 
 
 
70
 
 
 
71
 
 
 
71
 
 
 
72
 
Quebec
 
 
68
 
 
 
70
 
 
 
67
 
 
 
69
 
 
 
68
 
 
 
71
 
 
 
 
68
 
 
 
70
 
 
 
68
 
 
 
70
 
Central prairie provinces
 
 
70
 
 
 
72
 
 
 
71
 
 
 
73
 
 
 
71
 
 
 
73
 
 
 
 
71
 
 
 
73
 
 
 
71
 
 
 
73
 
Atlantic provinces
 
 
67
 
 
 
68
 
 
 
67
 
 
 
68
 
 
 
68
 
 
 
69
 
 
 
 
67
 
 
 
68
 
 
 
67
 
 
 
68
 
Canadian portfolio
(5)
 
 
67
 % 
 
 
69
 % 
 
 
66
 % 
 
 
68
 % 
 
 
67
 % 
 
 
68
 % 
 
 
 
67
 % 
 
 
69
 % 
 
 
67
 % 
 
 
68
 % 
U.S. portfolio
(5)
 
 
67
 % 
 
 
n/m
 
 
 
66
 % 
 
 
68
 % 
 
 
68
 % 
 
 
51
 % 
 
 
 
67
 % 
 
 
n/m
 
 
 
67
 % 
 
 
53
 % 
Other international portfolio
(5)
 
 
71
 % 
 
 
n/m
 
 
 
72
 % 
 
 
n/m
 
 
 
73
 % 
 
 
n/m
 
 
 
 
72
 % 
 
 
n/m
 
 
 
71
 % 
 
 
n/m
 
(1)
Prior periods have been restated to reflect an updated methodology applied to acquired mortgages.
(2)
LTV ratios for newly originated and acquired residential mortgages and HELOCs are calculated based on weighted average.
(3)
Average LTV ratios for our uninsured GTA residential mortgages originated during the quarter were 67% (April 30, 2026: 66%; July 31, 2025: 67%) and 67% for the nine months ended July 31, 2026 (July 31, 2025: 67%).
(4)
Average LTV ratios for our uninsured GVA residential mortgages originated during the quarter were 64% (April 30, 2026: 63%; July 31, 2025: 63%) and 63% for the nine months ended July 31, 2026 (July 31, 2025: 64%).
(5)
Geographic location is based on the address of the property.
n/m
Not meaningful.
The following table provides the average LTV ratios on our total Canadian residential mortgage portfolio:
 
 
  
 
Insured
 
 
 
Uninsured
 
July 31, 2026 
(1)(2)
  
 
64
 % 
 
 
58
 % 
October 31, 2025 
(1)(2)
  
 
59
 % 
 
 
55
 % 
(1)
LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for July 31, 2026 and October 31, 2025 are based on the Forward Sortation Area level indices from the Teranet – National Bank National Composite House Price Index (Teranet) as of June 30, 2026 and September 30, 2025, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices.
(2)
Average LTV ratio on our uninsured GTA residential mortgage portfolio was 62% (October 31, 2025: 58%). Average LTV ratio on our uninsured GVA residential mortgage portfolio was 53% (October 31, 2025: 49%).
 
34
 
CIBC THIRD QUARTER 2026
Table of Contents
The
tables below summarize the remaining amortization profile of our total Canadian, U.S. and other international residential mortgages. The first table provides the remaining amortization periods based on the minimum contractual payment amounts with the assumption that variable rate mortgages renew at payment amounts that maintain the original amortization schedule. The second table summarizes the remaining amortization profile of our total Canadian, U.S. and other international residential mortgages based upon current customer payment amounts.
Contractual payment basis
 
  
  
0–5
years
 
  
>5–10
years
 
  
>10–15
years
 
  
>15–20
years
 
  
>20–25
years
 
  
>25–30
years
 
  
>30–35
years
 
  
>35
years
 
Canadian portfolio
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
July 31, 2026
  
 
–
 % 
  
 
1
 % 
  
 
2
 % 
  
 
16
 % 
  
 
39
 % 
  
 
42
 % 
  
 
–
 % 
  
 
–
 % 
October 31, 2025
  
 
–
 % 
  
 
1
 % 
  
 
2
 % 
  
 
13
 % 
  
 
41
 % 
  
 
43
 % 
  
 
–
 % 
  
 
–
 % 
U.S. portfolio
  
  
  
  
  
  
  
  
July 31, 2026
  
 
–
 % 
  
 
–
 % 
  
 
–
 % 
  
 
4
 % 
  
 
38
 % 
  
 
58
 % 
  
 
–
 % 
  
 
–
 % 
October 31, 2025
  
 
–
 % 
  
 
–
 % 
  
 
–
 % 
  
 
3
 % 
  
 
29
 % 
  
 
68
 % 
  
 
–
 % 
  
 
–
 % 
Other international portfolio
  
  
  
  
  
  
  
  
July 31, 2026
  
 
8
 % 
  
 
12
 % 
  
 
21
 % 
  
 
22
 % 
  
 
22
 % 
  
 
14
 % 
  
 
1
 % 
  
 
–
 % 
October 31, 2025
  
 
9
 % 
  
 
12
 % 
  
 
21
 % 
  
 
21
 % 
  
 
22
 % 
  
 
14
 % 
  
 
1
 % 
  
 
–
 % 
Current customer payment basis
 
 
  
 
0–5
years

 
  
 
>5–10
years
 
 
  
 
>10–15
years
 
 
  
 
>15–20
years
 
 
  
 
>20–25
years
 
 
  
 
>25–30
years
 
 
  
 
>30–35
years
 
 
  
 
>35
years

 
Canadian portfolio
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
  
 
     
 
July 31, 2026
  
 
1
 % 
  
 
4
 % 
  
 
10
 % 
  
 
20
 % 
  
 
32
 % 
  
 
29
 % 
  
 
1
 % 
  
 
3
 % 
October 31, 2025
  
 
1
 % 
  
 
3
 % 
  
 
10
 % 
  
 
20
 % 
  
 
32
 % 
  
 
27
 % 
  
 
2
 % 
  
 
5
 % 
U.S. portfolio
  
  
  
  
  
  
  
  
July 31, 2026
  
 
2
 % 
  
 
3
 % 
  
 
8
 % 
  
 
9
 % 
  
 
33
 % 
  
 
45
 % 
  
 
–
 % 
  
 
–
 % 
October 31, 2025
  
 
1
 % 
  
 
3
 % 
  
 
8
 % 
  
 
9
 % 
  
 
25
 % 
  
 
54
 % 
  
 
–
 % 
  
 
–
 % 
Other international portfolio
  
  
  
  
  
  
  
  
July 31, 2026
  
 
9
 % 
  
 
12
 % 
  
 
21
 % 
  
 
21
 % 
  
 
22
 % 
  
 
14
 % 
  
 
1
 % 
  
 
–
 % 
October 31, 2025
  
 
9
 % 
  
 
13
 % 
  
 
20
 % 
  
 
21
 % 
  
 
22
 % 
  
 
14
 % 
  
 
1
 % 
  
 
–
 % 
We stress test our mortgage and HELOC portfolios to determine the potential impact of different economic events. Our stress tests can use variables such as unemployment rates, debt service ratios and housing price changes, to model potential outcomes for a given set of circumstances. The stress testing involves variables that could behave differently in certain situations. Our main tests use economic variables in a similar range or more conservative to historical events when Canada experienced economic downturns. Our results show that in an economic downturn, our capital position would be sufficient to absorb mortgage and HELOC losses.
Impaired loans
The following table provides details of our impaired loans and allowance for credit losses:
 
 
 
As at or for the three
months ended
 
 
 
 
 
As at or for the nine
months ended
 
$ millions
 
2026
Jul. 31
 
 
2026
Apr. 30
 
 
2025
Jul. 31
 
 
 
 
 
2026
Jul. 31
 
 
2025
Jul. 31
 
  
 
Business and
government
loans
 
 
Consumer
loans
 
 
Total
 
 
Business and
government
loans
 
 
Consumer
loans
 
 
Total
 
 
Business and
government
loans
 
 
Consumer
loans
 
 
Total
 
 
 
 
 
Business and
government
loans
 
 
Consumer
loans
 
 
Total
 
 
Business and
government
loans
 
 
Consumer
loans
 
 
Total
 
Gross impaired loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
 2,125
 
 
$
 1,842
 
 
$
 3,967
 
 
$
 2,042
 
 
$
 1,752
 
 
$
 3,794
 
 
$
 1,830
 
 
$
 1,465
 
 
$
 3,295
 
 
 
$
 2,031
 
 
$
 1,605
 
 
$
  3,636
 
 
$
 1,628
 
 
$
  1,286
 
 
$
  2,914
 
Classified as impaired during the period
 
 
483
 
 
 
977
 
 
 
1,460
 
 
 
347
 
 
 
929
 
 
 
1,276
 
 
 
474
 
 
 
846
 
 
 
1,320
 
 
 
 
1,333
 
 
 
2,793
 
 
 
4,126
 
 
 
1,434
 
 
 
2,519
 
 
 
3,953
 
Transferred to performing during the period
 
 
(14
) 
 
 
(113
) 
 
 
(127
) 
 
 
(27
) 
 
 
(116
) 
 
 
(143
) 
 
 
(37
) 
 
 
(125
) 
 
 
(162
) 
 
 
 
(137
) 
 
 
(341
) 
 
 
(478
) 
 
 
(130
) 
 
 
(398
) 
 
 
(528
) 
Net repayments
(1)
 
 
(448
) 
 
 
(347
) 
 
 
(795
) 
 
 
(162
) 
 
 
(285
) 
 
 
(447
) 
 
 
(427
) 
 
 
(275
) 
 
 
(702
) 
 
 
 
(805
) 
 
 
(855
) 
 
 
(1,660
) 
 
 
(910
) 
 
 
(777
) 
 
 
(1,687
) 
Amounts written off
 
 
(94
) 
 
 
(437
) 
 
 
(531
) 
 
 
(68
) 
 
 
(437
) 
 
 
(505
) 
 
 
(94
) 
 
 
(383
) 
 
 
(477
) 
 
 
 
(332
) 
 
 
(1,271
) 
 
 
(1,603
) 
 
 
(256
) 
 
 
(1,099
) 
 
 
(1,355
) 
Foreign exchange and other
 
 
42
 
 
 
8
 
 
 
50
 
 
 
(7
) 
 
 
(1
) 
 
 
(8
) 
 
 
6
 
 
 
1
 
 
 
7
 
 
 
 
4
 
 
 
(1
) 
 
 
3
 
 
 
(14
) 
 
 
(2
) 
 
 
(16
) 
 
 
Balance at end of period
 
$
2,094
 
 
$
1,930
 
 
$
4,024
 
 
$
2,125
 
 
$
1,842
 
 
$
3,967
 
 
$
1,752
 
 
$
1,529
 
 
$
3,281
 
 
 
$
2,094
 
 
$
1,930
 
 
$
4,024
 
 
$
1,752
 
 
$
1,529
 
 
$
3,281
 
 
 
Allowance for credit losses – impaired loans
 
$
717
 
 
$
478
 
 
$
1,195
 
 
$
581
 
 
$
463
 
 
$
1,044
 
 
$
470
 
 
$
482
 
 
$
952
 
 
 
$
717
 
 
$
478
 
 
$
1,195
 
 
$
470
 
 
$
482
 
 
$
952
 
Net impaired loans
(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
1,544
 
 
$
1,379
 
 
$
2,923
 
 
$
1,538
 
 
$
1,290
 
 
$
2,828
 
 
$
1,390
 
 
$
1,001
 
 
$
2,391
 
 
 
$
1,540
 
 
$
1,114
 
 
$
2,654
 
 
$
1,236
 
 
$
862
 
 
$
2,098
 
Net change in gross impaired
 
 
(31
) 
 
 
88
 
 
 
57
 
 
 
83
 
 
 
90
 
 
 
173
 
 
 
(78
) 
 
 
64
 
 
 
(14
) 
 
 
 
63
 
 
 
325
 
 
 
388
 
 
 
124
 
 
 
243
 
 
 
367
 
Net change in allowance
 
 
(136
) 
 
 
(15
) 
 
 
(151
) 
 
 
(77
) 
 
 
(1
) 
 
 
(78
) 
 
 
(30
) 
 
 
(18
) 
 
 
(48
) 
 
 
 
(226
) 
 
 
13
 
 
 
(213
) 
 
 
(78
) 
 
 
(58
) 
 
 
(136
) 
 
 
Balance at end of period
 
$
1,377
 
 
$
1,452
 
 
$
2,829
 
 
$
1,544
 
 
$
1,379
 
 
$
2,923
 
 
$
1,282
 
 
$
1,047
 
 
$
2,329
 
 
 
$
1,377
 
 
$
1,452
 
 
$
2,829
 
 
$
1,282
 
 
$
1,047
 
 
$
2,329
 
 
 
Net impaired loans as a percentage of net loans and acceptances
 
 
 
 
 
 
 
 
 
 
0.46
 % 
 
 
 
 
 
 
 
 
 
 
0.49
 % 
 
 
 
 
 
 
 
 
 
 
0.40
 % 
 
 
 
 
 
 
 
 
 
 
 
0.46
 % 
 
 
 
 
 
 
 
 
 
 
0.40
 % 
(1)
Includes proceeds from the disposal of loans.
(2)
Net impaired loans are gross impaired loans net of stage 3 allowance for credit losses.
Gross impaired loans
As at July 31, 2026, gross impaired loans were $4,024 million, up $743 million from the same quarter last year, primarily due to increases in the Canadian residential mortgages portfolio, the telecommunications and cable, consumer goods manufacturing, retail and wholesale, transportation, and education, health and social services sectors, partially offset by decreases in the real estate and construction sector and CIBC Caribbean.
Gross impaired loans were up $57 million from the prior quarter, primarily due to increases in the Canadian residential mortgages portfolio, the retail and wholesale, and transportation sectors, as well as the impact of U.S. dollar appreciation on our business and government portfolio, partially offset by decreases in the real estate and construction, financial institutions, and telecommunications and cable sectors.
64% of gross impaired loans related to Canada, of which the residential mortgages and personal lending portfolios, as well as the retail and wholesale, real estate and construction, capital goods manufacturing, consumer goods manufacturing, and business services sectors accounted for the majority.
 
CIBC THIRD QUARTER 2026
 
 
35
 
Table of Contents
20% of gross impaired loans related to the U.S., of which the capital goods manufacturing, real estate and construction, education, health and social services, transportation, financial institutions, and consumer goods manufacturing sectors accounted for the majority.
The remaining gross impaired loans primarily related to CIBC Caribbean and Europe, of which the telecommunications and cable sector, residential mortgages and personal lending portfolios, and the business services sector, accounted for the majority.
Allowance for credit losses – impaired loans
Allowance for credit losses on impaired loans was $1,195 million, up $243 million from the same quarter last year, primarily due to increases in the retail and wholesale, consumer goods manufacturing, telecommunications and cable, transportation, and hardware and software sectors, partially offset by a decrease in CIBC Caribbean.
Allowance for credit losses on impaired loans was up $151 million from the prior quarter, primarily due to increases in the retail and wholesale, consumer goods manufacturing, and transportation sectors, and the Canadian residential mortgages portfolio, partially offset by a decrease in the telecommunications and cable sector.
 
Loans contractually past due but not impaired
The following table provides an aging analysis of loans that are not impaired, where repayment of principal or payment of interest is contractually in arrears. Loans less than 30 days past due are excluded as such loans are not generally indicative of the borrowers’ ability to meet their payment obligations.
 

$ millions, as at
  
  
 
  
  
 
  
2026
Jul. 31
 
  
2025
Oct. 31
 
  
  
31 to
90 days
 
  
Over
90 days
 
  
Total
 
  
Total
 
Residential mortgages
   
$
  1,312
 
   
$
–
 
   
$
 
 
 
 1,312
 
    $   1,239  
Personal
   
 
259
 
   
 
–
 
   
 
259
 
      251  
Credit card
   
 
280
 
   
 
196
 
   
 
476
 
      440  
Business and government
   
 
318
 
   
 
–
 
   
 
318
 
      327  
Total
   
$
  2,169
 
   
$
196
 
   
$
2,365
 
    $ 2,257  
Exposure to certain countries and regions
The following table provides our exposure to certain countries and regions outside of Canada and the U.S.
Our direct exposures presented in the table below comprise (A) funded –
on-balance
sheet loans (stated at amortized cost net of stage 3 allowance for credit losses, if any), deposits with banks (stated at amortized cost net of stage 3 allowance for credit losses, if any) and securities (stated at carrying value); (B) unfunded – unutilized credit commitments, letters of credit, and guarantees (stated at notional amount net of stage 3 allowance for credit losses, if any); and (C) derivative
mark-to-market
(MTM) receivables (stated at fair value) and repo-style transactions (stated at fair value).
The following table provides a summary of our positions in these regions:
 
Direct exposures
 
 
 
Funded
 
 
 
 
Unfunded
 
 
 
 
Derivative MTM receivables
and repo-style transactions
(1)

 
 
$ millions, as at July 31, 2026
 
Corporate
 
 
Sovereign
 
 
Banks
 
 
Total
funded
(A)
 
 
  
 
 
Corporate
 
 
Banks
 
 
Total
unfunded
(B)
 
 
  
 
 
Corporate
 
 
Sovereign
 
 
Banks
 
 
Net
exposure
(C)
 
 
Total direct
exposure
(A)+(B)+(C)
 
U.K.
 
$
13,346
 
 
$
1,363
 
 
$
4,876
 
 
$
19,585
 
 
 
$
9,382
 
 
$
2,284
 
 
$
11,666
 
 
 
$
618
 
 
$
77
 
 
$
1,391
 
 
$
2,086
 
 
$
33,337
 
Europe excluding U.K.
(2)
 
 
11,786
 
 
 
2,906
 
 
 
16,160
 
 
 
30,852
 
 
 
 
9,094
 
 
 
2,900
 
 
 
11,994
 
 
 
 
516
 
 
 
209
 
 
 
2,128
 
 
 
2,853
 
 
 
45,699
 
Caribbean
 
 
5,892
 
 
 
2,242
 
 
 
5,776
 
 
 
13,910
 
 
 
 
2,467
 
 
 
3,832
 
 
 
6,299
 
 
 
 
50
 
 
 
–
 
 
 
190
 
 
 
240
 
 
 
20,449
 
Latin America
(3)
 
 
230
 
 
 
38
 
 
 
8
 
 
 
276
 
 
 
 
935
 
 
 
18
 
 
 
953
 
 
 
 
–
 
 
 
44
 
 
 
–
 
 
 
44
 
 
 
1,273
 
Asia
 
 
4,018
 
 
 
1,783
 
 
 
2,750
 
 
 
8,551
 
 
 
 
211
 
 
 
1,036
 
 
 
1,247
 
 
 
 
19
 
 
 
591
 
 
 
1,479
 
 
 
2,089
 
 
 
11,887
 
Oceania
(4)
 
 
5,725
 
 
 
839
 
 
 
1,271
 
 
 
7,835
 
 
 
 
4,271
 
 
 
284
 
 
 
4,555
 
 
 
 
338
 
 
 
–
 
 
 
245
 
 
 
583
 
 
 
12,973
 
Other
 
 
31
 
 
 
–
 
 
 
4
 
 
 
35
 
 
 
 
 
 
 
336
 
 
 
–
 
 
 
336
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
371
 
Total
(5)
 
$
41,028
 
 
$
9,171
 
 
$
30,845
 
 
$
81,044
 
 
 
 
 
 
$
26,696
 
 
$
10,354
 
 
$
37,050
 
 
 
 
 
 
$
  1,541
 
 
$
921
 
 
$
5,433
 
 
$
7,895
 
 
$
125,989
 
October 31, 2025
 
$
  37,188
 
 
$
  8,950
 
 
$
  20,041
 
 
$
  66,179
 
 
 
 
 
 
$
  26,006
 
 
$
   8,710
 
 
$
  34,716
 
 
 
 
 
 
$
   930
 
 
$
  651
 
 
$
  4,139
 
 
$
  5,720
 
 
$
  106,615
 
(1)
The amounts shown are net of CVA and collateral. Collateral on derivative MTM receivables was $15.3 billion (October 31, 2025: $8.7 billion), collateral on repo-style transactions was $209.4 billion (October 31, 2025: $160.3 billion), and both comprise cash and investment grade debt securities.
(2)
Exposures to Russia and Ukraine are de minimis.
(3)
Includes Mexico, Central America and South America.
(4)
Includes Australia and New Zealand.
(5)
Excludes exposure of $8,249 million (October 31, 2025: $6,588 million) to supranationals (a multinational organization or a political union comprising member nation-states).
 
36
 
CIBC THIRD QUARTER 2026
Table of Contents
Market risk
 
Market risk is the risk of economic and/or financial loss in our trading and
non-trading
portfolios from adverse changes in underlying market factors, including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads, and customer behaviour for retail products. Market risk arises in CIBC’s trading and treasury activities, and encompasses all market-related positioning and market-making activity.
The trading portfolio consists of positions in financial instruments and commodities held to meet the near-term needs of our clients.
The
non-trading
portfolio consists of positions in various currencies that relate to asset/liability management (ALM) and investment activities.
Risk measurement
The following table provides balances on the interim consolidated balance sheet that are subject to market risk. Certain differences between accounting and risk classifications are detailed in the footnotes below:
 
$ millions, as at
 
  
 
 
  
 
 
  
 
 
2026
Jul. 31
 
 
  
 
 
  
 
 
  
 
 
2025
Oct. 31 
(1)
 
 
  
 
 
 
 
 
 
Subject to market risk
 
 
 
 
 
 
 
 
Subject to market risk
 
 
 
 
 
 
 
  
 
Consolidated
balance
sheet
 
 
Trading
 
 
Non-
trading
 
 
Not
subject to
market risk
 
 
Consolidated
balance
sheet
 
 
Trading
 
 
Non-
trading
 
 
Not
subject to
market risk
 
 
Non-traded risk

primary risk
sensitivity
 
Cash and
non-interest-bearing
deposits with banks
(2)
 
$
15,327
 
 
$
–
 
 
$
15,327
 
 
$
–
 
 
$
12,379
 
 
$
–
 
 
$
12,379
 
 
$
–
 
 
 
Interest rate,
foreign exchange
 
 
Interest-bearing deposits with banks
 
 
42,161
 
 
 
–
 
 
 
42,161
 
 
 
–
 
 
 
31,624
 
 
 
–
 
 
 
31,624
 
 
 
–
 
 
 
Interest rate
 
Securities
 
 
303,670
 
 
 
134,425
 
 
 
169,245
 
 
 
–
 
 
 
283,235
 
 
 
123,157
 
 
 
160,078
 
 
 
–
 
 
 
Interest rate, equity
 
Cash collateral on securities borrowed
 
 
23,673
 
 
 
–
 
 
 
23,673
 
 
 
–
 
 
 
21,697
 
 
 
–
 
 
 
21,697
 
 
 
–
 
 
 
Interest rate
 
Securities purchased under resale
agreements
 
 
89,525
 
 
 
14,479
 
 
 
75,046
 
 
 
–
 
 
 
86,695
 
 
 
17,651
 
 
 
69,044
 
 
 
–
 
 
 
Interest rate
 
Loans
 
 
 
 
 
 
 
 
 
Residential mortgages
 
 
290,513
 
 
 
–
 
 
 
290,513
 
 
 
–
 
 
 
287,033
 
 
 
–
 
 
 
287,033
 
 
 
–
 
 
 
Interest rate
 
Personal
 
 
48,578
 
 
 
–
 
 
 
48,578
 
 
 
–
 
 
 
47,866
 
 
 
–
 
 
 
47,866
 
 
 
–
 
 
 
Interest rate
 
Credit card
 
 
22,547
 
 
 
–
 
 
 
22,547
 
 
 
–
 
 
 
21,581
 
 
 
–
 
 
 
21,581
 
 
 
–
 
 
 
Interest rate
 
Business and government
 
 
254,423
 
 
 
424
 
 
 
253,999
 
 
 
–
 
 
 
237,416
 
 
 
443
 
 
 
236,973
 
 
 
–
 
 
 
Interest rate
 
Allowance for credit losses
 
 
(4,646
) 
 
 
–
 
 
 
(4,646
) 
 
 
–
 
 
 
(4,392
) 
 
 
–
 
 
 
(4,392
) 
 
 
–
 
 
 
Interest rate
 
Derivative instruments
 
 
36,383
 
 
 
33,473
 
 
 
2,910
 
 
 
–
 
 
 
38,352
 
 
 
34,030
 
 
 
4,322
 
 
 
–
 
 
 
Interest rate,
foreign exchange
 
 
Other assets
 
 
55,628
 
 
 
9,128
 
 
 
35,732
 
 
 
10,768
 
 
 
53,452
 
 
 
7,684
 
 
 
35,242
 
 
 
10,526
 
 
 
Interest rate, equity,
foreign exchange
 
 
Total assets
 
$
  1,177,782
 
 
$
  191,929
 
 
$
  975,085
 
 
$
  10,768
 
 
$
  1,116,938
 
 
$
  182,965
 
 
$
  923,447
 
 
$
  10,526
 
 
 
 
 
Deposits
 
$
852,175
 
 
$
33,794
 (3)
 
 
$
818,381
 
 
$
–
 
 
$
808,124
 
 
$
30,543
 (3)
 
 
$
777,581
 
 
$
–
 
 
 
Interest rate
 
Obligations related to securities
sold short
 
 
23,633
 
 
 
22,658
 
 
 
975
 
 
 
–
 
 
 
24,244
 
 
 
24,101
 
 
 
143
 
 
 
–
 
 
 
Interest rate
 
Cash collateral on securities lent
 
 
11,007
 
 
 
–
 
 
 
11,007
 
 
 
–
 
 
 
6,031
 
 
 
–
 
 
 
6,031
 
 
 
–
 
 
 
Interest rate
 
Obligations related to securities sold under repurchase agreements
 
 
138,707
 
 
 
–
 
 
 
138,707
 
 
 
–
 
 
 
130,042
 
 
 
–
 
 
 
130,042
 
 
 
–
 
 
 
Interest rate
 
Derivative instruments
 
 
41,145
 
 
 
38,658
 
 
 
2,487
 
 
 
–
 
 
 
41,411
 
 
 
40,236
 
 
 
1,175
 
 
 
–
 
 
 
Interest rate,
foreign exchange
 
 
Other liabilities
 
 
36,864
 
 
 
4,541
 
 
 
24,704
 
 
 
7,619
 
 
 
34,854
 
 
 
4,032
 
 
 
23,100
 
 
 
7,722
 
 
 
Interest rate
 
Subordinated indebtedness
 
 
6,762
 
 
 
–
 
 
 
6,762
 
 
 
–
 
 
 
7,819
 
 
 
–
 
 
 
7,819
 
 
 
–
 
 
 
Interest rate
 
Total liabilities
 
$
1,110,293
 
 
$
99,651
 
 
$
  1,003,023
 
 
$
7,619
 
 
$
1,052,525
 
 
$
98,912
 
 
$
945,891
 
 
$
7,722
 
 
 
 
 
(1)
Certain prior period information has been restated to conform to the presentation adopted in the first quarter of 2026.
(2)
Cash includes interest-bearing demand deposits with Bank of Canada.
(3)
Comprises FVO deposits which are considered trading for market risk purposes, including certain deposit notes that have equity risk exposures and are economically hedged by trading books.
 
Trading activities
We hold positions in traded financial contracts to meet client investment and risk management needs. Trading revenue (net interest income and
non-interest
income) is generated from these transactions. Trading instruments are recorded at fair value and include debt and equity securities, as well as interest rate, foreign exchange, equity, commodity, and credit derivative products.
Value-at-Risk
Our
Value-at-Risk
(VaR) methodology is a statistical technique that measures the potential overnight loss at a 99% confidence level. We use a full revaluation historical simulation methodology to compute VaR and other risk measures.
The following table shows VaR for our trading activities based on risk type.
 
