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LUN 33.59 −2.5% NTR 94.27 −1.8% LALI 0.055 −8.3% SCD 0.170 +0.0% HWY 0.370 +0.0% FCI 0.385 +1.3% GGAU 0.180 −5.3% KIRO 0.650 +1.6% LBNK 0.430 +0.0% BARU 0.040 +0.0% VCU 1.09 −4.4% NOBL 0.095 −5.0% SHL 0.355 +0.0% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.55 +1.8% LUN 33.59 −2.5% NTR 94.27 −1.8% LALI 0.055 −8.3% SCD 0.170 +0.0% HWY 0.370 +0.0% FCI 0.385 +1.3% GGAU 0.180 −5.3% KIRO 0.650 +1.6% LBNK 0.430 +0.0% BARU 0.040 +0.0% VCU 1.09 −4.4% NOBL 0.095 −5.0% SHL 0.355 +0.0% MTS 0.130 +0.0% FYL 0.090 +0.0% NUAG 5.55 +1.8%

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Original News Release

CIBC announces fourth quarter and fiscal 2025 results

CANADIAN IMPERIAL BANK OF COMMERCE Dec 04, 2025 · 05:25 CM As distributed — unedited
CIBC announces fourth quarter and fiscal 2025 results Canada NewsWire TORONTO, Dec. 4, 2025 CIBC's 2025 audited annual consolidated financial statements and accompanying management's discussion and analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2025 Annual Report is available on SEDAR+ at www.sedarplus.com. All amounts are expressed in Canadian dollars, unless otherwise indicated. TORONTO, Dec. 4, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2025. "We delivered record financial performance in 2025 through the consistent execution of our client-focused strategy, driving high-quality earnings growth and delivering top-tier returns for our shareholders," said Harry Culham, CIBC President and Chief Executive Officer. "In a dynamic operating environment, our proactive and disciplined approach to managing our business, our resilient capital position and our deep client relationships supported robust growth while maintaining strong credit quality. Thanks to our CIBC team, in 2025 we continued our strong net client growth, improved our excellent client experience scores and furthered our connected culture across our bank to create value for all our stakeholders. We enter the new fiscal year with continuity in our strategy and a shared vision for accelerating its execution by sharpening client focus and connectivity, driving efficiencies through modernization and elevating our emphasis on human capital. Our CIBC team remains committed to our purpose to help make your ambition a reality as we serve our clients, support our community and build on the clear momentum we've established at CIBC," added Mr. Culham. Fourth quarter highlights Q4/25 Q4/24 Q3/25 YoY Variance QoQ Variance Revenue $7,576 million $6,617 million $7,254 million +14 % +4 % Reported Net Income $2,180 million $1,882 million $2,096 million +16 % +4 % Adjusted Net Income (1) $2,188 million $1,889 million $2,104 million +16 % +4 % Adjusted pre-provision, pre-tax earnings (1) $3,408 million $2,835 million $3,289 million +20 % +4 % Reported Diluted Earnings Per Share (EPS)  $2.20 $1.90 $2.15 +16 % +2 % Adjusted Diluted EPS (1) $2.21 $1.91 $2.16 +16 % +2 % Reported Return on Common Shareholders' Equity (ROE) (2) 14.1 % 13.3 % 14.2 % Adjusted ROE (1) 14.1 % 13.4 % 14.2 % Net interest margin on average interest-earnings assets (2)(3) 1.59 % 1.50 % 1.58 % Net interest margin on average interest-earnings assets (excluding trading) (2)(3) 2.00 % 1.86 % 1.94 % Common Equity Tier 1 (CET1) Ratio (4) 13.3 % 13.3 % 13.4 % CIBC's results for the fourth quarter of 2025 were affected by the following item of note aggregating to a negative impact of $0.01 per share: $11 million ($8 million after-tax) amortization and impairment of acquisition-related intangible assets. For the year ended October 31, 2025, CIBC reported net income of $8.5 billion and adjusted net income(1) of $8.5 billion, compared with reported net income of $7.2 billion and adjusted net income(1) of $7.3 billion for 2024, and adjusted pre-provision, pre-tax earnings(1) of $13.3 billion, compared with $11.3 billion for 2024. (1) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 14 to 18; and adjusted pre-provision, pre-tax earnings on page 19. (2) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. (3) Average balances are calculated as a weighted average of daily closing balances. (4) Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" section of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com. Core business performance F2025 Financial Highlights (C$ million) F2025 F2024 YoY Variance Canadian Personal and Business Banking (1) Reported Net Income $3,107 $2,905 up 7% Adjusted Net Income (2) $3,127 $2,924 up 7% Pre-provision, pre-tax earnings (2) $5,964 $5,236 up 14% Adjusted pre-provision, pre-tax earnings (2) $5,991 $5,262 up 14% Canadian Commercial Banking and Wealth Management (1) Reported Net Income $2,341 $2,063 up 13% Adjusted Net Income (2) $2,341 $2,063 up 13% Pre-provision, pre-tax earnings (2) $3,380 $2,952 up 14% Adjusted pre-provision, pre-tax earnings (2) $3,380 $2,952 up 14% U.S. Commercial Banking and Wealth Management (1) Reported Net Income $958 $500 up 92% Adjusted Net Income (2) $971 $599 up 62% Pre-provision, pre-tax earnings (2) $1,355 $1,102 up 23% Adjusted pre-provision, pre-tax earnings (2) $1,373 $1,235 up 11% Capital Markets (1) Reported Net Income $2,273 $1,629 up 40% Adjusted Net Income (2) $2,273 $1,629 up 40% Pre-provision, pre-tax earnings (2) $3,293 $2,321 up 42% Adjusted pre-provision, pre-tax earnings (2) $3,293 $2,321 up 42% Strong fundamentals While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2025, CIBC maintained its capital strength and sound risk management practices: Capital ratios were strong, with a CET1 ratio(3) of 13.3% as noted above, and Tier 1(3) and Total capital ratios(3) of 15.1% and 17.4%, respectively, at October 31, 2025; Market risk, as measured by average Value-at-Risk, was $11.4 million in 2025 compared with $11.0 million in 2024; We continued to have solid credit performance, with a loan loss ratio(4) of 33 basis points compared with 32 basis points in 2024; Liquidity Coverage Ratio (LCR)(3) was 132% for the three months ended October 31, 2025; and Leverage Ratio(3) was 4.3% at October 31, 2025. CIBC announced an increase in its quarterly common share dividend from $0.97 per share to $1.07 per share for the quarter ending January 31, 2026. Credit quality Provision for credit losses was $605 million for the fourth quarter, up $186 million or 44% from the same quarter last year. Provision for credit losses on performing loans was up due to an unfavourable change in the economic outlook in Canada and unfavourable credit migration in the current quarter and favourable model parameter updates in the same quarter last year. Offsetting these increases, the same quarter last year included an unfavourable change in economic outlook in the U.S. compared to a favourable change in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in all strategic business units (SBUs), except U.S. Commercial Banking and Wealth Management. (1) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. (3) Our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com. (4) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. Key highlights across our bank in 2025 included: Achieved record-high net promoter scores for Personal Banking and Imperial Service and maintained