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Share capital

6 Months Ended

Apr. 30, 2025

Note 9. Share capital

Common shares


	For the three months ended												For the six months ended
$ millions, except number of shares				2025 Apr. 30			2024 Apr. 30									2025 Apr. 30						2024 Apr. 30
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount



Balance at beginning of period		940,081,255		$	17,027			937,223,345		$	16,447			942,294,598		$	17,011			931,098,941		$	16,082
Issuance pursuant to:
Equity-settled share-based compensation plans		143,000			9			313,852			17			1,404,526			86			692,877			37
Shareholder investment plan (1)		–			–			4,693,884			299			629			–			9,811,613			607
Employee share purchase plan (2)		–			–			786,615			51			–			–			1,457,807			90
		940,224,255		$	17,036			943,017,696		$	16,814			943,699,753		$	17,097			943,061,238		$	16,816
Purchase of common shares for cancellation		(6,000,000	)		(109	)		–			–			(9,500,000	)		(172	)		–			–
Treasury shares		5,934			2			(15,277	)		(1	)		30,436			4			(58,819	)		(3	)
Balance at end of period		934,230,189		$	16,929			943,002,419		$	16,813			934,230,189		$	16,929			943,002,419		$	16,813

(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.

(2)	Commencing October 11, 2024, employee contributions to our Canadian employee share purchase plan (ESPP) were used to acquire common shares in the open market. Previously, these shares were issued from Treasury.

Normal course issuer bid (NCIB)

On September 6, 2024, 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

million common shares; (ii) CIBC providing a notice of termination; or (iii)

September 9, 2025

During the quarter,

million common shares have been purchased and cancelled at an average price of $

81.53

for a total amount of $

490

llion. For the six months ended April 30, 2025, we purchased and cancelled

9.5

million shares for a total amount of

$810

illion. Since the inception of this NCIB,

14.5

million common shares have been purchased and cancelled for a total amount of $

1,229

million.

Preferred shares and other equity instruments

Issuance

Limited Recourse Capital Notes Series 5 (NVCC) (subordinated indebtedness) (LRCN Series 5 Notes)

On November 5, 2024, we issued USD$500 million principal amount of 6.950% LRCN Series 5 Notes. The LRCN Series 5 Notes mature on January 28, 2085, and bear interest at a fixed rate of 6.950% per annum (paid quarterly) until January 28, 2030. Starting on January 28, 2030, and every five years thereafter until January 28, 2080, the interest rate will be reset to the then current five-year U.S. Treasury Rate plus 2.833% per annum.

Concurrently with the issuance of the LRCN Series 5 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 59 (NVCC) (the Series 59 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 59 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 5 Notes when due, the sole remedy of each LRCN Series 5 Note holder is limited to that holder’s proportionate share of the Series 59 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 5 Notes, in whole or in part, on each January 28, April 28, July 28, and October 28, commencing on January 28, 2030, at par.

Limited Recourse Capital Notes Series 6 (NVCC) (subordinated indebtedness) (LRCN Series 6 Notes)

On March 24, 2025, we issued $450 million principal amount of 6.369% LRCN Series 6 Notes. The LRCN Series 6 Notes mature on April 28, 2085, and bear interest at a fixed rate of 6.369% per annum (paid semi-

annually

) until April 28, 2030.

Starting on April 28, 2030, and every five years thereafter until April 28, 2080, the interest rate will be reset to be equal to the then current five-year Government of Canada yield plus 3.65% per annum.

Concurrently with the issuance of the LRCN Series 6 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 60 (NVCC) (the Series 60 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 60 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 6 Notes when due, the sole remedy of each LRCN Series 6 Note holder is limited to that holder’s proportionate share of the Series 60 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval, we may redeem the LRCN Series 6 Notes, in whole or in part, on each March 28 to and including April 28, commencing on March 28, 2030, at par.

Non-cumulative Rate Reset Class A Preferred Shares Series 61 (NVCC) (Series 61 shares)

On March 24, 2025, we issued 150,000 Series 61

(NVCC) with a par value of $1,000.00 per share, for gross proceeds of $150 million. For the initial five-year period to April 28, 2030, the Series 61 shares pay semi-annual cash dividends on the 28th day of April and October in each year, as declared, at a rate of 6.369%. The first dividend, if declared, will be payable on October 28, 2025. On April 28, 2030, and on April

every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada yield plus 3.65%.

Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 61 shares at par during the period from March 28, 2030 to and including April 28, 2030 and during the period from March 28 to and including April 28 every five years thereafter.

Redemption

On January 31, 2025, we redeemed all 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares), at a redemption price of $25.00 per Series 41 share, for a total redemption cost of $300 million.

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				2025 Apr. 30				2024 Oct. 31



Common Equity Tier 1 (CET1) capital		$	45,795		$	44,516
Tier 1 capital	A		51,756			49,481
Total capital			60,697			56,809
Total risk-weighted assets (RWA)	B		341,204			333,502
CET1 ratio			13.4	%		13.3	%
Tier 1 capital ratio			15.2	%		14.8	%
Total capital ratio			17.8	%		17.0	%
Leverage ratio exposure	C	$	1,213,223		$	1,155,432
Leverage ratio	A/C		4.3	%		4.3	%
TLAC available	D	$	109,803		$	101,062
TLAC ratio	D/B		32.2	%		30.3	%
TLAC leverage ratio	D/C		9.1	%		8.7	%

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 3.5%, which was increased from 3.0% effective November 1, 2023. This results in current targets, including all buffer requirements, for the CET1, Tier 1, and Total capital ratios of 11.5%, 13.0%, and 15.0%, 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 (3.5% 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 April 30, 2025, we have complied with OSFI’s regulatory capital, leverage ratio, and TLAC requirements.