    As at or for the three
months ended		           As at or for the nine
months ended		  
$ millions
                       
2026
Jul. 31
            2026
Apr. 30		            2025
Jul. 31		          
2026
Jul. 31
     2025
Jul. 31		  
    
High
    
Low
    
As at
    
Average
     As at     Average     As at     Average          
Average
     Average  
Interest rate risk
  
$
12.4
 
  
$
3.6
 
  
$
4.3
 
  
$
6.4
 
   $ 5.3     $ 6.5     $ 9.0     $ 7.4      
$
7.1
 
   $ 7.8  
Credit spread risk
  
 
1.5
 
  
 
0.7
 
  
 
1.0
 
  
 
1.0
 
     1.0       1.0       1.3       1.6      
 
1.0
 
     1.8  
Equity risk
  
 
13.4
 
  
 
8.4
 
  
 
10.6
 
  
 
10.7
 
     11.3       8.4       9.5       9.5      
 
8.4
 
     9.8  
Foreign exchange risk
  
 
1.5
 
  
 
0.3
 
  
 
1.0
 
  
 
0.6
 
     0.9       0.8       0.8       1.0      
 
0.7
 
     1.2  
Commodity risk
  
 
5.9
 
  
 
2.6
 
  
 
5.9
 
  
 
3.7
 
     4.0       3.7       2.5       2.3      
 
3.9
 
     3.4  
Diversification effect
 
(1)
  
 
n/m
 
  
 
n/m
 
  
 
(11.9
) 
  
 
(11.3
) 
     (11.3 )      (10.3 )      (13.3 )      (10.6 )     
 
(10.7
)
     (12.1 ) 
Total VaR
(one-day
measure)		  
$
  14.3
 
  
$
   9.0
 
  
$
   10.9
 
  
$
 11.1
 
   $    11.2     $   10.1     $    9.8     $    11.2      
$
 10.4
 
   $   11.9  
(1)
Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect.
n/m
Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.
Average total VaR for the three months ended July 31, 2026 was up $1.0 million from the prior quarter, driven by an increase in equity derivatives exposure, partially offset by an increase in diversification effect.
 
CIBC THIRD QUARTER 2026
 
 
37
 
Table of Contents
Trading revenue
Trading revenue comprises both trading net interest income and
non-interest
income and excludes underwriting fees and commissions.
During the quarter, trading revenue was positive for 100% of the days. Average daily trading revenue was $12.4 million during the quarter. Average daily trading revenue is calculated as the total trading revenue divided by the number of business days in the period.
Trading revenue versus VaR
The trading revenue versus VaR graph below shows the current quarter and the three previous quarters’ daily trading revenue against the close of business day VaR measures.
 
 


Non-trading
activities
Structural interest rate risk (SIRR)
SIRR primarily consists of the risk arising due to mismatches in the timing of the repricing of assets and liabilities, which do not arise from trading and trading-related businesses. The objective of SIRR management is to lock in product spreads and deliver stable and predictable net interest income over time, while managing the risk to the economic value of our assets arising from changes in interest rates.
SIRR results from differences in the maturities or repricing dates of assets and liabilities, both
on-
and
off-balance
sheet, as well as from embedded optionality in retail products, and other product features that could affect the expected timing of cash flows, such as options to
pre-pay
loans or redeem term deposits prior to contractual maturity. A number of assumptions affecting cash flows, product repricing and the administration of rates underlie the models used to measure SIRR. The key assumptions pertain to the expected funding profile of mortgage rate commitments, fixed rate loan prepayment behaviour, term deposit redemption behaviour, the treatment of
non-maturity
deposits and equity. Assumptions rely on empirical data, based on historical client behaviour, balance sheet composition and product pricing with the consideration of possible forward-looking changes. All models and assumptions used to measure SIRR are subject to independent oversight by Risk Management. A variety of cash instruments and derivatives, primarily interest rate swaps, are used to manage these risks.
The following table shows the potential
before-tax
impact of an immediate and sustained 100 basis point increase and 100 basis point decrease in interest rates on projected
12-month
net interest income and the economic value of equity (EVE) for our structural balance sheet, assuming no subsequent hedging management actions or changes in business mix or changes in product margins.
Structural interest rate sensitivity – measures
 
$ millions
(pre-tax),
as at		          
2026
Jul. 31
                     2026
Apr. 30		                     2025
Jul. 31		          
    
 
CAD 
(1)
 
  
 
USD
 
   
 
Total
 
      CAD 
(1)
 		     USD        Total        CAD 
(1)
 		     USD        Total  
100 basis point increase in interest rates
                        
Increase (decrease) in net interest income
   
$
110
 
  
$
67
 
   
$
177
 
    $ 72     $ 47      $ 119      $ 116     $ 31      $ 147  
Increase (decrease) in EVE
   
 
  (1,068
)
  
 
  (487
)
   
 
  (1,555
)
        (1,088 )        (454 )         (1,542 )         (1,072 )        (441 )         (1,513 ) 
100 basis point decrease in interest rates
                        
Increase (decrease) in net interest income
   
 
(161
)
  
 
(69
)
   
 
(230
)
      (114 )      (50 )       (164 )       (191 )      (34 )       (225 ) 
Increase (decrease) in EVE
   
 
  993
 
  
 
  484
 
   
 
  1,477
 
      962       444        1,406        922       437        1,359  
(1)
Includes CAD and other currency exposures.
 
38
 
CIBC THIRD QUARTER 2026
Table of Contents
Liquidity risk
 
Liquidity risk is the risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they come due. Common sources of liquidity risk inherent in banking services include unanticipated withdrawals of deposits, the inability to replace maturing debt, credit and liquidity commitments, and additional pledging or other collateral requirements.
Our approach to liquidity risk management supports our business strategy, aligns with our risk appetite and adheres to regulatory expectations.
Our management strategies, objectives and practices are regularly reviewed to align with changes to the liquidity environment, including regulatory, business and/or market developments. Liquidity risk remains within CIBC’s risk appetite.
Governance and management
We manage liquidity risk in a manner that enables us to withstand a liquidity stress event without an adverse impact on the viability of our operations. Actual and anticipated cash flows generated from
on-
and
off-balance
sheet exposures are routinely measured and monitored to ensure compliance with established limits. We incorporate stress testing into the management and measurement of liquidity risk. Stress test results assist with the development of our liquidity assumptions, identification of potential constraints to funding planning, and contribute to the design of our contingency funding plan.
Liquidity risk is managed using the three lines of defence model, and the ongoing management of liquidity risk is the responsibility of the Treasurer, supported by guidance from the Global Asset Liability Committee (GALCO).
The Treasurer is responsible for managing the activities and processes required for measurement and the reporting and monitoring of CIBC’s liquidity risk position as the first line of defence.
The Liquidity and
Non-Trading
Market Risk group provides independent oversight of the measurement, monitoring and control of liquidity risk, as the second line of defence.
Internal audit is the third line of defence providing reasonable assurance to senior management and the Audit Committee of the Board on the effectiveness of CIBC’s governance practices, risk management processes, and internal control as part of its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter.
The GALCO governs CIBC’s liquidity risk management, ensuring the liquidity risk management methodologies, assumptions, and key metrics are regularly reviewed and aligned with CIBC’s requirements. The Liquidity Risk Management Committee, a subcommittee of GALCO, monitors global liquidity risk and is responsible for ensuring that CIBC’s liquidity risk profile is comprehensively measured and managed in alignment with CIBC’s strategic direction, risk appetite and regulatory requirements.
The Risk Management Committee (RMC) provides governance through
bi-annual
review of CIBC’s liquidity risk management policy, and recommends liquidity risk tolerance to the Board through the risk appetite statement which is reviewed annually.
 
Liquid assets
Available liquid assets include unencumbered cash and marketable securities from
on-
and
off-balance
sheet sources that can be used to access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain a mix of assets that have appropriate liquidity, including in times of stress.
Encumbered and unencumbered liquid assets from
on-
and
off-balance
sheet sources are summarized as follows:
 
$ millions, as at      Bank owned
liquid assets		  
 		      Securities received
as collateral		  
 		      Total liquid
assets		  
 		      Encumbered
liquid assets		  
 		     Unencumbered
liquid assets		  
 (1)
 
2026
   
Cash and deposits with banks
   
$
57,488
 
   
$
–
 
   
$
57,488
 
   
$
285
 
  
$
57,203
 
Jul. 31
   
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks
   
 
194,458
 
   
 
127,005
 
   
 
321,463
 
   
 
179,635
 
  
 
141,828
 
  
Other debt securities
   
 
8,655
 
   
 
21,215
 
   
 
29,870
 
   
 
16,124
 
  
 
13,746
 
  
Equities
   
 
86,594
 
   
 
48,932
 
   
 
135,526
 
   
 
89,197
 
  
 
46,329
 
  
Canadian government guaranteed National Housing Act mortgage-backed securities
   
 
25,792
 
   
 
2,500
 
   
 
28,292
 
   
 
20,525
 
  
 
7,767
 
    
Other liquid assets
(2)
   
 
19,921
 
   
 
6,112
 
   
 
26,033
 
   
 
12,489
 
  
 
13,544
 
    
Total
   
$
392,908
 
   
$
205,764
 
   
$
598,672
 
   
$
318,255
 
  
$
280,417
 
2025
    Cash and deposits with banks    $ 44,003      $ –      $ 44,003      $ 285     $ 43,718  
Oct. 31
   
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks
      188,603        119,484        308,087        167,774       140,313  
   Other debt securities      7,273        14,675        21,948        11,065       10,883  
   Equities      72,778        44,189        116,967        76,927       40,040  
  
Canadian government guaranteed National Housing Act mortgage-backed securities
      31,690        4,053        35,743        23,275       12,468  
     Other liquid assets
(2)
      20,834        4,616        25,450        10,708       14,742  
    
Total
    $   365,181      $   187,017      $   552,198      $   290,034     $   262,164  
(1)
Unencumbered liquid assets are defined as
on-balance
sheet assets, assets borrowed or purchased under resale agreements, and other
off-balance
sheet collateral received less encumbered liquid assets.
(2)
Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals.
The following table summarizes unencumbered liquid assets held by CIBC (parent) and its domestic and foreign subsidiaries:
 
$ millions, as at
  
2026
Jul. 31
 
  
2025
Oct. 31
 
CIBC (parent)
  
$
  185,416
 
  
$
171,850
 
Domestic subsidiaries
  
 
13,000
 
  
 
16,327
 
Foreign subsidiaries
  
 
82,001
 
  
 
73,987
 
Total
  
$
280,417
 
  
$
  262,164
 
 
CIBC THIRD QUARTER 2026
 
 
39
 
Table of Contents
Asset haircuts and monetization depth assumptions under a liquidity stress scenario are applied to determine asset liquidity value. Haircuts take into consideration those margins applicable at central banks – such as the Bank of Canada and the U.S. Federal Reserve Bank – historical observations, and securities characteristics including asset type, issuer, credit ratings, currency and remaining term to maturity, as well as available regulatory guidance.
Our encumbered liquid assets as at July 31, 2026 increased by $28.2 billion since October 31, 2025, primarily due to an increase in securities financing activities to fund asset growth. Unencumbered liquid assets increased by $18.3 billion, primarily due to an increase in cash and equity securities held.
Furthermore, we maintain access eligibility to the Bank of Canada’s Emergency Lending Assistance program and the U.S. Federal Reserve Bank’s Discount Window.
Asset encumbrance
 
In the course of our
day-to-day
operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement systems and for other collateral management purposes.
The following table provides a summary of our total
on-
and
off-balance
sheet encumbered and unencumbered assets:
 
 
  
 
  
Encumbered
 
 
 
 
  
Unencumbered
 
 
 
 
 
Total assets
 
$ millions, as at
  
 
Pledged as
collateral
 
 
  
 
Other
 (1)
 
 
 
 
 
  
 
Available as
collateral
 
 
  
 
Other
 (2)
 
 
 
 
 
 
 
 
 
2026
  
Cash and deposits with banks
  
$
–
 
  
$
285
 
 
  
$
57,203
 
  
$
–
 
 
 
$
57,488
 
Jul. 31
  
Securities
(3)
  
 
289,981
 
  
 
7,464
 
 
  
 
215,447
 
  
 
–
 
 
 
 
512,892
 
  
Loans, net of allowance for credit losses
(4)
  
 
–
 
  
 
56,660
 
 
  
 
19,761
 
  
 
534,994
 
 
 
 
611,415
 
 
  
Other assets
  
 
5,838
 
  
 
–
 
 
 
 
 
  
 
7,237
 
  
 
78,936
 
 
 
 
 
 
 
92,011
 
 
  
Total
  
$
295,819
 
  
$
64,409
 
 
 
 
 
  
$
299,648
 
  
$
613,930
 
 
 
 
 
 
$
1,273,806
 
2025
  
Cash and deposits with banks
  
$
–
 
  
$
285
 
 
  
$
43,718
 
  
$
–
 
 
 
$
44,003
 
Oct. 31
  
Securities
(3)
  
 
259,632
 
  
 
6,842
 
 
  
 
205,978
 
  
 
–
 
 
 
 
472,452
 
  
Loans, net of allowance for credit losses
(4)
  
 
–
 
  
 
67,227
 
 
  
 
23,509
 
  
 
498,768
 
 
 
 
589,504
 
 
  
Other assets
  
 
8,132
 
  
 
–
 
 
 
 
 
  
 
6,492
 
  
 
77,180
 
 
 
 
 
 
 
91,804
 
 
  
Total
  
$
  267,764
 
  
$
  74,354
 
 
 
 
 
  
$
  279,697
 
  
$
  575,948
 
 
 
 
 
 
$
  1,197,763
 
(1)
Includes assets supporting CIBC’s long-term funding activities and assets restricted for legal or other reasons, such as restricted cash.
(2)
Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral, however, they are not considered immediately available to existing borrowing programs.
(3)
Total securities comprise certain
on-balance
sheet securities, as well as
off-balance
sheet securities received under resale agreements, secured borrowings transactions, and
collateral-for-collateral
transactions.
(4)
Loans included as available as collateral represent the loans underlying National Housing Act mortgage-backed securities and Federal Home Loan Banks eligible loans.
 
Restrictions on the flow of funds
Our subsidiaries are not subject to significant restrictions that would prevent transfers of funds, dividends or capital distributions. However, certain subsidiaries have different capital and liquidity requirements, established by applicable banking and securities regulators.
We monitor and manage our capital and liquidity requirements across these entities to ensure that resources are used efficiently and entities are in compliance with local regulatory and policy requirements.
Liquidity coverage ratio
The objective of the LCR is to promote short-term resilience of a bank’s liquidity risk profile, ensuring that it has adequate unencumbered high quality liquid resources to meet its liquidity needs in a
30-day
acute stress scenario. Canadian banks are required by OSFI to achieve a minimum LCR value of 100%. We are in compliance with this requirement.
In accordance with the calibration methodology contained in OSFI’s LAR Guideline, we report the LCR to OSFI on a monthly basis. The ratio is calculated as the total of unencumbered high quality liquid assets (HQLA) over the total net cash outflows in the next 30 calendar days.
The LCR’s numerator consists of unencumbered HQLA, which follow an OSFI-defined set of eligibility criteria that considers fundamental and market-related characteristics, and the relative ability to operationally monetize assets on a timely basis during a period of stress. Our centrally managed liquid asset portfolio includes those liquid assets reported in the HQLA, such as central government treasury bills and bonds, central bank deposits and high-rated sovereign, agency, provincial, and corporate securities. Asset eligibility limitations inherent in the LCR metric do not necessarily reflect our internal assessment of our ability to monetize our marketable assets under stress.
The ratio’s denominator reflects net cash outflows expected in the LCR’s stress scenario over the
30-calendar-day
period. Expected cash outflows represent
LCR-defined
withdrawal or draw-down rates applied against outstanding liabilities and
off-balance
sheet commitments, respectively. Significant contributors to our LCR outflows include business and financial institution deposit
run-off,
draws on undrawn lines of credit and unsecured debt maturities. Cash outflows are partially offset by cash inflows, which are calculated at OSFI-prescribed LCR inflow rates, and include performing loan repayments and maturing
non-HQLA
marketable assets.
During a period of financial stress, institutions may use their stock of HQLA, thereby falling below 100%, as maintaining the LCR at 100% under such circumstances could produce undue negative effects on the institution and other market participants.
 
40
 
CIBC THIRD QUARTER 2026
Table of Contents
The LCR is calculated and disclosed using a standard OSFI-prescribed template.
 
$ millions, average of the three months ended July 31, 2026
  
 
Total unweighted valu
e 
(1)
 
  
 
Total weighted value
 (2)
 
HQLA
  
  
1
 
HQLA
  
 
n/a
 
  
$
211,128
 
Cash outflows
  
  
2
 
Retail deposits and deposits from small business customers, of which:
  
$
243,223
 
  
$
21,849
 
3
 
Stable deposits
  
 
106,510
 
  
 
3,195
 
4
 
Less stable deposits
  
 
136,713
 
  
 
18,654
 
5
 
Unsecured wholesale funding, of which:
  
 
276,498
 
  
 
114,528
 
6
 
Operational deposits (all counterparties) and deposits in networks of cooperative banks
  
 
151,243
 
  
 
36,793
 
7
 
Non-operational
deposits (all counterparties)
  
 
109,773
 
  
 
62,530
 
8
 
Unsecured debt
  
 
15,482
 
  
 
15,205
 
9
 
Secured wholesale funding
  
 
n/a
 
  
 
43,304
 
10
 
Additional requirements, of which:
  
 
211,250
 
  
 
45,132
 
11
 
Outflows related to derivative exposures and other collateral requirements
  
 
27,581
 
  
 
9,072
 
12
 
Outflows related to loss of funding on debt products
  
 
9,216
 
  
 
9,216
 
13
 
Credit and liquidity facilities
  
 
174,453
 
  
 
26,844
 
14
 
Other contractual funding obligations
  
 
5,844
 
  
 
4,797
 
15
 
Other contingent funding obligations
  
 
511,154
 
  
 
11,245
 
16
 
Total cash outflows
  
 
n/a
 
  
$
240,855
 
Cash inflows
  
  
17
 
Secured lending (e.g. reverse repos)
  
$
179,842
 
  
$
34,463
 
18
 
Inflows from fully performing exposures
  
 
18,301
 
  
 
9,334
 
19
 
Other cash inflows
  
 
30,411
 
  
 
30,411
 
20
 
Total cash inflows
  
$
  228,554
 
  
$
74,208
 
 
  
  
 
Total adjusted value
 
21
 
Total HQLA
  
 
n/a
 
  
$
211,128
 
22
 
Total net cash outflows
  
 
n/a
 
  
$
166,647
 
23
 
LCR
  
 
n/a
 
  
 
127
 % 
$ millions, average of the three months ended April 30, 2026
  
 
 
 
  
 
Total adjusted value
 
24
 
Total HQLA
  
 
n/a
 
  
$
204,468
 
25
 
Total net cash outflows
  
 
n/a
 
  
$
  155,702
 
26
 
LCR
  
 
n/a
 
  
 
131
 % 
(1)
Unweighted inflow and outflow values are calculated as outstanding balances maturing or callable within 30 days of various categories or types of liabilities,
off-balance
sheet items or contractual receivables.
(2)
Weighted values are calculated after the application of haircuts (for HQLA) and inflow and outflow rates prescribed by OSFI.
n/a
Not applicable as per the LCR common disclosure template.
Our average LCR as at July 31, 2026 decreased to 127% from 131% in the prior quarter, driven by an increase in net cash outflows primarily from an increase in secured wholesale funding, less stable deposits and
non-operational
deposits, partially offset by higher levels of HQLA.
Net stable funding ratio
Derived from the BCBS’s Basel III framework and incorporated into OSFI’s LAR Guideline, the NSFR standard aims to promote long-term resilience of the financial sector by requiring banks to maintain a sustainable funding profile in relation to the composition of their assets and
off-balance
sheet activities. Canadian
D-SIBs
are required to maintain a minimum NSFR value of 100% on a consolidated bank basis. CIBC is in compliance with this requirement.
In accordance with the calibration methodology contained in OSFI’s LAR Guideline, we report the NSFR to OSFI on a quarterly basis. The ratio is calculated as total available stable funding (ASF) over the total required stable funding (RSF).
The numerator consists of the portion of capital and liabilities considered reliable over a
one-year
time horizon. The NSFR considers longer-term sources of funding to be more stable than short-term funding and deposits from retail and commercial customers to be behaviourally more stable than wholesale funding of the same maturity. In accordance with our funding strategy, key drivers of our ASF include client deposits supplemented by secured and unsecured wholesale funding, and capital instruments.
The denominator represents the amount of stable funding required based on the OSFI-defined liquidity characteristics and residual maturities of assets and
off-balance
sheet exposures. The NSFR ascribes varying degrees of RSF such that HQLA and short-term exposures are assumed to have a lower funding requirement than less liquid and longer-term exposures. Our RSF is largely driven by retail, commercial and corporate lending, investments in liquid assets, derivative exposures, and undrawn lines of credit and liquidity.
The ASF and RSF may be adjusted to zero for certain liabilities and assets that are determined to be interdependent if they meet the NSFR-defined criteria, which take into account the purpose, amount, cash flows, tenor and counterparties among other aspects to ensure the institution is acting solely as a pass-through unit for the underlying transactions. We report, where applicable, interdependent assets and liabilities arising from transactions OSFI has designated as eligible for such treatment in the LAR Guideline.
 
CIBC THIRD QUARTER 2026
 
 
41
 
Table of Contents
The NSFR is calculated and disclosed using an OSFI-prescribed template, which captures the key quantitative information based on liquidity characteristics unique to the NSFR as defined in the LAR Guideline. As a result, amounts presented in the table below may not allow for direct comparison with the interim consolidated financial statements.
 
 
 
 
  
a
 
  
b
 
 
c
 
  
d
 
 
e
 
 
  
 
 
 
 
  
Unweighted value by residual maturity
 
 
 
 
 
 
 
$ millions, as at July 31, 2026
  
No
maturity
 
  
<6 months
 
 
6 months
to <1 year
 
  
>1 year
 
 
Weighted
value
 
 
  
 
ASF item
  
  
 
  
 
 
1
 
Capital
  
$
67,974
 
  
$
–
 
 
$
–
 
  
$
6,26
7
 
 
$
74,241
 
 
2
 
Regulatory capital
  
 
67,974
 
  
 
–
 
 
 
–
 
  
 
6,26
7
 
 
 
74,241
 
 
3
 
Other capital instruments
  
 
–
 
  
 
–
 
 
 
–
 
  
 
–
 
 
 
–
 
 
4
 
Retail deposits and deposits from small business customers
  
 
213,220
 
  
 
46,287
 
 
 
20,752
 
  
 
17,195
 
 
 
272,294
 
 
5
 
Stable deposits
  
 
96,799
 
  
 
18,612
 
 
 
11,038
 
  
 
9,178
 
 
 
129,305
 
 
6
 
Less stable deposits
  
 
116,421
 
  
 
27,675
 
 
 
9,714
 
  
 
8,017
 
 
 
142,989
 
 
7
 
Wholesale funding
  
 
228,645
 
  
 
231,652
 
 
 
71,796
 
  
 
133,379
 
 
 
299,594
 
 
8
 
Operational deposits
  
 
151,683
 
  
 
5,862
 
 
 
–
 
  
 
–
 
 
 
78,773
 
 
9
 
Other wholesale funding
  
 
76,962
 
  
 
225,790
 
 
 
71,796
 
  
 
133,379
 
 
 
220,821
 
 
10
 
Liabilities with matching interdependent assets
  
 
–
 
  
 
1,016
 
 
 
1,037
 
  
 
13,340
 
 
 
–
 
 
11
 
Other liabilities
  
 
–
 
  
 
     75,666 
(1)
 
 
 
13,237
 
 
12
 
NSFR derivative liabilities
  
  
 
     15,019 
(1)
 
 
 
13
 
All other liabilities and equity not included in the above categories
  
 
–
 
  
 
47,345
 
 
 
130
 
  
 
13,172
 
 
 
13,237
 
 
 
 
 
14
 
Total ASF
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
$
659,366
 
 
 
 
 
RSF item
  
  
 
  
 
 
15
 
Total NSFR HQLA
  
  
 
  
 
$
28,829
 
 
16
 
Deposits held at other financial institutions for operational purposes
  
 
–
 
  
 
3,065
 
 
 
–
 
  
 
287
 
 
 
1,819
 
 
17
 
Performing loans and securities
  
 
139,219
 
  
 
145,156
 
 
 
85,081
 
  
 
368,528
 
 
 
480,999
 
 
18
 
Performing loans to financial institutions secured by Level 1 HQLA
  
 
–
 
  
 
35,074
 
 
 
6,266
 
  
 
146
 
 
 
5,036
 
 
19
 
Performing loans to financial institutions secured by
non-Level
1 HQLA and
unsecured performing loans to financial institutions
  
 
3,130
 
  
 
55,133
 
 
 
13,280
 
  
 
13,738
 
 
 
29,565
 
 
20
 
Performing loans to
non-financial
corporate clients, loans to retail and small
business customers, and loans to sovereigns, central banks and public
 sector entities, of which:
  
 
87,081
 
  
 
22,925
 
 
 
23,171
 
  
 
142,787
 
 
 
218,839
 
 
21
 
With a risk weight of less than or equal to 35% under the Basel II
standardized approach for credit risk
  
 
–
 
  
 
–
 
 
 
–
 
  
 
–
 
 
 
–
 
 
22
 
Performing residential mortgages, of which:
  
 
19,142
 
  
 
30,004
 
 
 
42,278
 
  
 
196,469
 
 
 
188,041
 
 
23
 
With a risk weight of less than or equal to 35% under the Basel II
standardized approach for credit risk
  
 
19,142
 
  
 
29,928
 
 
 
42,202
 
  
 
190,542
 
 
 
182,927
 
 
24
 
Securities that are not in default and do not qualify as HQLA, including
exchange-traded equities
  
 
29,866
 
  
 
2,020
 
 
 
86
 
  
 
15,388
 
 
 
39,518
 
 
25
 
Assets with matching interdependent liabilities
  
 
–
 
  
 
1,016
 
 
 
1,037
 
  
 
13,340
 
 
 
–
 
 
26
 
Other assets
  
 
18,549
 
  
 
     63,824 
(1)
 
 
 
52,123
 
 
27
 
Physical traded commodities, including gold
  
 
7,237
 
  
 
  
 
 
6,152
 
 
28
 
Assets posted as initial margin for derivative contracts and contributions to
default funds of central counterparties
  
  
 
     15,953 
(1)
 
 
 
13,560
 
 
29
 
NSFR derivative assets
  
  
 
     9,719 
(1)
 
 
 
–
 
 
30
 
NSFR derivative liabilities before deduction of variation margin posted
  
  
 
     136 
(1)
 
 
 
1,196
 
 
31
 
All other assets not included in the above categories
  
 
11,312
 
  
 
26,648
 
 
 
103
 
  
 
11,265
 
 
 
31,215
 
 
32
 
Off-balance
sheet items
  
 
 
 
  
 
     539,179 
(1)
 
 
 
18,712
 
 
 
 
 
33
 
Total RSF
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
$
582,482
 
 
 
 
 
34
 
NSFR
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
113
 % 
 
 
 
 
$ millions, as at April 30, 2026
  
  
 
  
  
 
 
  
 
  
  
 
 
Weighted
value
 
 
  
 
35
 
Total ASF
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
$
645,887
 
 
 
 
 
36
 
Total RSF
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
$
  565,530
 
 
 
 
 
37
 
NSFR
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
114
 % 
 
 
 
 
(1)
No assigned time period per disclosure template design.
Our NSFR as at July 31, 2026 decreased to 113% from 114% in the prior quarter, primarily due to an increase in RSF from performing loans and securities, largely offset by an increase in ASF from wholesale funding.
CIBC considers the impact of its business decisions on the LCR, NSFR and other liquidity risk metrics that it regularly monitors as part of a robust liquidity risk management function. Variables that can impact the metrics month-over-month include, but are not limited to, items such as wholesale funding activities and maturities, strategic balance sheet initiatives, and transactions and market conditions affecting collateral.
Reporting of the LCR and NSFR is calibrated centrally by Treasury, in conjunction with the SBUs and other functional groups.
Funding
 
We fund our operations with client-sourced deposits, supplemented with a wide range of wholesale funding.
Our principal approach aims to fund our consolidated balance sheet with deposits primarily raised from personal and commercial banking channels. We maintain a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed statistical assessments.
 