strong net promoter scores in Commercial Banking, Private Banking and Wood Gundy, reflecting the confidence, loyalty and satisfaction that sets us apart as a trusted partner for our clients. Launched a new, innovative, no annual fee CIBC Adapta Mastercard that automatically adapts to spending practices and rewards more for everyday purchases. Established a new tiered Smart Account, which offers clients up to three accounts with unlimited transactions, enhanced benefits and rewards, and automatic tier upgrades as they deepen their relationship with CIBC. Launched Real-Time Experience (CIBC CRTeX), an AI-enabled client personalization and engagement engine to further our industry-leading digital capabilities and enhance banking experiences. Achieved strong year-over-year growth in commercial loans and deposits through proactive engagement and tailored solutions. Continued delivering industry-leading advice and capital markets solutions by expanding our capabilities and expertise, securing a market share of 14.2% among Strategic and Focus clients in Canada, while maintaining leading growth, productivity, efficiency, and returns versus peers. First major Canadian bank to sign the Government of Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems Recognized by Global Finance for the third consecutive year as the Best Investment Bank in Canada and for our leadership in environmental and social sustainability financing, receiving three sustainable finance awards from Global Finance, including Best Sustainable Finance Bank in Canada. Ranked #6 Registered Investment Advisor in Barron's Top 100 RIA Firms list; remaining in the top 10 for the sixth consecutive year. Making a difference in our communities At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter: The 34th annual Canadian Cancer Society CIBC Run for the Cure took place bringing together 60,000 participants and volunteers, including more than 14,000 Team CIBC members at more than 50 sites across Canada. This year, over $18 million was raised, with Team CIBC contributing $3.1 million. To support hurricane relief efforts in Jamaica and other Caribbean islands impacted by Hurricane Melissa, CIBC committed $100,000 to the CIBC Caribbean ComTrust Foundation and launched a relief fund for CIBC team members, clients and the public to add their support. CIBC donated US$25,000 to Chicago White Sox Charities in support of Childhood Cancer Awareness Day, presented by CIBC. In collaboration with non-profit partners, the White Sox invited local families impacted by pediatric cancer to participate in special activities before and during the day's game. Fourth quarter financial highlights As at or for the As at or for the three months ended twelve months ended 2025 2025 2024 2025 2024 Unaudited Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Financial results ($ millions) Net interest income $ 4,132 $ 4,048 $ 3,633 $ 15,769 $ 13,695 Non-interest income 3,444 3,206 2,984 13,364 11,911 Total revenue 7,576 7,254 6,617 29,133 25,606 Provision for credit losses 605 559 419 2,342 2,001 Non-interest expenses 4,179 3,976 3,791 15,852 14,439 Income before income taxes 2,792 2,719 2,407 10,939 9,166 Income taxes 612 623 525 2,485 2,012 Net income $ 2,180 $ 2,096 $ 1,882 $ 8,454 $ 7,154 Net income attributable to non-controlling interests 6 2 8 25 39 Preferred shareholders and other equity instrument holders 116 82 72 364 263 Common shareholders 2,058 2,012 1,802 8,065 6,852 Net income attributable to equity shareholders $ 2,174 $ 2,094 $ 1,874 $ 8,429 $ 7,115 Financial measures Reported efficiency ratio (1) 55.2 % 54.8 % 57.3 % 54.4 % 56.4 % Reported operating leverage (1) 4.2 % 1.9 % 3.0 % 4.0 % 9.1 % Loan loss ratio (1) 0.34 % 0.33 % 0.30 % 0.33 % 0.32 % Reported return on common shareholders' equity (1)(2) 14.1 % 14.2 % 13.3 % 14.3 % 13.4 % Net interest margin (1) 1.47 % 1.46 % 1.40 % 1.43 % 1.36 % Net interest margin on average interest-earning assets (1)(3) 1.59 % 1.58 % 1.50 % 1.55 % 1.47 % Return on average assets (1)(3) 0.77 % 0.75 % 0.72 % 0.77 % 0.71 % Return on average interest-earning assets (1)(3) 0.84 % 0.82 % 0.78 % 0.83 % 0.77 % Reported effective tax rate 21.9 % 22.9 % 21.8 % 22.7 % 21.9 % Common share information Per share ($) - basic earnings $ 2.21 $ 2.16 $ 1.91 $ 8.62 $ 7.29 - reported diluted earnings 2.20 2.15 1.90 8.57 7.28 - dividends 0.97 0.97 0.90 3.88 3.60 - book value (1) 62.33 60.18 57.08 62.33 57.08 Closing share price ($) 116.21 99.03 87.11 116.21 87.11 Shares outstanding (thousands) - weighted-average basic 928,805 932,258 944,283 935,374 939,352 - weighted-average diluted 935,115 937,518 948,609 940,675 941,712 - end of period 926,614 929,451 942,295 926,614 942,295 Market capitalization ($ millions) $ 107,682 $ 92,044 $ 82,083 $ 107,682 $ 82,083 Value measures Total shareholder return 18.38 % 15.05 % 23.33 % 39.05 % 87.56 % Dividend yield (based on closing share price) 3.3 % 3.9 % 4.1 % 3.3 % 4.1 % Reported dividend payout ratio (1) 43.8 % 44.9 % 47.2 % 45.0 % 49.4 % Market value to book value ratio 1.86 1.65 1.53 1.86 1.53 Selected financial measures – adjusted (4) Adjusted efficiency ratio 55.0 % 54.7 % 57.2 % 54.3 % 55.8 % Adjusted operating leverage 4.3 % 1.7 % 1.8 % 3.1 % 1.2 % Adjusted return on common shareholders' equity (2) 14.1 % 14.2 % 13.4 % 14.4 % 13.7 % Adjusted effective tax rate 22.0 % 22.9 % 21.8 % 22.7 % 22.0 % Adjusted diluted earnings per share ($) $ 2.21 $ 2.16 $ 1.91 $ 8.61 $ 7.40 Adjusted dividend payout ratio 43.6 % 44.7 % 47.0 % 44.8 % 48.5 % On- and off-balance sheet information ($ millions) Cash, deposits with banks and securities $ 327,238 $ 330,184 $ 302,409 $ 327,238 $ 302,409 Loans and acceptances, net of allowance for credit losses 589,504 581,644 558,292 589,504 558,292 Total assets 1,116,938 1,102,255 1,041,985 1,116,938 1,041,985 Deposits 808,124 792,672 764,857 808,124 764,857 Common shareholders' equity (1) 57,760 55,930 53,789 57,760 53,789 Average assets (3) 1,118,611 1,103,447 1,035,847 1,104,285 1,005,133 Average interest-earning assets (1)(3) 1,029,235 1,015,107 961,151 1,015,644 929,604 Average common shareholders' equity (1)(3) 57,896 56,289 53,763 56,321 51,025 Assets under administration (AUA) (1)(5)(6) 3,998,199 3,965,501 3,600,069 3,998,199 3,600,069 Assets under management (AUM) (1)(6) 430,982 402,901 383,264 430,982 383,264 Balance sheet quality and liquidity measures  (7) Risk-weighted assets (RWA) ($ millions) $ 357,803 $ 347,712 $ 333,502 $ 357,803 $ 333,502 CET1 ratio 13.3 % 13.4 % 13.3 % 13.3 % 13.3 % Tier 1 capital ratio 15.1 % 15.3 % 14.8 % 15.1 % 14.8 % Total capital ratio 17.4 % 17.6 % 17.0 % 17.4 % 17.0 % Leverage ratio 4.3 % 4.3 % 4.3 % 4.3 % 4.3 % Total loss absorbing capacity (TLAC) ratio 31.9 % 32.9 % 30.3 % 31.9 % 30.3 % TLAC leverage ratio 9.0 % 9.2 % 8.7 % 9.0 % 8.7 % LCR (8) 132 % 127 % 129 % n/a n/a Net stable funding ratio (NSFR) 116 % 115 % 115 % 116 % 115 % Other information Full-time equivalent employees 49,824 49,761 48,525 49,824 48,525 (1) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) Annualized. (3) Average balances are calculated as a weighted average of daily closing balances. (4) 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. (5) 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 $3,117.4 billion (July 31, 2025: $3,130.1 billion; October 31, 2024: $2,814.6 billion). (6) AUM amounts are included in the amounts reported under AUA. (7) RWA and our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com. (8) Average for the three months ended for each respective period. n/a Not applicable.   