CIBC Announces First Quarter 2026 Results

Executive Summary

• CIBC reported record Q1 2026 revenue of C$8,398 million, up 15% YoY and 11% QoQ.
• Reported net income rose to C$3,100 million (+43% YoY), delivering diluted EPS of C$3.21 (+47% YoY).
• Adjusted pre‑provision, pre‑tax earnings increased 19% YoY to C$4,079 million; adjusted diluted EPS rose 25% YoY to C$2.76.
• Capital strength remained solid with a CET1 ratio of 13.4%, leverage ratio 4.4%, and liquidity coverage ratio 133%.

Key Details

• Revenue: C$8,398 million (Q1 2025: C$7,281 million).
• Reported Net Income: C$3,100 million (Q1 2025: C$2,171 million).
• Adjusted Net Income: C$2,685 million (Q1 2025: C$2,179 million).
• Adjusted Pre‑Provision, Pre‑Tax Earnings: C$4,079 million (Q1 2025: C$3,415 million).
• Diluted EPS – Reported: C$3.21 (Q1 2025: C$2.19).
• Diluted EPS – Adjusted: C$2.76 (Q1 2025: C$2.20).
• Return on Equity (ROE) – Reported: 20.2% (Q1 2025: 15.2%).
• Adjusted ROE: 17.4% (Q1 2025: 15.3%).
• Net Interest Margin (average interest‑earning assets): 1.61% (up from 1.50%).
• Net Interest Margin (excluding trading): 2.06% (up from 1.89%).

Items of Note Impact

• Positive impact of C$0.45 per share from:
• C$422 million income‑tax recoveries linked to capital‑gains distribution and loss utilization.
• C$10 million amortization of acquisition‑related intangible assets (after‑tax effect C$7 million).

Segment Highlights

• Canadian Personal & Business Banking: Net income C$960 million (+25% YoY); adjusted pre‑provision earnings C$1,743 million.
• Canadian Commercial Banking & Wealth Management: Net income C$647 million (+9% YoY); adjusted pre‑provision earnings C$982 million.
• U.S. Commercial Banking & Wealth Management: Net income US$294 million (C$212 million) (+19% YoY).
• Capital Markets: Net income C$877 million (+42% YoY); adjusted pre‑provision earnings up 36% YoY.

Credit Quality

• Provision for credit losses fell to C$568 million, down C$5 million YoY.

Awards & Community Highlights (non‑material)

• Multiple industry awards and community initiatives were noted, including record charitable contributions from the “Miracle Day” campaign.

Conference Call

• Call scheduled for 7:30 a.m. ET on Feb 26 2026; webcast available at CIBC investor‑relations site.

Notable Quotes

“We delivered strong financial performance in the first quarter of 2026 including record revenue across all of our business units and higher return on equity…” – Harry Culham, President & CEO.