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Exhibit 99.1

Report to Shareholders for the Second Quarter, 2025

www.cibc.com May 29, 2025

Report of the President and Chief Executive Officer

Overview of results

CIBC today announced its financial results for the second quarter ended April 30, 2025.

Second quarter highlights

				Q2/25						Q2/24						Q1/25						YoY Variance						QoQ Variance
Revenue				$7,022 million						$6,164 million						$7,281 million						+14%						-4%
Reported Net Income				$2,007 million						$1,749 million						$2,171 million						+15%						-8%
Adjusted Net Income (1)				$2,016 million						$1,718 million						$2,179 million						+17%						-7%
Adjusted pre-provision, pre-tax earnings (1)				$3,214 million						$2,690 million						$3,415 million						+19%						-6%
Reported Diluted Earnings Per Share (EPS)				$2.04						$1.79						$2.19						+14%						-7%
Adjusted Diluted EPS (1)				$2.05						$1.75						$2.20						+17%						-7%
Reported Return on Common Shareholders’ Equity (ROE) (2)				13.8%						13.7%						15.2%
Adjusted ROE (1)				13.9%						13.4%						15.3%
Net interest margin on average interest-earnings assets (2)(3)				1.54%						1.46%						1.50%
Net interest margin on average interest-earnings assets (excluding trading) (2)(3)				1.88%						1.72%						1.89%
Common Equity Tier 1 (CET1) Ratio (4)				13.4%						13.1%						13.5%

Results for the second quarter of 2025 were affected by the following item of note resulting in a negative impact of $0.01 per share:

• $11 million ($9 million after-tax) amortization of acquisition-related intangible assets.

Our CET1 ratio(4) was 13.4% at April 30, 2025, compared with 13.5% at the end of the prior quarter. CIBC’s leverage ratio(4) and liquidity coverage ratio(4) at April 30, 2025 were 4.3% and 131%, respectively.

Against an uncertain economic backdrop, our CIBC Team is focused on the consistent execution of our client-focused strategy which is delivering strong business results and adding value for our stakeholders. The CIBC of today is a modern, relationship-oriented bank with a powerful organic growth engine across borders – driven by execution, guided by purpose, and fueled by our talented team and culture. We are navigating the volatility in the global business environment from a position of strength, supported by our robust capital position, disciplined risk management and strong credit quality.

CIBC announced in March that I plan to retire as President and Chief Executive Officer, effective October 31, 2025, and that Harry Culham was appointed as Chief Operating Officer effective April 1, 2025 and will succeed me as President and Chief Executive Officer, effective November 1, 2025. I will serve as a special advisor to Mr. Culham and the Board from November 1, 2025 to April 30, 2026 to support a seamless transition.

Core business performance

Canadian Personal and Business Banking(5) reported net income of $734 million for the second quarter, up $28 million or 4% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. The higher revenue was mainly driven by volume growth and a higher net interest margin. Adjusted pre-provision, pre-tax earnings(1) were $1,387 million, up $140 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.

(1) This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 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.

(5) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

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Canadian Commercial Banking and Wealth Management(1) reported net income of $549 million for the second quarter, up $61 million or 13% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were $807 million, up $101 million from the second quarter a year ago, as higher revenue was partially offset by higher non-interest expenses. Commercial banking revenue was higher compared to the prior year due to volume growth, higher loan and deposit margins, and higher fee income. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances as a result of market appreciation, higher net interest income, and higher commission revenue from increased client activity. Expenses increased primarily due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.

U.S. Commercial Banking and Wealth Management(1) reported net income of $173 million (US$122 million) for the second quarter, up $81 million (US$54 million) from the second quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings(2) were $333 million (US$234 million), up $43 million (US$20 million) from the second quarter a year ago, as higher adjusted(2) non-interest expenses were more than offset by higher revenue. In commercial banking, higher revenue was primarily due to higher volumes. Higher revenue in wealth management was primarily due to higher fee-based revenue from higher average AUM balances from market appreciation. Adjusted(2) non-interest expenses increased mainly due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.

Capital Markets(1) reported net income of $566 million for the second quarter, up $94 million or 20% from the second quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $240 million or 41% from the second quarter a year ago due to higher revenue from our global markets and corporate and investment banking businesses, partially offset by higher expenses. Global markets revenue was up driven by higher financing revenue, and higher trading revenue. Corporate and investment banking revenue was up driven by higher corporate banking revenue and higher debt underwriting activity. Expenses were up due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.

Key highlights across our bank in the second quarter of 2025 included:

• Sustained momentum in the Wood Gundy client experience, achieving the highest internal Net Promoter Score to date, which underscores our unwavering commitment to client satisfaction.

• CIBC Capital Markets was recognized by Global Finance for the third consecutive year as the Best Investment Bank in Canada.

• CIBC Private Wealth, US, was awarded Best High Net-Worth Investment Platform for the third consecutive year; remains the most awarded firm in the industry in the last 15 years by Private Asset Management.

• CIBC released its annual environmental, social and governance (ESG) disclosures that included the 2024 Sustainability Report and Public Accountability Statement, and the 2024 Climate Report, which provides a progress update on CIBC’s ESG strategy and outlines how the bank is helping to drive positive change toward a more sustainable future.

• CIBC reinforced its commitment to responsible AI by becoming the first major Canadian bank to sign the Government of Canada’s Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems.

• CIBC was recognized as one of Canada’s Greenest Employers by MediaCorp Canada Inc. for the fourth consecutive year.

Making a difference in our communities

At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:

• CIBC Foundation announced a $100,000 donation to the CIBC Foundation British Columbia Emergency Relief Fund in response to the recent tragic event in Vancouver. The funding will aid local efforts to provide support to those impacted by this tragic event and contribute to broader healing and recovery efforts within the community. Until the end of May 2025, CIBC will match donations made by employees up to $50,000.

• CIBC announced it will be a Founding Partner of the Toronto Tempo, Canada’s first WNBA team, and CIBC will support the partnership with a new community program, “Champions of Ambition,” which will celebrate and elevate Canadians who have been changing the tempo in women’s sports and the country.

• CIBC proudly sponsored Soaring: Indigenous Youth Empowerment Gathering hosted by Indspire, an Indigenous national charity that invests in the education of First Nations, Inuit, and Métis people. Since 1993, CIBC has granted more than $8.5 million to Indspire, including currently supporting the Building Brighter Futures: Scholarships, Bursaries and Awards.

Victor G. Dodig

President and Chief Executive Officer

(1) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(2) This measure is a non-GAAP measure. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.

ii CIBC SECOND QUARTER 2025

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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 2024 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.

						Second quarter, 2025
Topics		Recommendations		Disclosures		Management’s discussion and analysis		Consolidated financial statements				Pillar 3 report and Supplementary regulatory capital disclosure				2024 Annual Report
						Page references
General		1		Index of risk information – current page
		2		Risk terminology and measures		48–51							92–94				100–103
		3		Top and emerging risks		28–30											53–56
		4		Key future regulatory ratio requirements		25, 38–40			72				17, 26				37, 39–40, 75, 77, 164
Risk governance, risk management  and business  model		5		Risk management structure													46, 47
		6		Risk culture and appetite													45, 48–50
		7		Risks arising from business activities		30											45–52, 56
		8		Bank-wide stress testing		33											35–36, 52, 60, 65, 71, 73
Capital  adequacy and  risk-weighted assets		9		Minimum capital requirements		24			72								35–37, 164
		10		Components of capital and reconciliation to the consolidated regulatory balance sheet									16–19				39
		11		Regulatory capital flow statement									20				40
		12		Capital management and planning													35, 37, 164
		13		Business activities and risk-weighted assets		30							5				41, 56
		14		Risk-weighted assets and capital requirements									3, 5, 6–7				38, 41
		15		Credit risk by major portfolios									39–53, 60–69				58–63
		16		Risk-weighted assets flow statement									5, 11				40, 41
		17		Back-testing of models									90, 91				52, 60
Liquidity		18		Liquid assets		37											74
Funding		19		Encumbered assets		38											74, 79
		20		Contractual maturities of assets, liabilities and off-balance sheet instruments		42–43											78–80
		21		Funding strategy and sources		40											78
Market risk		22		Reconciliation of trading and non-trading portfolios to the consolidated balance  sheet		35											69
		23		Significant trading and non-trading market risk factors		35–36											68–72
		24		Model assumptions, limitations and validation procedures													52, 68–72
		25		Stress testing and scenario analysis													35, 51, 52, 56, 71
Credit risk		26		Analysis of credit risk exposures		31–34							12–13, 56–83, 86–89				61–67, 80 137–144, 151, 153, 154, 179, 183
		27		Impaired loan and forbearance techniques		31, 33											58, 65, 86, 119–120, 144
		28		Reconciliation of impaired loans and the allowance for credit losses		33			65								65, 139
		29		Counterparty credit risk arising from derivatives									70–71, 73, 89, 35 (1)				58, 62, 130, 132 151, 153–155
		30		Credit risk mitigation		31							30, 70, 72, 89				58, 62, 153–155
Other risks		31		Other risks		43											80–84
		32		Discussion of publicly known risk events					74								53–56, 80, 176

(1) Included in our supplementary financial information package.