Review of Canadian Personal and Business Banking fourth quarter results 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 (1) Revenue $ 3,188 $ 3,061 $ 2,842 Provision for (reversal of) credit losses Impaired 340 361 292 Performing 163 83 (12) Total provision for credit losses 503 444 280 Non-interest expenses 1,612 1,517 1,463 Income before income taxes 1,073 1,100 1,099 Income taxes 277 288 307 Net income $ 796 $ 812 $ 792 Net income attributable to: Equity shareholders $ 796 $ 812 $ 792 Total revenue Net interest income $ 2,572 $ 2,459 $ 2,239 Non-interest income (2) 616 602 603 $ 3,188 $ 3,061 $ 2,842 Net interest margin on average interest-earning assets (3) 3.02 % 2.91 % 2.69 % Efficiency ratio 50.6 % 49.6 % 51.5 % Operating leverage 2.0 % 7.3 % 3.0 % Return on equity (4) 25.3 % 25.9 % 26.0 % Average allocated common equity (4) $ 12,473 $ 12,458 $ 12,142 Full-time equivalent employees 13,827 13,800 13,757 Net income for the quarter was $796 million, up $4 million from the fourth quarter of 2024, due to higher revenue, partially offset by a higher provision for credit losses and higher expenses. Adjusted pre-provision, pre-tax earnings(4) were $1,583 million, up $198 million from the fourth quarter of 2024. Revenue of $3,188 million was up $346 million from the fourth quarter of 2024, primarily due to higher net interest income, mainly from higher margins and volume growth. Net interest margin on average interest-earning assets was up 33 basis points, mainly due to higher deposit and loan margins, and a favourable business mix. Provision for credit losses of $503 million was up $223 million from the fourth quarter of 2024, due to a higher provision for credit losses on both performing and impaired loans. Non-interest expenses of $1,612 million were up $149 million from the fourth quarter of 2024, mainly due to higher spending on technology and other strategic initiatives, and higher employee compensation. (1) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model. (3) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (4) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Canadian Commercial Banking and Wealth Management fourth quarter results 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 (1) Revenue Commercial banking $ 694 $ 679 $ 637 Wealth management 1,142 1,044 965 Total revenue 1,836 1,723 1,602 Provision for (reversal of) credit losses Impaired 40 25 19 Performing 12 (4) 5 Total provision for credit losses 52 21 24 Non-interest expenses 957 879 823 Income before income taxes 827 823 755 Income taxes 224 225 204 Net income $ 603 $ 598 $ 551 Net income attributable to: Equity shareholders $ 603 $ 598 $ 551 Total revenue Net interest income $ 784 $ 751 $ 676 Non-interest income (2) 1,052 972 926 $ 1,836 $ 1,723 $ 1,602 Net interest margin on average interest-earning assets (3) 2.96 % 2.89 % 2.80 % Efficiency ratio 52.2 % 51.0 % 51.4 % Operating leverage (1.8) % 2.2 % (3.9) % Return on equity (4) 23.6 % 23.8 % 22.7 % Average allocated common equity (4) $ 10,116 $ 9,977 $ 9,632 Full-time equivalent employees 6,190 6,155 5,879 Net income for the quarter was $603 million, up $52 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(4) were $879 million, up $100 million from the fourth quarter of 2024. Revenue of $1,836 million was up $234 million from the fourth quarter of 2024, driven mainly by higher fee-based revenue from higher AUA and AUM balances as a result of market appreciation, higher commission revenue from increased client activity, and higher net interest income in wealth management. Revenue in commercial banking was higher compared to the prior year, mainly due to volume growth and favourable margins. Net interest margin on average interest-earning assets was up 16 basis points, primarily due to favourable economic rates and volume growth in deposits. Provision for credit losses of $52 million was up $28 million from the fourth quarter of 2024, due to higher provisions on both performing and impaired loans. Non-interest expenses of $957 million were up $134 million from the fourth quarter of 2024, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives. (1) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model. (3) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (4) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 (1) Revenue Commercial banking $ 564 $ 554 $ 513 Wealth management 246 236 220 Total revenue 810 790 733 Provision for (reversal of) credit losses Impaired 40 57 84 Performing (73) (40) (1) Total provision for (reversal of) credit losses (33) 17 83 Non-interest expenses 500 450 415 Income before income taxes 343 323 235 Income taxes 68 69 35 Net income $ 275 $ 254 $ 200 Net income attributable to: Equity shareholders $ 275 $ 254 $ 200 Total revenue Net interest income $ 559 $ 548 $ 506 Non-interest income 251 242 227 $ 810 $ 790 $ 733 Net interest margin on average interest-earning assets (2) 3.84 % 3.78 % 3.63 % Efficiency ratio 61.8 % 57.0 % 56.7 % Return on equity (3) 9.7 % 9.0 % 7.3 % Average allocated common equity (3) $ 11,200 $ 11,200 $ 10,896 Full-time equivalent employees 3,189 3,196 3,005   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 (1) Revenue Commercial banking $ 406 $ 404 $ 377 Wealth management 178 172 161 Total revenue 584 576 538 Provision for (reversal of) credit losses Impaired 29 42 61 Performing (53) (28) - Total provision for (reversal of) credit losses (24) 14 61 Non-interest expenses 360 327 304 Income before income taxes 248 235 173 Income taxes 49 49 26 Net income $ 199 $ 186 $ 147 Net income attributable to: Equity shareholders $ 199 $ 186 $ 147 Total revenue Net interest income $ 403 $ 399 $ 371 Non-interest income 181 177 167 $ 584 $ 576 $ 538 Operating leverage (9.8) % 0.9 % 1.6 % Net income for the quarter was $275 million (US$199 million), up $75 million (up US$52 million) from the fourth quarter of 2024, due to higher revenue and a reversal of credit losses, partially offset by higher expenses. Adjusted pre-provision, pre-tax earnings(3) were $314 million (US$227 million), down $7 million (down US$9 million) from the fourth quarter of 2024. Revenue of US$584 million was up US$46 million from the fourth quarter of 2024, primarily due to higher deposit and loan volumes, higher deposit margins, and higher asset management fees from higher average AUM balances, partially offset by lower loan margins. Net interest margin on average interest-earning assets was up 21 basis points primarily due to favourable business mix and higher deposit margins, partially offset by lower loan margins. Reversal of credit losses of US$24 million in the current quarter compared with a provision for credit losses of US$61 million in the same quarter last year, due to a performing provision release in the current quarter and lower impaired provisions. Non-interest expenses of US$360 million were up US$56 million