42
 
CIBC THIRD QUARTER 2026
Table of Contents
We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and unsecured debt.
We continuously evaluate opportunities to diversify into new funding products and investor segments in an effort to maximize funding flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits consistent with our desired liquidity risk profile.
GALCO and RMC review and approve CIBC’s funding plan, which incorporates projected asset and liability growth, funding maturities, and output from our liquidity position forecasting.
The following table provides the contractual maturity profile of our wholesale funding sources at their carrying values:
 
$ millions, as at July 31, 2026
 
Less than
1 month
 
 
1–3
months
 
 
3–6
months
 
 
6–12
months
 
 
Less than
1 year total
 
 
1–2
years
 
 
Over
2 years
 
 
Total
 
Deposits from banks
(1)
 
$
7,373
 
 
$
1,223
 
 
$
2,208
 
 
$
2,068
 
 
$
12,872
 
 
$
–
 
 
$
–
 
 
$
12,872
 
Certificates of deposit and commercial paper
 
 
7,868
 
 
 
8,927
 
 
 
16,732
 
 
 
37,161
 
 
 
70,688
 
 
 
22
 
 
 
–
 
 
 
70,710
 
Bearer deposit notes and bankers’ acceptances
 
 
317
 
 
 
1,472
 
 
 
3,729
 
 
 
1,092
 
 
 
6,610
 
 
 
–
 
 
 
–
 
 
 
6,610
 
Senior unsecured medium-term notes
(2)
 
 
–
 
 
 
2,984
 
 
 
4,302
 
 
 
12,445
 
 
 
19,731
 
 
 
16,738
 
 
 
40,042
 
 
 
76,511
 
Senior unsecured structured notes
 
 
–
 
 
 
24
 
 
 
–
 
 
 
149
 
 
 
173
 
 
 
25
 
 
 
70
 
 
 
268
 
Covered bonds/asset-backed securities
 
 
 
 
 
 
 
 
Mortgage securitization
(3)
 
 
–
 
 
 
569
 
 
 
436
 
 
 
1,034
 
 
 
2,039
 
 
 
2,471
 
 
 
12,085
 
 
 
16,595
 
Covered bonds
 
 
–
 
 
 
3,904
 
 
 
3,505
 
 
 
3,987
 
 
 
11,396
 
 
 
6,775
 
 
 
19,959
 
 
 
38,130
 
Cards securitization
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
2,298
 
 
 
196
 
 
 
2,494
 
Subordinated liabilities
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
6,762
 
 
 
6,762
 
Other
(4)
 
 
–
 
 
 
–
 
 
 
3,505
 
 
 
–
 
 
 
3,505
 
 
 
–
 
 
 
8
 
 
 
3,513
 
Total
 
$
15,558
 
 
$
19,103
 
 
$
34,417
 
 
$
57,936
 
 
$
127,014
 
 
$
28,329
 
 
$
79,122
 
 
$
234,465
 
Of which:
 
 
 
 
 
 
 
 
Secured
 
$
–
 
 
$
4,473
 
 
$
3,941
 
 
$
5,021
 
 
$
13,435
 
 
$
11,544
 
 
$
32,240
 
 
$
57,219
 
Unsecured
 
 
15,558
 
 
 
14,630
 
 
 
30,476
 
 
 
52,915
 
 
 
113,579
 
 
 
16,785
 
 
 
46,882
 
 
 
177,246
 
Total
 
$
15,558
 
 
$
19,103
 
 
$
34,417
 
 
$
57,936
 
 
$
127,014
 
 
$
28,329
 
 
$
79,122
 
 
$
234,465
 
October 31, 2025
 
$
  17,012
 
 
$
  17,944
 
 
$
  36,530
 
 
$
  58,123
 
 
$
  129,609
 
 
$
  31,361
 
 
$
  70,832
 
 
$
  231,802
 
(1)
Includes
non-negotiable
term deposits from banks.
(2)
Includes wholesale funding liabilities which are subject to conversion under
bail-in
regulations. See the “Capital management” section for additional details.
(3)
Includes $1,201 million (October 31, 2025: $500 million) of HELOC securitization.
(4)
Includes Federal Home Loan Bank (FHLB) deposits.
The following table provides the diversification of CIBC’s wholesale funding by currency:
 
$ billions, as at
 
2026
Jul. 31
 
 
2025
Oct. 31
 
CAD
 
$
51.4
 
 
 
22
 % 
 
$
49.8
 
 
 
21
 % 
USD
 
 
127.5
 
 
 
54
 
 
 
124.2
 
 
 
54
 
Other
 
 
55.6
 
 
 
24
 
 
 
57.8
 
 
 
25
 
 
 
$
  234.5
 
 
 
  100
 % 
 
$
  231.8
 
 
 
100
 % 
We manage liquidity risk in a manner that enables us to withstand severe liquidity stress events. Wholesale funding may present a higher risk of
run-off
in stress situations, and we maintain significant portfolios of unencumbered liquid assets to mitigate this risk. See the “Liquid assets” section for additional details.
Credit ratings
Our access to and cost of wholesale funding are dependent on multiple factors, among them credit ratings provided by rating agencies. Rating agencies’ opinions are based upon internal methodologies, and are subject to change based on factors including, but not limited to, financial strength, competitive position, macroeconomic backdrop and liquidity positioning. Our credit ratings are summarized in the following table:
 
As at July 31, 2026
  
 
Morningstar
DBRS
 
 
  
 
Fitch
 
  
 
Moody’s
 
  
 
S&P
 
Deposit/Counterparty
 (1)
  
 
AA
 
  
 
AA+
 
  
 
Aa2
 
  
 
A+
 
Issuer Rating
 (2)
  
 
AA
 
  
 
AA+
 
  
 
Aa2
 
  
 
A+
 
Bail-in
senior debt
 (3)
  
 
AA(L)
 
  
 
AA-
 
  
 
A2
 
  
 
A-
 
Subordinated indebtedness
  
 
A(H)
 
  
 
A
 
  
 
Baa1
 
  
 
A-
 
Subordinated indebtedness – NVCC
 (4)
  
 
A(L)
 
  
 
A
 
  
 
Baa1
 
  
 
BBB+
 
Limited Recourse Capital Notes – NVCC
 (4)(5)
  
 
BBB(H)
 
  
 
BBB+
 
  
 
Baa3
 
  
 
BBB-
 
Preferred shares – NVCC
 (4)(5)
  
 
Pfd-2
 
  
 
BBB+
 
  
 
Baa3
 
  
 
P-2(L)
 
Short-term debt
  
 
R-1(H)
 
  
 
F1+
 
  
 
P-1
 
  
 
A-1
 
Outlook
  
 
Stable
 
  
 
Stable
 
  
 
Stable
 
  
 
Stable
 
(1)
Morningstar DBRS Long-Term Issuer Rating; Fitch Ratings Inc. (Fitch) Long-Term Deposit Rating and Derivative Counterparty Rating; Moody’s Investors Service, Inc. (Moody’s) Long-Term Deposit and Counterparty Risk Assessment Rating; Standard & Poor’s (S&P’s) Issuer Credit Rating.
(2)
Credit ratings applicable to senior unsecured debt which is excluded from the
Bail-in
regime.
(3)
Comprises liabilities which are subject to conversion under
bail-in
regulations. See the “Capital management” section for additional details.
(4)
Comprises instruments which are treated as NVCC in accordance with OSFI’s CAR Guideline.
(5)
Morningstar DBRS rating does not apply to LRCNs and associated preferred shares issued in USD. Fitch rating only applies to LRCNs and associated preferred shares issued in USD.
 
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Additional collateral requirements for rating downgrades
We are required to deliver collateral to certain derivative counterparties in the event of a downgrade to our current credit risk rating. The collateral requirement is based on MTM exposure, collateral valuations, and collateral arrangement thresholds, as applicable. The following table presents the additional cumulative collateral requirements for rating downgrades:
 
$ billions, as at
  
2026
Jul. 31
 
  
2025
Oct. 31
 
One-notch
downgrade
  
$
    –
 
  
$
–
 
Two-notch
downgrade
  
 
0.1
 
  
 
  0.1
 
Three-notch downgrade
  
 
0.3
 
  
 
0.4
 
Other risks
We also have policies and processes to measure, monitor and mitigate other risks, including strategic, reputation, environmental and social, insurance, and operational risks, such as technology, information and cyber security, and regulatory compliance. The “Top and emerging risks” section includes updates to these risks. The related policies and processes have not changed significantly from those described on pages 77 to 81 of our 2025 Annual Report.
Accounting and control matters
Critical accounting policies and estimates
The interim consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting” using IFRS as issued by the International Accounting Standards Board (IASB). A summary of material accounting policies is presented in Note 1 to the consolidated financial statements included in our 2025 Annual Report. The interim consolidated financial statements have been prepared using the same accounting policies as CIBC’s consolidated financial statements as at and for the year ended October 31, 2025.
Certain accounting policies require us to make judgments and estimates, some of which relate to matters that are uncertain. The current macroeconomic environment, including with respect to trade policy uncertainty, as well as geopolitical events, gives rise to heightened uncertainty as it relates to our accounting estimates and assumptions and increases the need to apply judgment. In particular, changes in the judgments and estimates related to IFRS 9 “Financial Instruments” (IFRS 9) can have a significant impact on the level of ECL allowance recognized and period-over-period volatility of the provision for credit losses. See Note 5 to the consolidated financial statements in our 2025 Annual Report and Note 5 to our interim consolidated financial statements for more information concerning the high level of judgment inherent in the estimation of ECL allowance.
Accounting developments
For details on future accounting policy changes, refer to Note 30 to the consolidated financial statements included in our 2025 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2026.
Other regulatory developments
Liquidity Adequacy Requirements (LAR) Guideline
The OSFI 2026 LAR Guideline became effective on May 1, 2026. The LAR Guideline simplified the definition of retail rate sensitive deposits, clarified what type of deposits would qualify for the preferential liquidity treatment as retail funding, clarified maturity and contingent funding obligations for structured notes, and aligned the liquidity treatment for retail structured notes with term deposits directly managed by an unaffiliated third party. These changes did not have a material impact on CIBC.
Consumer-Driven Banking Act
On March 26, 2026,
Bill
C-15,
the Budget 2025 Implementation Act, No.
 1
, received Royal Assent to officially enact the
Consumer-Driven Banking Act
. The Act establishes Canada’s statutory framework for open banking, including consumer protection, liability and oversight. We will continue to monitor developments and conduct a comprehensive impact assessment on CIBC as more details become available in the coming months.
Controls and procedures
Disclosure controls and procedures
CIBC’s management, with the participation of the President and Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness of CIBC’s disclosure controls and procedures as at July 31, 2026 (as defined in the rules of the SEC and the Canadian Securities Administrators). Based on that evaluation, the President and Chief Executive Officer and the Chief Financial Officer have concluded that such disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There have been no changes in CIBC’s internal control over financial reporting during the quarter ended July 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Related-party transactions
There have been no significant changes to CIBC’s procedures and policies regarding related-party transactions since October 31, 2025. For additional information, refer to pages 86 and 172 of our 2025 Annual Report.
 
44
 
CIBC THIRD QUARTER 2026
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Glossary
Allowance for credit losses
Under International Financial Reporting Standard (IFRS) 9, allowance for credit losses represents 12 months of expected credit losses (ECL) for instruments that have not been subject to a significant increase in credit risk since initial recognition, while allowance for credit losses represents lifetime ECL for instruments that have been subject to a significant increase in credit risk, including impaired instruments. ECL allowances for loans and acceptances are included in Allowance for credit losses on the consolidated balance sheet. ECL allowances for fair value through other comprehensive income (FVOCI) debt securities are included as a component of the carrying value of the securities, which are measured at fair value. ECL allowances for other financial assets are included in the carrying value of the instrument. ECL allowances for guarantees and loan commitments are included in Other liabilities.
Allowance for credit losses are adjusted for provisions for (reversals of) credit losses and are reduced by write-offs, net of recoveries.
Amortized cost
The amount at which a financial asset or financial liability is measured at initial recognition minus repayments, plus or minus any unamortized origination date premiums or discounts, plus or minus any basis adjustments resulting from a fair value hedge, and minus any reduction for impairment (directly or through the use of an allowance account). The amount of a financial asset or liability measured at initial recognition is the cost of the financial asset or liability including capitalized transaction costs and deferred fees.
Assets under administration (AUA)
Assets administered by CIBC that are beneficially owned by clients and are, therefore, not reported on the consolidated balance sheet. The services provided by CIBC are of an administrative nature, such as safekeeping of securities, client reporting and record keeping, collection of investment income, and the settlement of purchase and sale transactions. In addition, assets under management (AUM) amounts are included in the amounts reported under AUA.
Assets under management (AUM)
Assets managed by CIBC that are beneficially owned by clients and are, therefore, not reported on the consolidated balance sheet. The service provided in respect of these assets is discretionary portfolio management on behalf of the clients.
Average balances
Average balances are calculated as a weighted average of daily closing balances.
Average interest-earning assets
Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with the Bank of Canada, securities, cash collateral on securities borrowed or securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease-related assets.
Average trading interest-earning assets
Average trading interest-earning assets are average interest-earning assets related to trading activities.
Basis point
One-hundredth
of a percentage point (0.01%).
Collateral
Assets pledged to secure loans or other obligations, which are forfeited if the obligations are not repaid.
Common share book value
Common shareholders’ equity divided by the number of common shares issued and outstanding at end of period.
Common shareholders’ equity
Common shareholders’ equity includes common shares, contributed surplus, retained earnings and accumulated other comprehensive income (AOCI).
Credit derivatives
A category of financial instruments that allow one party (the beneficiary) to separate and transfer the credit risk of nonpayment or partial payment of an underlying financial instrument to another party (the guarantor).
Credit valuation adjustment (CVA)
A valuation adjustment that is required to be considered in measuring fair value of
over-the-counter
(OTC) derivatives to recognize the risk that any given derivative counterparty may not ultimately be able to fulfill its obligations. In assessing the net counterparty credit risk (CCR) exposure, we take into account credit mitigants such as collateral, master netting arrangements, and settlements through clearing houses.
Current replacement cost
The estimated cost of replacing an asset at the present time according to its current worth.
Derivatives
A financial contract that derives its value from the performance of an underlying instrument, index or financial rate.
Dividend payout ratio
Common share dividends paid as a percentage of net income after preferred share dividends, premium on preferred share redemptions, and distributions on other equity instruments.
 
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Dividend yield
Dividends per common share divided by the closing common share price.
Effective interest rate method
A method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or financial liability.
Efficiency ratio
Non-interest
expenses as a percentage of total revenue (net interest income and
non-interest
income).
Exchange-traded derivative contracts
Standardized derivative contracts (e.g., futures contracts and options) that are transacted on an organized exchange and cleared through a central clearing house, and are generally subject to standard margin requirements.
Fair value
The price that would be received to sell an asset, or paid to transfer a liability, between market participants in an orderly transaction in the principal market at the measurement date under current market conditions.
Forward contracts
A
non-standardized
contract to buy or sell a specified asset at a specified price and specified date in the future.
Forward rate agreement
An OTC forward contract that determines an interest rate to be paid or received commencing on a specified date in the future for a specified period.
Full-time equivalent employees
A measure that normalizes the number of full-time and part-time employees, base salary plus commissioned employees, and 100% commissioned employees into equivalent full-time units based on actual hours of paid work during a given period, for individuals whose compensation is included in the Employee compensation and benefits line on the consolidated statement of income.
Futures
A standardized contract to buy or sell a specified commodity, currency or financial instrument of standardized quantity and quality at a specific price and date in the future. Futures contracts are traded on an exchange.
Guarantees and standby letters of credit
Primarily represent CIBC’s obligation, subject to certain conditions, to make payments to third parties on behalf of clients, if these clients cannot make those payments, or are unable to meet other specified contractual obligations.
Hedge
A transaction intended to offset potential losses/gains that may be incurred in a transaction or portfolio.
Loan loss ratio
The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
Mark-to-market
The fair value (as defined above) at which an asset can be sold or a liability can be transferred.
Net interest income
The difference between interest earned on assets (such as loans and securities) and interest incurred on liabilities (such as deposits and subordinated indebtedness).
Net interest margin
Net interest income as a percentage of average assets.
Net interest margin on average interest-earning assets
Net interest income as a percentage of average interest-earning assets.
Net interest margin on average interest-earning assets (excluding trading)
Net interest margin on average interest-earning assets (excluding trading) is computed using total net interest income minus trading net interest income, divided by total average interest-earning assets excluding average trading interest-earning assets.
Normal course issuer bid (NCIB)
Involves a listed company buying its own shares for cancellation through a stock exchange or other published market, from time to time, and is subject to the various rules of the exchanges and securities commissions.
Notional amount
Principal amount or face amount of a financial contract used for the calculation of payments made on that contract.
 
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   CIBC THIRD QUARTER 2026
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Off-balance
sheet financial instruments
A financial contract that is based mainly on a notional amount and represents a contingent asset or liability of an institution. Such instruments include credit-related arrangements.
Office of the Superintendent of Financial Institutions (OSFI)
OSFI supervises and regulates all banks, all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies, and federal pension plans in Canada.
Operating leverage
Operating leverage is the difference between the year-over-year percentage change in revenue and year-over-year percentage change in
non-interest
expenses.
Options
A financial contract under which the writer (seller) confers the right, but not the obligation, to the purchaser to either buy (call option) or sell (put option) a specified amount of an underlying asset or instrument at a specified price either at or by a specified date.
Provision for (reversal of) credit losses
An amount charged or credited to income to adjust the allowance for credit losses to the appropriate level, for both performing and impaired financial assets. Provision for (reversal of) credit losses for loans and acceptances and related
off-balance
sheet loan commitments is included in the Provision for (reversal of) credit losses line on the consolidated statement of income. Provision for (reversal of) credit losses for debt securities measured at FVOCI or amortized cost is included in Gains (losses) from debt securities measured at FVOCI and amortized cost, net.
Return on average assets or average interest-earning assets
Net income expressed as a percentage of average assets or average interest-earning assets.
Return on common shareholders’ equity
Net income attributable to common equity shareholders expressed as a percentage of average common shareholders’ equity.
Securities borrowed
Securities are typically borrowed to cover short positions. Borrowing requires the pledging of collateral by the borrower to the lender. The collateral may be cash or a highly rated security.
Securities lent
Securities are typically lent to a borrower to cover their short positions. Borrowing requires the pledging of collateral by the borrower to the lender. The collateral provided may be cash or a highly rated security.
Securities purchased under resale agreements
A transaction where a security is purchased by the buyer and, at the same time, the buyer commits to resell the security to the original seller at a specific price and date in the future.
Securities sold short
A transaction in which the seller sells securities that it does not own. Initially, the seller typically borrows the securities in order to deliver them to the purchaser. At a later date, the seller buys identical securities in the market to replace the borrowed securities.
Securities sold under repurchase agreements
A transaction where a security is sold by the seller and, at the same time, the seller commits to repurchase the security from the original purchaser at a specific price and date in the future.
Structured entities (SEs)
Entities that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
Swap contracts
A financial contract in which counterparties exchange a series of cash flows based on a specified notional amount over a specified period.
Total shareholder return (TSR)
The total return earned on an investment in CIBC’s common shares. The return measures the change in shareholder value, assuming dividends paid are reinvested in additional shares.
Trading activities and trading net interest income
Trading activities include those that meet the risk definition of trading for regulatory capital and trading market risk management purposes as defined in the Fundamental Review of the Trading Book (FRTB) rules under the Basel III reforms for market risk and in accordance with OSFI’s Capital Adequacy Requirements (CAR) Guideline. Trading net interest income is net interest income related to trading activities.
 
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Risk and capital glossary
Advanced internal ratings-based (AIRB) approach for credit risk
Version of the internal ratings-based (IRB) approach to credit risk where institutions provide their own estimates of probability of default (PD), loss given default (LGD) and exposure at default (EAD), and their own calculation of effective maturity, subject to meeting minimum standards. AIRB is not permitted for some exposure categories.
Asset/liability management (ALM)
The practice of managing risks that arise from mismatches between the repricing of assets and liabilities, mainly in the
non-trading
areas of the bank. Techniques are used to manage the relative duration of CIBC’s assets (such as loans) and liabilities (such as deposits), in order to minimize the adverse impact of changes in interest rates.
Bail-in
eligible liabilities
Bail-in
eligible liabilities include long-term (i.e., original maturity over 400 days), unsecured senior debt issued on or after September 23, 2018 that is tradable and transferrable, and any preferred shares and subordinated debt that are not considered
non-viability
contingent capital (NVCC). Consumer deposits, secured liabilities (including covered bonds), certain financial contracts (including derivatives) and certain structured notes are not
bail-in
eligible.
Bank exposures
All direct credit risk exposures to deposit-taking institutions and regulated securities firms, and exposures guaranteed by those entities.
Business and government portfolio
A category of exposures that includes lending to businesses and governments, where the primary basis of adjudication relies on the determination and assignment of an appropriate risk rating that reflects the credit risk of the exposure.
Central counterparty (CCP)
A clearing house that interposes itself between counterparties to clear contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the future performance of open contracts.
Common Equity Tier 1 (CET1), Tier 1 and Total capital ratios
CET1, Tier 1 and total regulatory capital, divided by risk-weighted assets (RWA), as defined by OSFI’s CAR Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards.
Comprehensive approach for securities financing transactions
A framework for the measurement of CCR with respect to securities financing transactions, which utilizes a volatility-adjusted collateral value to reduce the amount of the exposure.
Corporate exposures
All direct credit risk exposures to corporations, partnerships and proprietorships, and exposures guaranteed by those entities.
Credit risk
The risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms.
Drawn exposure
The amount of credit risk exposure resulting from loans and other receivables advanced to the customer.
Economic capital
Economic capital is a
non-GAAP
risk measure based upon an internal estimate of equity capital required by the businesses to absorb unexpected losses consistent with our targeted risk rating over a
one-year
horizon. Economic capital comprises primarily credit, market, operational and strategic risk capital.
Exposure at default (EAD)
An estimate of the amount of exposure to a customer at the event of, and at the time of, default.
Foundation internal ratings-based (FIRB) approach for credit risk
Version of the IRB approach to credit risk where institutions provide their own estimates of PD and their own calculation of effective maturity and rely on prescribed supervisory estimates for other risk components such as LGD and EAD. FIRB methodology must be used for some exposure categories.
Internal Capital Adequacy Assessment Process (ICAAP)
A framework and process, as defined by Pillar II of the Basel Accord, designed to provide a comprehensive and ongoing assessment of capital adequacy. Through ICAAP, CIBC identifies, measures, and manages all material risks to ensure that sufficient capital is available to support its risk profile and business strategy.
Internal model method (IMM) for counterparty credit risk (CCR)
Models, which have been developed by CIBC and approved by OSFI, for the measurement of CCR with respect to OTC derivatives.
 
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   CIBC THIRD QUARTER 2026
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Internal models approach (IMA) for market risk
Models, which have been developed by CIBC and approved by OSFI, for the measurement of risk and regulatory capital in the trading portfolio for general market risk, debt specific risk, and equity specific risk.
Internal ratings-based (IRB) approach for credit risk
Approach to determining credit risk capital requirements based on risk components such as PD, LGD, EAD and effective maturity.
Internal ratings-based approach for securitization exposures
This approach comprises two calculation methods available for securitization exposures that require OSFI approval: the Internal Ratings-Based Approach
(SEC-IRBA)
is available to the banks approved to use the IRB approach for underlying exposures securitized and the Internal Assessment Approach
(SEC-IAA)
is available for certain securitization exposures extended to asset-backed commercial paper (ABCP) programs.
Leverage ratio
Defined as Tier 1 capital divided by the leverage ratio exposure determined in accordance with guidelines issued by OSFI, which are based on BCBS standards.
Leverage ratio exposure
The leverage ratio exposure is defined under the OSFI rules as
on-balance
sheet assets (unweighted) less Tier 1 capital regulatory adjustments plus derivative exposures, securities financing transaction exposures with a limited form of netting under certain conditions, and other
off-balance
sheet exposures (such as commitments, direct credit substitutes, undrawn credit card exposures, securitization exposures and unsettled trades).
Liquidity coverage ratio (LCR)
Derived from the BCBS’s Basel III framework and incorporated into OSFI’s Liquidity Adequacy Requirements (LAR) Guideline, the LCR is a liquidity standard that aims to ensure that an institution has an adequate stock of unencumbered high-quality liquid assets (HQLA) that consists of cash or assets that can be converted into cash at little or no loss of value in private markets, to meet its liquidity needs for a
30-calendar-day
liquidity stress scenario.
Liquidity risk
The risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they come due.
Loss given default (LGD)
An estimate of the amount of exposure to a customer that will not be recovered following a default by that customer, expressed as a percentage of the EAD. LGD is generally based on downturn assumptions for regulatory capital purposes, and generally based on
point-in-time
assumptions reflecting forward-looking information for IFRS 9 ECL purposes.
Market risk
The risk of economic and/or financial loss in our trading and
non-trading
portfolios from adverse changes in underlying market factors, including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads and customer behaviour for retail products.
Master netting agreement
An industry standard agreement designed to reduce the credit risk of multiple transactions with a counterparty through the creation of a legal right of offset of exposures in the event of a default by that counterparty and through the provision for net settlement of all contracts through a single payment.
Net cumulative cash flow (NCCF)
The NCCF is a liquidity horizon metric defined under OSFI’s LAR Guideline as a monitoring and supervision tool for liquidity risk that measures an institution’s detailed cash flows in order to capture the risk posed by funding mismatches between assets and liabilities.
Net stable funding ratio (NSFR)
Derived from the BCBS’s Basel III framework and incorporated into OSFI’s LAR Guideline, the NSFR standard aims to promote long-term resilience of the financial sector by requiring banks to maintain a sustainable stable funding profile in relation to the composition of their assets and
off-balance
sheet activities.
Non-viability
contingent capital (NVCC)
Effective January 1, 2013, in order to qualify for inclusion in regulatory capital, all
non-common
Tier 1 and Tier 2 capital instruments must be capable of absorbing losses at the point of
non-viability
of a financial institution. This will ensure that investors in such instruments bear losses before taxpayers where the government determines that it is in the public interest to rescue a
non-viable
bank.
Operational risk
The risk of loss resulting from people, inadequate or failed internal processes and systems, or from external events.
Other
off-balance
sheet exposure
The amount of credit risk exposure resulting from the issuance of guarantees and letters of credit.
Other retail
This exposure class includes all loans other than qualifying revolving retail and real estate secured personal lending that are extended to individuals under the regulatory capital reporting framework.
Over-the-counter
(OTC) derivatives exposure
The amount of credit risk exposure resulting from derivatives that trade directly between two counterparties, rather than through exchanges.
 