CIBC SECOND QUARTER 2025 iii

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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 ended April 30, 2025 compared with corresponding periods. The MD&A should be read in conjunction with our 2024 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 May 28, 2025. 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			Second quarter financial highlights
			3			External reporting changes
			3			Financial performance overview
			3			Economic outlook
			4			Significant events
			4			Financial results review
			6			Review of quarterly financial information
			8			Non-GAAP measures
			14			Strategic business units overview
			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			Financial condition
			23			Review of condensed consolidated balance sheet
			24			Capital management
			27			Off-balance sheet arrangements
			28			Management of risk
			28			Risk overview
			28			Top and emerging risks
			30			Risks arising from business activities
			31			Credit risk
			35			Market risk
			37			Liquidity risk
			43			Other risks
			44			Accounting and control matters
			44			Critical accounting policies and estimates
			44			Accounting developments
			44			Controls and procedures
			44			Related-party transactions
			45			Glossary

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 – Significant events”, “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”, and “Accounting and control matters – Critical accounting policies and estimates” 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 2050 net-zero ambition and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2025 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 recession risks tied to the actual and proposed U.S. imposition of tariffs on Canada and other countries and their countermeasures, 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 occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, and any related government policies and actions; 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; 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 in our business; 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. 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 SECOND QUARTER 2025 1

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Second quarter financial highlights

						As at or for the three months ended																As at or for the six months ended
Unaudited						2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Financial results ($ millions)
Net interest income						$	3,788			$	3,801			$	3,281							$	7,589			$	6,530
Non-interest income							3,234				3,480				2,883								6,714				5,855
Total revenue							7,022				7,281				6,164								14,303				12,385
Provision for credit losses							605				573				514								1,178				1,099
Non-interest expenses							3,819				3,878				3,501								7,697				6,966
Income before income taxes							2,598				2,830				2,149								5,428				4,320
Income taxes							591				659				400								1,250				843
Net income						$	2,007			$	2,171			$	1,749							$	4,178			$	3,477
Net income attributable to non-controlling interests						$	9			$	8			$	10							$	17			$	22
Preferred shareholders and other equity instrument holders							78				88				61								166				128
Common shareholders							1,920				2,075				1,678								3,995				3,327
Net income attributable to equity shareholders						$	1,998			$	2,163			$	1,739							$	4,161			$	3,455
Financial measures
Reported efficiency ratio (1)							54.4	%			53.3	%			56.8	%							53.8	%			56.2	%
Reported operating leverage (1)							4.9	%			5.1	%			(3.4	)%							5.0	%			14.8	%
Loan loss ratio (1)							0.33	%			0.31	%			0.34	%							0.32	%			0.35	%
Reported return on common shareholders’ equity (1)							13.8	%			15.2	%			13.7	%							14.5	%			13.6	%
Net interest margin (1)							1.42	%			1.37	%			1.35	%							1.39	%			1.33	%
Net interest margin on average interest-earning assets (1)(2)							1.54	%			1.50	%			1.46	%							1.52	%			1.44	%
Return on average assets (1)(2)							0.75	%			0.78	%			0.72	%							0.77	%			0.71	%
Return on average interest-earning assets (1)(2)							0.82	%			0.85	%			0.78	%							0.83	%			0.77	%
Reported effective tax rate							22.7	%			23.3	%			18.6	%							23.0	%			19.5	%
Common share information
Per share ($)		– basic earnings				$	2.05			$	2.20			$	1.79							$	4.25			$	3.56
		– reported diluted earnings					2.04				2.19				1.79								4.23				3.55
		– dividends					0.97				0.97				0.90								1.94				1.80
		– book value (1)					59.65				59.57				53.35								59.65				53.35
Closing share price ($)							86.95				91.55				64.26								86.95				64.26
Shares outstanding (thousands)		– weighted-average basic					938,495				942,039				937,849								940,297				934,779
		– weighted-average diluted					942,748				947,345				939,813								945,093				935,980
		– end of period					934,230				940,081				943,002								934,230				943,002
Market capitalization ($ millions)						$	81,231			$	86,064			$	60,597							$	81,231			$	60,597
Value measures
Total shareholder return							(3.88	)%			6.22	%			7.16	%							2.10	%			35.01	%
Dividend yield (based on closing share price)							4.6	%			4.2	%			5.7	%							4.5	%			5.6	%
Reported dividend payout ratio (1)							47.4	%			44.1	%			50.3	%							45.7	%			50.6	%
Market value to book value ratio							1.46				1.54				1.20								1.46				1.20
Selected financial measures – adjusted (3)
Adjusted efficiency ratio							54.2	%			53.1	%			56.4	%							53.7	%			55.2	%
Adjusted operating leverage							4.3	%			1.9	%			0.5	%							3.2	%			1.3	%
Adjusted return on common shareholders’ equity							13.9	%			15.3	%			13.4	%							14.6	%			13.6	%
Adjusted effective tax rate							22.7	%			23.3	%			21.1	%							23.0	%			21.7	%
Adjusted diluted earnings per share (EPS)						$	2.05			$	2.20			$	1.75							$	4.25			$	3.57
Adjusted dividend payout ratio							47.2	%			43.9	%			51.3	%							45.5	%			50.4	%
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities						$	319,427			$	320,852			$	284,673							$	319,427			$	284,673
Loans and acceptances, net of allowance for credit losses							571,639				568,119				543,897								571,639				543,897
Total assets							1,090,143				1,082,464				1,001,758								1,090,143				1,001,758
Deposits							784,627				782,176				731,952								784,627				731,952
Common shareholders’ equity (1)							55,724				56,001				50,311								55,724				50,311
Average assets (2)							1,096,006				1,098,807				990,022								1,097,429				986,129
Average interest-earning assets (1)(2)							1,009,512				1,008,522				915,294								1,009,009				908,952
Average common shareholders’ equity (1)(2)							56,959				54,163				49,809								55,538				49,192
Assets under administration (AUA) (1)(4)(5)							3,765,012				3,620,681				3,280,627								3,765,012				3,280,627
Assets under management (AUM) (1)(5)							376,360				400,278				349,158								376,360				349,158
Balance sheet quality and liquidity measures (6)
Risk-weighted assets (RWA) ($ millions)						$	341,204			$	341,930			$	326,514							$	341,204			$	326,514
Common Equity Tier 1 (CET1) ratio							13.4	%			13.5	%			13.1	%							13.4	%			13.1	%
Tier 1 capital ratio							15.2	%			15.1	%			14.7	%							15.2	%			14.7	%
Total capital ratio							17.8	%			17.3	%			17.0	%							17.8	%			17.0	%
Leverage ratio							4.3	%			4.3	%			4.3	%							4.3	%			4.3	%
Liquidity coverage ratio (LCR)							131	%			132	%			129	%							n/a				n/a
Net stable funding ratio (NSFR)							113	%			113	%			115	%							113	%			115	%
Other information
Full-time equivalent employees							48,726				48,698				47,774								48,726				47,774

(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 $2,965.9 billion (January 31, 2025: $2,793.7 billion; April 30, 2024: $2,572.4 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.

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External reporting changes

Changes made to our business segments

The following external reporting changes were made in the first quarter of 2025:

• Our Simplii Financial direct banking business and Investor’s Edge direct investing business, previously reported in Capital Markets and Direct Financial Services were realigned with Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management, respectively; and

• Our CIBC Cleary Gull U.S. mid-market investment banking business was realigned from Capital Markets to U.S. Commercial Banking and Wealth Management.

Prior period amounts were restated accordingly. While the changes impacted the results of our strategic business units (SBUs) and how we measure the performance of our SBUs, there was no impact on our consolidated financial results from these changes.

Financial performance overview

Economic outlook

The ongoing global trade war presents a more challenging environment for economic activity in Canada and abroad, which we expect will lead to slower growth or outright downturns in many countries in the short term, as well as higher inflation in countries imposing tariffs or purchasing goods from countries where tariffs are raising input costs. While tariffs are likely to remain well above the pre-2025 levels for the foreseeable future, we expect that they will be negotiated down to less elevated levels relative to those announced by the U.S. on April 2, 2025, as trade deals get worked out between the U.S. and Canada and other countries across the globe. In Canada’s case, we expect some progress to reduce some of the sectoral tariffs already imposed or that are proposed, but we expect U.S. tariffs on Canada to end up at higher levels than prevailed in recent decades.