from the fourth quarter of 2024, primarily due to higher employee compensation, branch closure expenses and higher spending on strategic initiatives. (1) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (3) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Capital Markets fourth quarter results 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 (1) Revenue Global markets $ 911 $ 930 $ 717 Corporate and investment banking 612 576 438 Total revenue 1,523 1,506 1,155 Provision for credit losses Impaired 71 37 21 Performing 6 39 10 Total provision for credit losses 77 76 31 Non-interest expenses 710 721 652 Income before income taxes 736 709 472 Income taxes 188 169 126 Net income $ 548 $ 540 $ 346 Net income attributable to: Equity shareholders $ 548 $ 540 $ 346 Efficiency ratio 46.6 % 47.9 % 56.5 % Operating leverage 23.0 % 27.3 % 3.9 % Return on equity (2) 20.1 % 20.7 % 14.9 % Average allocated common equity (2) $ 10,828 $ 10,349 $ 9,281 Full-time equivalent employees 2,011 2,034 1,858 Net income for the quarter was $548 million, up $202 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $310 million or 62% from the fourth quarter of 2024. Revenue of $1,523 million was up $368 million from the fourth quarter of 2024. In global markets, revenue increased due to higher equity trading, financing, fixed income, and commodities trading revenue. In corporate and investment banking, higher corporate banking revenue and higher debt underwriting and advisory activity were partially offset by lower equity underwriting activity. Provision for credit losses of $77 million was up $46 million from the fourth quarter of 2024, due to a higher provision on impaired loans. Non-interest expenses of $710 million were up $58 million from the fourth quarter of 2024, primarily due to higher spend on technology and other strategic initiatives, and higher employee-related compensation, partially offset by lower performance-based compensation. Review of Corporate and Other fourth quarter results 2025 2025 2024 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 Revenue International banking $ 242 $ 163 $ 239 Other (23) 11 46 Total revenue 219 174 285 Provision for credit losses Impaired 6 1 1 Performing - - - Total provision for credit losses 6 1 1 Non-interest expenses 400 409 438 Loss before income taxes (187) (236) (154) Income taxes (145) (128) (147) Net loss $ (42) $ (108) $ (7) Net income (loss) attributable to: Non-controlling interests $ 6 $ 2 $ 8 Equity shareholders (48) (110) (15) Full-time equivalent employees (3) 24,607 24,576 24,026 Net loss for the quarter was $42 million, compared with a net loss of $7 million for the fourth quarter of 2024, due to lower revenue, partially offset by lower expenses. Adjusted pre-provision, pre-tax losses(2) were up $28 million or 18% from the fourth quarter of 2024. Revenue was down $66 million from the fourth quarter of 2024, due to lower treasury revenue, partially offset by higher revenue from strategic investments. The current quarter included a provision for credit losses of $6 million, while the fourth quarter of 2024 included a provision for credit losses of $1 million. Non-interest expenses of $400 million were down $38 million from the fourth quarter of 2024, primarily due to lower corporate costs. Income tax benefit was down $2 million from the fourth quarter of 2024. (1) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. (3) Includes full-time equivalent employees for which the expenses are allocated to the business lines within the SBUs. The majority of the full-time equivalent employees for functional and support costs of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU.   Consolidated balance sheet $ millions, as at October 31 2025 2024 ASSETS Cash and non-interest-bearing deposits with banks $ 12,379 $ 8,565 Interest-bearing deposits with banks 31,624 39,499 Securities 283,235 254,345 Cash collateral on securities borrowed 21,697 17,028 Securities purchased under resale agreements 86,695 83,721 Loans Residential mortgages 287,033 280,672 Personal 47,866 46,681 Credit card 21,581 20,551 Business and government (1) 237,416 214,305 Allowance for credit losses (4,392) (3,917) 589,504 558,292 Other Derivative instruments 38,352 36,435 Property and equipment 3,443 3,359 Goodwill 5,475 5,443 Software and other intangible assets 2,894 2,830 Investments in equity-accounted associates and joint ventures 808 785 Deferred tax assets 1,027 821 Other assets 39,805 30,862 91,804 80,535 Total assets $ 1,116,938 $ 1,041,985 LIABILITIES AND EQUITY Deposits Personal $ 258,139 $ 252,894 Business and government 457,284 435,499 Bank 26,723 20,009 Secured borrowings 65,978 56,455 808,124 764,857 Obligations related to securities sold short 24,244 21,642 Cash collateral on securities lent 6,031 7,997 Obligations related to securities sold under repurchase agreements 130,042 110,153 Other Derivative instruments 41,411 40,654 Deferred tax liabilities 47 49 Other liabilities (1) 34,807 30,161 76,265 70,864 Subordinated indebtedness 7,819 7,465 Total liabilities 1,052,525 982,978 Equity Preferred shares and other equity instruments 6,369 4,946 Common shares 16,845 17,011 Contributed surplus 226 159 Retained earnings 36,471 33,471 Accumulated other comprehensive income (AOCI) 4,218 3,148 Total shareholders' equity 64,129 58,735 Non-controlling interests 284 272 Total equity 64,413 59,007 Total liabilities and equity $ 1,116,938 $ 1,041,985 (1) Includes customers' liability under acceptances of $10 million (2024: $6 million) in business and government loans and acceptances of $10 million (2024: $6 million) in other liabilities. Prior period amounts have been revised to conform to the presentation adopted in the first quarter of 2025.   Consolidated statement of income For the three For the twelve months ended months ended 2025 2025 2024 2025 2024 $ millions, except as noted Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Interest income (1) Loans $ 8,117 $ 7,976 $ 8,668 $ 32,074 $ 33,925 Securities 2,215 2,260 2,393 9,045 9,560 Securities borrowed or purchased under resale agreements 1,222 1,307 1,441 5,260 5,811 Deposits with banks and other 540 546 729 2,382 2,889 12,094 12,089 13,231 48,761 52,185 Interest expense Deposits 6,004 6,090 7,476 25,110 30,476 Securities sold short 141 135 163 565 625 Securities lent or sold under repurchase agreements 1,624 1,619 1,719 6,521 6,334 Subordinated indebtedness 93 106 120 407 510 Other 100 91 120 389 545 7,962 8,041 9,598 32,992 38,490 Net interest income 4,132 4,048 3,633 15,769 13,695 Non-interest income Underwriting and advisory fees 245 291 182 915 707 Deposit and payment fees 252 257 250 996 958 Credit fees 269 253 217 1,015 1,218 Card fees 95 105 105 402 414 Investment management and custodial fees 595 555 526 2,241 1,980 Mutual fund fees 520 493 465 2,019 1,796 Income from insurance activities, net 81 71 85 317 356 Commissions on securities transactions 160 132 129 554 431 Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net 1,005 859 827 4,022 3,226 Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net (11) (25) (6) (14) 43 Foreign exchange other than trading 86 99 93 369 386 Income from equity-accounted associates and joint ventures 