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Table of Contents
Probability of default (PD)
An estimate of the likelihood of default for any particular customer which occurs when that customer is not able to repay its obligations as they become contractually due. PD is based on
through-the-cycle
assumptions for regulatory capital purposes, and based on
point-in-time
assumptions reflecting forward-looking information for IFRS 9 ECL purposes.
Qualifying central counterparty (QCCP)
An entity that is licensed to operate as a CCP and is permitted by the appropriate regulator or oversight body to operate as such with respect to the products offered by that CCP.
Qualifying revolving retail
This exposure class includes credit cards, unsecured lines of credit and overdraft protection products extended to individuals.
Real estate secured personal lending
This exposure class includes residential mortgages and home equity loans and lines of credit extended to individuals.
Regulatory capital
Regulatory capital, as defined by OSFI’s CAR Guideline, is comprised of CET1, Additional Tier 1 (AT1) and Tier 2 capital. CET1 capital includes common shares, retained earnings, AOCI (excluding AOCI relating to cash flow hedges and changes in fair value option liabilities attributable to changes in own credit risk) and qualifying instruments issued by a consolidated banking subsidiary to third parties, less regulatory adjustments for items such as goodwill and other intangible assets, certain deferred tax assets, net assets related to defined benefit pension plans, and certain investments. AT1 capital primarily includes NVCC preferred shares, Limited Recourse Capital Notes, and qualifying instruments issued by a consolidated subsidiary to third parties. Tier 1 capital is comprised of CET1 plus AT1. Tier 2 capital includes NVCC subordinated indebtedness, eligible general allowances, and qualifying instruments issued by a consolidated subsidiary to third parties. Total capital is comprised of Tier 1 capital plus Tier 2 capital. Qualifying regulatory capital instruments must be capable of absorbing loss at the point of
non-viability
of the financial institution.
Repo-style transactions exposure
The amount of credit risk exposure resulting from our securities bought or sold under resale agreements, as well as securities borrowing and lending activities.
Reputation risk
The risk of negative publicity regarding CIBC’s business conduct or practices which, whether true or not, could significantly harm CIBC’s reputation as a leading financial institution, or could materially and adversely affect CIBC’s business, operations, or financial condition.
Resecuritization
A securitization exposure in which the risk associated with an underlying pool of exposures is tranched and at least one of the underlying exposures is a securitization exposure.
Retail portfolios
A category of exposures that primarily includes consumer but also small business lending, where the primary basis of adjudication and account management relies on credit-scoring models.
Risk-weighted assets (RWA)
RWA consist of three components: (i) RWA for credit risk, which are calculated using the IRB and standardized approaches, (ii) RWA for market risk, and (iii) RWA for operational risk. The IRB RWA are calculated using PDs, LGDs, EADs, and in some cases maturity adjustments, while the standardized approach applies risk weighting factors specified in the OSFI guidelines to
on-
and
off-balance
sheet exposures. RWA for market risk in the trading portfolio is based on standardized capital requirements defined by OSFI. The RWA for operational risk, which relate to the risk of losses resulting from people, inadequate or failed internal processes, and systems or from external events, are calculated under a standardized approach.
Since the introduction of Basel II in 2008, OSFI has prescribed a capital floor requirement for institutions that use the IRB approach for credit risk. The capital floor is determined by applying an adjustment factor specified by OSFI to the capital requirement calculated by reference to the standardized approach. Any shortfall in the IRB capital requirement is added to RWA.
Securitization
The process of selling assets (normally financial assets such as loans, leases, trade receivables, credit card receivables or mortgages) to trusts or other SEs. A SE normally issues securities or other forms of interests to investors and/or the asset transferor, and the SE uses the proceeds from the issue of securities or other forms of interest to purchase the transferred assets. The SE will generally use the cash flows generated by the assets to meet the obligations under the securities or other interests issued by the SE, which may carry a number of different risk profiles.
Simple, transparent and comparable (STC) securitizations
Securitization exposures satisfying a set of regulatory STC criteria. Such exposures qualify for a preferential capital treatment under the securitization framework.
Small and medium enterprises (SME) retail
This exposure class includes all loans extended to scored small businesses under the regulatory capital reporting framework.
Sovereign exposures
All direct credit risk exposures to governments, central banks and certain public sector entities, and exposures guaranteed by those entities.
 
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Specialized lending (SL)
A subset of Corporate exposures falling into one of the following
sub-classes:
project finance (PF), object finance (OF), commodities finance (CF), income-producing real estate (IPRE), and high-volatility commercial real estate (HVCRE). Primary source of repayment for such credits is the income generated by the asset(s), rather than the independent capacity of a broader commercial enterprise.
Standardized approach for credit risk
Applied to exposures when there is not sufficient information to allow for the use of the IRB approach for credit risk. Credit risk capital requirements are calculated based on a standardized set of risk weights as prescribed in the CAR Guideline. The standardized risk weights are based on external credit assessments, where available, and other risk-related factors, including export credit agencies, exposure asset class, collateral, etc.
Standardized approach for operational risk
This approach is based on a prescribed formula made up of three components: (i) the Business Indicator (BI), which is a financial-statement-based proxy for operational risk, (ii) the Business Indicator Component (BIC), which is calculated by multiplying the BI by a set of regulatory determined marginal coefficients, and (iii) the Internal Loss Multiplier, which is a scaling factor that is based on the average historical operational losses and the BIC.
Standardized approach for securitization exposures
This approach comprises the calculation methods available for securitization exposures that do not require OSFI approval: the external ratings-based approach
(SEC-ERBA)
and the standardized approach
(SEC-SA).
Strategic risk
The risk of ineffective or improper implementation of organic and inorganic business strategies. It includes the potential financial loss and impact to resiliency due to the failure of growth initiatives or failure to respond appropriately to changes in the business or industry environments.
Stressed
Value-at-Risk
A Value-at-Risk (VaR) calculation using a
one-year
observation period related to significant losses for the given portfolio at a specified level of confidence and time horizon.
Structural foreign exchange risk
Structural foreign exchange risk is the risk primarily inherent in net investments in foreign operations due to changes in foreign exchange rates, and foreign currency denominated RWA and foreign currency denominated capital deductions.
Structural interest rate risk
Structural interest rate risk primarily consists of the risk arising due to mismatches in the repricing of assets and liabilities, which do not arise from trading and trading-related businesses.
Total loss absorbing capacity (TLAC) leverage ratio
Defined as TLAC measure divided by leverage ratio exposure determined in accordance with guidelines issued by OSFI.
Total loss absorbing capacity measure
The sum of Total capital and
bail-in
eligible liabilities (as defined above) that have a residual maturity greater than one year.
Total loss absorbing capacity ratio
Defined as TLAC measure divided by RWA determined in accordance with guidelines issued by OSFI.
Undrawn exposures
The amount of credit risk exposure resulting from loans that have not been advanced to a customer, but which a customer may be entitled to draw in the future.
Value-at-Risk
(VaR)
Generally accepted risk measure that uses statistical models to estimate the distribution of possible returns on a given portfolio at a specified level of confidence and time horizon.
 
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     51  
Table of Contents
Interim consolidated financial statements
(Unaudited)
 
Contents
53
  
54
  
55
  
56
  
57
  
58
  
 
58   Note 1   –   Changes in accounting policies
58   Note 2   –   Significant estimates and assumptions
59   Note 3   –   Fair value measurement
63   Note 4   –   Securities
65   Note 5   –   Loans
70   Note 6   –   Deposits
70   Note 7   –   Subordinated indebtedness
71   Note 8   –   Share capital
72   Note 9   –   Post-employment benefits
72   Note 10   –   Income taxes
73   Note 11   –   Earnings per share
73   Note 12   –   Contingent liabilities and provisions
74   Note 13   –   Interest income and expense
74   Note 14   –   Segmented information
 
 
 
 
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Consolidated balance sheet
 
Unaudited, millions of Canadian dollars, as at
  
2026
Jul. 31
 
  
2025
Oct. 31
 
ASSETS
  
  
Cash and non-interest-bearing deposits with banks
   
$
15,327
     $ 12,379  
Interest-bearing deposits with banks
   
 
42,161
       31,624  
Securities
(Note 4)
   
 
303,670
       283,235  
Cash collateral on securities borrowed
   
 
23,673
       21,697  
Securities purchased under resale agreements
   
 
89,525
       86,695  
Loans
(Note 5)
       
Residential mortgages
   
 
290,513
       287,033  
Personal
   
 
48,578
       47,866  
Credit card
   
 
22,547
       21,581  
Business and government
   
 
254,423
       237,416  
Allowance for credit losses
   
 
(4,646
) 
     (4,392 ) 
    
 
611,415
       589,504  
Other
        
Derivative instruments
   
 
36,383
       38,352  
Property and equipment
   
 
3,590
       3,443  
Goodwill
   
 
5,437
       5,475  
Software and other intangible assets
   
 
2,916
       2,894  
Investments in equity-accounted associates and joint ventures
   
 
1,343
       808  
Deferred tax assets
   
 
1,231
       1,027  
Other assets
   
 
41,111
       39,805  
    
 
92,011
       91,804  
Total assets
   
$
1,177,782
     $ 1,116,938  
LIABILITIES AND EQUITY
        
Deposits
(Note 6)
        
Personal
   
$
261,887
     $ 258,139  
Business and government
   
 
500,746
       457,284  
Bank
   
 
32,323
       26,723  
Secured borrowings
   
 
57,219
       65,978  
    
 
852,175
       808,124  
Obligations related to securities sold short
   
 
23,633
       24,244  
Cash collateral on securities lent
   
 
11,007
       6,031  
Obligations related to securities sold under repurchase agreements
   
 
138,707
       130,042  
Other
        
Derivative instruments
   
 
41,145
       41,411  
Deferred tax liabilities
   
 
43
       47  
Other liabilities
   
 
36,821
       34,807  
    
 
78,009
       76,265  
Subordinated indebtedness
(Note 7)
   
 
6,762
       7,819  
Total liabilities
   
 
1,110,293
       1,052,525  
Equity
        
Preferred shares and other equity instruments
   
 
8,048
       6,369  
Common shares (Note 8)
   
 
16,655
       16,845  
Contributed surplus
   
 
363
       226  
Retained earnings
   
 
38,376
       36,471  
Accumulated other comprehensive income (AOCI)
   
 
3,752
       4,218  
Total shareholders’ equity
   
 
67,194
       64,129  
Non-controlling interests
   
 
295
       284  
Total equity
   
 
67,489
       64,413  
Total liabilities and equity
   
$
  1,177,782
     $   1,116,938  
The accompanying notes and shaded sections in “MD&A – Management of risk” are an integral part of these interim consolidated financial statements.
 
CIBC THIRD QUARTER 2026
 
 
53
 
Table of Contents
 
Consolidated statement of income
 
   
For the three
months ended
           
For the nine
months ended
  
Unaudited, millions of Canadian dollars, except as noted
  
2026
Jul. 31
      2026
Apr. 30		      2025
Jul. 31		           
2026
Jul. 31
      2025
Jul. 31		  
Interest income
(Note 13)
(1)
                    
Loans
  
$
  8,170
 
    $ 7,719      $ 7,976       
$
  23,836
 
    $   23,957  
Securities
  
 
2,333
 
      2,230        2,260       
 
6,666
 
      6,830  
Securities borrowed or purchased under resale agreements
  
 
1,425
 
      1,203        1,307       
 
3,892
 
      4,038  
Deposits with banks and other  
 
454
 
      453        546       
 
1,395
 
      1,842  
   
 
  12,382
 
        11,605          12,089       
 
35,789
 
      36,667  
Interest expense
(Note 13)
                    
Deposits
  
 
5,723
 
      5,337        6,090       
 
16,629
 
      19,106  
Securities sold short
  
 
212
 
      173        135       
 
518
 
      424  
Securities lent or sold under repurchase agreements
  
 
1,746
 
      1,559        1,619       
 
4,918
 
      4,897  
Subordinated indebtedness
  
 
81
 
      87        106       
 
256
 
      314  
Other  
 
113
 
      104        91       
 
308
 
      289  
   
 
7,875
 
      7,260        8,041       
 
22,629
 
      25,030  
Net interest income
  
 
4,507
 
      4,345        4,048       
 
13,160
 
      11,637  
Non-interest income
                    
Underwriting and advisory fees
  
 
244
 
      273        291       
 
814
 
      670  
Deposit and payment fees
  
 
235
 
      232        257       
 
716
 
      744  
Credit fees
  
 
315
 
      264        253       
 
864
 
      746  
Card fees
  
 
97
 
      83        105       
 
292
 
      307  
Investment management and custodial fees
  
 
658
 
      606        555       
 
1,875
 
      1,646  
Mutual fund fees
  
 
567
 
      531        493       
 
1,656
 
      1,499  
Income from insurance activities, net
  
 
80
 
      82        71       
 
247
 
      236  
Commissions on securities transactions
  
 
176
 
      163        132       
 
499
 
      394  
Gains (losses) from financial instruments measured/designated at fair value through profit or loss
(FVTPL), net
  
 
1,251
 
      1,170        859       
 
3,803
 
      3,017  
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net
  
 
37
 
      33        (25 )      
 
112
 
      (3 ) 
Foreign exchange other than trading (FXOTT)
  
 
75
 
      82        99       
 
271
 
      283  
Income (loss) from equity-accounted associates and joint ventures
  
 
38
 
      39        29       
 
154
 
      91  
Other  
 
88
 
      103        87       
 
309
 
      290  
   
 
3,861
 
      3,661        3,206       
 
11,612
 
      9,920  
Total revenue
  
 
8,368
 
      8,006        7,254       
 
24,772
 
      21,557  
Provision for credit losses
(Note 5)		  
 
564
 
      605        559       
 
1,737
 
      1,737  
Non-interest expenses
                    
Employee compensation and benefits
  
 
2,680
 
      2,551        2,377       
 
7,868
 
      6,909  
Occupancy costs
  
 
216
 
      206        204       
 
634
 
      607  
Computer, software and office equipment
  
 
804
 
      767        732       
 
2,305
 
      2,119  
Communications
  
 
96
 
      103        99       
 
297
 
      299  
Advertising and business development
  
 
107
 
      107        97       
 
308
 
      277  
Professional fees
  
 
100
 
      80        68       
 
268
 
      196  
Business and capital taxes
  
 
29
 
      27        30       
 
88
 
      93  
Other (Note 12)
  
 
653
 
      358        369       
 
1,445
 
      1,173  
   
 
4,685
 
      4,199        3,976       
 
13,213
 
      11,673  
Income before income taxes
  
 
3,119
 
      3,202        2,719       
 
9,822
 
      8,147  
Income taxes
  
 
710
 
      737        623       
 
1,848
 
      1,873  
Net income
  
$
2,409
 
    $ 2,465      $ 2,096       
$
7,974
 
    $ 6,274  
Net income attributable to non-controlling interests
  
$
10
 
    $ 8      $ 2       
$
25
 
    $ 19  
Preferred shareholders and other equity instrument holders
  
$
128
 
    $ 114      $ 82       
$
348
 
    $ 248  
Common shareholders
  
 
2,271
 
      2,343        2,012       
 
7,601
 
      6,007  
Net income attributable to equity shareholders
  
$
2,399
 
    $ 2,457      $ 2,094       
$
7,949
 
    $ 6,255  
Earnings per share (EPS)
(in dollars) (Note 11)
                    
Basic
  
$
2.49
 
    $ 2.55      $ 2.16       
$
8.28
 
    $ 6.41  
Diluted
  
 
2.47
 
      2.53        2.15       
 
8.22
 
      6.37  
Dividends per common share
(in dollars)
  
 
1.07
 
      1.07        0.97       
 
3.21
 
      2.91  
(1)
Interest income included $11.3 billion for the quarter ended July 31, 2026 (April 30, 2026: $10.5 billion; July 31, 2025: $11.0 billion) and $32.6 billion for the nine months ended July 31, 2026 (July 31, 2025: $33.3 billion), calculated based on the effective interest rate method.
The accompanying notes and shaded sections in “MD&A – Management of risk” are an integral part of these interim consolidated financial statements.
 
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CIBC THIRD QUARTER 2026
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Consolidated statement of comprehensive income
 
    For the three
months ended		          For the nine
months ended		  
Unaudited, millions of Canadian dollars
  
2026
Jul. 31
      2026
Apr. 30		     2025
Jul. 31		         
2026
Jul. 31
      2025
Jul. 31		  
Net income
  
$
   2,409
 
    $   2,465     $   2,096       
$
   7,974
 
    $   6,274  
Other comprehensive income (loss) (OCI), net of income tax, that is subject to subsequent reclassification to net income
                   
Net foreign currency translation adjustments
                   
Net gains (losses) on investments in foreign operations
  
 
1,788
 
      (106 )      295       
 
49
     (313 ) 
Net gains (losses) on hedges of investments in foreign operations
  
 
(1,091
)
      35       (215 )      
 
(96
)
      111  
   
 
697
 
      (71 )      80       
 
(47
) 
      (202 ) 
Net change in debt securities measured at FVOCI
                   
Net gains (losses) on debt securities measured at FVOCI
  
 
49
 
      (78 )      159       
 
147
      252  
Net (gains) losses reclassified to net income
  
 
(21
)
 
      (23 )      (4 )      
 
(75
) 
      (19 ) 
   
 
28
 
      (101 )      155       
 
72
 
      233  
Net change in cash flow hedges
                   
Net gains (losses) on derivatives designated as cash flow hedges
  
 
225
 
      60       (343 )      
 
279
      455  
Net (gains) losses reclassified to net income
  
 
(480
)
      (325 )      (202 )      
 
(1,132
)
      (431 ) 
   
 
(255
)
      (265 )      (545 )      
 
(853
) 
      24  
OCI, net of income tax, that is not subject to subsequent reclassification to net income
                   
Net gains (losses) on post-employment defined benefit plans
  
 
143
 
      133       53       
 
307
 
      25  
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk
  
 
24
 
      61       (167 )      
 
40
 
      (12 ) 
Net gains (losses) on equity securities designated at FVOCI
  
 
7
 
      4       4       
 
15
 
      19  
   
 
174
 
      198       (110 )      
 
362
      32  
Total other comprehensive income (loss)
(1)
  
 
644
 
      (239 )      (420 )      
 
(466
) 
      87  
Comprehensive income
  
$
3,053
 
    $   2,226     $ 1,676       
$
7,508
 
    $ 6,361  
Comprehensive income attributable to non-controlling interests
  
$
10
 
    $ 8     $ 2       
$
25
 
    $ 19  
Preferred shareholders and other equity instrument holders
  
$
128
 
    $ 114     $ 82       
$
348
 
    $ 248  
Common shareholders
  
 
2,915
 
      2,104       1,592       
 
7,135
 
      6,094  
Comprehensive income attributable to equity shareholders
  
$
3,043
 
    $ 2,218     $ 1,674       
$
7,483
 
    $ 6,342  
(1)
Includes nil for the quarter ended July 31, 2026 (April 30, 2026: $7 million of losses; July 31, 2025: $10 million of gains) and $3
million of losses for the
nine months ended July 31, 2026 (July 31, 2025: $27 million of gains), relating to our investments in equity-accounted associates and joint ventures.
 
    For the three
months ended		          For the nine
months ended		  
Unaudited, millions of Canadian dollars
  
2026
Jul. 31
      2026
Apr. 30		     2025
Jul. 31		         
2026
Jul. 31
      2025
Jul. 31		  
Income tax (expense) benefit allocated to each component of OCI
                                     
Subject to subsequent reclassification to net income
                   
Net foreign currency translation adjustments
                   
Net gains (losses) on investments in foreign operations
  
$
  (206
) 
    $     24     $ (5 )      
$
   (125
) 
    $     11  
Net gains (losses) on hedges of investments in foreign operations
  
 
285
 
      (53 )      (13 )      
 
73
 
      (77 ) 
   
 
79
 
      (29 )      (18 )      
 
(52
)
      (66 ) 
Net change in debt securities measured at FVOCI
                   
Net gains (losses) on debt securities measured at FVOCI
  
 
(19
)
      20       (51 )      
 
(58
)
      (45 ) 
Net (gains) losses reclassified to net income
  
 
8
 
      8       1       
 
28
 
      6  
   
 
(11
)
      28       (50 )      
 
(30
)
      (39 ) 
Net change in cash flow hedges
                   
Net gains (losses) on derivatives designated as cash flow hedges
  
 
(87
)
      (23 )      132       
 
(108
)
      (175 ) 
Net (gains) losses reclassified to net income
  
 
185
 
      125       78       
 
436
 
      166  
   
 
98
 
      102       210       
 
328
 
      (9 ) 
Not subject to subsequent reclassification to net income
                   
Net gains (losses) on post-employment defined benefit plans
  
 
(54
)
      (51 )      (22 )      
 
(117
)
      (11 ) 
Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
  
 
(8
)
      (23 )      64       
 
(15
)
      4  
Net gains (losses) on equity securities designated at FVOCI
  
 
(3
)
      (2 )      (1 )      
 
(6
)
      (7 ) 
   
 
(65
)
      (76 )      41       
 
(138
)
      (14 ) 
Total income tax (expense) benefit allocated to each component of OCI
  
$
101
 
    $ 25     $    183       
$
108
 
    $ (128 ) 
The accompanying notes and shaded sections in “MD&A – Management of risk” are an integral part of these interim consolidated financial statements.
 
CIBC THIRD QUARTER 2026
 
 
55
 
Table of Contents
 
Consolidated statement of changes in equity
 
    For the three
months ended		            For the nine
months ended		  
Unaudited, millions of Canadian dollars
  
2026
Jul. 31
     2025
Jul. 31		           
2026
Jul. 31
      2025
Jul. 31		  
Preferred shares and other equity instruments
              
Balance at beginning of period
  
$
7,341
 
   $ 5,942       
$
6,369
 
    $ 4,946  
Issue of preferred shares and Limited Recourse Capital Notes (LRCNs)
  
 
707
 
     1,027       
 
1,678
 
      2,320  
Redemption of preferred shares and LRCNs
  
 
–
 
     (300 )      
 
–
 
      (600 ) 
Treasury shares
  
 
–
 
     –       
 
1
 
      3  
   
Balance at end of period
  
$
8,048
 
   $ 6,669       
$
8,048
 
    $ 6,669  
Common shares
(Note 8)
              
Balance at beginning of period
  
$
16,750
 
   $ 16,929       
$
16,845
 
    $ 17,011  
Issue of common shares
  
 
43
 
     46       
 
216
 
      132  
Purchase of common shares for cancellation
  
 
(137
)
     (100 )      
 
(402
)
      (272 ) 
Treasury shares
  
 
(1
)
     (8 )      
 
(4
)
      (4 ) 
   
Balance at end of period
  
$
16,655
 
   $ 16,867       
$
16,655
 
    $ 16,867  
Contributed surplus
              
Balance at beginning of period
  
$
311
 
   $ 156       
$
226
 
    $ 159  
Compensation expense arising from equity-settled share-based awards
  
 
11
 
     3       
 
30
 
      11  
Exercise of stock options and settlement of other equity-settled share-based awards
  
 
(2
)
     (3 )     
 
(14
)
      (9 ) 
Other
(1)
  
 
43
 
     19       
 
121
 
      14  
   
Balance at end of period
  
$
363
 
   $ 175       
$
363
 
    $ 175  
Retained earnings
              
Balance at beginning of period
  
$
38,165
 
   $ 34,984       
$
36,471
 
    $ 33,471  
Net income attributable to equity shareholders
  
 
2,399
 
     2,094       
 
7,949
 
      6,255  
Dividends and distributions
              
Preferred and other equity instruments
  
 
(128
)
     (82 )      
 
(348
)
      (248 ) 
Common
  
 
(974
)
     (904 )      
 
(2,945
)
      (2,728 ) 
Premium on purchase of common shares for cancellation
  
 
(1,062
)
     (428 )      
 
(2,690
)
      (1,066 ) 
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI
  
 
1
 
     2       
 
–
 
      2  
Other
  
 
(25
)
 
     (11 )      
 
(61
)
      (31 ) 
   
Balance at end of period
  
$
38,376
 
   $ 35,655       
$
38,376
 
    $ 35,655  
AOCI, net of income tax
              
AOCI, net of income tax, that is subject to subsequent reclassification to net income
              
Net foreign currency translation adjustments
              
Balance at beginning of period
  
$
1,467
 
   $ 1,894       
$
2,211
 
    $ 2,176  
Net change in foreign currency translation adjustments
  
 
697
 
     80       
 
(47
)
      (202 ) 
   
Balance at end of period
  
$
2,164
 
   $ 1,974       
$
2,164
 
    $ 1,974  
Net gains (losses) on debt securities measured at FVOCI
              
Balance at beginning of period
  
$
91
 
   $ (229 )      
$
47
 
    $ (307 ) 
Net change in debt securities measured at FVOCI
  
 
28
 
     155       
 
72
 
      233  
   
Balance at end of period
  
$
119
 
   $ (74 )      
$
119
 
    $ (74 ) 
Net gains (losses) on cash flow hedges
              
Balance at beginning of period
  
$
402
 
   $ 1,078       
$
1,000
 
    $ 509  
Net change in cash flow hedges
  
 
(255
)
 
     (545 )      
 
(853
)
      24  
   
Balance at end of period
  
$
147
 
   $ 533       
$
147
 
    $ 533  
AOCI, net of income tax, that is not subject to subsequent reclassification to net income
              
Net gains (losses) on post-employment defined benefit plans
              
Balance at beginning of period
  
$
1,214
 
   $ 814       
$
1,050
 
    $ 842  
Net change in post-employment defined benefit plans
  
 
143
 
     53       
 
307
 
      25  
   
Balance at end of period
  
$
1,357
 
   $ 867       
$
1,357
 
    $ 867  
Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
              
Balance at beginning of period
  
$
(106
)
   $ 67       
$
(122
)
    $ (88 ) 
Net change attributable to changes in credit risk
  
 
24
 
     (167 )      
 
40
 
      (12 ) 
   
Balance at end of period
  
$
(82
)
   $ (100 )      
$
(82
)
    $ (100 ) 
Net gains (losses) on equity securities designated at FVOCI
              
Balance at beginning of period
  
$
41
 
   $ 31       
$
32
 
    $ 16  
Net gains (losses) on equity securities designated at FVOCI
  
 
7
 
     4       
 
15
 
      19  
Realized (gains) losses on equity securities designated at FVOCI reclassified to retained earnings
  
 
(1
)
     (2 )      
 
–
 
      (2 ) 
   
Balance at end of period
  
$
47
 
   $ 33       
$
47
 
    $ 33  
   
Total AOCI, net of income tax
  
$
3,752
 
   $ 3,233       
$
3,752
 
    $ 3,233  
Non-controlling interests
              
Balance at beginning of period
  
$
291
 
   $ 280       
$
284
 
    $ 272  
Net income attributable to non-controlling interests
  
 
10
 
     2       
 
25
 
      19  
Dividends
  
 
(4
)
     (3 )     
 
(9
)
      (7 ) 
Other
  
 
(2
)
     (2 )     
 
(5
)
 
     (7 ) 
   
Balance at end of period
  
$
295
 
   $ 277       
$
295
 
    $ 277  
   
Equity at end of period
  
$
  67,489
 
   $   62,876       
$
  67,489
 
    $   62,876  
(1)
Includes the portion of the estimated tax benefit related to employee stock options that is incremental to the amount recognized in the interim consolidated statement of income.
The accompanying notes and shaded sections in “MD&A – Management of risk” are an integral part of these interim consolidated financial statements.
 