China was hit by the highest U.S. tariffs, although they have since been negotiated down with further negotiations underway. If the tariffs are maintained at current levels, we expect slower growth in China in 2025 even with increased support from fiscal stimulus. Europe is expected to see modest growth in 2025, as the benefits of lower interest rates are offset by trade uncertainties in the near term. Reduced expectations for global growth will impact some sectors of the Canadian economy negatively, including oil prices tracking at lower levels than we saw prior to the tariff announcements.

The Bank of Canada paused on its rate cutting path with the overnight rate at 2.75% as it awaited more clarity on trade issues. Although Canadian tariffs and higher U.S. production costs will put some upward pressure on inflation, most of that will be offset by softer gasoline prices and higher unemployment that will constrain consumer purchasing power for domestic goods and services. That should allow the Bank of Canada to support economic growth by reducing the overnight rate to 2.25% by the fall of 2025. Fiscal policy could also mitigate an economic downturn through tax reductions or targeted relief for affected sectors. Even so, weak business capital spending and consumer confidence tied to trade uncertainties could see Canadian real gross domestic product (GDP) decline in the short term, and then rebound modestly if negotiations relieve some of the pressure on Canada-U.S. and global trade. Canadian GDP is expected to grow by 1.2% for 2025 as a whole, with the unemployment rate peaking at just over 7%. A more severe global trade war, or more elevated U.S. tariffs on Canada, 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 decelerated early in 2025 as consumer spending growth eased after very strong prior year gains, but labour markets remained resilient. Both consumer and business confidence have weakened in the face of trade policy uncertainties, and higher prices for goods subject to tariffs will reduce gains in household purchasing power. Slowing population growth, and the impact of still-elevated interest rates, are also expected to limit growth this year. Real GDP growth is expected to slow to 1.7%, with the unemployment rate edging up over the balance of the year and averaging 4.4% for 2025. The Federal Reserve is expected to maintain its pause on interest rates through the first half of the year, awaiting greater clarity on the extent to which tariffs and fiscal policy will put upward pressure on inflation. Should tariffs moderate from earlier proposed levels, and should the federal budget offset tax cuts with spending restraint, the central bank could ease interest rates by a further 50 basis points in the latter half of the year. If so, lower bond yields should allow interest sensitive housing to gain momentum, partially offsetting slower trend growth in consumer spending.

For Canadian Personal Banking, mortgage growth is expected to continue at the current rate in 2025, as lower interest rates 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 per capita discretionary spending accelerates in response to lower borrowing costs, offset by economic uncertainty resulting in a modest increase in demand for non-mortgage credit.

Canadian commercial, and corporate banking loan growth is expected to moderate in the near term in response to uncertainty surrounding the tariff dispute with the U.S. De-escalating tariff concerns and interest rate relief should lead to better economic growth in the later part of 2025 or early 2026. Loan growth in our U.S. commercial banking business has also slowed due to the evolving trade policy uncertainties. More clarity surrounding trade policy is expected to result in increased level of client investment activity, which should lead to loan growth to the extent clients do not utilize their deposit holdings.

Financial markets have benefitted from interest rate reductions in Canada and are expected to be supported by further rate reductions in the current year. However, soft economic conditions and tariff uncertainties will impact investor sentiment in the near term, and could drive a pivot to safer investments. Canadian and U.S. wealth management businesses should benefit in the later part of 2025 with clarity surrounding the impact of tariffs on trade.

Corporate and investment banking is expected to continue to benefit from merger and acquisition activity that continues to recover from the low levels in 2024, and corporate bond issuance is expected to pick up through 2025 due to the expected lower interest rate path.

The economic outlook described above reflects numerous assumptions regarding the level and duration of tariffs between the U.S., Canada and other major trading partners, the impact that tariffs may have on economic growth and inflation in Canada and the U.S. and fiscal and monetary policies that may be enacted in response to tariffs, as well as the economic risks emanating from 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 6 to our interim consolidated financial statements for further details.

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Significant events

Sale of certain banking assets in the Caribbean

On October 31, 2023, CIBC Caribbean announced that it had entered into an agreement to sell its banking assets in Curaçao and Sint Maarten. The sale of banking assets in Curaçao was completed on May 24, 2024. The sale of banking assets in Sint Maarten was completed on February 7, 2025 upon the satisfaction of the closing conditions. The impact of these transactions was not material.

Financial results review

Reported net income for the quarter was $2,007 million, compared with $1,749 million for the same quarter last year, and $2,171 million for the prior quarter.

Adjusted net income(1) for the quarter was $2,016 million, compared with $1,718 million for the same quarter last year, and $2,179 million for the prior quarter.

Reported diluted EPS for the quarter was $2.04, compared with $1.79 for the same quarter last year, and $2.19 for the prior quarter.

Adjusted diluted EPS(1) for the quarter was $2.05, compared with $1.75 for the same quarter last year, and $2.20 for the prior quarter.

In the current quarter, the following item of note increased non-interest expenses by $11 million, decreased income taxes by $2 million and decreased net income by $9 million:

• $11 million ($9 million after-tax) amortization of acquisition-related intangible assets ($5 million after-tax in Canadian Personal and Business Banking, and $4 million after-tax in U.S. Commercial Banking and Wealth Management).

Net interest income and margin

		For the three months ended																For the six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Net interest income consists of:
Non-trading net interest income		$	4,010			$	4,118			$	3,443							$	8,128			$	6,902
Trading net interest income (2)			(222	)			(317	)			(162	) (3)							(539	)			(372	) (3)
Total net interest income		$	3,788			$	3,801			$	3,281							$	7,589			$	6,530
Average interest-earning assets consists of:
Average trading interest-earning assets			135,277				144,623				101,611								140,164				101,726
Average non-trading interest-earning assets			874,235				863,899				813,683								868,845				807,226
Total average interest-earning assets			1,009,512				1,008,522				915,294								1,009,009				908,952
Net interest margin on average interest-earning assets			1.54	%			1.50	%			1.46	%							1.52	%			1.44	%
Net interest margin on average interest-earning assets (excluding trading) (4)			1.88	%			1.89	%			1.72	%							1.89	%			1.72	%

Net interest income was up $507 million or 15% from the same quarter last year, primarily due to volume growth across our businesses, including from the conversion of bankers’ acceptances to Canadian Overnight Repo Rate Average (CORRA) loans resulting from the cessation of Canadian Dollar Offered Rate (CDOR), higher net interest margin in our non-trading businesses and the impact of foreign exchange translation, partially offset by lower trading net interest income and the impact of one less day in the current quarter.

Net interest income was down $13 million from the prior quarter, primarily due to the impact of fewer days in the current quarter, partially offset by higher trading net interest income and volume growth across most of our businesses.

Net interest income for the six months ended April 30, 2025 was up $1,059 million or 16% from the same period in 2024, primarily due to volume growth across all of our businesses, higher net interest margin in our non-trading businesses and the impact of foreign exchange translation, partially offset by lower trading net interest income.

Non-interest income

Non-interest income was up $351 million or 12% from the same quarter last year, primarily due to higher trading non-interest income, higher fee-based revenue, and higher commissions on securities transactions, partially offset by lower credit fees as a result of conversion of bankers’ acceptances to CORRA loans and lower card fees.

Non-interest income was down $246 million or 7% from the prior quarter, primarily due to lower trading non-interest income, lower fee-based revenue and lower card fees, partially offset by higher underwriting and advisory fees.

Non-interest income for the six months ended April 30, 2025 was up $859 million or 15% from the same period in 2024, primarily due to higher trading non-interest income, higher fee-based revenue, higher commissions on securities transactions and higher treasury revenue, partially offset by lower credit fees.

(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” section for additional information.

(3) Does not include a taxable equivalent basis (TEB) adjustment of $71 million for the quarter ended April 30, 2024 and $139 million for the six months ended April 30, 2024.

(4) Net interest margin on average interest-earnings assets (excluding trading) is computed using total net interest income minus trading net interest income, excluding the applicable TEB adjustment included therein, divided by total average interest-earning assets minus average trading interest-earning assets. For additional information, see the “Glossary” section.