26 29 18 117 79 Other 121 87 93 411 317 3,444 3,206 2,984 13,364 11,911 Total revenue 7,576 7,254 6,617 29,133 25,606 Provision for credit losses 605 559 419 2,342 2,001 Non-interest expenses Employee compensation and benefits 2,357 2,377 2,207 9,266 8,261 Occupancy costs 240 204 208 847 830 Computer, software and office equipment 827 732 723 2,946 2,719 Communications 96 99 89 395 362 Advertising and business development 121 97 103 398 344 Professional fees 88 68 74 284 257 Business and capital taxes 31 30 34 124 128 Other 419 369 353 1,592 1,538 4,179 3,976 3,791 15,852 14,439 Income before income taxes 2,792 2,719 2,407 10,939 9,166 Income taxes 612 623 525 2,485 2,012 Net income $ 2,180 $ 2,096 $ 1,882 $ 8,454 $ 7,154 Net income attributable to non-controlling interests $ 6 $ 2 $ 8 $ 25 $ 39 Preferred shareholders and other equity instrument holders $ 116 $ 82 $ 72 $ 364 $ 263 Common shareholders 2,058 2,012 1,802 8,065 6,852 Net income attributable to equity shareholders $ 2,174 $ 2,094 $ 1,874 $ 8,429 $ 7,115 Earnings per share (in dollars) Basic $ 2.21 $ 2.16 $ 1.91 $ 8.62 $ 7.29 Diluted 2.20 2.15 1.90 8.57 7.28 Dividends per common share (in dollars) 0.97 0.97 0.90 3.88 3.60 (1) Interest income included $11.1 billion for the quarter ended October 31, 2025 (July 31, 2025: $11.0 billion; October 31, 2024: $12.2 billion) calculated based on the effective interest rate method.   Consolidated statement of comprehensive income For the three For the twelve months ended months ended 2025 2025 2024 2025 2024 $ millions Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Net income $ 2,180 $ 2,096 $ 1,882 $ 8,454 $ 7,154 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 713 295 479 400 281 Net gains (losses) on hedges of investments in foreign operations (476) (215) (339) (365) (267) 237 80 140 35 14 Net change in debt securities measured at FVOCI Net gains (losses) on securities measured at FVOCI 116 159 (56) 368 127 Net (gains) losses reclassified to net income 5 (4) 5 (14) (27) 121 155 (51) 354 100 Net change in cash flow hedges Net gains (losses) on derivatives designated as cash flow hedges 964 (343) 581 1,419 2,348 Net (gains) losses reclassified to net income (497) (202) (331) (928) (813) 467 (545) 250 491 1,535 OCI, net of income tax, that is not subject to subsequent reclassification to net income  Net gains (losses) on post-employment defined benefit plans 183 53 143 208 250 Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk (22) (167) (19) (34) (216) Net gains (losses) on equity securities designated at FVOCI (1) 4 (1) 18 (13) 160 (110) 123 192 21 Total other comprehensive income (loss) (1) 985 (420) 462 1,072 1,670 Comprehensive income $ 3,165 $ 1,676 $ 2,344 $ 9,526 $ 8,824 Comprehensive income attributable to non-controlling interests $ 6 $ 2 $ 8 $ 25 $ 39 Preferred shareholders and other equity instrument holders $ 116 $ 82 $ 72 $ 364 $ 263 Common shareholders 3,043 1,592 2,264 9,137 8,522 Comprehensive income attributable to equity shareholders $ 3,159 $ 1,674 $ 2,336 $ 9,501 $ 8,785 (1) Includes $16 million of gains for the quarter ended October 31, 2025 (July 31, 2025: $10 million of gains; October 31, 2024: $45 million of gains), relating to our investments in equity-accounted associates and joint ventures. For the three For the twelve months ended months ended 2025 2025 2024 2025 2024 $ millions Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 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 $ (23) $ (5) $ (12) $ (12) $ (5) Net gains (losses) on hedges of investments in foreign operations 9 (13) 13 (68) - (14) (18) 1 (80) (5) Net change in debt securities measured at FVOCI Net gains (losses) on securities measured at FVOCI (29) (51) 13 (74) (12) Net (gains) losses reclassified to net income (1) 1 (2) 5 10 (30) (50) 11 (69) (2) Net change in cash flow hedges Net gains (losses) on derivatives designated as cash flow hedges (371) 132 (223) (546) (903) Net (gains) losses reclassified to net income 191 78 127 357 313 (180) 210 (96) (189) (590) Not subject to subsequent reclassification to net income Net gains (losses) on post-employment defined benefit plans (55) (22) (28) (66) (68) Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk 9 64 8 13 83 Net gains (losses) on equity securities designated at FVOCI 1 (1) - (6) 4 (45) 41 (20) (59) 19 Total income tax (expense) benefit allocated to each component of OCI $ (269) $ 183 $ (104) $ (397) $ (578)   Consolidated statement of changes in equity For the three For the twelve months ended months ended 2025 2025 2024 2025 2024 $ millions Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Preferred shares and other equity instruments Balance at beginning of period $ 6,669 $ 5,942 $ 4,949 $ 4,946 $ 4,925 Issue of preferred shares and limited recourse capital notes (LRCNs) 450 1,027 - 2,770 1,000 Redemption of preferred shares and LRCNs (750) (300) - (1,350) (975) Treasury shares - - (3) 3 (4) Balance at end of period $ 6,369 $ 6,669 $ 4,946 $ 6,369 $ 4,946 Common shares Balance at beginning of period $ 16,867 $ 16,929 $ 16,919 $ 17,011 $ 16,082 Issue of common shares 36 46 182 168 1,019 Purchase of common shares for cancellation (63) (100) (90) (335) (90) Treasury shares 5 (8) - 1 - Balance at end of period $ 16,845 $ 16,867 $ 17,011 $ 16,845 $ 17,011 Contributed surplus Balance at beginning of period $ 175 $ 156 $ 128 $ 159 $ 109 Compensation expense arising from equity-settled share-based awards 9 3 7 20 16 Exercise of stock options and settlement of other equity-settled share-based awards (1) (3) (5) (10) (9) Other (1) 43 19 29 57 43 Balance at end of period $ 226 $ 175 $ 159 $ 226 $ 159 Retained earnings Balance at beginning of period $ 35,655 $ 34,984 $ 32,844 $ 33,471 $ 30,352 Net income attributable to equity shareholders 2,174 2,094 1,874 8,429 7,115 Dividends and distributions Preferred and other equity instruments (116) (82) (72) (364) (263) Common (901) (904) (850) (3,629) (3,382) Premium on purchase of common shares for cancellation (330) (428) (329) (1,396) (329) Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI - 2 3 2 (15) Other (11) (11) 1 (42) (7) Balance at end of period $ 36,471 $ 35,655 $ 33,471 $ 36,471 $ 33,471 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 $ 1,974 $ 1,894 $ 2,036 $ 2,176 $ 2,162 Net change in foreign currency translation adjustments 237 80 140 35 14 Balance at end of period $ 2,211 $ 1,974 $ 2,176 $ 2,211 $ 2,176 Net gains (losses) on debt securities measured at FVOCI Balance at beginning of period $ (74) $ (229) $ (256) $ (307) $ (407) Net change in securities measured at FVOCI 121 155 (51) 354 100 Balance at end of period $ 47 $ (74) $ (307) $ 47 $ (307) Net gains (losses) on cash flow hedges Balance at beginning of period $ 533 $ 1,078 $ 259 $ 509 $ (1,026) Net change in cash flow hedges 467 (545) 250 491 1,535 Balance at end of period $ 1,000 $ 533 $ 509 $ 1,000 $ 509 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 $ 867 $ 814 $ 699 $ 842 $ 592 Net change in post-employment defined benefit plans 183 53 143 208 250 Balance at end of period $ 1,050 $ 867 $ 842 $ 1,050 $ 842 Net gains (losses) due to fair value change of FVO liabilities attributable to changes    in credit risk Balance at beginning of period $ (100) $ 67 $ (69) $ (88) $ 128 Net change attributable to changes in credit risk (22) (167) (19) (34) (216) Balance at end of period $ (122) $ (100) $ (88) $ (122) $ (88) Net gains (losses) on equity securities designated at FVOCI Balance at beginning of period $ 33 $ 31 $ 20 $ 16 $ 14 Net gains (losses) on equity securities designated at FVOCI (1) 4 (1) 18 (13) Realized gains (losses) on equity securities designated at FVOCI reclassified to retained    earnings - (2) (3) (2) 15 Balance at end of period $ 32 $ 33 $ 16 $ 32 $ 16 Total AOCI, net of income tax $ 4,218 $ 3,233 $ 3,148 $ 4,218 $ 3,148 Non-controlling interests Balance at beginning of period $ 277 $ 280 $ 254 $ 272 $ 232 Net income attributable to non-controlling interests 6 2 8 25 39 Dividends (2) (3) (2) (9) (8) Other 3 (2) 12 (4) 9 Balance at end of period $ 284 $ 277 $ 272 $ 284 $ 272 Equity at end of period $ 64,413 $ 62,876 $ 59,007 $ 64,413 $ 59,007 (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.   