56
 
CIBC THIRD QUARTER 2026
Table of Contents
 
Consolidated statement of cash flows
 
 
 
For the three
months ended
 
 
 
 
  
For the nine
months ended
 
Unaudited, millions of Canadian dollars
 
2026
Jul. 31
 
 
2025
Jul. 31
 
 
 
 
  
2026
Jul. 31
 
 
2025
Jul. 31
 
Cash flows provided by (used in) operating activities
 
 
 
 
  
 
 
Net income
  
$
2,409
 
    $ 2,096       
$
7,974
 
   $ 6,274  
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
                
Provision for credit losses
  
 
564
 
      559       
 
1,737
 
     1,737  
Amortization and impairment
(1)
  
 
444
 
      287       
 
1,047
 
     854  
Stock options and restricted shares expense
  
 
11
 
      3       
 
30
 
     11  
Deferred income taxes
  
 
(180
)
      (150 )      
 
(232
)
     (136 ) 
Losses (gains) from debt securities measured at FVOCI and amortized cost
  
 
(37
)
      25       
 
(112
)
     3  
Net losses (gains) on disposal of property and equipment
  
 
–
      –       
 
(1
)
     (2 ) 
Other non-cash items, net
  
 
3
 
      457       
 
544
 
     246  
Net changes in operating assets and liabilities
                
Interest-bearing deposits with banks
  
 
(5,432
)
      (511 )      
 
(10,537
)
     3,413  
Loans, net of repayments
  
 
(11,054
)
      (10,756 )      
 
(23,905
)
     (24,905 ) 
Deposits, net of withdrawals
  
 
18,328
 
      5,718       
 
40,338
 
     24,038  
Obligations related to securities sold short
  
 
1,992
 
      734       
 
(611
)
     (815 ) 
Accrued interest receivable
  
 
252
 
      327       
 
349
 
     416  
Accrued interest payable
  
 
74
 
      (292 )      
 
(66
)
     (1,003 ) 
Derivative assets
  
 
(1,440
)
      3,907       
 
1,987
 
     1,848  
Derivative liabilities
  
 
(548
)
      (7,402 )      
 
(415
)
     (4,308 ) 
Securities measured at FVTPL
  
 
3,165
      (6,309 )      
 
(11,823
)
     (16,050 ) 
Other assets and liabilities measured/designated at FVTPL
  
 
1,704
 
      2,703       
 
5,422
 
     3,197  
Current income taxes
  
 
188
 
      (250 )      
 
(107
)
     (489 ) 
Cash collateral on securities lent
  
 
775
 
      (1,411 )      
 
4,976
 
     (2,693 ) 
Obligations related to securities sold under repurchase agreements
  
 
(5,298
)
      12,380       
 
8,665
 
     35,506  
Cash collateral on securities borrowed
  
 
1,404
      (2,745 )      
 
(1,976
)
     (4,662 ) 
Securities purchased under resale agreements
  
 
1,384
      5,051       
 
(2,830
)
     (2,489 ) 
Other, net
  
 
(4,375
)
      1,440       
 
(2,056
)
     (1,861 ) 
Net cash flows provided by (used in) operating activities
  
 
4,333
 
      5,861       
 
18,398
 
     18,130  
Cash flows provided by (used in) financing activities
                
Issue of subordinated indebtedness
  
 
–
 
      –       
 
–
 
     1,250  
Redemption/repurchase/maturity of subordinated indebtedness
  
 
–
      (1,000 )      
 
(1,000
)
     (1,069 ) 
Issue of preferred shares and LRCNs, net of issuance cost  
 
703
 
      1,024       
 
1,669
 
     2,311  
Redemption of preferred shares and LRCNs  
 
–
 
      (300 )      
 
–
 
     (600 ) 
Issue of common shares for cash
  
 
41
 
      43       
 
202
 
     123  
Purchase of common shares for cancellation
  
 
(1,199
)
      (528 )      
 
(3,092
)
     (1,338 ) 
Net sale (purchase) of treasury shares
  
 
(1
)
      (8 )      
 
(3
)
     (1 ) 
Dividends and distributions paid
  
 
(1,102
)
      (986 )      
 
(3,293
)
     (2,976 ) 
Repayment of lease liabilities
  
 
(83
)
      (77 )      
 
(228
)
     (235 ) 
Other, net
  
 
(21
)
      (8 )      
 
(52
)
     (22 ) 
Net cash flows provided by (used in) financing activities
  
 
(1,662
)
      (1,840 )      
 
(5,797
)
     (2,557 ) 
Cash flows provided by (used in) investing activities
                
Purchase of securities measured/designated at FVOCI and amortized cost, and associates
  
 
(26,992
)
      (26,677 )      
 
(93,892
)
     (68,068 ) 
Proceeds from sale of securities measured/designated at FVOCI and amortized cost
  
 
8,518
 
      13,745       
 
37,247
 
     34,024  
Proceeds from maturity of debt securities measured at FVOCI and amortized cost
  
 
14,560
 
      14,255       
 
47,869
 
     29,708  
Net sale (purchase) of property, equipment and software
  
 
(302
)
      (282 )      
 
(868
)
     (721 ) 
Net cash flows provided by (used in) investing activities
  
 
(4,216
)
      1,041       
 
(9,644
)
     (5,057 ) 
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks
  
 
83
      28       
 
(9
)
 
    20  
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period
  
 
(1,462
)
      5,090       
 
2,948
 
     10,536  
Cash and non-interest-bearing deposits with banks at beginning of period
  
 
16,789
 
      14,011       
 
12,379
 
     8,565  
Cash and non-interest-bearing deposits with banks at end of period
(2)
  
$
  15,327
 
    $   19,101       
$
  15,327
 
   $   19,101  
Cash interest paid
  
$
7,801
 
    $ 8,333       
$
22,695
 
   $ 26,033  
Cash interest received
  
 
12,159
 
      11,929       
 
34,813
 
     35,705  
Cash dividends received
  
 
475
 
      487       
 
1,325
 
     1,378  
Cash income taxes paid
  
 
702
 
      1,022       
 
2,187
 
     2,497  
(1)
Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill.
(2)
Includes restricted cash of $461 million (July 31, 2025: $550 million) and interest-bearing demand deposits with Bank of Canada.
The accompanying notes and shaded sections in “MD&A – Management of risk” are an integral part of these interim consolidated financial statements.
 
CIBC THIRD QUARTER 2026
 
 
57
 
Table of Contents
 
Notes to the interim consolidated financial statements
(Unaudited)
The interim consolidated financial statements of CIBC are prepared in accordance with Section 308(4) of the
Bank Act
(Canada), which states that, except as otherwise specified by the Office of the Superintendent of Financial Institutions (OSFI), the financial statements are to be prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). There are no accounting requirements of OSFI that are exceptions to IFRS.
These interim consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting” and do not include all of the information required for full annual consolidated financial statements. These interim consolidated financial statements follow the same accounting policies and methods of application as CIBC’s consolidated financial statements as at and for the year ended October 31, 2025.
All amounts in these interim consolidated financial statements are presented in millions of Canadian dollars, unless otherwise indicated. These interim consolidated financial statements were authorized for issue by the Board of Directors on August 26, 2026.
Note 1. Changes in accounting policies
a) Future accounting policy changes
For details on future accounting policy changes, refer to Note 30 to the consolidated financial statements included in our 2025 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2026.
Note 2. Significant estimates and assumptions
As disclosed in our 2025 Annual Report, the preparation of the consolidated financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the recognized and measured amounts of assets, liabilities, net income, comprehensive income and related disclosures. Significant estimates and assumptions are made in the areas of the valuation of financial instruments, allowance for credit losses, the evaluation of whether to consolidate structured entities, leases, asset impairment, income taxes, provisions and contingent liabilities, post-employment and other long-term benefit plan assumptions and valuation of self-managed loyalty points programs. We continue to operate in an uncertain macroeconomic environment, which gives rise to heightened uncertainty as it relates to accounting estimates and assumptions and increases the need to apply judgment in evaluating the economic and market environment and its impact on significant estimates.
The need to apply judgment particularly impacts estimates and assumptions relating to the allowance for credit losses, where significant judgment continued to be inherent in the forecasting of forward-looking information. Changes in the judgments and estimates related to IFRS 9 can have a significant impact on the level of expected credit loss (ECL) allowance recognized and the period-over-period volatility of the provision for credit losses. Actual results could differ from these estimates and assumptions. See Note 5 to our consolidated financial statements in our 2025 Annual Report, and Note 5 to our interim consolidated financial statements for more information concerning the high level of judgment inherent in the estimation of ECL allowance.
 
58
 
CIBC THIRD QUARTER 2026
Table of Contents
Note 3. Fair value measurement
Fair value of financial instruments
 
         Carrying value              
$ millions, as at   Amortized
cost		     Mandatorily
measured
at FVTPL		     Designated
at FVTPL		     Fair value
through
OCI		     Total     Fair
value		     Fair value
over (under)
carrying value		  
2026
   
Financial assets
              
Jul. 31
   
Cash and deposits with banks
  
$
57,488
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
57,488
 
  
$
57,488
 
  
$
–
 
  
Securities
  
 
60,969
 
  
 
140,682
 
  
 
–
 
  
 
102,019
 
  
 
303,670
 
  
 
303,424
 
  
 
(246
)
  
Cash collateral on securities borrowed
  
 
23,673
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
23,673
 
  
 
23,673
 
  
 
–
 
  
Securities purchased under resale agreements
  
 
75,046
 
  
 
14,479
 
  
 
–
 
  
 
–
 
  
 
89,525
 
  
 
89,525
 
  
 
–
 
  
Loans
              
  
Residential mortgages
  
 
289,838
 
  
 
100
 
  
 
–
 
  
 
–
 
  
 
289,938
 
  
 
289,395
 
  
 
(543
)
  
Personal
  
 
47,335
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
47,335
 
  
 
47,343
 
  
 
8
 
  
Credit card
  
 
21,463
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
21,463
 
  
 
21,463
 
  
 
–
 
  
Business and government
  
 
252,086
 
  
 
534
 
  
 
59
 
  
 
–
 
  
 
252,679
 
  
 
252,686
 
  
 
7
 
  
Derivative instruments
  
 
–
 
  
 
36,383
 
  
 
–
 
  
 
–
 
  
 
36,383
 
  
 
36,383
 
  
 
–
 
    
Other assets
  
 
24,230
 
  
 
438
 
  
 
–
 
  
 
–
 
  
 
24,668
 
  
 
24,668
 
  
 
–
 
  
Financial liabilities
              
  
Deposits
              
  
Personal
  
$
238,295
 
  
$
–
 
  
$
23,592
 
  
$
–
 
  
$
261,887
 
  
$
261,982
 
  
$
95
 
  
Business and government
  
 
476,051
 
  
 
–
 
  
 
24,695
 
  
 
–
 
  
 
500,746
 
  
 
501,533
 
  
 
787
 
  
Bank
  
 
32,323
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
32,323
 
  
 
32,323
 
  
 
–
 
  
Secured borrowings
  
 
55,937
 
  
 
–
 
  
 
1,282
 
  
 
–
 
  
 
57,219
 
  
 
57,496
 
  
 
277
 
  
Derivative instruments
  
 
–
 
  
 
41,145
 
  
 
–
 
  
 
–
 
  
 
41,145
 
  
 
41,145
 
  
 
–
 
  
Obligations related to securities sold short
  
 
–
 
  
 
23,633
 
  
 
–
 
  
 
–
 
  
 
23,633
 
  
 
23,633
 
  
 
–
 
  
Cash collateral on securities lent
  
 
11,007
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
11,007
 
  
 
11,007
 
  
 
–
 
  
Obligations related to securities sold under repurchase agreements
  
 
128,263
 
  
 
–
 
  
 
10,444
 
  
 
–
 
  
 
138,707
 
  
 
138,707
 
  
 
–
 
  
Other liabilities
  
 
22,904
 
  
 
225
 
  
 
15
 
  
 
–
 
  
 
23,144
 
  
 
23,144
 
  
 
–
 
    
Subordinated indebtedness
  
 
6,762
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6,762
 
  
 
6,962
 
  
 
200
 
2025
   
Financial assets
              
Oct. 31
   
Cash and deposits with banks
   $ 44,003     $ –     $ –     $ –     $ 44,003     $ 44,003     $ –  
  
Securities
     65,471         128,859       –         88,905       283,235       283,173       (62 ) 
  
Cash collateral on securities borrowed
     21,697       –       –       –       21,697       21,697       –  
  
Securities purchased under resale agreements
     69,044       17,651       –       –       86,695       86,695       –  
  
Loans
              
  
Residential mortgages
     286,456       3       –       –       286,459       287,328       869  
  
Personal
     46,710       –       –       –       46,710       46,774       64  
  
Credit card
     20,639       –       –       –       20,639       20,651       12  
  
Business and government
     235,136       485       75       –       235,696       235,802       106  
  
Derivative instruments
     –       38,352       –       –       38,352       38,352       –  
    
Other assets
     25,069       674       –       –       25,743       25,743       –  
  
Financial liabilities
              
  
Deposits
              
  
Personal
   $   238,211     $ –     $   19,928     $ –     $   258,139     $   258,629     $ 490  
  
Business and government
     434,003       –       23,281       –       457,284       458,321         1,037  
  
Bank
     26,723       –       –       –       26,723       26,723       –  
  
Secured borrowings
     65,151       –       827       –       65,978       66,210       232  
  
Derivative instruments
     –       41,411       –       –       41,411       41,411       –  
  
Obligations related to securities sold short
     –       24,244       –       –       24,244       24,244       –  
  
Cash collateral on securities lent
     6,031       –       –       –       6,031       6,031       –  
  
Obligations related to securities sold under repurchase agreements
     121,907       –       8,135       –       130,042       130,042       –  
  
Other liabilities
     22,357       220       8       –       22,585       22,585       –  
    
Subordinated indebtedness
     7,819       –       –       –       7,819       8,091       272  
 
CIBC THIRD QUARTER 2026
 
 
59
 
Table of Contents
The table below presents the level in the fair value hierarchy into which the fair values of financial instruments, that are carried at fair value on the interim consolidated balance sheet, are categorized:
 
 
  
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
  
  
Quoted market price
 
 
  
 
 
Valuation technique –
observable market inputs
 
 
  
 
 
Valuation technique –
non-observable market inputs
 
 
Total
 
 
Total
 
$ millions, as at
  
2026
Jul. 31
 
 
2025
Oct. 31
 
 
  
 
 
2026
Jul. 31
 
 
2025
Oct. 31
 
 
  
 
 
2026
Jul. 31
 
 
2025
Oct. 31
 
 
2026
Jul. 31
 
 
2025
Oct. 31
 
Financial assets
  
 
 
 
 
 
 
 
 
 
Debt securities measured at FVTPL
  
 
 
 
 
 
 
 
 
 
Government issued or guaranteed
   
$
4,491
 
    $ 6,222      
$
35,179
 
   $ 34,635    
 
$
–
 
 
 $ –     
$
39,670
 
 
 $ 40,857  
Corporate and other debt
   
 
–
 
      –      
 
4,986
 
     4,537    
 
 
139
 
 
   103     
 
5,125
 
 
   4,640  
Mortgage- and asset-backed
   
 
–
 
      –            
 
6,700
 
     7,193      
 
    
 
405
 
 
   392     
 
7,105
 
 
   7,585  
    
 
4,491
 
      6,222            
 
46,865
 
     46,365      
 
    
 
544
 
 
   495     
 
51,900
 
 
   53,082  
Loans measured at FVTPL
              
 
 
   
 
Business and government
   
 
–
 
      –      
 
534
 
     485    
 
 
59
 (1)
 
 
   75
 (1)
 		   
 
593
 
 
   560  
Residential mortgages
   
 
–
 
      –            
 
100
 
     3      
 
    
 
–
 
 
   –     
 
100
 
 
   3  
    
 
–
 
      –            
 
634
 
     488      
 
    
 
59
 
 
   75     
 
693
 
 
   563  
Debt securities measured at FVOCI
              
 
 
   
 
Government issued or guaranteed
   
 
7,016
 
      9,206      
 
76,797
 
     63,917    
 
 
–
 
 
   –     
 
83,813
 
 
   73,123  
Corporate and other debt
   
 
–
 
      –      
 
12,132
 
     10,106    
 
 
–
 
 
   –     
 
12,132
 
 
   10,106  
Mortgage- and asset-backed
   
 
–
 
      –            
 
4,735
 
     4,656      
 
    
 
–
 
 
   –     
 
4,735
 
 
   4,656  
    
 
7,016
 
      9,206            
 
93,664
 
     78,679      
 
    
 
–
 
 
   –     
 
100,680
 
 
   87,885  
Corporate equity mandatorily measured at FVTPL and designated at

FVOCI
   
 
87,565
 
      74,686            
 
1,141
 
     1,048      
 
    
 
1,415
 
 
   1,063     
 
90,121
 
 
   76,797  
Securities purchased under resale agreements measured at FVTPL
   
 
–
 
      –            
 
14,479
 
     17,651      
 
    
 
–
 
 
   –     
 
14,479
 
 
   17,651  
Other assets
   
 
–
 
      –            
 
438
 
     674      
 
    
 
–
 
 
   –     
 
438
 
 
   674  
Derivative instruments
              
 
 
   
 
Interest rate
   
 
2
 
      2      
 
5,624
 
     6,027    
 
 
16
 
 
   79     
 
5,642
 
 
   6,108  
Foreign exchange
   
 
–
 
      –      
 
14,232
 
     16,845    
 
 
–
 
 
   –     
 
14,232
 
 
   16,845  
Credit
   
 
–
 
      –      
 
1
 
     41    
 
 
34
 
 
   36     
 
35
 
 
   77  
Equity
   
 
5,073
 
      5,761      
 
7,283
 
     5,729    
 
 
3
 
 
   51     
 
12,359
 
 
   11,541  
Precious metal and other commodity
   
 
62
 
      55            
 
4,053
 
     3,726      
 
    
 
–
 
 
   –     
 
4,115
 
 
   3,781  
    
 
5,137
 
      5,818            
 
31,193
 
     32,368      
 
    
 
53
 
 
   166     
 
36,383
 
 
   38,352  
Total financial assets
   
$
  104,209
 
    $ 95,932            
$
188,414
 
   $ 177,273      
 
    
$
2,071
 
 
 $ 1,799     
$
294,694
 
 
 $ 275,004  
Financial liabilities
              
 
 
   
 
Deposits and other liabilities
(2)
   
$
–
 
    $ –      
$
(49,160
)
   $ (43,788 )   
 
$
(649
)
 
 $ (476 )    
$
(49,809
)
 
 $ (44,264 ) 
Obligations related to securities sold short
   
 
(7,180
)
      (6,150 )     
 
(16,453
)
     (18,094 )   
 
 
–
 
 
   –     
 
(23,633
)
 
   (24,244 ) 
Obligations related to securities sold under repurchase agreements
   
 
–
 
      –            
 
(10,444
)
     (8,135 )     
 
    
 
–
 
 
   –     
 
(10,444
)
 
   (8,135 ) 
Derivative instruments
              
 
 
   
 
Interest rate
   
 
(1
)
      (3 )     
 
(7,607
)
     (6,215 )   
 
 
(1,450
)
 
   (1,055 )    
 
(9,058
)
 
   (7,273 ) 
Foreign exchange
   
 
–
 
      –      
 
(11,931
)
     (14,977 )   
 
 
–
 
 
   (18 )    
 
(11,931
)
 
   (14,995 ) 
Credit
   
 
–
 
      –      
 
(3
)
     (45 )   
 
 
(40
)
 
   (41 )    
 
(43
)
 
   (86 ) 
Equity
   
 
(6,088
)
      (5,212 )     
 
(9,247
)
     (9,213 )   
 
 
(1
)
 
   (29 )    
 
(15,336
)
 
   (14,454 ) 
Precious metal and other commodity
   
 
(128
)
      (48 )           
 
(4,649
)
     (4,555 )     
 
    
 
–
 
 
   –     
 
(4,777
)
 
   (4,603 ) 
    
 
(6,217
)
      (5,263 )           
 
(33,437
)
     (35,005 )     
 
    
 
(1,491
)
 
   (1,143 )    
 
(41,145
)
 
   (41,411 ) 
Total financial liabilities
   
$
 (13,397
)
    $   (11,413 )           
$
  (109,494
) 
   $   (105,022 )     
 
    
$
  (2,140
)
 
 $   (1,619 )    
$
  (125,031
)
 
 $   (118,054 ) 
(1)
Includes loans designated at FVTPL.
(2)
Comprises deposits designated at FVTPL of $49,086 million (October 31, 2025: $43,723 million), net bifurcated embedded derivative liabilities of $483 million (October 31, 2025: $313 million), other liabilities designated at FVTPL of $15 million (October 31, 2025: $8 million), and other financial liabilities measured at fair value of $225 million (October 31, 2025: $220 million).
Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the quarter in which the transfer occurred. Transfers between levels
can
occur as a result of additional or new information regarding valuation inputs and changes in their observability. Significant transfers made during the quarter ended July 31, 2026 included $1,278 million of securities measured at FVTPL or FVOCI from Level 1 to Level 2 and $309 million from Level 2 to Level 1, and $342 million of securities sold short from Level 1 to Level 2 and $180 million from Level 2 to Level 1, due to changes in observability in the inputs used to value these securities (for the quarter ended April 30, 2026, $3,063 million of securities measured at FVTPL or FVOCI were transferred from Level 1 to Level 2 and $1,397 million from Level 2 to Level 1, and $367 million of securities sold short from Level 1 to Level 2 and $196 million from Level 2 to Level 1). In addition, transfers between Level 2 and Level 3 were made during the quarters ended July 31, 2026 and April 30, 2026, primarily due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the fair value of our FVO liabilities and derivatives.
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses on the related hedging instruments that are classified in Level 1 and Level 2.
 
60
 
CIBC THIRD QUARTER 2026
 
         
Net gains (losses)
included in income 
(1)
                                      
$ millions, for the three months ended     Opening
balance		  
 		     Realized       Unrealized  
(2)
 		    
 		 Net unrealized
gains (losses)
included in OCI		  
 
 
(3)
 		    
 		 Transfer
in to
Level 3		  
 
 		    
 		 Transfer
out of
Level 3		  
 
 		     Purchases/
Issuances		  
 		     Sales/
Settlements		  
 		     Closing
balance		  
 
Jul. 31, 2026
                  
Debt securities measured at FVTPL
                  
Corporate and other debt
  
$
100
 
  
$
–
 
  
$
(53
)
  
$
3
 
  
$
–
 
  
$
–
 
  
$
89
 
  
$
–
 
  
$
139
 
Mortgage- and asset-backed
  
 
426
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17
 
  
 
(38
)
  
 
405
 
Loans measured at FVTPL
                  
Business and government
  
 
62
 
  
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(5
)
  
 
59
 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
  
 
1,260
 
  
 
1
 
  
 
16
  
 
28
 
  
 
–
 
  
 
–
 
  
 
121
 
  
 
(11
)
  
 
1,415
 
Derivative instruments
                  
Interest rate
  
 
18
 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
(3
)
  
 
–
 
  
 
–
 
  
 
16
 
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
33
 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
34
 
Equity
  
 
3
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
3
 
Total assets
  
$
1,902
 
  
$
1
 
  
$
(35
)
  
$
  33
 
  
$
–
 
  
$
(3
)
  
$
227
 
  
$
(54
)
  
$
2,071
 
Deposits and other liabilities
 
(4)
  
$
(631
)
  
$
10
 
  
$
(42
)
  
$
–
 
  
$
(1
)
  
$
2
 
  
$
(40
)
  
$
53
 
  
$
(649
)
Derivative instruments
                  
Interest rate
  
 
(1,115
)
  
 
–
 
  
 
(327
)
  
 
–
 
  
 
–
 
  
 
7
 
  
 
(15
)
  
 
–
 
  
 
(1,450
)
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
(38
)
  
 
–
 
  
 
(2
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(40
)
Equity
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
)
Total liabilities
  
$
(1,785
)
  
$
10
 
  
$
(371
)
  
$
–
 
  
$
(1
)
 
 
$
9
 
  
$
(55
)
  
$
53
 
  
$
(2,140
)
Apr. 30, 2026
                  
Debt securities measured at FVTPL
                  
Corporate and other debt
   $ 100     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ 100  
Mortgage- and asset-backed
     319       –       –       –       –       –       139       (32 )      426  
Loans measured at FVTPL
                  
Business and government
     67       –       –       –       –       –       –       (5 )      62  
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
     1,090       (4 )      20       5       –       –       221       (72 )      1,260  
Derivative instruments
                  
Interest rate
     16       –       2       –       –       –       –       –       18  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     33       –       –       –       –       –       –       –       33  
Equity
     24       –       –       –       –       (21 )      –       –       3  
Total assets
   $ 1,649     $ (4 )    $     22     $ 5     $ –     $ (21 )    $ 360     $   (109 )    $ 1,902  
Deposits and other liabilities 
(4)
   $ (533 )    $ 3     $ (35 )    $ –     $ –     $ –     $ (123 )    $ 57     $ (631 ) 
Derivative instruments
                  
Interest rate
     (1,167 )      –       (29 )      –       –       70       –       11       (1,115 ) 
Foreign exchange
     (12 )      –       –       –       –       12       –       –       –  
Credit
     (38 )      –       –       –       –       –       –       –       (38 ) 
Equity
     (5 )      –       –       –       –       4       –       –       (1 ) 
Total liabilities
   $ (1,755 )    $    3     $ (64 )    $ –     $ –     $ 86     $ (123 )    $ 68     $ (1,785 ) 
Jul. 31, 2025
                  
Debt securities measured at FVTPL
                  
Corporate and other debt
   $ 77     $ –     $ (62 )    $ –     $ –     $ –     $ 86     $ –     $ 101  
Mortgage- and asset-backed
     454       –       –       –       –       –       84       (33 )      505  
Loans measured at FVTPL
                  
Business and government
     261       –       2       –       –       –       –       (7 )      256  
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
     978       3       31       8       –       –       32       (31 )      1,021  
Derivative instruments
                  
Interest rate
     63       –       (8 )      –       –       (8 )      –       –       47  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     46       –       (12 )      –       –       –       –       –       34  
Equity
     19       –       (4 )      –       11       (7 )      –       –       19  
Total assets
   $    1,898     $ 3     $ (53 )    $   8     $   11     $ (15 )    $    202     $ (71 )    $ 1,983  
Deposits and other liabilities 
(4)
   $ (330 )    $ (6 )    $ (42 )    $ –     $ –     $ 1     $ (27 )    $ 27     $ (377 ) 
Derivative instruments
                  
Interest rate
     (1,016 )      –       (131 )      –       –       22       –       (10 )      (1,135 ) 
Foreign exchange
     (36 )      –       1       –       –       35       –       –       –  
Credit
     (51 )      –       12       –       –       –       –       –       (39 ) 
Equity
     (17 )      –       2       –       –       14       (6 )      –       (7 ) 
Total liabilities
   $ (1,450 )    $ (6 )    $ (158 )    $ –     $ –     $    72     $ (33 )    $ 17     $   (1,558 ) 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on debt securities and loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $268 million (April 30, 2026: $276 million; July 31, 2025: $203 million), net bifurcated embedded derivative liabilities of $366 million (April 30, 2026: $323 million; July 31, 2025: $153 million) and other liabilities designated at FVTPL of $15 million (April 30, 2026: $32 million; July 31, 2025: $21 million).
 