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Provision for credit losses

		For the three months ended																For the six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Provision for (reversal of) credit losses – impaired
Canadian Personal and Business Banking (1)		$	357			$	307			$	278							$	664			$	570
Canadian Commercial Banking and Wealth Management (1)			34				13				5								47				21
U.S. Commercial Banking and Wealth Management			64				107				161								171				350
Capital Markets (1)			2				7				(2	)							9				(3	)
Corporate and Other			6				12				5								18				1
			463				446				447								909				939
Provision for (reversal of) credit losses – performing
Canadian Personal and Business Banking (1)			32				121				(4	)							153				41
Canadian Commercial Banking and Wealth Management (1)			20				26				32								46				36
U.S. Commercial Banking and Wealth Management			59				(39	)			25								20				80
Capital Markets (1)			32				14				14								46				15
Corporate and Other			(1	)			5				–								4				(12	)
			142				127				67								269				160
		$	605			$	573			$	514							$	1,178			$	1,099

(1) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

Provision for credit losses was $605 million, up $91 million from the same quarter last year. Provision for credit losses on performing loans was up primarily due to an unfavourable change in our economic outlook, partially offset by credit migration in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, and Capital Markets, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.

Provision for credit losses was up $32 million from the prior quarter. Provision for credit losses on performing loans was up primarily due to a more unfavourable change in our economic outlook, partially offset by credit migration in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in Canadian Personal and Business Banking, and Canadian Commercial Banking and Wealth Management, partially offset by lower provisions in other SBUs.

Provision for credit losses for the six months ended April 30, 2025, was up $79 million from the same period in 2024. Provision for credit losses on performing loans was up primarily due to an unfavourable change in our economic outlook, partially offset by credit migration in the current period. Provision for credit losses on impaired loans was down due to lower provisions in U.S. Commercial Banking and Wealth Management, partially offset by higher provisions in other SBUs.

Non-interest expenses

Non-interest expenses were up $318 million or 9% from the same quarter last year, primarily due to higher performance-based and employee-related compensation, including higher employee termination costs, and higher computer, software and office equipment expenses.

Non-interest expenses were down $59 million or 2% from the prior quarter, primarily due to lower performance-based compensation and lower legal provisions in corporate and other, partially offset by higher employee-related compensation, including higher employee termination costs.

Non-interest expenses for the six months ended April 30, 2025 were up $731 million or 10% from the same period in 2024, primarily due to higher performance-based and employee-related compensation, including higher employee termination costs, and higher computer, software and office equipment expenses.

Taxes

Income tax expense was up $191 million or 48% from the same quarter last year, due to higher income, the denial of the dividends received deduction for Canadian banks, and the application of global minimum tax, as described below.

Income tax expense was down $68 million or 10% from the prior quarter, due to lower income and the proportion of income subject to varying rates of tax.

Income tax expense for the six months ended April 30, 2025 was up $407 million or 48% from the same period in 2024, due to higher income, the denial of the dividends received deduction for Canadian banks, and the application of global minimum tax.

On June 20, 2024, Canada enacted the Global Minimum Tax Act (GMTA) to adopt the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two, which implements a 15% global minimum corporate tax (GMT) on certain multinational enterprises. GMT is in different stages of adoption globally. Certain jurisdictions in which we operate have implemented GMT, which applied to CIBC as of November 1, 2024.

The impact of GMT on the consolidated effective tax rate is within a 1% range for the three and six months ended April 30, 2025.

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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 six months ended
$ millions, except per share amounts		Apr. 30, 2025 vs. Apr. 30, 2024				Apr. 30, 2025 vs. Jan. 31, 2025								Apr. 30, 2025 vs. Apr. 30, 2024
Estimated increase (decrease) in:
Total revenue		$	72			$	(11	)						$	181
Provision for credit losses			8				(1	)							15
Non-interest expenses			33				(5	)							84
Income taxes			9				(2	)							20
Net income			22				(3	)							62
Impact on EPS:
Basic		$	0.02			$	–							$	0.07
Diluted			0.02				–								0.06
Average USD appreciation (depreciation) relative to CAD			4.3	%			(0.6	) %							5.4	%

Review of quarterly financial information

$ millions, except per share amounts, for the three months ended					2025																				2024								2023
				Apr. 30				Jan. 31				Oct. 31				Jul. 31				Apr. 30				Jan. 31				Oct. 31				Jul. 31
Revenue
Canadian Personal and Business Banking (1)				$	2,859			$	2,923			$	2,842			$	2,775			$	2,646			$	2,679			$	2,640			$	2,602
Canadian Commercial Banking and Wealth Management (1)					1,640				1,703				1,602				1,523				1,456				1,437				1,424				1,411
U.S. Commercial Banking and Wealth Management (1)					769				847				733				731				669				687				681				667
Capital Markets (1)(2)					1,545				1,574				1,155				1,092				1,243				1,310				1,041				1,105
Corporate and Other (2)					209				234				285				483				150				108				61				67
Total revenue				$	7,022			$	7,281			$	6,617			$	6,604			$	6,164			$	6,221			$	5,847			$	5,852
Net interest income				$	3,788			$	3,801			$	3,633			$	3,532			$	3,281			$	3,249			$	3,197			$	3,236
Non-interest income					3,234				3,480				2,984				3,072				2,883				2,972				2,650				2,616
Total revenue					7,022				7,281				6,617				6,604				6,164				6,221				5,847				5,852
Provision for credit losses					605				573				419				483				514				585				541				736
Non-interest expenses					3,819				3,878				3,791				3,682				3,501				3,465				3,440				3,307
Income before income taxes					2,598				2,830				2,407				2,439				2,149				2,171				1,866				1,809
Income taxes					591				659				525				644				400				443				381				377
Net income				$	2,007			$	2,171			$	1,882			$	1,795			$	1,749			$	1,728			$	1,485			$	1,432
Net income attributable to:
Non-controlling interests				$	9			$	8			$	8			$	9			$	10			$	12			$	8			$	10
Equity shareholders					1,998				2,163				1,874				1,786				1,739				1,716				1,477				1,422
EPS – basic				$	2.05			$	2.20			$	1.91			$	1.83			$	1.79			$	1.77			$	1.53			$	1.48
– diluted					2.04				2.19				1.90				1.82				1.79				1.77				1.53				1.47

(1) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(2) Commencing in the third quarter of 2024, TEB reporting is no longer applicable to certain dividends received on or after January 1, 2024. In the third quarter of 2024, the enactment of the denial of the dividends received deduction resulted in a TEB reversal for dividends received on or after January 1, 2024 that were reflected in the first and second quarters of 2024 as an item of note. Prior to the third quarter of 2024, Capital Markets revenue and income taxes were reported on a TEB with an equivalent offset in the revenue and income taxes of Corporate and Other.

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.

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 has benefitted from loan and deposit growth through the periods presented above, driven by organic client growth, along with building and deepening relationships across our client base. The elevated long-term rate environment has contributed to a deceleration in loans growth and improved net interest margin, through wider deposit margins and favourable business mix, partially offset by compressed loan margins.

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 that has rebounded since the third quarter of 2024. In wealth management, AUA and AUM growth and associated fee income have been helped by market appreciation, despite recent volatility.

U.S. Commercial Banking and Wealth Management revenue has benefitted from stable growth in our core businesses and our strategy of deepening client relationships. Loans declined in the fourth quarter of 2023 and first quarter of 2024, with a return to growth in the second quarter of 2024 despite low revolver usage. Deposit balances have grown from the third quarter of 2023 but declined in the most recent quarter due to expected seasonal deposit outflows. In wealth management, AUA and AUM growth and associated fee income have been helped by market appreciation, despite recent volatility.

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Capital Markets had higher trading revenue in the first quarter of 2024 and the first and second quarters of 2025, driven by robust market conditions and strong client activity. The third quarter of 2024 included a TEB reversal related to the denial of the dividends received deduction for Canadian banks, shown as an item of note.

Corporate and Other included the impact of higher net interest margins in International banking from rising interest rates until the third quarter of 2024. Elevated funding costs in 2023 negatively impacted Corporate and Other and were subsequently passed on to the SBUs over time. Higher revenue in the third quarter of 2024 included a TEB offset reversal related to the denial of the dividends received deduction for Canadian banks, shown as an item of note.

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 due to elevated levels of interest rates and inflation, geopolitical events, slower economic growth and more recently due to the adverse impacts of tariffs imposed or proposed by the U.S. government. There is considerable judgment involved in the estimation of expected credit losses in the current environment.

The faster than expected pace of interest rate increases, along with rising inflation, continued supply chain disruption and the increase in global geopolitical concerns, impacted our provision for credit losses on performing loans in the third and fourth quarters of 2023. Unfavourable credit migration also impacted our provision for credit losses in the third and fourth quarters of 2023, and in the first, second and third quarters of 2024. An unfavourable change in our outlook for the U.S. real estate and construction sector contributed to an increase in provision for credit losses on performing loans in the third and fourth quarters of 2023 and the first quarter of 2024. Uncertainty over potential tariffs imposed by the U.S. government also resulted in an allowance increase in the first and second quarters of 2025.