Consolidated statement of cash flows For the three For the twelve months ended months ended 2025 2025 2024 2025 2024 $ millions Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Cash flows provided by (used in) operating activities Net income $ 2,180 $ 2,096 $ 1,882 $ 8,454 $ 7,154 Adjustments to reconcile net income to cash flows provided by (used in) operating activities: Provision for credit losses 605 559 419 2,342 2,001 Amortization and impairment (1) 324 287 289 1,178 1,170 Stock options and restricted shares expense 9 3 7 20 16 Deferred income taxes (121) (150) (203) (257) (244) Losses (gains) from debt securities measured at FVOCI and amortized cost 11 25 6 14 (43) Net losses (gains) on disposal of land, buildings and equipment - - (1) (2) (1) Other non-cash items, net (262) 457 (258) (16) (1,822) Net changes in operating assets and liabilities Interest-bearing deposits with banks 4,462 (511) (3,334) 7,875 (4,597) Loans, net of repayments (8,476) (10,756) (8,255) (33,381) (28,930) Deposits, net of withdrawals 13,145 5,718 20,126 37,183 34,467 Obligations related to securities sold short 3,417 734 (2,398) 2,602 2,976 Accrued interest receivable (372) 327 (226) 44 (711) Accrued interest payable 20 (292) (180) (983) 452 Derivative assets (3,769) 3,907 (6,188) (1,921) (3,240) Derivative liabilities 4,636 (7,402) 4,664 328 (813) Securities measured at FVTPL (6,767) (6,309) 127 (22,817) (23,319) Other assets and liabilities measured/designated at FVTPL 1,893 2,703 290 5,090 3,431 Current income taxes - (250) (174) (489) (257) Cash collateral on securities lent 727 (1,411) (518) (1,966) (84) Obligations related to securities sold under repurchase agreements (15,617) 12,380 (5,215) 19,889 23,035 Cash collateral on securities borrowed (7) (2,745) (533) (4,669) (2,377) Securities purchased under resale agreements (485) 5,051 (4,400) (2,974) (3,537) Other, net 155 1,440 3,230 (1,706) 6,361 Net cash flows provided by (used in) operating activities (4,292) 5,861 (843) 13,838 11,088 Cash flows provided by (used in) financing activities Issue of subordinated indebtedness - - - 1,250 2,250 Redemption/repurchase/maturity of subordinated indebtedness - (1,000) - (1,069) (1,536) Issue of preferred shares and LRCNs, net of issuance cost 446 1,024 - 2,757 996 Redemption of preferred shares and LRCNs (750) (300) - (1,350) (975) Issue of common shares for cash 35 43 131 158 312 Purchase of common shares for cancellation (393) (528) (419) (1,731) (419) Net sale (purchase) of treasury shares 5 (8) (3) 4 (4) Dividends and distributions paid (1,017) (986) (876) (3,993) (2,947) Repayment of lease liabilities (74) (77) (80) (309) (287) Other, net (7) (8) - (29) - Net cash flows provided by (used in) financing activities (1,755) (1,840) (1,247) (4,312) (2,610) Cash flows provided by (used in) investing activities Purchase of securities measured/designated at FVOCI and amortized cost (30,301) (26,677) (16,320) (98,369) (76,528) Proceeds from sale of securities measured/designated at FVOCI and amortized cost 12,275 13,745 8,299 46,299 29,761 Proceeds from maturity of debt securities measured at FVOCI and amortized cost 17,696 14,255 7,351 47,404 27,105 Net sale (purchase) of property, equipment, software and other intangible assets (388) (282) (393) (1,109) (1,089) Net cash flows provided by (used in) investing activities (718) 1,041 (1,063) (5,775) (20,751) Effect of exchange rate changes on cash and non-interest-bearing deposits with banks 43 28 34 63 22 Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period (6,722) 5,090 (3,119) 3,814 (12,251) Cash and non-interest-bearing deposits with banks at beginning of period 19,101 14,011 11,684 8,565 20,816 Cash and non-interest-bearing deposits with banks at end of period (2) $ 12,379 $ 19,101 $ 8,565 $ 12,379 $ 8,565 Cash interest paid $ 7,942 $ 8,333 $ 9,777 $ 33,975 $ 38,038 Cash interest received 11,288 11,929 12,578 46,993 49,761 Cash dividends received 434 487 427 1,812 1,713 Cash income taxes paid 734 1,022 903 3,231 2,513 (1) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets. (2) Includes restricted cash of $579 million (July 31, 2025: $550 million; October 31, 2024: $466 million) and interest-bearing demand deposits with Bank of Canada. Non-GAAP measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note from reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders' equity and adjusted effective tax rate. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com. The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the three months ended October 31, 2025 Banking Management Management Markets and Other Total (US$ millions) Operating results – reported Total revenue $ 3,188 $ 1,836 $ 810 $ 1,523 $ 219 $ 7,576 $ 584 Provision for (reversal of) credit losses 503 52 (33) 77 6 605 (24) Non-interest expenses 1,612 957 500 710 400 4,179 360 Income (loss) before income taxes 1,073 827 343 736 (187) 2,792 248 Income taxes 277 224 68 188 (145) 612 49 Net income (loss) 796 603 275 548 (42) 2,180 199 Net income attributable to non-controlling interests - - - - 6 6 - Preferred shareholders and other equity instrument holders - - - - 116 116 - Common shareholders 796 603 275 548 (164) 2,058 199 Net income (loss) attributable to equity shareholders 796 603 275 548 (48) 2,174 199 Diluted EPS ($) $ 2.20 Impact of items of note (1) Non-interest expenses Amortization and impairment 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 and impairment 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 ($) (2) $ 0.01 Operating results – adjusted (3) Total revenue – adjusted $ 3,188 $ 1,836 $ 810 $ 1,523 $ 219 $ 7,576 $ 584 Provision for (reversal of) credit losses – adjusted 503 52 (33) 77 6 605 (24) Non-interest expenses – adjusted 1,605 957 496 710 400 4,168 357 Income (loss) before income taxes – adjusted 1,080 827 347 736 (187) 2,803 251 Income taxes – adjusted 279 224 69 188 (145) 615 50 Net income (loss) – adjusted 801 603 278 548 (42) 2,188 201 Net income attributable to non-controlling interests – adjusted - - - - 6 6 - Preferred shareholders and other equity instrument holders – adjusted - - - - 116 116 - Common shareholders – adjusted 801 603 278 548 (164) 2,066 201 Net income (loss) attributable to equity shareholders – adjusted 801 603 278 548 (48) 2,182 201 Adjusted diluted EPS ($) $ 2.21 (1) Items of note are removed from reported results to calculate adjusted results. (2) Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS. (3) Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. (4) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.   