CIBC THIRD QUARTER 2026
 
 
61
 
Table of Contents
 
          
Net gains (losses)
included in income 
(1)
                                      
$ millions, for the nine months ended      Opening
balance		  
 		     Realized       Unrealized  
(2)
 		    
 		 Net unrealized
gains (losses)
included in OCI		  
 
 
(3)
 		    
 		 Transfer
in to
Level 3		  
 
 		    
 		 Transfer
out of
Level 3		  
 
 		     Purchases/
Issuances		  
 		     Sales/
Settlements		  
 		     Closing
balance		  
 
Jul. 31, 2026
                   
Debt securities measured at FVTPL
                   
Corporate and other debt
   
$
103
 
  
$
–
 
  
$
(53
)
  
$
–
 
  
$
–
 
  
$
–
 
  
$
89
 
  
$
–
 
  
$
139
 
Mortgage- and asset-backed
   
 
392
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
168
 
  
 
(155
)
  
 
405
 
Loans measured at FVTPL
   































Business and government
   
 
75
 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(17
)

  
 
59
 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
   
 
1,063
 
  
 
1
 
  
 
37
  
 
31
 
  
 
–
 
  
 
–
 
  
 
 402
 
  
 
(119
)
  
 
1,415
 
Derivative instruments
                   
Interest rate
   
 
79
 
  
 
–
 
  
 
(10
)
  
 
–
 
  
 
–
 
  
 
(53
)
  
 
–
 
  
 
–
 
  
 
16
 
Foreign exchange
   
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
   
 
36
 
  
 
–
 
  
 
(2
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
34
 
Equity
   
 
51
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
8
 
  
 
(58
)
  
 
–
 
  
 
–
 
  
 
3
 
Total assets
   
$
   1,799
 
  
$
1
 
  
$
(25
)
  
$
  31
 
  
$
8
 
  
$
(111
)
  
$
659
 
  
$
(291
)
  
$
2,071
 
Deposits and other liabilities
 
(4)
   
$
(476
)
  
$
3
 
  
$
(110
)
  
$
–
 
  
$
(1
)
  
$
2
 
  
$
(235
)
  
$
168
 
  
$
(649
)
Derivative instruments
                   
Interest rate
   
 
(1,055
)
  
 
–
 
  
 
(503
)
  
 
–
 
  
 
–
 
  
 
92
 
  
 
(15
)
  
 
31
 
  
 
(1,450
)
Foreign exchange
   
 
(18
)
  
 
–
 
  
 
(12
)
  
 
–
 
  
 
–
 
  
 
30
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
   
 
(41
)
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(40
)
Equity
   
 
(29
)
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
32
 
  
 
(5
)
  
 
–
 
  
 
(1
)
Total liabilities
   
$
(1,619
)
  
$
3
 
  
$
(623
)
  
$
–
 
  
$
(1
)
  
$
156
 
  
$
(255
)
  
$
199
 
  
$
  (2,140
)
Jul. 31, 2025
                   
Debt securities measured at FVTPL
                   
Corporate and other debt
    $ –     $ –     $ (78 )    $ (4 )    $ –     $ –     $ 183     $ –     $ 101  
Mortgage- and asset-backed
      70       –       (1 )      –       386       –       106       (56 )      505  
Loans measured at FVTPL
                   
Business and government
      105       –       –       (1 )      –       –       178       (26 )      256  
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
      640       1       57       11       –       –       366       (54 )      1,021  
Derivative instruments
                   
Interest rate
      51       –       9       –       –       (13 )      –       –       47  
Foreign exchange
      –       –       –       –       –       –       –       –       –  
Credit
      44       –       (10 )      –       –       –       –       –       34  
Equity
      6       –       2       –       18       (7 )      –       –       19  
Total assets
    $ 916     $    1     $ (21 )    $    6     $   404     $ (20 )    $    833     $   (136 )    $ 1,983  
Deposits and other liabilities 
(4)
    $ (416 )    $ (5 )    $ (55 )    $ –     $ (3 )    $ 5     $ (57 )    $ 154     $ (377 ) 
Derivative instruments
                   
Interest rate
      (1,028 )      –       (286 )      –       –       151       –       28       (1,135 ) 
Foreign exchange
      (4 )      –       (31 )      –       –       35       –       –       –  
Credit
      (50 )      –       11       –       –       –       –       –       (39 ) 
Equity
      (1 )      –       2       –       (5 )      14       (17 )      –       (7 ) 
Total liabilities
    $ (1,499 )    $ (5 )    $ (359 )    $ –     $ (8 )    $    205     $ (74 )    $ 182     $ (1,558 ) 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on debt securities and loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $268 million (July 31, 2025: $203 million), net bifurcated embedded derivative liabilities of $366 million (July 31, 2025: $153 million) and other liabilities designated at FVTPL of $15 million (July 31, 2025: $21 million).
Financial instruments designated at FVTPL (FVO)
A net gain of $26 million, net of hedges for the three months ended July 31, 2026 (a net gain of $14 million and a net gain of $17 million for the three months ended April 30, 2026 and July 31, 2025, respectively), which is included in the interim consolidated statement of income under Gains (losses) from financial instruments measured/designated at FVTPL, net, was recognized for FVO assets and FVO liabilities. A net gain of $80 million, net of hedges for the nine months ended July 31, 2026 was recognized for FVO assets and FVO liabilities (a net gain of $69 million for the nine months ended July 31, 2025).
The fair value of a FVO liability reflects the credit risk relating to that liability. For those FVO liabilities for which we believe changes in our credit risk would impact the fair value from the note holders’ perspective, the related fair value changes were recognized in OCI.
 
62
 
CIBC THIRD QUARTER 2026
Table of Contents
 
Note 4. Securities
Securities
 
$ millions, as at   
2026
Jul. 31
      2025
Oct. 31		  
      Carrying amount  
Securities measured and designated at FVOCI
   
$
102,019
 
    $ 88,905  
Securities measured at amortized cost 
(1)
   
 
60,969
 
      65,471  
Securities mandatorily measured and designated at FVTPL
   
 
140,682
 
      128,859  
Total securities
   
$
  303,670
 
    $   283,235  
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2025: a realized gain of nil).
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at                          
2026
Jul. 31
                            2025
Oct. 31		  
    
 

 
Cost/
Amortized
cost
 
 
 
(1)
 
  
 

 
Gross
unrealized
gains
 
 
 
   
 

 
Gross
unrealized
losses
 
 
 
   
 
Fair
value
 
     
 		 Cost/
Amortized
cost		  
 
 
(1)
 		    
 		 Gross
unrealized
gains		  
 
 		     
 		 Gross
unrealized
losses		  
 
 		     Fair
value
 
Securities issued or guaranteed by:
                     
Canadian federal government
   
$
18,688
 
  
$
32
 
   
$
(13
)
   
$
18,707
 
    $ 15,531     $ 9      $ (17 )    $ 15,523  
Other Canadian governments
   
 
14,151
 
  
 
105
 
   
 
(47
)
   
 
14,209
 
      16,484       50        (41 )      16,493  
United States (U.S.) Treasury and agencies
   
 
37,487
 
  
 
56
 
   
 
(32
)
   
 
37,511
 
      33,345       64        (58 )      33,351  
Other foreign governments
   
 
13,365
 
  
 
37
 
   
 
(16
)
   
 
13,386
 
      7,727       31        (2 )      7,756  
Mortgage-backed securities
   
 
3,625
 
  
 
14
 
   
 
(10
)
   
 
3,629
 
      3,716       5        (12 )      3,709  
Asset-backed securities
   
 
1,105
 
  
 
1
 
   
 
–
  
 
1,106
 
      947       –        –       947  
Corporate and other debt
   
 
12,117
 
  
 
23
 
   
 
(8
)
   
 
12,132
 
      10,092       17        (3 )      10,106  
    
 
100,538
 
  
 
268
 
   
 
(126
)
   
 
100,680
 
      87,842       176        (133 )      87,885  
Corporate equity 
(2)
   
 
1,279
 
  
 
83
 
   
 
(23
)
   
 
1,339
 
      979       65        (24 )      1,020  
Total
   
$
  101,817
 
  
$
  351
 
   
$
  (149
) 
   
$
  102,019
 
    $   88,821     $   241      $   (157 )    $   88,905  
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $20 million (October 31, 2025: $23 million).
(2)
Includes restricted stock.
Fair value of equity securities designated at FVOCI that were disposed of during the three months ended July 31, 2026 was nil (nil and nil for the three months ended April 30, 2026 and July 31, 2025, respectively) and nil for the nine months ended July 31, 2026 (July 31, 2025: nil), at the time of disposal.
Net realized cumulative after-tax gains of $1 million for the three months ended July 31, 2026 ($3 million of losses and $2 million of gains
for 
the three months ended April 30, 2026 and July 31, 2025, respectively) and nil for the nine months ended July 31, 2026 (July 31,
 
2025: $2 million of gains), were reclassified from AOCI to retained earnings, resulting from return on capital distributions from limited partnerships designated at FVOCI.
Dividend income recognized on equity securities designated at FVOCI that were still held as at July 31, 2026 was nil ($1 million and
$
1 
million for the 
three months ended April 30, 2026 and July 31, 2025, respectively) and $1 million for the nine months ended July 31, 2026 (July 31,
 
2025: $3 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at July 31, 2026 was nil (nil and nil for the three months ended April 30, 2026 and July 31, 2025, respectively) and nil for the nine months ended July 31, 2026 (July 31, 2025: nil).
 
CIBC THIRD QUARTER 2026
 
 
63
 
Table of Contents
 
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance for debt securities measured at FVOCI and amortized cost:
 
         Stage 1     Stage 2     Stage 3                
$ millions, as at or for the three months ended    Collective provision
12-month ECL
performing		     Collective provision
lifetime ECL
performing		     Collective and
individual provision
lifetime ECL
credit-impaired 
(1)
             Total  
2026
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
   
$
6
 
  
$
20
 
  
$
46
 
     
$
72
 
 
Provision for (reversal of) credit losses
(2)
   
 
17
 
  
 
(21
)
  
 
(5
)
     
 
(9
)
 
Write-offs
   
 
–
 
  
 
–
 
  
 
(32
)
     
 
(32
)
   
Foreign exchange and other
   
 
(1
)
  
 
2
 
  
 
1
 
           
 
2
 
   
Balance at end of period
   
$
   22
 
  
$
  1
 
  
$
  10
 
           
$
  
33
 
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$
19
 
  
$
1
 
  
$
–
 
     
$
20
 
   
Debt securities measured at amortized cost
   
 
3
 
  
 
–
 
  
 
10
 
           
 
13
 
2026
  
Debt securities measured at FVOCI and amortized cost
            
Apr. 30
  
Balance at beginning of period
    $ 6     $ 19     $ 47        $ 72  
 
Provision for (reversal of) credit losses
(2)
      –       1       (1 )         –  
 
Write-offs
      –       –       –          –  
   
Foreign exchange and other
      –       –       –                –  
   
Balance at end of period
    $ 6     $ 20     $ 46              $ 72  
 
Comprises:
            
 
Debt securities measured at FVOCI
    $ 3     $ 20     $ –        $ 23  
   
Debt securities measured at amortized cost
      3       –       46                49  
2025
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $ 6     $ 16     $ 11        $ 33  
 
Provision for (reversal of) credit losses
(2)
      (1 )      4       26          29  
 
Write-offs
      –       –       –          –  
   
Foreign exchange and other
      1       –       –                1  
   
Balance at end of period
    $ 6     $ 20     $ 37              $ 63  
 
Comprises:
            
 
Debt securities measured at FVOCI
    $ 3     $ 20     $ –        $ 23  
   
Debt securities measured at amortized cost
      3       –       37                40  
$ millions, as at or for the nine months ended
  
2026
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
   
$
6
 
  
$
20
 
  
$
49
 
     
$
75
 
 
Provision for (reversal of) credit losses
(2)
   
 
17
 
  
 
(20
)
  
 
(7
)
     
 
(10
)
 
Write-offs
   
 
–
 
  
 
–
 
  
 
(32
)
     
 
(32
)
   
Foreign exchange and other
   
 
(1
)
  
 
1
 
  
 
–
 
           
 
–
 
   
Balance at end of period
   
$
22
 
  
$
1
 
  
$
10
 
           
$
33
 
2025
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $ 7     $ 17     $ 12        $ 36  
 
Provision for (reversal of) credit losses
(2)
      (2 )      3       25          26  
 
Write-offs
      –       –       –          –  
   
Foreign exchange and other
      1       –       –                1  
   
Balance at end of period
    $ 6     $ 20     $ 37              $ 63  
(1)
Includes stage 3 ECL allowance on originated credit-impaired amortized cost debt securities.
(2)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.
 
64
 
CIBC THIRD QUARTER
2026
Table of Contents
 
Note 5. Loans
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance:
 
$ millions, as at or for the three months ended   
2026
Jul. 31
  
    
Stage 1
     
Stage 2
     
Stage 3
         
     
Collective
provision
12-month
ECL
performing
     
Collective
provision
lifetime
ECL
performing
     
Collective and
individual
provision
lifetime ECL
credit-impaired
     
Total
  
Residential mortgages
            
Balance at beginning of period
   
$
101
 
   
$
167
 
   
$
257
 
   
$
525
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
4
 
   
 
(6
)
   
 
(22
)
   
 
(24
)
Changes in model
   
 
–
 
   
 
–
 
   
 
–
   
 
–
Net remeasurement 
(2)
   
 
(31
)
   
 
53
 
   
 
66
 
   
 
88
 
Transfers 
(2)
            
– to 12-month ECL
   
 
39
 
   
 
(36
)
   
 
(3
)
   
 
–
 
– to lifetime ECL performing
   
 
(4
)
   
 
9
 
   
 
(5
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(2
)
   
 
2
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
8
 
   
 
18
   
 
38
 
   
 
64
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(8
)
   
 
(8
)
Recoveries
   
 
–
 
   
 
–
 
   
 
2
 
   
 
2
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(12
)
   
 
(12
)
Foreign exchange and other
   
 
1
 
   
 
–
 
   
 
3
 
   
 
4
 
Balance at end of period
   
$
110
 
   
$
185
 
   
$
280
 
   
$
575
 
Personal
            
Balance at beginning of period
   
$
251
 
   
$
893
 
   
$
206
 
   
$
1,350
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
12
 
   
 
(13
)
   
 
(3
)
   
 
(4
)
Changes in model
   
 
–
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(2)
   
 
(143
)
   
 
143
   
 
126
 
   
 
126
 
Transfers 
(2)
            
– to 12-month ECL
   
 
159
 
   
 
(157
)
   
 
(2
)
   
 
–
 
– to lifetime ECL performing
   
 
(19
)
   
 
23
 
   
 
(4
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
(1
)
   
 
(19
)
   
 
20
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
8
 
   
 
(23
)
   
 
137
 
   
 
122
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(161
)
   
 
(161
)
Recoveries
   
 
–
 
   
 
–
 
   
 
21
   
 
21
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(2
)
   
 
(2
)
Foreign exchange and other
   
 
–
   
 
(2
)
   
 
(3
)
   
 
(5
)
Balance at end of period
   
$
259
 
   
$
868
 
   
$
198
 
   
$
1,325
 
Credit card
            
Balance at beginning of period
   
$
274
 
   
$
875
 
   
$
–
 
   
$
1,149
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
4
   
 
(8
)
   
 
–
 
   
 
(4
)
Changes in model
   
 
–
 
   
 
–
   
 
–
 
   
 
–
 
Net remeasurement 
(2)
   
 
(155
)
   
 
323
 
   
 
89
 
   
 
257
 
Transfers 
(2)
            
– to 12-month ECL
   
 
195
 
   
 
(195
)
   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(25
)
   
 
25
 
   
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
(1
)
   
 
(131
)
   
 
132
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
18
 
   
 
14
 
   
 
221
 
   
 
253
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(268
)
   
 
(268
)
Recoveries
   
 
–
 
   
 
–
 
   
 
47
 
   
 
47
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Foreign exchange and other
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Balance at end of period
   
$
292
 
   
$
889
 
   
$
–
 
   
$
1,181
 
Business and government
            
Balance at beginning of period
   
$
412
 
   
$
847
 
   
$
587
 
   
$
1,846
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
14
 
   
 
(19
)
   
 
(13
)
   
 
(18
)
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(2)
   
 
(89
)
   
 
20
   
 
212
 
   
 
143
 
Transfers 
(2)
            
– to 12-month ECL
   
 
81
 
   
 
(80
)
   
 
(1
)
   
 
–
 
– to lifetime ECL performing
   
 
(7
)
   
 
9
 
   
 
(2
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(20
)
   
 
20
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
(1
)
 
   
 
(90
)
   
 
216
 
   
 
125
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(94
)
   
 
(94
)
Recoveries
   
 
–
 
   
 
–
 
   
 
17
 
   
 
17
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(26
)
   
 
(26
)
Foreign exchange and other
   
 
8
 
   
 
–
 
   
 
26
 
   
 
34
 
Balance at end of period
   
$
419
 
   
$
757
 
   
$
726
 
   
$
1,902
 
Total ECL allowance
 
(4)
   
$
  1,080
 
   
$
  2,699
 
   
$
  1,204
 
   
$
  4,983
 
Comprises:
            
Loans
   
$
932
 
   
$
2,519
 
   
$
1,195
 
   
$
4,646
 
Undrawn credit facilities and other off-balance sheet exposures 
(5)
   
 
148
 
   
 
180
 
   
 
9
 
   
 
337
 
(1)
Excludes the disposal and write-off of impaired loans.
(2)
Transfers represent stage movements of ECL allowances before net remeasurement. Net remeasurement represents the current period change in ECL allowances for transfers, net write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the period.
(3)
Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance sheet exposures is presented as Provision for (reversal of) credit losses on our interim consolidated statement of income.
(4)
See Note 4 to the interim consolidated financial statements for the ECL allowance on debt securities measured at FVOCI and amortized cost. The ECL allowances for other financial assets classified at amortized cost were immaterial as at July 31, 2026, April 30, 2026 and July 31, 2025 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances.
(5)
Included in Other liabilities on our interim consolidated balance sheet.
 
CIBC THIRD QUARTER 2026
 
 
65
 
Table of Contents
 
$ millions, as at or for the three months ended  
2026
Apr. 30
    
2025
Jul. 31
  
    Stage 1     Stage 2     Stage 3           Stage 1     Stage 2     Stage 3        
     Collective
provision
12-month
ECL
performing		     Collective
provision
lifetime
ECL
performing		     Collective and
individual
provision
lifetime ECL
credit-impaired		     Total     Collective
provision
12-month

ECL
performing		     Collective
provision
lifetime
ECL
performing		     Collective and
individual
provision
lifetime ECL
credit-impaired
     Total  
Residential mortgages
                
Balance at beginning of period
   $ 96     $ 160     $ 269     $ 525     $ 92     $ 132     $ 258     $ 482  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     4       (5 )      (23 )      (24 )      4       (4 )      (19 )      (19 ) 
Changes in model
     –       –       (57 )      (57 )      –       –       –       –  
Net remeasurement 
(2)
     (36 )      42       92       98       (24 )      53       75       104  
Transfers 
(2)
                
– to 12-month ECL
     40       (37 )      (3 )      –       30       (28 )      (2 )      –  
– to lifetime ECL performing
     (3 )      9       (6 )      –       (3 )      8       (5 )      –  
– to lifetime ECL credit-impaired
     –       (2 )      2       –       –       (2 )      2       –  
Total provision for (reversal of) credit losses 
(3)
     5       7       5       17       7       27       51       85  
Write-offs
     –       –       (8 )      (8 )      –       –       (5 )      (5 ) 
Recoveries
     –       –       1       1       –       –       3       3  
Interest income on impaired loans
     –       –       (11 )      (11 )      –       –       (10 )      (10 ) 
Foreign exchange and other
     –       –       1       1       –       (1 )      1       –  
Balance at end of period
   $ 101     $ 167     $ 257     $ 525     $ 99     $ 158     $ 298     $ 555  
Personal
                
Balance at beginning of period
   $ 249     $ 833     $ 193     $ 1,275     $ 242     $ 647     $ 206     $ 1,095  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     8       (12 )      (8 )      (12 )      14       (11 )      (7 )      (4 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(2)
     (122 )      200       144       222       (112 )      200       107       195  
Transfers 
(2)
                
– to 12-month ECL
     133       (131 )      (2 )      –       134       (133 )      (1 )      –  
– to lifetime ECL performing
     (21 )      25       (4 )      –       (29 )      35       (6 )      –  
– to lifetime ECL credit-impaired
     (1 )      (20 )      21       –       (1 )      (17 )      18       –  
Total provision for (reversal of) credit losses 
(3)
     (3 )      62       151       210       6       74       111       191  
Write-offs
     –       –       (159 )      (159 )      –       –       (146 )      (146 ) 
Recoveries
     –       –       21       21       –       –       19       19  
Interest income on impaired loans
     –       –       (2 )      (2 )      –       –       (2 )      (2 ) 
Foreign exchange and other
     5       (2 )      2       5       5       (1 )      (4 )      –  
Balance at end of period
   $ 251     $ 893     $ 206     $ 1,350     $ 253     $ 720     $ 184     $ 1,157  
Credit card
                
Balance at beginning of period
   $ 281     $ 861     $ –     $ 1,142     $ 291     $ 702     $ –     $ 993  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     3       (6 )      –       (3 )      9       (9 )      –       –  
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(2)
     (168 )      290       118       240       (145 )      213       93       161  
Transfers 
(2)
                
– to 12-month ECL
     181       (181 )      –       –       201       (201 )      –       –  
– to lifetime ECL performing
     (21 )      21       –       –       (18 )      18       –       –  
– to lifetime ECL credit-impaired
     (2 )      (110 )      112       –       (1 )      (97 )      98       –  
Total provision for (reversal of) credit losses 
(3)
     (7 )      14       230       237       46       (76 )      191       161  
Write-offs
     –       –       (270 )      (270 )      –       –       (232 )      (232 ) 
Recoveries
     –       –       40       40       –       –       41       41  
Interest income on impaired loans
     –       –       –       –       –       –       –       –  
Foreign exchange and other
     –       –       –       –       –       –       –       –  
Balance at end of period
   $ 274     $ 875     $ –     $ 1,149     $ 337     $ 626     $ –     $ 963  
Business and government
                
Balance at beginning of period
   $ 407     $ 877     $ 510     $ 1,794     $ 333     $ 1,103     $ 449     $ 1,885  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     8       (40 )      (7 )      (39 )      14       (12 )      (14 )      (12 ) 
Changes in model
     –       –       –       –       84       (84 )      –       –  
Net remeasurement 
(2)
     (30 )      61       149       180       (39 )      84       89       134  
Transfers 
(2)
                
– to 12-month ECL
     43       (43 )      –       –       39       (38 )      (1 )      –  
– to lifetime ECL performing
     (12 )      13       (1 )      –       (9 )      11       (2 )      –  
– to lifetime ECL credit-impaired
     –       (21 )      21       –       –       (56 )      56       –  
Total provision for (reversal of) credit losses 
(3)
     9       (30 )      162       141       89       (95 )      128       122  
Write-offs
     –       –       (68 )      (68 )      –       –       (94 )      (94 ) 
Recoveries
     –       –       9       9       –       –       13       13  
Interest income on impaired loans
     –       –       (27 )      (27 )      –       –       (22 )      (22 ) 
Foreign exchange and other
     (4 )      –       1       (3 )      –       5       4       9  
Balance at end of period
   $ 412     $ 847     $ 587     $ 1,846     $ 422     $ 1,013     $ 478     $ 1,913  
Total ECL allowance 
(4)
   $   1,038     $   2,782     $   1,050     $   4,870     $   1,111     $   2,517     $    960     $   4,588  
Comprises:
                
Loans
   $ 896     $ 2,580     $ 1,044     $ 4,520     $ 992     $ 2,341     $ 952     $ 4,285  
Undrawn credit facilities and other off-balance sheet exposures 
(5)
     142       202       6       350       119       176       8       303  
See previous page for footnote references.
 
66
 
CIBC THIRD QUARTER 2026
Table of Contents
$ millions, as at or for the nine months ended  
2026
Jul. 31
    
2025
Jul. 31
  
   
Stage 1
    
Stage 2
    
Stage 3
           Stage 1     Stage 2     Stage 3        
    
Collective
provision
12-month
ECL
performing
    
Collective
provision
lifetime
ECL
performing
    
Collective and
individual
provision
lifetime ECL
credit-impaired
    
Total
     Collective
provision
12-month

ECL
performing		     Collective
provision
lifetime
ECL
performing		     Collective and
individual
provision
lifetime ECL
credit-impaired
     Total  
Residential mortgages
                
Balance at beginning of period
  
$
100
 
  
$
168
 
  
$
306
 
  
$
574
 
   $ 89     $ 126     $ 234     $ 449  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
11
 
  
 
(20
) 
  
 
(68
)
  
 
(77
)
     11       (15 )      (55 )      (59 ) 
Changes in model
  
 
–
 
  
 
–
 
  
 
(120
)
  
 
(120
)
     –       –       –       –  
Net remeasurement 
(2)
  
 
(106
) 
  
 
126
 
  
 
223
 
  
 
243
 
     (97 )      131       164       198  
Transfers 
(2)
                
– to 12-month ECL
  
 
115
 
  
 
(106
)
  
 
(9
)
  
 
–
 
     104       (98 )      (6 )      –  
– to lifetime ECL performing
  
 
(10
)
  
 
25
 
  
 
(15
)
  
 
–
 
     (7 )      21       (14 )      –  
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(8
)
  
 
8
 
  
 
–
 
     –       (7 )      7       –  
Total provision for (reversal of) credit losses 
(3)
  
 
10
 
  
 
17
 
  
 
19
 
  
 
46
 
     11       32       96       139  
Write-offs
  
 
–
 
  
 
–
 
  
 
(19
)
  
 
(19
)
     –       –       (9 )      (9 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
5
 
  
 
5
 
     –       –       6       6  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(33
)
  
 
(33
)
     –       –       (27 )      (27 ) 
Foreign exchange and other
  
 
–
 
  
 
–
 
  
 
2
 
  
 
2
 
     (1 )      –       (2 )      (3 ) 
Balance at end of period
  
$
110
 
  
$
185
 
  
$
280
 
  
$
575
 
   $ 99     $ 158     $ 298     $ 555  
Personal
                
Balance at beginning of period
  
$
247
 
  
$
803
 
  
$
185
 
  
$
1,235
 
   $ 247     $ 546     $ 190     $ 983  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
29
 
  
 
(36
)
  
 
(19
)
  
 
(26
)
     30       (30 )      (21 )      (21 ) 
Changes in model
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     (15 )      97       –       82  
Net remeasurement 
(2)
  
 
(407
)
  
 
540
 
  
 
400
 
  
 
533
 
     (429 )      558       367       496  
Transfers 
(2)
                
– to 12-month ECL
  
 
446
 
  
 
(440
)
  
 
(6
)
  
 
–
 
     473       (467 )      (6 )      –  
– to lifetime ECL performing
  
 
(57
)
  
 
68
 
  
 
(11
)
  
 
–
 
     (54 )      72       (18 )      –  
– to lifetime ECL credit-impaired
  
 
(3
)
  
 
(58
)
  
 
61
 
  
 
–
 
     (3 )      (53 )      56       –  
Total provision for (reversal of) credit losses 
(3)
  
 
8
 
  
 
74
 
  
 
425
 
  
 
507
 
     2       177       378       557  
Write-offs
  
 
–
 
  
 
–
 
  
 
(467
)
  
 
(467
)
     –       –       (433 )      (433 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
62
 
  
 
62
 
     –       –       60       60  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(6
)
  
 
(6
)
     –       –       (6 )      (6 ) 
Foreign exchange and other
  
 
4
 
  
 
(9
)
  
 
(1
)
 
  
 
(6
)
     4       (3 )      (5 )      (4 ) 
Balance at end of period
  
$
259
 
  
$
868
 
  
$
198
 
  
$
1,325
 
   $ 253     $ 720     $ 184     $ 1,157  
Credit card
                
Balance at beginning of period
  
$
331
 
  
$
717
 
  
$
–
 
  
$
1,048
 
   $ 295     $ 660     $ –     $ 955  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
12
 
  
 
(24
)
  
 
–
 
  
 
(12
)
     28       (24 )      –       4  
Changes in model
  
 
(45
)
  
 
87
 
  
 
–
 
  
 
42
 
     (26 )      32       –       6  
Net remeasurement 
(2)
  
 
(524
)
  
 
974
 
  
 
310
 
  
 
760
 
     (583 )      828       297       542  
Transfers 
(2)
                
– to 12-month ECL
  
 
593
 
  
 
(593
)
  
 
–
 
  
 
–
 
     683       (683 )      –       –  
– to lifetime ECL performing
  
 
(71
)
  
 
71
 
  
 
–
 
  
 
–
 
     (58 )      58       –       –  
– to lifetime ECL credit-impaired
  
 
(4
)
  
 
(343
)
  
 
347
 
  
 
–
 
     (2 )      (245 )      247       –  
Total provision for (reversal of) credit losses 
(3)
  
 
(39
)
  
 
172
 
  
 
657
 
  
 
790
 
     42       (34 )      544       552  
Write-offs
  
 
–
 
  
 
–
 
  
 
(785
)
  
 
(785
)
     –       –       (657 )      (657 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
128
 
  
 
128
 
     –       –       113       113  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Foreign exchange and other
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Balance at end of period
  
$
292
 
  
$
889
 
  
$
–
 
  
$
1,181
 
   $ 337     $ 626     $ –     $ 963  
Business and government
                
Balance at beginning of period
  
$
452
 
  
$
932
 
  
$
498
 
  
$
1,882
 
   $ 265     $ 1,061     $ 401     $ 1,727  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
28
 
  
 
(82
)
  
 
(28
)
  
 
(82
)
     35       (57 )      (47 )      (69 ) 
Changes in model
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     85       (82 )      –       3  
Net remeasurement 
(2)
  
 
(171
)
  
 
100
  
 
547
 
  
 
476
 
     (44 )      302       297       555  
Transfers 
(2)
                
– to 12-month ECL
  
 
154
 
  
 
(152
)
  
 
(2
)
  
 
–
 
     116       (112 )      (4 )      –  
– to lifetime ECL performing
  
 
(36
)
  
 
48
 
  
 
(12
)
  
 
–
 
     (31 )      36       (5 )      –  
– to lifetime ECL credit-impaired
  
 
(3
)
  
 
(71
)
  
 
74
 
  
 
–
 
     –       (131 )      131       –  
Total provision for (reversal of) credit losses 
(3)
  
 
(28
)
  
 
(157
)
  
 
579
 
  
 
394
 
     161       (44 )      372       489  
Write-offs
  
 
–
 
  
 
–
 
  
 
(332
)
  
 
(332
)
     –       –       (256 )      (256 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
33
 
  
 
33
 
     –       –       30       30  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(80
)
  
 
(80
)
     –       –       (69 )      (69 ) 
Foreign exchange and other
  
 
(5
)
  
 
(18
)
 
 
  
 
28
 
  
 
5
     (4 )      (4 )      –       (8 ) 
Balance at end of period
  
$
419
 
  
$
757
 
  
$
726
 
  
$
1,902
 
   $ 422     $ 1,013     $ 478     $ 1,913  
Total ECL allowance 
(4)
  
$
  1,080
 
  
$
  2,699
 
  
$
  1,204
 
  
$
  4,983
 
   $   1,111     $   2,517     $    960     $   4,588  
Comprises:
                
Loans
  
$
932
 
  
$
2,519
 
  
$
1,195
 
  
$
4,646
 
   $ 992     $ 2,341     $ 952     $ 4,285  
Undrawn credit facilities and other off-balance sheet exposures 
(5)
  
 
148
 
  
 
180
 
  
 
9
 
  
 
337
 
     119       176       8       303  
See previous pages for footnote references.
 