In Canadian Personal and Business Banking, provisions on impaired loans continue to trend higher as expected, due to the unfavourable macroeconomic environment for the retail portfolios.

In Canadian Commercial Banking and Wealth Management, the third quarter of 2023, the third quarter of 2024, and the second quarter of 2025 included higher provisions on impaired loans.

In U.S. Commercial Banking and Wealth Management, the provisions on impaired loans over the past two years were mainly attributable to the real estate and construction sector.

In Capital Markets, the third and fourth quarters of 2024 included higher provisions on impaired loans.

In Corporate and Other, provisions for impaired loans in International banking have remained relatively stable. The fourth quarter of 2023 and the first quarter of 2024 included provision reversals.

Non-interest expenses

Non-interest expenses have fluctuated over the period largely due to changes in employee compensation expenses, investments in strategic initiatives and movement in foreign exchange rates. The first and second quarters of 2024 included a charge related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC), shown as an item of note. The first quarter of 2025 included a legal provision, and the fourth quarter of 2023 included an impairment of our intangible assets, shown as an item of note.

Income taxes

Income taxes vary with changes in taxable income in the jurisdictions in which the income is earned. The third quarter of 2024 included an income tax charge related to the denial of the dividends received deduction for Canadian banks, which was shown as an item of note.

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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.

Prior to the third quarter of 2024, we also adjusted our SBU results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. In the third quarter of 2024, with the enactment of the denial of the dividends received deduction for Canadian banks in respect of dividends received on Canadian shares (applicable as of January 1, 2024), TEB is no longer being applied to these dividends. In addition, TEB recognized in the first and second quarters of 2024 on impacted dividends was reversed in the third quarter of 2024. See the “Strategic business units overview” section and Note 29 to our consolidated financial statements included in our 2024 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.

8 CIBC SECOND QUARTER 2025

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, 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		$	2,859			$	1,640			$	769			$	1,545			$	209			$	7,022							$	541
Provision for credit losses			389				54				123				34				5				605								86
Non-interest expenses			1,478				833				441				719				348				3,819								310
Income (loss) before income taxes			992				753				205				792				(144	)			2,598								145
Income taxes			258				204				32				226				(129	)			591								23
Net income (loss)			734				549				173				566				(15	)			2,007								122
Net income attributable to non-controlling interests			–				–				–				–				9				9								–
Net income (loss) attributable to equity shareholders			734				549				173				566				(24	)			1,998								122
Diluted EPS ($)																						$	2.04
Impact of items of note (1)
Non-interest expenses
Amortization of acquisition-related intangible assets		$	(6	)		$	–			$	(5	)		$	–			$	–			$	(11	)						$	(3	)
Impact of items of note on non-interest expenses			(6	)			–				(5	)			–				–				(11	)							(3	)
Total pre-tax impact of items of note on net income			6				–				5				–				–				11								3
Income taxes
Amortization of acquisition-related intangible assets			1				–				1				–				–				2								–
Impact of items of note on income taxes			1				–				1				–				–				2								–
Total after-tax impact of items of note on net income		$	5			$	–			$	4			$	–			$	–			$	9							$	3
Impact of items of note on diluted EPS ($) (2)																						$	0.01
Operating results – adjusted (3)
Total revenue – adjusted (4)		$	2,859			$	1,640			$	769			$	1,545			$	209			$	7,022							$	541
Provision for credit losses – adjusted			389				54				123				34				5				605								86
Non-interest expenses – adjusted			1,472				833				436				719				348				3,808								307
Income (loss) before income taxes – adjusted			998				753				210				792				(144	)			2,609								148
Income taxes – adjusted			259				204				33				226				(129	)			593								23
Net income (loss) – adjusted			739				549				177				566				(15	)			2,016								125
Net income attributable to non-controlling interests – adjusted			–				–				–				–				9				9								–
Net income (loss) attributable to equity shareholders – adjusted			739				549				177				566				(24	)			2,007								125
Adjusted diluted EPS ($)																						$	2.05

(1) Items of note are removed from reported results to calculate adjusted results.

(2) Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS.

(3) Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.

(4) CIBC total results excludes a TEB adjustment of nil for the quarter ended April 30, 2025 (January 31, 2025: nil; April 30, 2024: $71 million) and nil for the six months ended April 30, 2025 (April 30, 2024: $139 million).

(5) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(6) This item of note reports the impact on consolidated income tax expense had a Federal tax proposal related to the denial of Canadian dividends been substantively enacted at that time. The corresponding impact on revenue reported on a TEB in Capital Markets and Corporate and Other is also included in this item of note with no impact on the consolidated item of note.

CIBC SECOND QUARTER 2025 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 January 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		$	2,923			$	1,703			$	847			$	1,574			$	234			$	7,281							$	592
Provision for credit losses			428				39				68				21				17				573								48
Non-interest expenses			1,460				853				470				705				390				3,878								329
Income (loss) before income taxes			1,035				811				309				848				(173	)			2,830								215
Income taxes			270				220				53				229				(113	)			659								37
Net income (loss)			765				591				256				619				(60	)			2,171								178
Net income attributable to non-controlling interests			–				–				–				–				8				8								–
Net income (loss) attributable to equity shareholders			765				591				256				619				(68	)			2,163								178
Diluted EPS ($)																						$	2.19
Impact of items of note (1)
Non-interest expenses
Amortization of acquisition-related intangible assets		$	(7	)		$	–			$	(5	)		$	–			$	–			$	(12	)						$	(4	)
Impact of items of note on non-interest expenses			(7	)			–				(5	)			–				–				(12	)							(4	)
Total pre-tax impact of items of note on net income			7				–				5				–				–				12								4
Income taxes
Amortization of acquisition-related intangible assets			2				–				2				–				–				4								2
Impact of items of note on income taxes			2				–				2				–				–				4								2
Total after-tax impact of items of note on net income		$	5			$	–			$	3			$	–			$	–			$	8							$	2
Impact of items of note on diluted EPS ($) (2)																						$	0.01
Operating results – adjusted (3)
Total revenue – adjusted (4)		$	2,923			$	1,703			$	847			$	1,574			$	234			$	7,281							$	592
Provision for credit losses – adjusted			428				39				68				21				17				573								48
Non-interest expenses – adjusted			1,453				853				465				705				390				3,866								325
Income (loss) before income taxes – adjusted			1,042				811				314				848				(173	)			2,842								219
Income taxes – adjusted			272				220				55				229				(113	)			663								39
Net income (loss) – adjusted			770				591				259				619				(60	)			2,179								180
Net income attributable to non-controlling interests – adjusted			–				–				–				–				8				8								–
Net income (loss) attributable to equity shareholders – adjusted			770				591				259				619				(68	)			2,171								180
Adjusted diluted EPS ($)																						$	2.20

See previous page for footnote references.

10 CIBC SECOND QUARTER 2025

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, 2024 (5)		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		$	2,646			$	1,456			$	669			$	1,243			$	150			$	6,164							$	491
Provision for credit losses			274				37				186				12				5				514								136
Non-interest expenses			1,405				750				400				586				360				3,501								293
Income (loss) before income taxes			967				669				83				645				(215	)			2,149								62
Income taxes			261				181				(9	)			173				(206	)			400								(6	)
Net income (loss)			706				488				92				472				(9	)			1,749								68
Net income attributable to non-controlling interests			–				–				–				–				10				10								–
Net income (loss) attributable to equity shareholders			706				488				92				472				(19	)			1,739								68
Diluted EPS ($)																						$	1.79
Impact of items of note (1)
Revenue
Adjustments related to the denial of dividends received deduction for Canadian banks (6)		$	–			$	–			$	–			$	(71	)		$	71			$	–							$	–
Impact of items of note on revenue			–				–				–				(71	)			71				–								–
Non-interest expenses
Amortization of acquisition-related intangible assets			(6	)			–				(8	)			–				–				(14	)							(6	)
Charge related to the special assessment imposed by the FDIC			–				–				(13	)			–				–				(13	)							(10	)
Impact of items of note on non-interest expenses			(6	)			–				(21	)			–				–				(27	)							(16	)
Total pre-tax impact of items of note on net income			6				–				21				(71	)			71				27								16
Income taxes
Amortization of acquisition-related intangible assets			2				–				2				–				–				4								2
Adjustments related to the denial of dividends received deduction for Canadian banks (6)			–				–				–				(20	)			71				51								–
Charge related to the special assessment imposed by the FDIC			–				–				3				–				–				3								2
Impact of items of note on income taxes			2				–				5				(20	)			71				58								4
Total after-tax impact of items of note on net income		$	4			$	–			$	16			$	(51	)		$	–			$	(31	)						$	12
Impact of items of note on diluted EPS ($) (2)																						$	(0.04	)
Operating results – adjusted (3)
Total revenue – adjusted (4)		$	2,646			$	1,456			$	669			$	1,172			$	221			$	6,164							$	491
Provision for credit losses – adjusted			274				37				186				12				5				514								136
Non-interest expenses – adjusted			1,399				750				379				586				360				3,474								277
Income (loss) before income taxes – adjusted			973				669				104				574				(144	)			2,176								78
Income taxes – adjusted			263				181				(4	)			153				(135	)			458								(2	)
Net income (loss) – adjusted			710				488				108				421				(9	)			1,718								80
Net income attributable to non-controlling interests – adjusted			–				–				–				–				10				10								–
Net income (loss) attributable to equity shareholders – adjusted			710				488				108				421				(19	)			1,708								80
Adjusted diluted EPS ($)																						$	1.75

See previous pages for footnote references.