The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the three months ended July 31, 2025 Banking Management Management Markets and Other Total (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 and impairment 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 and impairment 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 ($) (2) $ 0.01 Operating results – adjusted (3) 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 page for footnote references.   The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the three months ended October 31, 2024 (4) Banking Management Management Markets and Other Total (US$ millions) Operating results – reported Total revenue $ 2,842 $ 1,602 $ 733 $ 1,155 $ 285 $ 6,617 $ 538 Provision for credit losses 280 24 83 31 1 419 61 Non-interest expenses 1,463 823 415 652 438 3,791 304 Income (loss) before income taxes 1,099 755 235 472 (154) 2,407 173 Income taxes 307 204 35 126 (147) 525 26 Net income (loss) 792 551 200 346 (7) 1,882 147 Net income attributable to non-controlling interests - - - - 8 8 - Preferred shareholders and other equity instrument holders - - - - 72 72 - Common shareholders 792 551 200 346 (87) 1,802 147 Net income (loss) attributable to equity shareholders 792 551 200 346 (15) 1,874 147 Diluted EPS ($) $ 1.90 Impact of items of note (1) Non-interest expenses Amortization and impairment of acquisition-related intangible assets $ (6) $ - $ (6) $ - $ - $ (12) $ (4) Reversal related to the special assessment imposed by the Federal    Deposit Insurance Corporation (FDIC) - - 3 - - 3 2 Impact of items of note on non-interest expenses (6) - (3) - - (9) (2) Total pre-tax impact of items of note on net income 6 - 3 - - 9 2 Income taxes Amortization and impairment of acquisition-related intangible assets 1 - 2 - - 3 1 Reversal related to the special assessment imposed by the FDIC - - (1) - - (1) (1) Impact of items of note on income taxes 1 - 1 - - 2 - Total after-tax impact of items of note on net income $ 5 $ - $ 2 $ - $ - $ 7 $ 2 Impact of items of note on diluted EPS ($) (2) $ 0.01 Operating results – adjusted (3) Total revenue – adjusted $ 2,842 $ 1,602 $ 733 $ 1,155 $ 285 $ 6,617 $ 538 Provision for credit losses – adjusted 280 24 83 31 1 419 61 Non-interest expenses – adjusted 1,457 823 412 652 438 3,782 302 Income (loss) before income taxes – adjusted 1,105 755 238 472 (154) 2,416 175 Income taxes – adjusted 308 204 36 126 (147) 527 26 Net income (loss) – adjusted 797 551 202 346 (7) 1,889 149 Net income attributable to non-controlling interests – adjusted - - - - 8 8 - Preferred shareholders and other equity instrument holders – adjusted - - - - 72 72 - Common shareholders – adjusted 797 551 202 346 (87) 1,809 149 Net income (loss) attributable to equity shareholders – adjusted 797 551 202 346 (15) 1,881 149 Adjusted diluted EPS ($) $ 1.91 See previous pages for footnote references.   The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the twelve months ended October 31, 2025 Banking Management Management Markets and Other Total (US$ millions) Operating results – reported Total revenue $ 12,031 $ 6,902 $ 3,216 $ 6,148 $ 836 $ 29,133 $ 2,293 Provision for credit losses 1,764 166 175 208 29 2,342 124 Non-interest expenses 6,067 3,522 1,861 2,855 1,547 15,852 1,326 Income (loss) before income taxes 4,200 3,214 1,180 3,085 (740) 10,939 843 Income taxes 1,093 873 222 812 (515) 2,485 158 Net income (loss) 3,107 2,341 958 2,273 (225) 8,454 685 Net income attributable to non-controlling interests - - - - 25 25 - Preferred shareholders and other equity instrument holders - - - - 364 364 - Common shareholders 3,107 2,341 958 2,273 (614) 8,065 685 Net income (loss) attributable to equity shareholders 3,107 2,341 958 2,273 (250) 8,429 685 Diluted EPS ($) $ 8.57 Impact of items of note (1) Non-interest expenses Amortization and impairment of acquisition-related intangible assets $ (27) $ - $ (18) $ - $ - $ (45) $ (13) Impact of items of note on non-interest expenses (27) - (18) - - (45) (13) Total pre-tax impact of items of note on net income 27 - 18 - - 45 13 Income taxes Amortization and impairment of acquisition-related intangible assets 7 - 5 - - 12 4 Impact of items of note on income taxes 7 - 5 - - 12 4 Total after-tax impact of items of note on net income $ 20 $ - $ 13 $ - $ - $ 33 $ 9 Impact of items of note on diluted EPS ($) (2) $ 0.04 Operating results – adjusted (3) Total revenue – adjusted $ 12,031 $ 6,902 $ 3,216 $ 6,148 $ 836 $ 29,133 $ 2,293 Provision for credit losses – adjusted 1,764 166 175 208 29 2,342 124 Non-interest expenses – adjusted 6,040 3,522 1,843 2,855 1,547 15,807 1,313 Income (loss) before income taxes – adjusted 4,227 3,214 1,198 3,085 (740) 10,984 856 Income taxes – adjusted 1,100 873 227 812 (515) 2,497 162 Net income (loss) – adjusted 3,127 2,341 971 2,273 (225) 8,487 694 Net income attributable to non-controlling interests – adjusted - - - - 25 25 - Preferred shareholders and other equity instrument holders – adjusted - - - - 364 364 - Common shareholders – adjusted 3,127 2,341 971 2,273 (614) 8,098 694 Net income (loss) attributable to equity shareholders – adjusted 3,127 2,341 971 2,273 (250) 8,462 694 Adjusted diluted EPS ($) $ 8.61 See previous pages for footnote references.   The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the twelve months ended October 31, 2024 (4) Banking Management Management Markets and Other Total (US$ millions) Operating results – reported Total revenue $ 10,942 $ 6,018 $ 2,820 $ 4,800 $ 1,026 $ 25,606 $ 2,074 Provision for credit losses 1,233 123 560 84 1 2,001 412 Non-interest expenses 5,706 3,066 1,718 2,479 1,470 14,439 1,263 Income (loss) before income taxes 4,003 2,829 542 2,237 (445) 9,166 399 Income taxes 1,098 766 42 608 (502) 2,012 31 Net income 2,905 2,063 500 1,629 57 7,154 368 Net income attributable to non-controlling interests - - - - 39 39 - Preferred shareholders and other equity instrument holders - - - - 263 263 - Common shareholders 2,905 2,063 500 1,629 (245) 6,852 368 Net income attributable to equity shareholders 2,905 2,063 500 1,629 18 7,115 368 Diluted EPS ($) $ 7.28 Impact of items of note (1) Non-interest expenses Amortization and impairment of acquisition-related intangible assets $ (26) $ - $ (30) $ - $ - $ (56) $ (22) Charge related to the special assessment imposed by the FDIC - - (103) - - (103) (77) Impact of items of note on non-interest expenses (26) - (133) - - (159) (99) Total pre-tax impact of items of note on net income 26 - 133 - - 159 99 Income taxes Amortization and impairment of acquisition-related intangible assets 7 - 8 - - 15 6 Charge related to the special assessment imposed by the FDIC - - 26 - - 26 19 Impact of items of note on income taxes 7 - 34 - - 41 25 Total after-tax impact of items of note on net income $ 19 $ - $ 99 $ - $ - $ 118 $ 74 Impact of items of note on diluted EPS ($) (2) $ 0.12 Operating results – adjusted (3) Total revenue – adjusted $ 10,942 $ 6,018 $ 2,820 $ 4,800 $ 1,026 $ 25,606 $ 2,074 Provision for credit losses – adjusted 1,233 123 560 84 1 2,001 412 Non-interest expenses – adjusted 5,680 3,066 1,585 2,479 1,470 14,280 1,164 Income (loss) before income taxes – adjusted 4,029 2,829 675 2,237 (445) 9,325 498 Income taxes – adjusted 1,105 766 76 608 (502) 2,053 56 Net income – adjusted 2,924 2,063 599 1,629 57 7,272 442 Net income attributable to non-controlling interests – adjusted - - - - 39 39 - Preferred shareholders and other equity instrument holders – adjusted - - - - 263 263 - Common shareholders – adjusted 2,924 2,063 599 1,629 (245) 6,970 442 Net income attributable to equity shareholders – adjusted 2,924 2,063 599 1,629 18 7,233 442 Adjusted diluted EPS ($) $ 7.40 See previous pages for footnote references.   