CIBC THIRD QUARTER 2026
 
 
67
 
Table of Contents
Inputs, assumptions and model techniques
We continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in forecasting forward-looking information and estimating the impact that the macroeconomic environment, including from the conflict in the Middle East and its impact on energy prices, and from trade policy uncertainty related to the continuation of the Canada-U.S.-Mexico trade deal, as well as other geopolitical events, will have on the level of ECL allowance and period-over-period volatility of the provision for credit losses. As a result, a heightened level of judgment in estimating ECLs in respect of all these elements, as discussed below, continued to be required. See Note 5 to our consolidated financial statements in our 2025 Annual Report and Note 2 to our interim consolidated financial statements for additional information concerning the significant estimates and credit judgment inherent in the estimation of ECL allowances.
The following tables provide the base case, upside case and downside case scenario forecasts for select forward-looking information variables used to estimate our ECL.
 
    Base case     Upside case     Downside case  
As at July 31, 2026    

 		 Average
value over
the next
12 months		  
 
 
 		    

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 		    

 		 Average
value over
the next
12 months		  
 
 
 		    

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 		    

 		 Average
value over
the next
12 months		  
 
 
 		    

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 
Real gross domestic product (GDP) year-over-year growth
            
Canada 
(2)
  
 
1.5
 % 
  
 
1.9
 % 
  
 
2.3
 % 
  
 
2.3
 % 
  
 
–
 % 
  
 
1.1
 % 
United States
  
 
1.9
 % 
  
 
2.0
 % 
  
 
4.0
 % 
  
 
3.0
 % 
  
 
0.6
 % 
  
 
1.3
 % 
Unemployment rate
            
Canada 
(2)
  
 
6.5
 % 
  
 
6.0
 % 
  
 
6.2
 % 
  
 
5.5
 % 
  
 
6.8
 % 
  
 
6.7
 % 
United States
  
 
4.3
 % 
  
 
4.1
 % 
  
 
3.9
 % 
  
 
3.6
 % 
  
 
5.1
 % 
  
 
4.8
 % 
Canadian Housing Price Index growth 
(2)
  
 
(0.1
)%
  
 
3.5
 % 
  
 
2.6
 % 
  
 
5.9
 % 
  
 
(2.7
)%
  
 
1.8
 % 
Canadian household debt service ratio
  
 
14.6
 % 
  
 
14.8
 % 
  
 
14.5
 % 
  
 
14.5
 % 
  
 
15.0
 % 
  
 
15.5
 % 
West Texas Intermediate Oil Price (US$)
  
$
76
    
  
$
67
    
  
$
96
    
  
$
81
    
  
$
59
    
  
$
55
    
As at April 30, 2026                                                
Real GDP year-over-year growth
            
Canada 
(2)
     1.4  %      1.9  %      2.1  %      2.3  %      0.4  %      1.1  % 
United States
     1.8  %      2.0  %      2.9  %      2.9  %      0.7  %      1.2  % 
Unemployment rate
            
Canada 
(2)
     6.7  %      6.0  %      6.1  %      5.5  %      7.0  %      6.8  % 
United States
     4.6  %      4.1  %      3.8  %      3.5  %      5.0  %      4.7  % 
Canadian Housing Price Index growth 
(2)
     (0.6 )%      3.2  %      3.7  %      5.2  %      (5.1 )%      –  % 
Canadian household debt service ratio
     14.7  %      14.9  %      14.4  %      14.6  %      15.1  %      15.7  % 
West Texas Intermediate Oil Price (US$)
   $     78        $     68        $     89        $     80        $     52        $    55     
As at October 31, 2025                                                
Real GDP year-over-year growth
            
Canada 
(2)
     1.1  %      2.0  %      1.7  %      2.4  %      (0.4 )%      1.1  % 
United States
     2.0  %      1.8  %      2.8  %      2.8  %      0.7  %      1.0  % 
Unemployment rate
            
Canada 
(2)
     6.8  %      6.1  %      6.4  %      5.5  %      7.4  %      7.0  % 
United States
     4.4  %      4.1  %      3.9  %      3.5  %      5.0  %      4.6  % 
Canadian Housing Price Index growth 
(2)
     0.8  %      2.7  %      3.9  %      4.7  %      (3.7 )%      (0.5 )% 
Canadian household debt service ratio
     14.6  %      14.7  %      14.3  %      14.4  %      15.2  %      15.6  % 
West Texas Intermediate Oil Price (US$)
   $ 70        $ 67        $ 74        $ 83        $ 54        $ 58     
(1)
The remaining forecast period is generally four years.
(2)
In our ECL calculation process, Canadian Real GDP year-over-year growth and Canadian unemployment rate are forecasted at the provincial level while Canadian Housing Price Index growth is forecasted at the municipal level. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above.
As required, the forward-looking information used to estimate ECLs reflects our expectations and uncertainties as at July 31, 2026, April 30, 2026, and October 31, 2025, respectively, and does not reflect changes in expectations that may have subsequently arisen. The base case, upside case and downside case amounts shown represent the average value of the forecasts over the respective projection horizons.
Our underlying base case projection as at July 31, 2026 continues to be characterized by slow real GDP growth and slightly lower, but still elevated unemployment rates in Canada, and slightly stronger growth in the U.S. in the near term. Our base case projections for Canada and the U.S. as at July 31, 2026 assume that some reductions to current tariffs will be negotiated, but not to levels that existed prior to the announcements of the new U.S. administration. Our base case also continues to assume that interest rates will hold at current levels through 2026, and remain at higher than pre-pandemic levels.
Our downside case forecasts as at July 31, 2026 and April 30, 2026 assume stagnant or slower growth in Canada due to increasing economic uncertainty, while at October 31, 2025 our downside forecast assumed a recession in the near term and slower growth thereafter. Our downside case forecasts continue to be consistent with a more pronounced and longer lasting trade dispute between Canada and the U.S., including higher unemployment rates in Canada and lower business capital and consumer spending. Consistent with October 31, 2025 and April 30, 2026, the downside case forecast for the U.S. assumes slow growth for the near term and reflects slower recoveries thereafter to lower levels of sustained economic activity and persistently higher unemployment rates. The upside scenario continues to reflect a better economic environment than the base case forecast.
As indicated above, forecasting forward-looking information for multiple scenarios and determining the probability weighting of the scenarios involves a high degree of management judgment. To address the significant uncertainties inherent in the current environment, we continue to utilize management overlays with respect to the impact of certain forward-looking information and credit metrics that are not expected to be as indicative of the credit condition of the portfolios as the historical experience in our models would have otherwise suggested. The use of management overlays requires the application of significant judgment that impacts the amount of ECL allowances recognized.
 
68
 
CIBC THIRD QUARTER 2026
Table of Contents
If we were to only
use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $337 million lower than the recognized ECL as at July 31, 2026 (October 31, 2025: $420 million). If we were to only use our downside case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $700 million higher than the recognized ECL as at July 31, 2026 (October 31, 2025: $853 million). This sensitivity is isolated to the measurement of ECL and therefore did not consider changes in the migration of exposures between stage 1 and stage 2 from the determination of the significant increase in credit risk (SICR) that would have resulted in a 100% base case scenario or a 100% downside case scenario. As a result, our ECL allowance on performing loans could exceed the amount implied by the 100% downside case scenario from the migration of additional exposures from stage 1 to stage 2. Actual credit losses could differ materially from those reflected in our estimates.
The following tables provide the gross carrying amount of loans, and the contractual amounts of undrawn credit facilities and other off-balance sheet exposures based on our risk management probability of default (PD) bands for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to the “Credit risk” section of our 2025 Annual Report for details on the CIBC risk categories.
Loans
(1)
$ millions, as at
         
2026
Jul. 31
            
2025
Oct. 31
  
   
 
Stage 1
 
   
 
Stage 2
 
   
 
Stage 3
 
(2)
 
  
 
Total
 
      Stage 1        Stage 2        Stage 3  
(2)
 		     Total  
Residential mortgages
                     
– Exceptionally low
  
$
175,157
 
   
$
653
 
   
$
–
 
  
$
175,810
 
    $ 171,983      $ 227      $ –     $ 172,210  
– Very low
  
 
84,349
 
   
 
1,481
 
   
 
–
 
  
 
85,830
 
      85,628        1,171        –       86,799  
– Low
  
 
11,998
 
   
 
2,326
 
   
 
–
 
  
 
14,324
 
      10,987        2,749        –       13,736  
– Medium
  
 
1,410
 
   
 
6,675
 
   
 
–
 
  
 
8,085
 
      1,041        7,071        –       8,112  
– High
  
 
14
 
   
 
1,762
 
   
 
–
 
  
 
1,776
 
      11        1,859        –       1,870  
– Default
  
 
–
 
   
 
–
 
   
 
1,462
 
  
 
1,462
 
      –        –        1,097       1,097  
– Not rated
  
 
2,844
 
   
 
198
 
   
 
184
 
  
 
3,226
 
      2,808        183        218       3,209  
Gross residential mortgages 
(3)(4)
  
 
275,772
 
   
 
13,095
 
   
 
1,646
 
  
 
290,513
 
      272,458        13,260        1,315       287,033  
ECL allowance
  
 
110
 
   
 
185
 
   
 
280
 
  
 
575
 
      100        168        306       574  
Net residential mortgages
  
 
275,662
 
   
 
12,910
 
   
 
1,366
 
  
 
289,938
 
      272,358        13,092        1,009       286,459  
Personal
                     
– Exceptionally low
  
 
19,137
 
   
 
111
 
   
 
–
 
  
 
19,248
 
      18,316        136        –       18,452  
– Very low
  
 
10,512
 
   
 
262
 
   
 
–
 
  
 
10,774
 
      10,794        324        –       11,118  
– Low
  
 
7,517
 
   
 
1,257
 
   
 
–
 
  
 
8,774
 
      6,404        2,104        –       8,508  
– Medium
  
 
4,617
 
   
 
2,366
 
   
 
–
 
  
 
6,983
 
      4,502        2,506        –       7,008  
– High
  
 
217
 
   
 
1,470
 
   
 
–
 
  
 
1,687
 
      759        922        –       1,681  
– Default
  
 
–
 
   
 
–
 
   
 
247
 
  
 
247
 
      –        –        253       253  
– Not rated
  
 
789
 
   
 
39
 
   
 
37
 
  
 
865
 
      779        30        37       846  
Gross personal 
(4)
  
 
42,789
 
   
 
5,505
 
   
 
284
 
  
 
48,578
 
      41,554        6,022        290       47,866  
ECL allowance
  
 
231
 
   
 
814
 
   
 
198
 
  
 
1,243
 
      222        749        185       1,156  
Net personal
  
 
42,558
 
   
 
4,691
 
   
 
86
 
  
 
47,335
 
      41,332        5,273        105       46,710  
Credit card
                     
– Exceptionally low
  
 
7,779
 
   
 
–
 
   
 
–
 
  
 
7,779
 
      7,117        –        –       7,117  
– Very low
  
 
1,711
 
   
 
–
 
   
 
–
 
  
 
1,711
 
      443        –        –       443  
– Low
  
 
7,457
 
   
 
205
 
   
 
–
 
  
 
7,662
 
      6,727        380        –       7,107  
– Medium
  
 
2,894
 
   
 
916
 
   
 
–
 
  
 
3,810
 
      5,008        1,116        –       6,124  
– High
  
 
113
 
   
 
1,276
 
   
 
–
 
  
 
1,389
 
      6        594        –       600  
– Default
  
 
–
 
   
 
–
 
   
 
–
 
  
 
–
 
      –        –        –       –  
– Not rated
  
 
188
 
   
 
8
 
   
 
–
 
  
 
196
 
      184        6        –       190  
Gross credit card
  
 
20,142
 
   
 
2,405
 
   
 
–
 
  
 
22,547
 
      19,485        2,096        –       21,581  
ECL allowance
  
 
263
 
   
 
821
 
   
 
–
 
  
 
1,084
 
      302        640        –       942  
Net credit card
  
 
19,879
 
   
 
1,584
 
   
 
–
 
  
 
21,463
 
      19,183        1,456        –       20,639  
Business and government
                     
– Investment grade
  
 
129,718
 
   
 
847
 
   
 
–
 
  
 
130,565
 
      119,315        875        –       120,190  
– Non-investment grade
  
 
108,652
 
   
 
8,966
 
   
 
–
 
  
 
117,618
 
      102,145        8,807        –       110,952  
– Watchlist
  
 
71
 
   
 
3,788
 
   
 
–
 
  
 
3,859
 
      61        3,901        –       3,962  
– Default
  
 
–
 
   
 
–
 
   
 
2,094
 
  
 
2,094
 
      –        –        2,031       2,031  
– Not rated
  
 
270
 
   
 
17
 
   
 
–
 
  
 
287
 
      269        12        –       281  
Gross business and government 
(3)
  
 
238,711
 
   
 
13,618
 
   
 
2,094
 
  
 
254,423
 
      221,790        13,595        2,031       237,416  
ECL allowance
  
 
328
 
   
 
699
 
   
 
717
 
  
 
1,744
 
      359        870        491       1,720  
Net business and government
  
 
238,383
 
   
 
12,919
 
   
 
1,377
 
  
 
252,679
 
      221,431        12,725        1,540       235,696  
Total net amount of loans
  
$
  576,482
 
   
$
  32,104
 
   
$
  2,829
 
  
$
  611,415
 
    $   554,304      $   32,546      $   2,654     $   589,504  
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $20 million (October 31, 2025: $23 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $13 million were recognized as at July 31, 2026 (October 31, 2025: $52 million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at April 30, 2026 and October 31, 2025. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances.
(2)
Excludes foreclosed assets of $2 million (October 31, 2025: $2 million), which were included in Other assets on our interim consolidated balance sheet.
(3)
Includes $100 million (October 31, 2025: $3 million) of residential mortgages and $593 million (October 31, 2025: $560 million) of business and government loans that are measured and designated at FVTPL.
(4)
The internal risk rating grades presented for residential mortgages and certain personal loans do not take into account loan guarantees or insurance issued by the Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a SICR has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements.
 
CIBC THIRD QUARTER 2026
 
 
69
 
Table of Contents
Undrawn credit facilities and other off-balance sheet exposures
 
$ millions, as at
 
  
 
  
  
 
  
  
 
  
2026
Jul. 31
 
  
  
 
  
  
 
  
  
 
  
2025
Oct. 31
 
  
 
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Retail
 
  
  
  
  
  
  
  
– Exceptionally low
  
$
183,788
 
   
$
127
 
   
$
–
 
   
$
183,915
 
    $ 176,040      $ 190      $ –      $ 176,230  
– Very low
  
 
17,560
 
   
 
465
 
   
 
–
 
   
 
18,025
 
      14,237        572        –        14,809  
– Low
  
 
13,092
 
   
 
1,012
 
   
 
–
 
   
 
14,104
 
      14,867        1,705        –        16,572  
– Medium
  
 
2,087
 
   
 
1,061
 
   
 
–
 
   
 
3,148
 
      2,449        1,508        –        3,957  
– High
  
 
181
 
   
 
945
 
   
 
–
 
   
 
1,126
 
      545        422        –        967  
– Default
  
 
–
 
   
 
–
 
   
 
50
 
   
 
50
 
      –        –        46        46  
– Not rated
  
 
616
 
   
 
8
 
   
 
–
 
   
 
624
 
      620        8        –        628  
Gross retail
  
 
217,324
 
   
 
3,618
 
   
 
50
 
   
 
220,992
 
      208,758        4,405        46        213,209  
ECL allowance
  
 
57
 
   
 
122
 
   
 
–
 
   
 
179
 
      54        131        –        185  
Net retail
  
 
217,267
 
   
 
3,496
 
   
 
50
 
   
 
220,813
 
      208,704        4,274        46        213,024  
Business and government
                       
– Investment grade
  
 
196,650
 
   
 
775
 
   
 
–
 
   
 
197,425
 
      179,496        579        –        180,075  
– Non-investment grade
  
 
84,627
 
   
 
3,231
 
   
 
–
 
   
 
87,858
 
      79,909        2,659        –        82,568  
– Watch list
  
 
25
 
   
 
987
 
   
 
–
 
   
 
1,012
 
      57        1,046        –        1,103  
– Default
  
 
–
 
   
 
–
 
   
 
211
 
   
 
211
 
      –        –        217        217  
– Not rated
  
 
770
 
   
 
78
 
   
 
–
 
   
 
848
 
      947        42        –        989  
Gross business and government
  
 
282,072
 
   
 
5,071
 
   
 
211
 
   
 
287,354
 
      260,409        4,326        217        264,952  
ECL allowance
  
 
91
 
   
 
58
 
   
 
9
 
   
 
158
 
      93        62        7        162  
Net business and government
  
 
281,981
 
   
 
5,013
 
   
 
202
 
   
 
287,196
 
      260,316        4,264        210        264,790  
Total net undrawn credit facilities and other
off-balance
sheet exposures
  
$
  499,248
 
   
$
  8,509
 
   
$
  252
 
   
$
  508,009
 
    $   469,020      $   8,538      $   256      $   477,814  
Note 6. Deposits
(1)(2)
 
$ millions, as at
  
  
 
 
  
 
  
  
 
 
2026
Jul. 31
 
  
2025
Oct. 31
 
 
  
 
Payable on
demand
 
 
(3)
 
 
 
Payable
after notice
 
 
(4)
 
  
 
Payable on a
fixed date
 
 
(5)(6)
 
 
 
Total
 
  
 
Total
 
Personal
   
 
$   15,861
 
  
 
$  150,047
 
   
 
$   95,979
 
  
$
261,887
 
   
$
258,139
 
Business and government 
(7)
   
 
119,190
 
  
 
135,980
 
   
 
245,576
 
  
 
500,746
 
   
 
457,284
 
Bank
   
 
21,700
 
  
 
343
 
   
 
10,280
 
  
 
32,323
 
   
 
26,723
 
Secured borrowings 
(8)
   
 
–
 
  
 
–
 
   
 
57,219
 
  
 
57,219
 
   
 
65,978
 
Total deposits
   
 
$  156,751
 
    
$  286,370
 
     
$  409,054
 
  
$
852,175
 
   
$
808,124
 
Comprises:
             
Held at amortized cost
          
$
803,089
 
   
$
764,401
 
Designated at fair value
                            
 
49,086
 
   
 
43,723
 
Total deposits
                            
$
852,175
 
   
$
  808,124
 
Deposits include 
(9)
:
             
Non-interest-bearing deposits
             
Canada
          
$
94,300
 
   
$
91,074
 
U.S.
          
 
12,877
 
   
 
12,894
 
Other international
          
 
6,721
 
   
 
5,963
 
Interest-bearing deposits
             
Canada
          
 
572,730
 
   
 
549,270
 
U.S.
          
 
116,350
 
   
 
107,607
 
Other international
                            
 
49,197
 
   
 
41,316
 
Total deposits
                            
$
 
 
 
 
852,175
 
   
$
808,124
 
(1)
Includes deposits of $327.7 billion (October 31, 2025: $298.3 billion) denominated in U.S. dollars and deposits of $70.7 billion (October 31, 2025: $70.0 billion) denominated in other foreign currencies.
(2)
Net of purchased notes of $0.9 billion (October 31, 2025: $0.5 billion).
(3)
Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts.
(4)
Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts.
(5)
Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments.
(6)
Includes $76.2 billion (October 31, 2025: $67.0 billion) of deposits which are subject to the bank recapitalization (bail-in) conversion regulations issued by the Department of Finance Canada. These regulations provide certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities of CIBC into common shares in the event that CIBC is determined to be non-viable.
(7)
Includes $17.6 billion (October 31, 2025: $17.3 billion) of structured note liabilities that were sold upon issuance to third-party financial intermediaries, who may resell the notes to retail investors in foreign jurisdictions.
(8)
Comprises liabilities issued by, or as a result of, activities associated with the securitization of residential mortgages, Covered Bond Programme, and consolidated securitization vehicles.
(9)
Classification is based on geographical location of the CIBC office.
Note 7. Subordinated indebtedness
On April 21, 2026, we redeemed all $1.0 billion of our 1.96% Debentures due April 21, 2031. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon. The debentures qualified as Tier 2 capital.
 
70
 
CIBC THIRD QUARTER 2026
Table of Contents
Note 8. Share capital
Common shares
 
   
For the three
months ended
          
For the nine
months ended
  
$ millions, except number of shares
         
2026
Jul. 31
    
2025
Jul. 31
                 
2026
Jul. 31
            2025
Jul. 31		  
    
Number
of shares
    
Amount
     Number
of shares		     Amount          
Number
of shares
    
Amount
     Number
of shares		     Amount  
Balance at beginning of period
  
 
914,772,714
 
  
$
16,750
 
     934,230,189     $ 16,929      
 
926,614,036
 
  
$
16,845
 
     942,294,598     $ 17,011  
Issuance pursuant to:
                      
Equity-settled share-based compensation plans
  
 
648,657
 
  
 
43
 
     786,626       46      
 
3,345,540
 
  
 
216
 
     2,191,152       132  
Shareholder investment plan 
(1)
  
 
–
 
  
 
–
 
     –       –      
 
–
 
  
 
–
 
     629       –  
 
 
915,421,371
 
  
$
16,793
 
     935,016,815     $ 16,975      
 
929,959,576
 
  
$
17,061
 
     944,486,379     $ 17,143  
Purchase of common shares for cancellation
  
 
(7,500,000
)
  
 
(137
)
     (5,500,000 )      (100 )     
 
(22,000,000
)
  
 
(402
)
     (15,000,000 )      (272 ) 
Treasury shares
  
 
14,066
 
  
 
(1
)
     (66,124 )      (8 )     
 
(24,139
)
  
 
(4
)
     (35,688 )      (4 ) 
Balance at end of period
  
 
907,935,437
 
  
$
  16,655
 
     929,450,691     $   16,867      
 
907,935,437
 
  
$
  16,655
 
     929,450,691     $   16,867  
(1)
Commencing with dividends paid on January 28, 2025 and for future dividends declared until further notice, common shares received by participants under the shareholder investment plan were purchased from the open market, a change from issuance from Treasury. For the share purchase option, this change became effective February 1, 2025.
Normal course issuer bid (NCIB)
On June 4, 2026, 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 30 million common shares; (ii) CIBC providing a notice of termination; or (iii) June 7, 2027. During the quarter, 5,500,000 common shares were purchased and cancelled at an average price of $162.18 for a total amount of $892 million.
CIBC’s previous NCIB for the purchase of up to
20 million common shares commenced on September 10, 2025 and was completed on May 25, 2026. During the quarter, 2,000,000 common shares were purchased and cancelled at an average price of $153.73 for a total amount of $307 million. For the nine months ended July 31, 2026, 16,500,000 common shares were purchased and cancelled at an average price of $133.31 for a total amount of $2,200 million. Since the inception of this NCIB, we repurchased and cancelled 20 million common shares at an average price of $129.68 per share for a total amount of $2,593
m
illion.
Preferred shares and other equity instruments
Issuance
Limited Recourse Capital Notes Series 9 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) (LRCN Series 9 Notes)
On January 13, 2026, we issued US$700 million principal amount of 6.500% LRCN Series 9 Notes. The LRCN Series 9 Notes mature on July 28, 2086, and bear interest at a fixed rate of 6.500% per annum (paid quarterly) until July 28, 2031. Starting on July 28, 2031, and every five years thereafter until July 28, 2081, the interest rate will be reset to the then current five-year U.S. Treasury Rate plus 2.727% per annum.
Concurrently with the issuance of the LRCN Series 9 Notes, we issued Non-cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 64 (NVCC) (Series 64 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 64 Preferred Shares are eliminated in CIBC’s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of, interest on, or redemption price for, the LRCN Series 9 Notes when due, the sole remedy of each LRCN Series 9 Note holder is limited to that holder’s proportionate share of the Series 64 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 9 Notes, in whole or in part, on each January 28, April 28, July 28, and October 28, commencing on July 28, 2031, at par.
Limited Recourse Capital Notes Series 10 (NVCC) (subordinated indebtedness) (LRCN Series 10 Notes)
On July 13, 2026, we issued US$500 million principal amount of 6.750% LRCN Series 10 Notes. The LRCN Series 10 Notes mature on January 28, 2087, and bear interest at a fixed rate of 6.750% per annum (paid quarterly) until January 28, 2032. Starting on January 28, 2032, and every five years thereafter until January 28, 2082, the interest rate will be reset to the then current five-year U.S. Treasury Rate plus 2.4997% per annum.
Concurrently with the issuance of the LRCN Series 10 Notes, we issued Non-cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 65 (NVCC) (Series 65 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 65 Preferred Shares are eliminated in CIBC’s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of, interest on, or redemption price for, the LRCN Series 10 Notes when due, the sole remedy of each LRCN Series 10 Note holder is limited to that holder’s proportionate share of the Series 65 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 10 Notes, in whole or in part, on each January 28, April 28, July 28, and October 28, commencing on January 28, 2032, at par.
Regulatory capital, leverage and total loss absorbing capacity (TLAC) ratios
Our capital, leverage and TLAC ratios are presented in the table below:
 
$ millions, as at        
2026
Jul. 31
     
2025
Oct. 31
  
Common Equity Tier 1 (CET1) capital
     
$
49,478
 
    $ 47,718  
Tier 1 capital
   A   
 
57,546
 
      54,105  
Total capital
     
 
64,620
 
      62,287  
Total risk-weighted assets (RWA)
   B   
 
369,264
 
      357,803  
CET1 ratio
     
 
13.4
 % 
      13.3  % 
Tier 1 capital ratio
     
 
15.6
 % 
      15.1  % 
Total capital ratio
     
 
17.5
 % 
      17.4  % 
Leverage ratio exposure
   C   
$
   1,333,544
 
    $   1,261,098  
Leverage ratio
   A/C   
 
4.3
 % 
      4.3  % 
TLAC available
   D   
$
127,163
 
    $ 114,102  
TLAC ratio
   D/B   
 
34.4
 % 
      31.9  % 
TLAC leverage ratio
   D/C   
 
9.5
 % 
      9.0  % 
 
CIBC THIRD QUARTER 2026
 
 
71
 
Table of Contents
Our 
regulatory capital ratios are determined in accordance with the Capital Adequacy Requirements Guideline issued by OSFI, which are based on the capital standards developed by the Basel Committee on Banking Supervision. CIBC has been designated by OSFI as a domestic systemically important bank (D-SIB) in Canada, and is subject to a CET1 surcharge equal to 1.0% of RWA. OSFI also expects D-SIBs to hold a Domestic Stability Buffer (DSB) of 3.0%, which was decreased from 3.5% effective June 19, 2026. This results in current targets, including all buffer requirements, for the CET1, Tier 1, and Total capital ratios of 11.0%, 12.5%, and 14.5%,
respectively.
To
 supplement risk-based capital requirements, OSFI expects federally regulated deposit-taking institutions to have a leverage ratio, which is a non-risk-based capital metric, that meets or exceeds 3.5%, including a 0.5% D-SIB buffer.
Under the TLAC guideline, OSFI also requires D-SIBs to maintain a supervisory target TLAC ratio (which builds on the risk-based capital ratios) and a minimum TLAC leverage ratio (which builds on the leverage ratio). OSFI expects D-SIBs to have a minimum risk-based TLAC ratio of 21.5% plus the then applicable DSB requirement (3.0% as noted above), and a minimum TLAC leverage ratio of 7.25%.
These targets may be higher for certain institutions at OSFI’s discretion. During the quarter ended July 31, 2026, we have complied with OSFI’s regulatory capital, leverage ratio, and TLAC requirements.
Note 9. Post-employment benefits
The following tables provide details on the post-employment benefit expense recognized in the interim consolidated statement of income and on the remeasurements recognized in the interim consolidated statement of comprehensive income:
Defined benefit plan expense
   