CIBC SECOND QUARTER 2025 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 six months ended April 30, 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		$	5,782			$	3,343			$	1,616			$	3,119			$	443			$	14,303							$	1,133
Provision for credit losses			817				93				191				55				22				1,178								134
Non-interest expenses			2,938				1,686				911				1,424				738				7,697								639
Income (loss) before income taxes			2,027				1,564				514				1,640				(317	)			5,428								360
Income taxes			528				424				85				455				(242	)			1,250								60
Net income (loss)			1,499				1,140				429				1,185				(75	)			4,178								300
Net income attributable to non-controlling interests			–				–				–				–				17				17								–
Net income (loss) attributable to equity shareholders			1,499				1,140				429				1,185				(92	)			4,161								300
Diluted EPS ($)																						$	4.23
Impact of items of note (1)
Non-interest expenses
Amortization of acquisition-related intangible assets		$	(13	)		$	–			$	(10	)		$	–			$	–			$	(23	)						$	(7	)
Impact of items of note on non-interest expenses			(13	)			–				(10	)			–				–				(23	)							(7	)
Total pre-tax impact of items of note on net income			13				–				10				–				–				23								7
Income taxes
Amortization of acquisition-related intangible assets			3				–				3				–				–				6								2
Impact of items of note on income taxes			3				–				3				–				–				6								2
Total after-tax impact of items of note on net income		$	10			$	–			$	7			$	–			$	–			$	17							$	5
Impact of items of note on diluted EPS ($) (2)																						$	0.02
Operating results – adjusted (3)
Total revenue – adjusted (4)		$	5,782			$	3,343			$	1,616			$	3,119			$	443			$	14,303							$	1,133
Provision for credit losses – adjusted			817				93				191				55				22				1,178								134
Non-interest expenses – adjusted			2,925				1,686				901				1,424				738				7,674								632
Income (loss) before income taxes – adjusted			2,040				1,564				524				1,640				(317	)			5,451								367
Income taxes – adjusted			531				424				88				455				(242	)			1,256								62
Net income (loss) – adjusted			1,509				1,140				436				1,185				(75	)			4,195								305
Net income attributable to non-controlling interests – adjusted			–				–				–				–				17				17								–
Net income (loss) attributable to equity shareholders – adjusted			1,509				1,140				436				1,185				(92	)			4,178								305
Adjusted diluted EPS ($)																						$	4.25

See previous pages for footnote references.

12 CIBC SECOND QUARTER 2025

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 six months ended April 30, 2024 (5)		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		$	5,325			$	2,893			$	1,356			$	2,553			$	258			$	12,385							$	1,002
Provision for (reversal of) credit losses			611				57				430				12				(11	)			1,099								318
Non-interest expenses			2,771				1,450				883				1,176				686				6,966								652
Income (loss) before income taxes			1,943				1,386				43				1,365				(417	)			4,320								32
Income taxes			523				375				(41	)			371				(385	)			843								(30	)
Net income (loss)			1,420				1,011				84				994				(32	)			3,477								62
Net income attributable to non-controlling interests			–				–				–				–				22				22								–
Net income (loss) attributable to equity shareholders			1,420				1,011				84				994				(54	)			3,455								62
Diluted EPS ($)																						$	3.55
Impact of items of note (1)
Revenue
Adjustments related to the denial of dividends received deduction for Canadian banks (6)		$	–			$	–			$	–			$	(123	)		$	123			$	–							$	–
Impact of items of note on revenue			–				–				–				(123	)			123				–								–
Non-interest expenses
Amortization of acquisition-related intangible assets			(13	)			–				(16	)			–				–				(29	)							(12	)
Charge related to the special assessment imposed by the FDIC			–				–				(104	)			–				–				(104	)							(77	)
Impact of items of note on non-interest expenses			(13	)			–				(120	)			–				–				(133	)							(89	)
Total pre-tax impact of items of note on net income			13				–				120				(123	)			123				133								89
Income taxes
Amortization of acquisition-related intangible assets			4				–				4				–				–				8								3
Adjustments related to the denial of dividends received deduction for Canadian banks (6)			–				–				–				(35	)			123				88								–
Charge related to the special assessment imposed by the FDIC			–				–				26				–				–				26								19
Impact of items of note on income taxes			4				–				30				(35	)			123				122								22
Total after-tax impact of items of note on net income		$	9			$	–			$	90			$	(88	)		$	–			$	11							$	67
Impact of items of note on diluted EPS ($) (2)																						$	0.02
Operating results – adjusted (3)
Total revenue – adjusted (4)		$	5,325			$	2,893			$	1,356			$	2,430			$	381			$	12,385							$	1,002
Provision for (reversal of) credit losses – adjusted			611				57				430				12				(11	)			1,099								318
Non-interest expenses – adjusted			2,758				1,450				763				1,176				686				6,833								563
Income (loss) before income taxes – adjusted			1,956				1,386				163				1,242				(294	)			4,453								121
Income taxes – adjusted			527				375				(11	)			336				(262	)			965								(8	)
Net income (loss) – adjusted			1,429				1,011				174				906				(32	)			3,488								129
Net income attributable to non-controlling interests – adjusted			–				–				–				–				22				22								–
Net income (loss) attributable to equity shareholders – adjusted			1,429				1,011				174				906				(54	)			3,466								129
Adjusted diluted EPS ($)																						$	3.57

See previous pages for footnote references.

CIBC SECOND QUARTER 2025 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)
2025		Net income (loss)		$	734			$	549			$	173			$	566			$	(15	)		$	2,007							$	122
Apr. 30		Add: provision for credit losses			389				54				123				34				5				605								86
		Add: income taxes			258				204				32				226				(129	)			591								23
		Pre-provision (reversal), pre-tax earnings (losses) (1)			1,381				807				328				826				(139	)			3,203								231
		Pre-tax impact of items of note (2)			6				–				5				–				–				11								3
		Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)		$	1,387			$	807			$	333			$	826			$	(139	)		$	3,214							$	234
2025		Net income (loss)		$	765			$	591			$	256			$	619			$	(60	)		$	2,171							$	178
Jan. 31		Add: provision for credit losses			428				39				68				21				17				573								48
		Add: income taxes			270				220				53				229				(113	)			659								37
		Pre-provision (reversal), pre-tax earnings (losses) (1)			1,463				850				377				869				(156	)			3,403								263
		Pre-tax impact of items of note (2)			7				–				5				–				–				12								4
		Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)		$	1,470			$	850			$	382			$	869				$  (156	)		$	3,415							$	267
2024		Net income (loss)		$	706			$	488			$	92			$	472			$	(9	)		$	1,749							$	68
Apr. 30 (4)		Add: provision for credit losses			274				37				186				12				5				514								136
		Add: income taxes			261				181				(9	)			173				(206	)			400								(6	)
		Pre-provision (reversal), pre-tax earnings (losses) (1)			1,241				706				269				657				(210	)			2,663								198
		Pre-tax impact of items of note (2)			6				–				21				(71	)			71				27								16
		Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)		$	1,247			$	706			$	290			$	586			$	(139	)		$	2,690							$	214
$ millions, for the six months ended
2025		Net income (loss)		$	1,499			$	1,140			$	429			$	1,185			$	(75	)		$	4,178							$	300
Apr. 30		Add: provision for credit losses			817				93				191				55				22				1,178								134
		Add: income taxes			528				424				85				455				(242	)			1,250								60
		Pre-provision (reversal), pre-tax earnings (losses) (1)			2,844				1,657				705				1,695				(295	)			6,606								494
		Pre-tax impact of items of note (2)			13				–				10				–				–				23								7
		Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)		$	2,857			$	1,657			$	715			$	1,695			$	(295	)		$	6,629							$	501
2024		Net income (loss)		$	1,420			$	1,011			$	84			$	994			$	(32	)		$	3,477							$	62
Apr. 30 (4)		Add: provision for (reversal of) credit losses			611				57				430				12				(11	)			1,099								318
		Add: income taxes			523				375				(41	)			371				(385	)			843								(30	)
		Pre-provision (reversal), pre-tax earnings (losses) (1)			2,554				1,443				473				1,377				(428	)			5,419								350
		Pre-tax impact of items of note (2)			13				–				120				(123	)			123				133								89
		Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)		$	2,567			$	1,443			$	593			$	1,254				$  (305	)		$	5,552							$	439

(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 period information has been restated. See the “External reporting changes” section for additional details.