The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis. U.S. Canadian U.S. Commercial Canadian Commercial Commercial Banking Personal Banking Banking and Wealth and Business and Wealth and Wealth Capital Corporate CIBC Management $ millions, for the three months ended Banking Management Management Markets and Other Total (US$ millions) 2025 Net income (loss) $ 796 $ 603 $ 275 $ 548 $ (42) $ 2,180 $ 199 Oct. 31 Add: provision for (reversal of) credit losses 503 52 (33) 77 6 605 (24) Add: income taxes 277 224 68 188 (145) 612 49 Pre-provision (reversal), pre-tax earnings (losses) (1) 1,576 879 310 813 (181) 3,397 224 Pre-tax impact of items of note (2) 7 - 4 - - 11 3 Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) $ 1,583 $ 879 $ 314 $ 813 $ (181) $ 3,408 $ 227 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 2024 Net income (loss) $ 792 $ 551 $ 200 $ 346 $ (7) $ 1,882 $ 147 Oct. 31 (4) Add: provision for credit losses 280 24 83 31 1 419 61 Add: income taxes 307 204 35 126 (147) 525 26 Pre-provision (reversal), pre-tax earnings (losses) (1) 1,379 779 318 503 (153) 2,826 234 Pre-tax impact of items of note (2) 6 - 3 - - 9 2 Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) $ 1,385 $ 779 $ 321 $ 503 $ (153) $ 2,835 $ 236 $ millions, for the twelve months ended 2025 Net income (loss) $ 3,107 $ 2,341 $ 958 $ 2,273 $ (225) $ 8,454 $ 685 Oct. 31 Add: provision for credit losses 1,764 166 175 208 29 2,342 124 Add: income taxes 1,093 873 222 812 (515) 2,485 158 Pre-provision (reversal), pre-tax earnings (losses) (1) 5,964 3,380 1,355 3,293 (711) 13,281 967 Pre-tax impact of items of note (2) 27 - 18 - - 45 13 Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) $ 5,991 $ 3,380 $ 1,373 $ 3,293 $ (711) $ 13,326 $ 980 2024 Net income $ 2,905 $ 2,063 $ 500 $ 1,629 $ 57 $ 7,154 $ 368 Oct. 31 (4) Add: provision for credit losses 1,233 123 560 84 1 2,001 412 Add: income taxes 1,098 766 42 608 (502) 2,012 31 Pre-provision (reversal), pre-tax earnings (losses) (1) 5,236 2,952 1,102 2,321 (444) 11,167 811 Pre-tax impact of items of note (2) 26 - 133 - - 159 99 Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) $ 5,262 $ 2,952 $ 1,235 $ 2,321 $ (444) $ 11,326 $ 910 (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. (4) Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com. Basis of presentation The interim consolidated financial information in this news release is prepared in accordance with IFRS and is unaudited whereas the annual consolidated financial information is derived from audited 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. Conference Call/Webcast The conference call will be held at 7:30 a.m. (ET) and is available in English (1-888-596-4144 or 1-647-932-3411, Passcode: 1140241#) and French (1-888-596-4144 or 1-438-802-6874, Passcode: 3212257#). Participants are asked to dial in 10 minutes before the call. Immediately following the formal presentations, CIBC executives will be available to answer questions. A live audio webcast of the conference call will also be available in English and French at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.  Details of CIBC's 2025 fourth quarter and fiscal year results, as well as a presentation to investors, will be available in English and French at www.cibc.com, Investor Relations section, prior to the conference call/webcast. We are not incorporating information contained on the website in this news release. A telephone replay will be available in English (1-800-770-2030 or 1-647-362-9199, Passcode: 1140241#) and French (1-800-770-2030, Passcode: 3212257#) until 11:59 p.m. (ET)December 18, 2025. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html. About CIBC CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html. The information below forms a part of this news release. Nothing in CIBC's corporate website (www.cibc.com) should be considered incorporated herein by reference. The Board of Directors of CIBC reviewed this news release prior to it being issued. 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 news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, in other reports to shareholders, 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 "Core business performance", "Strong fundamentals", and "Making a difference in our Communities" sections of this news release, and the Management's Discussion and Analysis in our 2025 Annual Report under the heading "Economic and market environment – Outlook for calendar year 2026" 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 our environmental, social and governance (ESG) 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 "Economic and market environment – Outlook for calendar year 2026" section of our 2025 Annual Report, as updated by quarterly reports, 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, the softening labour market and uncertain political conditions 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 on the global economy, financial markets, and our business, results of operations, reputation 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; 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 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 or trade matters such as tariffs; 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, 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 use of data and artificial intelligence (AI) in our business; 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; climate change and other ESG-related risks, including 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. Additional information about these factors can be found in the "Management of risk" section of our 2025 Annual Report, as updated by our quarterly reports. Any forward-looking statements contained in this news release 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 news release or in other communications except as required by law. SOURCE CIBC - Investor Relations Contact: For further information: Investor Relations: Financial analysts, portfolio managers and other investors requiring financial information may contact: Geoff Weiss, SVP, 416-980-5093, [email protected]; Media Enquiries: Financial, business and trade media may contact: Erica Belling, 416-594-7251, [email protected]; Tom Wallis, 416-980-4048, [email protected]
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