For the three
months ended
          
For the nine
months ended
  
$ millions  
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		    
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		          
2026
Jul. 31
     2025
Jul. 31		    
2026
Jul. 31
     2025
Jul. 31		  
            Pension plans     Other
post-employment plans		           Pension plans     Other
post-employment plans
  
Current service cost
  
$
64
 
   $ 64     $ 56    
$
1
 
   $ 1     $ 2      
$
192
 
   $ 170    
$
3
 
   $ 4  
Net interest (income) expense
  
 
(23
)
     (23 )      (17 )   
 
5
 
     5       5      
 
(70
)
     (57 )   
 
15
 
     15  
Interest expense on effect of asset ceiling
  
 
1
 
     1       –    
 
–
 
     –       –      
 
3
 
     2    
 
–
 
     –  
Plan administration costs
  
 
2
 
     2       1    
 
–
 
     –       –      
 
6
 
     5    
 
–
 
     –  
Net defined benefit plan expense recognized in net income
  
$
  44
 
   $    44     $    40    
$
  6
 
   $   6     $   7      
$
  131
 
   $   120    
$
  18
 
   $   19  
Defined contribution plan expense
 
    For the three
months ended		         For the nine
months ended		  
$ millions  
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		        
2026
Jul. 31
     2025
Jul. 31		  
Defined contribution pension plans
  
$
21
 
   $ 21     $ 20      
$
58
 
   $ 63  
Government pension plans 
(1)
  
 
64
 
     64       57      
 
189
 
     171  
Total
  
$
  85
 
   $   85     $   77      
$
  247
 
   $   234  
(1)
Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act.
Remeasurement of employee defined benefit plans
(1)
 
    For the three
months ended		          
For the nine
months ended
  
$ millions  
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		    
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		          
2026
Jul. 31
     2025
Jul. 31		    
2026
Jul. 31
     2025
Jul. 31		  
            Pension plans     Other
post-employment plans
           Pension plans     Other
post-employment plans
  
Net actuarial gains (losses) on defined benefit obligations
  
$
162
 
   $ 149     $ 68    
$
6
 
   $ 6     $ 4      
$
464
 
   $    162    
$
  18
 
   $ 5  
Net actuarial gains (losses) on plan assets
  
 
30
 
     29       3    
 
–
 
     –       –      
 
(58
)
     (132 )  
 
–
 
     –  
Changes in asset ceiling excluding interest income
  
 
(1
)
     –       –    
 
–
 
     –       –      
 
–
 
     1    
 
–
 
     –  
Net remeasurement gains (losses) recognized in OCI
  
$
  191
 
   $   178     $   71    
$
  6
 
   $   6     $   4      
$
  406
 
   $ 31    
$
18
 
   $   5  
(1)
The Canadian post-employment defined benefit plans are remeasured on a quarterly basis for changes in the discount rate and for actual asset returns. All other Canadian plans’ actuarial assumptions and foreign plans’ actuarial assumptions are updated at least annually.
Note 10. Income taxes
The Canada Revenue Agency (CRA) has reassessed approximately $1,918 million of income taxes for CIBC’s 2011–2020 taxation years and proposed to reassess approximately $80 million of income taxes for the 2021 taxation year, related to the denial of deductions of certain dividends. Subsequent taxation years may also be similarly reassessed. CIBC filed a Notice of Appeal in respect of its 2011 taxation year to put the matter in litigation. CIBC is confident that its tax filing positions are appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the interim consolidated financial statements.
CIBC has a potential aggregate exposure remaining in respect of foreign exchange capital loss matters. We expect that for the relevant years, these amounts could be approximately $250 million of income taxes. No amounts have been accrued in the interim consolidated financial statements.
 
72
 
CIBC THIRD QUARTER 2026
Table of Contents
Note 11. Earnings per share
 
    For the three
months ended		           For the nine
months ended		  
$ millions, except number of shares and per share amounts
  
2026
Jul. 31
     2026
Apr. 30		     2025
Jul. 31		          
2026
Jul. 31
     2025
Jul. 31		  
Basic EPS
              
Net income attributable to equity shareholders
  
$
2,399
 
  
$
2,457
 
  
$
2,094
 
    
$
7,949
 
  
$
6,255
 
Less: Preferred share dividends and distributions on other equity instruments
  
 
128
 
  
 
114
 
  
 
82
 
    
 
348
 
  
 
248
 
Net income attributable to common shareholders
  
$
2,271
 
  
$
2,343
 
  
$
2,012
 
    
$
7,601
 
  
$
6,007
 
Weighted-average common shares outstanding (thousands)
  
 
  911,667
 
  
 
  
917,401
 
  
 
  
932,258
 
    
 
917,915
 
  
 
937,588
 
Basic EPS
  
$
2.49
 
  
$
2.55
 
  
$
2.16
 
    
$
8.28
 
  
$
6.41
 
Diluted EPS
              
Net income attributable to common shareholders
  
$
  2,271
 
  
$
2,343
 
  
$
2,012
 
    
$
  7,601
 
  
$
6,007
 
Weighted-average common shares outstanding (thousands)
  
 
911,667
 
  
 
917,401
 
  
 
932,258
 
    
 
917,915
 
  
 
  
937,588
 
Add: Stock options potentially exercisable 
(1)
 (thousands)
  
 
7,544
 
  
 
6,896
 
  
 
5,260
 
    
 
7,149
 
  
 
4,991
 
Weighted-average diluted common shares outstanding (thousands)
  
 
919,211
 
  
 
924,297
 
  
 
937,518
 
    
 
  925,064
 
  
 
942,579
 
Diluted EPS
  
$
2.47
 
  
$
2.53
 
  
$
2.15
 
    
$
8.22
 
  
$
6.37
 
(1)
Excludes average options outstanding of nil (April 30, 2026: nil; July 31, 2025: nil) with a weighted-average exercise price of nil (April 30, 2026: nil; July 31, 2025: nil) for the quarter ended July 31, 2026, and average options outstanding of nil (July 31, 2025: 2,150,302) with a weighted-average price of nil (July 31, 2025: $94.35) for the nine months ended July 31, 2026, as the options’ exercise prices were greater than the average market price of CIBC’s common shares.
Note 12. Contingent liabilities and provisions
Legal proceedings and other contingencies
In the ordinary course of its business, CIBC is a party to a number of legal proceedings, including regulatory investigations, in which claims for substantial monetary damages are asserted against CIBC and its subsidiaries. Legal provisions are established if, in the opinion of management, it is both probable that an outflow of economic benefits will be required to resolve the matter, and a reliable estimate can be made of the amount of the obligation. If the reliable estimate of probable loss involves a range of potential outcomes within which a specific amount appears to be a better estimate, that amount is accrued. If no specific amount within the range of potential outcomes appears to be a better estimate than any other amount, the mid-point in the range is accrued. In some instances, however, it is not possible either to determine whether an obligation is probable or to reliably estimate the amount of loss, in which case no accrual can be made.
While there is inherent difficulty in predicting the outcome of legal proceedings, based on current knowledge and in consultation with legal counsel, we do not expect the outcome of these matters, individually or in aggregate, to have a material adverse effect on our interim consolidated financial statements. However, the outcome of these matters, individually or in aggregate, may be material to our operating results for a particular reporting period. We regularly assess the adequacy of CIBC’s litigation accruals and make the necessary adjustments to incorporate new information as it becomes available.
The provisions disclosed in Note 21 to the consolidated financial statements included in our 2025 Annual Report included all of CIBC’s accruals for legal matters as at that date, including amounts related to the significant legal proceedings described in that note and to other legal matters. Tax examinations and disputes are excluded. Income tax matters are addressed in Note 18 to the consolidated financial statements included in our 2025 Annual Report and Note 10 to our interim consolidated financial statements.
CIBC considers losses to be reasonably possible when they are neither probable nor remote. It is reasonably possible that CIBC may incur losses in addition to the amounts recorded when the loss accrued is the mid-point of a range of reasonably possible losses, or the potential loss pertains to a matter in which an unfavourable outcome is reasonably possible but not probable.
CIBC believes the estimate of the aggregate range of reasonably possible losses, in excess of the amounts accrued, for its significant legal proceedings, where it is possible to make such an estimate, is from nil to approximately $0.4 billion as at July 31, 2026. This estimated aggregate range of reasonably possible losses is based upon currently available information for those significant proceedings in which CIBC is involved, taking into account CIBC’s best estimate of such losses for those cases for which an estimate can be made. CIBC’s estimate involves significant judgment, given the varying stages of the proceedings and the existence of multiple defendants in many of such proceedings whose share of the liability has yet to be determined. The range does not include potential punitive damages. The matters underlying the estimated range as at July 31, 2026, consist of the significant legal matters disclosed in Note 21 to the consolidated financial statements included in our 2025 Annual Report as updated below. The matters underlying the estimated range will change from time to time, and actual losses may vary significantly from the current estimate. For certain matters, CIBC does not believe that an estimate can currently be made as many of them are in preliminary stages and certain matters have no specific amount claimed. Consequently, these matters are not included in the range.

The following developments related to our significant legal proceedings occurred since the issuance of our 2025 annual consolidated financial statements:
•
 
Order Execution Only Class Actions:
The
Woodard
settlement was approved by the court in December 2025. This matter is now closed.
•
 
Pope v. CIBC, CIBC Trust Corporation, and CIBC Asset Management Inc.:
The application for class certification was heard in January 2026. In February 2026, the court released its decision certifying the matter as a class action. The defendants are appealing the certification decision.
•
 
York County on Behalf of the County of York Retirement Fund v. Rambo, et al.:
In January 2026, the parties settled this matter, subject to court approval, with no contribution from CIBC and the underwriting defendants. In April 2026, the court granted preliminary approval of the settlement. Final approval is scheduled for August 2026.
•
 
Reale v. CIBC:
CIBC’s motion to strike parts of the Statement of Claim has been adjourned.
•
 
Durkacz v CIBC et al.
-
Quantum BioPharma Shareholder Proposed Class Action
: In December 2025, CIBC, CIBC World Markets Inc., CIBC World Markets Corp., and another financial institution were named in a proposed class action filed in the U.S. District Court located in the Southern District of New York. The action is brought on behalf of shareholders of Quantum BioPharma Ltd and the allegations are very similar to the existing Quantum BioPharma case. The action alleges that the defendants or their customers used “spoofing,” an unlawful trading practice, to manipulate
 
CIBC THIRD QUARTER 2026
 
 
73
 
 
the market price of its shares, and seeks damages on behalf of investors who sold Quantum BioPharma shares during the class period of January 6, 2021 to October 15, 2025.
•
 
Harrington Global Opportunity Fund v. CIBC World Markets Inc.:
In April 2026, the court excluded the plaintiff’s damages expert report in its entirety. The parties have settled the action and this matter is now closed.
•
 
Quantum Biopharma v. CIBC World Markets Inc., et al.:
In March 2026, the court denied in part and granted in part the defendants’ motions to dismiss.
•
 
Azarya v. CIBC et al.:
In April 2026, a proposed class action was commenced in Quebec against CIBC and several other financial institutions. The action seeks an unspecified amount for the reimbursement of currency conversion fees alleged to have been unlawfully charged to class members who reside or have resided in Quebec, as well as punitive damages.
•
 
Campbell v. CIBC
: In May 2026, a settlement agreement was reached, subject to court approval. Pursuant to the proposed settlement CIBC will pay the plaintiffs $10 million. The approval hearing is scheduled for October 2026.
Other than the items described above, there are no significant developments in the matters identified in Note 21 to the consolidated financial statements included in our 2025 Annual Report, and no new significant legal proceedings have arisen since the issuance of our 2025 annual consolidated financial statements.
Note 13. Interest income and expense 
The table below provides the consolidated interest income and expense by accounting category.
 
    For the three
months ended		           For the nine
months ended		  
$ millions         
2026
Jul. 31
            2026
Apr. 30		            2025
Jul. 31		                 
2026
Jul. 31
            2025
Jul. 31		  
    
Interest
income
    
Interest
expense
     Interest
income		     Interest
expense		     Interest
income		     Interest
expense		          
Interest
income
    
Interest
expense
     Interest
income		     Interest
expense		  
Measured at amortized cost 
(1)(2)
  
$
10,413
 
  
$
7,110
 
   $ 9,752     $ 6,562     $ 10,193     $ 7,399      
$
30,201
 
  
$
20,515
 
   $ 30,849     $ 23,072  
Debt securities measured at FVOCI 
(1)
  
 
882
 
  
 
n/a
 
     796       n/a       806       n/a      
 
2,443
 
  
 
n/a
 
     2,424       n/a  
Other 
(3)
  
 
1,087
 
  
 
765
 
     1,057       698       1,090       642      
 
3,145
 
  
 
2,114
 
     3,394       1,958  
Total
  
$
  12,382
 
  
$
7,875
 
   $   11,605     $   7,260     $   12,089     $   8,041      
$
  35,789
 
  
$
  22,629
 
   $   36,667     $   25,030  
(1)
Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate method.
(2)
Includes interest income on sublease-related assets and interest expense on lease liabilities under IFRS 16.
(3)
Includes interest income and expense and dividend income for financial instruments that are mandatorily measured and designated at FVTPL and equity securities designated at FVOCI.
n/a
Not applicable.
Note 14. Segmented information
CIBC has four strategic business units (SBUs) – Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. These SBUs are supported by Corporate and Other.
Canadian Personal and Business Banking provides clients across Canada with financial solutions, services and advice through our dedicated team members in banking centres and contact centres, as well as leading mobile and online banking platforms to help make their ambitions a reality.
Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada. Our offering also includes an online brokerage platform for retail clients and asset management services for institutional investors.
U.S. Commercial Banking and Wealth Management provides tailored, relationship-oriented banking and wealth management solutions across the U.S., focusing on middle-market and mid-corporate companies, entrepreneurs, high-net-worth individuals and families, as well as operating private and small business banking services in strategic markets across the U.S.
Capital Markets provides integrated global markets products and services, investment banking and corporate banking solutions, and top-ranked research to our clients around the world. Leveraging the capabilities of our differentiated platform, Capital Markets also delivers multi-currency payments and innovative solutions for clients across our bank.
Corporate and Other includes the following functional groups – Chief Administrative Office, Global Technology, Data and AI, Risk Management, People, Culture and Talent, and Finance and Enterprise Strategy, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. Corporate and Other also includes the results of CIBC Caribbean Bank Limited and other portfolio investments, as well as other income statement and balance sheet items not directly attributable to the business lines.
As announced on May 28, 2026, upon the completion of supporting changes in our internal management reporting processes in the fourth quarter of 2026, we will realign the external reporting of our commercial banking and wealth management businesses, currently within the Canadian Commercial Banking and Wealth Management, and the U.S. Commercial Banking and Wealth Management SBUs, to form two new SBUs: Commercial Banking (consisting of Canadian and U.S. Commercial banking), and Wealth Management (consisting of Canadian and U.S. Wealth management). As part of this realignment, certain corporate costs that were previously recognized in Corporate and Other will be allocated to all four of our SBUs, including Canadian Personal and Business Banking and Capital Markets.
Prior period amounts will be restated in the fourth quarter to reflect these changes for consistent presentation across all reporting periods. While the changes will impact the results of our SBUs and Corporate and Other to reflect the new SBU structure and corporate cost allocation methodology, there will be no impact on our consolidated financial results.
 
74
 
CIBC THIRD QUARTER 2026
$ millions, for the three months ended   Canadian
Personal
and Business
Banking		     Canadian
Commercial
Banking
and Wealth
Management		     U.S.
Commercial
Banking
and Wealth
Management		     Capital
Markets		     Corporate
and Other		    
CIBC
Total
  
2026
   
Net interest income
  
$
2,721
 
  
$
872
 
  
$
608
 
  
$
125
 
  
$
181
 
  
$
4,507
 
Jul. 31
   
Non-interest income
 
(1)(2)
  
 
623
 
  
 
1,165
 
  
 
255
 
  
 
1,709
 
  
 
109
 
  
 
3,861
 
  
Total revenue
  
 
3,344
 
  
 
2,037
 
  
 
863
 
  
 
1,834
 
  
 
290
 
  
 
8,368
 
  
Provision for (reversal of) credit losses
  
 
427
 
  
 
145
 
  
 
(32
)
  
 
28
 
  
 
(4
)
  
 
564
 
  
Amortization and impairment
 
(3)
  
 
57
 
  
 
–
 
  
 
25
 
  
 
–
 
  
 
362
 
  
 
444
 
    
Other non-interest expenses
  
 
1,586
 
  
 
1,037
 
  
 
453
 
  
 
857
 
  
 
308
 
  
 
4,241
 
  
Income (loss) before income taxes
  
 
1,274
 
  
 
855
 
  
 
417
 
  
 
949
 
  
 
(376
)
  
 
3,119
 
    
Income taxes
  
 
326
 
  
 
236
 
  
 
97
 
  
 
227
 
  
 
(176
)
  
 
710
 
    
Net income (loss)
  
$
948
 
  
$
619
 
  
$
320
 
  
$
722
 
  
$
(200
)
  
$
2,409
 
  
Net income (loss) attributable to:
            
  
Non-controlling interests
  
$
–
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
10
 
  
$
10
 
    
Equity shareholders
  
 
948
 
  
 
619
 
  
 
320
 
  
 
722
 
  
 
(210
)
  
 
2,399
 
    
Average assets
 
(4)(5)
  
$
346,745
 
  
$
113,052
 
  
$
69,779
 
  
$
437,011
 
  
$
223,214
 
  
$
1,189,801
 
2026
   
Net interest income
   $ 2,581     $ 829     $ 577     $ 246     $ 112     $ 4,345  
Apr. 30
   
Non-interest income 
(1)(2)
     593       1,089       244       1,622       113       3,661  
  
Total revenue
     3,174       1,918       821       1,868       225       8,006  
  
Provision for (reversal of) credit losses
     474       121       21       (15 )      4       605  
  
Amortization and impairment 
(3)
     56       1       25       1       219       302  
    
Other non-interest expenses
     1,515       959       444       806       173       3,897  
  
Income (loss) before income taxes
     1,129       837       331       1,076       (171 )      3,202  
    
Income taxes
     283       223       71       284       (124 )      737  
    
Net income (loss)
   $ 846     $ 614     $ 260     $ 792     $ (47 )    $ 2,465  
  
Net income (loss) attributable to:
            
  
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 8     $ 8  
    
Equity shareholders
     846       614       260       792       (55 )      2,457  
    
Average assets 
(4)(5)
   $   343,988     $   110,993     $   66,313     $   422,923     $   217,295     $   1,161,512  
2025
   
Net interest income
   $ 2,459     $ 751     $ 548     $ 176     $ 114     $ 4,048  
Jul. 31
   
Non-interest income 
(1)(2)
     602       972       242       1,330       60       3,206  
  
Total revenue
     3,061       1,723       790       1,506       174       7,254  
  
Provision for credit losses
     444       21       17       76       1       559  
  
Amortization and impairment 
(3)
     58       1       23       –       205       287  
    
Other non-interest expenses
     1,459       878       427       721       204       3,689  
  
Income (loss) before income taxes
     1,100       823       323       709       (236 )      2,719  
    
Income taxes
     288       225       69       169       (128 )      623  
    
Net income (loss)
   $ 812     $ 598     $ 254     $ 540     $ (108 )    $ 2,096  
  
Net income (loss) attributable to:
            
  
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 2     $ 2  
    
Equity shareholders
     812       598       254       540       (110 )      2,094  
    
Average assets 
(4)(5)
   $ 340,683     $ 105,275     $ 63,669     $ 381,214     $ 212,606     $ 1,103,447  
$ millions, for the nine months ended
                                          
2026
   
Net interest income
  
$
7,954
 
  
$
2,531
 
  
$
1,785
 
  
$
482
 
  
$
408
 
  
$
13,160
 
Jul. 31
   
Non-interest income 
(1)(2)
  
 
1,859
 
  
 
3,347
 
  
 
773
 
  
 
5,237
 
  
 
396
 
  
 
11,612
 
  
Total revenue
  
 
9,813
 
  
 
5,878
 
  
 
2,558
 
  
 
5,719
 
  
 
804
 
  
 
24,772
 
  
Provision for credit losses
  
 
1,347
 
  
 
350
 
  
 
10
 
  
 
20
 
  
 
10
 
  
 
1,737
 
  
Amortization and impairment 
(3)
  
 
170
 
  
 
1
 
  
 
77
 
  
 
1
 
  
 
798
 
  
 
1,047
 
    
Other non-interest expenses
  
 
4,602
 
  
 
2,937
 
  
 
1,353
 
  
 
2,499
 
  
 
775
 
  
 
12,166
 
  
Income (loss) before income taxes
  
 
3,694
 
  
 
2,590
 
  
 
1,118
 
  
 
3,199
 
  
 
(779
)
  
 
9,822
 
    
Income taxes
  
 
940
 
  
 
710
 
  
 
244
 
  
 
808
 
  
 
(854
)
  
 
1,848
 
    
Net income
  
$
2,754
 
  
$
1,880
 
  
$
874
 
  
$
2,391
 
  
$
75
 
  
$
7,974
 
  
Net income attributable to:
            
  
Non-controlling interests
  
$
–
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
25
 
  
$
25
 
    
Equity shareholders
  
 
2,754
 
  
 
1,880
 
  
 
874
 
  
 
2,391
 
  
 
50
 
  
 
7,949
 
    
Average assets
 
(4)(5)
  
$
344,866
 
  
$
110,810
 
  
$
67,113
 
  
$
427,825
 
  
$
218,197
 
  
$
1,168,811
 
2025
   
Net interest income
   $ 7,057     $ 2,176     $ 1,646     $ 417     $ 341     $ 11,637  
Jul. 31
   
Non-interest income 
(1)(2)
     1,786       2,890       760       4,208       276       9,920  
  
Total revenue
     8,843       5,066       2,406       4,625       617       21,557  
  
Provision for credit losses
     1,261       114       208       131       23       1,737  
  
Amortization and impairment 
(3)
     173       2       71       1       607       854  
    
Other non-interest expenses
     4,282       2,563       1,290       2,144       540       10,819  
  
Income (loss) before income taxes
     3,127       2,387       837       2,349       (553 )      8,147  
    
Income taxes
     816       649       154       624       (370 )      1,873  
    
Net income (loss)
   $ 2,311     $ 1,738     $ 683     $ 1,725     $ (183 )    $ 6,274  
  
Net income (loss) attributable to:
            
  
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 19     $ 19  
    
Equity shareholders
     2,311       1,738       683       1,725       (202 )      6,255  
    
Average assets 
(4)(5)
   $ 338,754     $ 102,750     $ 64,654     $ 375,881     $ 216,566     $ 1,098,605  
(1)
The fee and commission income within non-interest income consists primarily of underwriting and advisory fees, deposit and payment fees, credit fees, card fees, investment management and custodial fees, mutual fund fees and commissions on securities transactions. Underwriting and advisory fees are earned primarily in Capital Markets with the remainder earned in Canadian Commercial Banking and Wealth Management. Deposit and payment fees are earned primarily in Canadian Personal and Business Banking, with the remainder earned mainly in Canadian Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other. Credit fees are earned primarily in Canadian Commercial Banking and Wealth Management, Capital Markets, and U.S. Commercial Banking and Wealth Management. Card fees are earned primarily in Canadian Personal and Business Banking, with the remainder earned mainly in Corporate and Other. Investment management and custodial fees are earned primarily in Canadian Commercial Banking and Wealth Management and U.S. Commercial Banking and Wealth Management, with the remainder earned mainly in Corporate and Other. Mutual fund fees are earned primarily in Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Canadian Personal and Business Banking. Commissions on securities transactions are earned primarily in Capital Markets, and Canadian Commercial Banking and Wealth Management.
(2)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(3)
Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill.
(4)
Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management.
(5)
Average balances are calculated as a weighted average of daily closing balances.
 
CIBC THIRD QUARTER 2026
 
 
75
 
Table of Contents
TO REACH US:
Corporate Secretary
: Shareholders may e-mail:
corporate.secretary@cibc.com
Investor Relations
: Financial analysts, portfolio managers and other investors requiring financial information may call 1-888-713-5457, or e-mail:
Mailbox.InvestorRelations@cibc.com
Communications and Public Affairs
: Financial, business and trade media may e-mail:
corpcommmailbox@cibc.com
CIBC Telephone Banking
: As part of our commitment to our clients, information about CIBC products and services is available by calling
1-800-465-2422
toll-free across Canada.
Online Investor Presentations
: Supplementary financial information, Pillar 3 Report and Supplementary regulatory capital disclosure, and a presentation to investors and analysts are available at
www.cibc.com
; About CIBC.
Earnings Conference Call
: CIBC’s third quarter conference call with analysts and investors will take place on Thursday, August 27, 2026 at 7:30 a.m. (ET). The call will be available in English (647-557-5624, or
toll-free
1-888-440-4413,
passcode 5677394#) and French (438-799-5050, or
toll-free
1-888-440-6444,
passcode 9555876#). A telephone replay of the conference call will be available in English and French until 11:59 p.m. (ET) September 10, 2026. To access the replay in English, call 647-362-9199 or
1-800-770-2030,
passcode 5677394#. To access the replay in French, call 647-362-9199 or 1-800-770-2030, passcode 9555876#.
Audio Webcast
: A live audio webcast of CIBC’s third quarter results conference call will take place on Thursday, August 27, 2026 at 7:30 a.m. (ET) in English and French. To access the audio webcast, go to
www.cibc.com
; About CIBC. An archived version of the audio webcast will also be available in English and French following the call on
www.cibc.com
; About CIBC.
Annual Meeting
: CIBC’s next Annual Meeting of Shareholders will be held on April 8, 2027.
Regulatory Capital
: Information on CIBC’s regulatory capital instruments and regulatory capital position may be found at
www.cibc.com
; About CIBC; Investor Relations; Regulatory Capital Instruments.
Bail-in Debt
: Information on CIBC’s bail-in debt and TLAC instruments may be found at
www.cibc.com
; About CIBC; Investor Relations; Debt Information; Bail-in Debt.
Nothing in CIBC’s website
www.cibc.com
should be considered incorporated herein by reference.
 
DIRECT DIVIDEND DEPOSIT SERVICE
Canadian-resident holders of common shares may have their dividends deposited directly into their account at any financial institution which is a member of Payments Canada. To arrange, please write to TSX Trust Company (Canada), P.O. Box 700 Postal Station B, Montreal, QC H3B 3K3 or e-mail: shareholderinquiries@tmx.com.
SHAREHOLDER INVESTMENT PLAN
Registered holders of CIBC common shares wishing to acquire additional common shares may participate in the Shareholder Investment Plan and pay no brokerage commissions or service charges.
For a copy of the offering circular, contact TSX Trust Company (Canada) at 416-682-3860, toll-free at 1-800-258-0499, or by e-mail at shareholderinquiries@tmx.com.
 
PURCHASE PRICE OF COMMON SHARES
UNDER THE
SHAREHOLDER INVESTMENT PLAN
 
Date
  
  
 
 
Share
purchase
option
 
  
Dividend
reinvestment & stock
dividend options
May 1/26
  
 
 
$152.88
 
  
Jun. 1/26
  
 
 
$146.75
 
  
Jul. 2/26
  
 
 
$161.91
 
  
Jul. 28/26
  
 
 
 
 
 
 
 
  
$168.15
 

Canadian Imperial Bank of Commerce
Head Office: CIBC Square, Toronto, Ontario, M5J 0E7, Canada
www.cibc.com