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 – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, and Finance, 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 21 of our 2024 Annual Report.

External reporting changes were made in the first quarter of 2025, which affected the results of our SBUs. See the “External reporting changes” section for additional details.

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Canadian Personal and Business Banking

Canadian Personal and Business Banking provides personal and business clients across Canada with financial advice, services and solutions through banking centres, as well as mobile and online channels, to help make their ambitions a reality.

Results(1)

		For the three months ended																For the six months ended
$ millions			2025 Apr. 30				2025 Jan. 31				2024 Apr. 30	(2)							2025 Apr. 30				2024 Apr. 30	(2)
Revenue		$	2,859			$	2,923			$	2,646							$	5,782			$	5,325
Provision for (reversal of) credit losses
Impaired			357				307				278								664				570
Performing			32				121				(4	)							153				41
Total provision for credit losses			389				428				274								817				611
Non-interest expenses			1,478				1,460				1,405								2,938				2,771
Income before income taxes			992				1,035				967								2,027				1,943
Income taxes			258				270				261								528				523
Net income		$	734			$	765			$	706							$	1,499			$	1,420
Net income attributable to:
Equity shareholders		$	734			$	765			$	706							$	1,499			$	1,420
Total revenue
Net interest income		$	2,272			$	2,326			$	2,065							$	4,598			$	4,170
Non-interest income (3)			587				597				581								1,184				1,155
		$	2,859			$	2,923			$	2,646							$	5,782			$	5,325
Net interest margin on average interest-earning assets (4)(5)			2.80	%			2.77	%			2.57	%							2.79	%			2.56	%
Efficiency ratio			51.7	%			49.9	%			53.1	%							50.8	%			52.0	%
Operating leverage			2.9	%			2.2	%			4.9	%							2.6	%			7.7	%
Return on equity (6)			24.2	%			24.7	%			24.4	%							24.5	%			24.8	%
Average allocated common equity (6)		$	12,419			$	12,288			$	11,765							$	12,353			$	11,507
Full-time equivalent employees			13,679				13,862				13,863								13,679				13,863

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(3) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(4) Average balances are calculated as a weighted average of daily closing balances.

(5) For additional information on the composition, see the “Glossary” section.

(6) For additional information, see the “Non-GAAP measures” section.

Financial overview

Net income for the quarter was $734 million, up $28 million from the same quarter last year, primarily due to higher revenue, partially offset by a higher provision for credit losses and higher non-interest expenses.

Net income was down $31 million from the prior quarter, primarily due to lower revenue and higher non-interest expenses, partially offset by a lower provision for credit losses.

Net income for the six months ended April 30, 2025 was $1,499 million, up $79 million from the same period in 2024, primarily due to higher revenue, partially offset by a higher provision for credit losses and higher non-interest expenses.

Revenue

Revenue was up $213 million or 8% from the same quarter last year. Net interest income was up $207 million or 10%, primarily due to volume growth and higher net interest margin, partially offset by the impact of one less day in the current period. Non-interest income was up $6 million or 1%, primarily due to higher fees.

Revenue was down $64 million or 2% from the prior quarter. Net interest income was down $54 million or 2%, primarily due to the impact of fewer days in the current quarter, partially offset by higher net interest margin and volume growth. Non-interest income was down $10 million or 2%, primarily due to lower card fees.

Revenue for the six months ended April 30, 2025 was up $457 million or 9% from the prior quarter. Net interest income was up $428 million or 10%, primarily due to volume growth and higher net interest margin, partially offset by the impact of one less day in the current period. Non-interest income was up $29 million or 3%, primarily due to higher fees.

Net interest margin on average interest-earning assets was up 23 basis points from the same quarter last year, mainly due to favourable business mix and higher asset and deposit margins.

Net interest margin on average interest-earning assets was up 3 basis points from the prior quarter, mainly due to favourable business mix and higher asset margins.

Net interest margin on average interest-earning assets for the six months ended April 30, 2025 was up 23 basis points from the same period in 2024, mainly due to favourable business mix and higher asset and deposit margins.

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Provision for (reversal of) credit losses

Provision for credit losses was up $115 million from the same quarter last year. Provision for credit losses on performing loans was up primarily due to an unfavourable change in our economic outlook, partially offset by credit migration in the current quarter. Provision for credit losses on impaired loans was up, primarily due to higher write-offs in credit cards and the personal lending portfolio, as well as an allowance increase reflective of higher impaired balances in residential mortgages.

Provision for credit losses was down $39 million from the prior quarter. Provision for credit losses on performing loans was down as the prior quarter included a provision related to model parameter updates, while the current quarter included a lower provision related to credit migration. Partially offsetting these favourable movements, the current quarter included an unfavourable change in our economic outlook. Provision for credit losses on impaired loans was up, primarily due to higher write-offs in credit cards and the personal lending portfolio, as well as an allowance increase reflective of higher impaired balances in residential mortgages.

Provision for credit losses for the six months ended April 30, 2025 was up $206 million from the same period in 2024. Provision for credit losses on performing loans was up due to an unfavourable change in our economic outlook and model parameter updates, partially offset by a less unfavourable change in credit migration. Provision for credit losses on impaired loans was up, primarily due to higher write-offs in credit cards and the personal lending portfolio.

Non-interest expenses

Non-interest expenses were up $73 million or 5% from the same quarter last year, primarily due to higher spending on technology and other strategic initiatives, and employee-related compensation.

Non-interest expenses were up $18 million from the prior quarter, primarily due to higher spending on technology and other strategic initiatives.

Non-interest expenses for the six months ended April 30, 2025 were up $167 million or 6% from the same period in 2024, primarily due to higher spending on technology and other strategic initiatives, and employee-related compensation.

Income taxes

Income taxes were down $3 million from the same quarter last year, primarily due to earnings mix.

Income taxes were down $12 million from the prior quarter, due to lower income and earnings mix.

Income taxes for the six months ended April 30, 2025 were up $5 million from the same period in 2024, primarily due to higher income and earnings mix.

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, as well as an online brokerage platform to retail customers and asset management services to institutional investors.

Results(1)

		For the three months ended																For the six months ended
$ millions			2025 Apr. 30				2025 Jan. 31				2024 Apr. 30	(2)							2025 Apr. 30				2024 Apr. 30	(2)
Revenue
Commercial banking		$	662			$	675			$	589							$	1,337			$	1,210
Wealth management			978				1,028				867								2,006				1,683
Total revenue			1,640				1,703				1,456								3,343				2,893
Provision for credit losses
Impaired			34				13				5								47				21
Performing			20				26				32								46				36
Total provision for credit losses			54				39				37								93				57
Non-interest expenses			833				853				750								1,686				1,450
Income before income taxes			753				811				669								1,564				1,386
Income taxes			204				220				181								424				375
Net income		$	549			$	591			$	488							$	1,140			$	1,011
Net income attributable to:
Equity shareholders		$	549			$	591			$	488							$	1,140			$	1,011
Total revenue
Net interest income		$	707			$	718			$	483							$	1,425			$	971
Non-interest income (3)			933				985				973								1,918				1,922
		$	1,640			$	1,703			$	1,456							$	3,343			$	2,893
Net interest margin on average interest-earning assets (4)(5)			2.88	%			2.89	%			3.13	%							2.88	%			3.32	%
Efficiency ratio			50.8	%			50.1	%			51.6	%							50.4	%			50.1	%
Operating leverage			1.6	%			(3.4	)%			(2.6	)%							(0.7	)%			(1.0	)%
Return on equity (6)			23.0	%			24.1	%			21.0	%							23.6	%			21.6	%
Average allocated common equity (6)		$	9,792			$	9,726			$	9,469							$	9,759			$	9,432
Full-time equivalent employees			5,968				5,909				5,782								5,968				5,782

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(3) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(4) Average balances are calculated as a weighted average of daily closing balances.

(5) For additional information on the composition, see the “Glossary” section.

(6) For additional information, see the “Non-GAAP measures” section.

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Financial overview

Net income for the quarter was $549 million, up $61 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.

Net income was down $42 million from the prior quarter, primarily due to lower revenue, partially offset by lower non-interest expenses.

Net income for the six months ended April 30, 2025 was $1,140 million, up $129 million from the same period in 2024, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.

Revenue

Revenue was up $184 million or 13% from the same quarter last year.

Commercial banking revenue was up $73 million, primarily due to volume growth, higher loan and deposit margins, and higher fee income.

Wealth management revenue was up $111 million, primarily due to higher fee-based revenue from higher average AUA and AUM balances attributable to market appreciation and higher net interest income.

Revenue was down $63 million or 4% from the prior quarter.

Commercial banking revenue was down $13 million, primarily due to the impact of fewer days in the current quarter, partially offset by higher fee income.

Wealth management revenue was down $50 million, primarily due to lower fee-based revenue from lower average AUA and AUM balances attributable to market depreciation and lower commission revenue from decreased client activity.

Revenue for the six months ended April 30, 2025 was up $450 million or 16% from the same period in 2024.

Commercial banking revenue was up $127 million, primarily due to volume growth and higher fees.

Wealth management revenue was up $323 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.

Net interest margin on average interest-earning assets was down 25 basis points from the same quarter last year primarily due to the impact from the conversion of bankers’ acceptances to CORRA loans resulting from the cessation of CDOR, partially offset by higher deposit margins and was comparable to the prior quarter.

Net interest margin on average interest-earning assets for the six months ended April 30, 2025 was down 44 basis points from the same period in 2024, mainly due to the impact from the conversion of bankers’ acceptances to CORRA loans resulting from the cessation of CDOR, partially offset by higher deposit volumes.

Provision for credit losses

Provision for credit losses was up $17 million from the same quarter last year. Provision for credit losses on performing loans was down primarily due to a less unfavourable change in our economic outlook. Provision for credit losses on impaired loans was up due to higher provisions in the consumer goods manufacturing, the business services and the real estate and construction sectors.

Provision for credit losses was up $15 million from the prior quarter. Provision for credit losses on performing loans was down due to favourable credit migration, partially offset by a more unfavourable change in our economic outlook. Provision for credit losses on impaired loans was up due to higher provisions in the consumer goods manufacturing, the business services and the real estate and construction sectors.

Provision for credit losses for the six months ended April 30, 2025 was up $36 million from the same period in 2024. Provision for credit losses on performing loans was up as the same period last year included favourable credit migration. Provision for credit losses on impaired loans was up due to higher provisions in the consumer goods manufacturing, the business services and the real estate and construction sectors.

Non-interest expenses

Non-interest expenses were up $83 million or 11% from the same quarter last year, primarily due to higher performance-based compensation, higher spending on technology and other strategic initiatives and higher employee-related compensation.

Non-interest expenses were down $20 million or 2% from the prior quarter, primarily due to lower performance-based compensation.

Non-interest expenses for the six months ended April 30, 2025 were up $236 million or 16% from the same period in 2024, primarily due to higher performance-based compensation, higher spending on technology and other strategic initiatives and higher employee-related compensation.

Income taxes

Income taxes were up $23 million from the same quarter last year, due to higher income and earnings mix.

Income taxes were down $16 million from the prior quarter, due to lower income and earnings mix.

Income taxes for the six months ended April 30, 2025 were up $49 million from the same period in 2024, primarily due to higher income and earnings mix.

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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 personal and small business banking services in six U.S. markets.

Results in Canadian dollars(1)

		For the three months ended																For the six months ended
$ millions			2025 Apr. 30				2025 Jan. 31				2024 Apr. 30	(2)							2025 Apr. 30				2024 Apr. 30	(2)
Revenue
Commercial banking		$	539			$	567			$	465							$	1,106			$	938
Wealth management			230				280				204								510				418
Total revenue			769				847				669								1,616				1,356
Provision for (reversal of) credit losses
Impaired			64				107				161								171				350
Performing			59				(39	)			25								20				80
Total provision for credit losses			123				68				186								191				430
Non-interest expenses			441				470				400								911				883
Income before income taxes			205				309				83								514				43
Income taxes			32				53				(9	)							85				(41	)
Net income		$	173			$	256			$	92							$	429			$	84
Net income attributable to:
Equity shareholders		$	173			$	256			$	92							$	429			$	84
Total revenue
Net interest income		$	536			$	562			$	458							$	1,098			$	923
Non-interest income			233				285				211								518				433
		$	769			$	847			$	669							$	1,616			$	1,356
Average allocated common equity (3)		$	11,770			$	11,364			$	10,729							$	11,563			$	11,179
Full-time equivalent employees			3,018				3,015				2,834								3,018				2,834

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(3) For additional information, see the “Non-GAAP measures” section.

Results in U.S. dollars(1)

		For the three months ended																For the six months ended
US$ millions			2025 Apr. 30				2025 Jan. 31				2024 Apr. 30	(2)							2025 Apr. 30				2024 Apr. 30	(2)
Revenue
Commercial banking		$	379			$	396			$	341							$	775			$	693
Wealth management			162				196				150								358				309
Total revenue			541				592				491								1,133				1,002
Provision for (reversal of) credit losses
Impaired			45				75				118								120				259
Performing			41				(27	)			18								14				59
Total provision for credit losses			86				48				136								134				318
Non-interest expenses			310				329				293								639				652
Income before income taxes			145				215				62								360				32
Income taxes			23				37				(6	)							60				(30	)
Net income		$	122			$	178			$	68							$	300			$	62
Net income attributable to:
Equity shareholders		$	122			$	178			$	68							$	300			$	62
Total revenue
Net interest income		$	377			$	393			$	336							$	770			$	682
Non-interest income			164				199				155								363				320
		$	541			$	592			$	491							$	1,133			$	1,002
Net interest margin on average interest-earning assets (3)(4)			3.72	%			3.78	%			3.43	%							3.75	%			3.46	%
Efficiency ratio			57.4	%			55.5	%			59.8	%							56.4	%			65.1	%
Operating leverage			4.6	%			24.1	%			(9.0	)%							15.1	%			(19.4	)%
Return on equity (5)			6.0	%			8.9	%			3.5	%							7.5	%			1.5	%
Average allocated common equity (5)		$	8,286			$	7,943			$	7,873							$	8,112			$	8,270

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) Certain prior period information has been restated. See the “External reporting changes” section for additional details.

(3) Average balances are calculated as a weighted average of daily closing balances.

(4) For additional information on the composition, see the “Glossary” section.

(5) For additional information, see the “Non-GAAP measures” section.

18 CIBC SECOND QUARTER 2025

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Financial overview

Net income for the quarter was $173 million (US$122 million), up $81 million (US$54 million) from the same quarter last year, primarily due to higher revenue, a lower provision for credit losses, partially offset by higher non-interest expenses.

Net income was down $83 million (US$56 million) from the prior quarter, primarily due to lower revenue and a higher provision for credit losses, partially offset by lower non-interest expenses.

Net income for the six months ended April 30, 2025 was $429 million (US$300 million), up $345 million (US$238 million) from the same period in 2024, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses, as well as the favourable impact of foreign exchange translation.

Revenue

Revenue was up US$50 million or 10% from the same quarter last year.

Commercial banking revenue was up US$38 million, primarily due to volume growth.

Wealth management revenue was up US$12 million, primarily due to higher fee-based revenue from higher average AUM balances attributable to market appreciation, and higher loan margins.

Revenue was down US$51 million or 9% from the prior quarter.

Commercial banking revenue was down US$17 million, primarily due to the impact of fewer days in the current quarter, and lower loan margins.

Wealth management revenue was down US$34 million, primarily due to annual performance-based mutual fund fees included in the prior quarter.

Revenue for the six months ended April 30, 2025 was up US$131 million or 13% from the same period in 2024.

Commercial banking revenue was up US$82 million, primarily due to volume growth and higher loan margins, partially offset by lower deposit margins.

Wealth management revenue was up US$49 million, primarily due to higher fee-based revenue from higher average AUM balances attributable to market appreciation, higher annual performance-based mutual fund fees, and higher deposit volumes.

Net interest margin on average interest-earning assets was up 29 basis points from the same quarter last year, primarily due to favourable business mix.

Net interest margin on average interest-earning assets was down 6 basis points from the prior quarter, primarily due to lower loan margins, partially offset by higher deposit margins.

Net interest margin on average interest-earning assets for the six months ended April 30, 2025 was up 29 basis points from the same period in 2024, primarily due to favourable business mix, and higher loan margins, partially offset by lower deposit margins.

Provision for (reversal of) credit losses

Provision for credit losses was down US$50 million from the same quarter last year. Provision for credit losses on performing loans was up due to an unfavourable change in our economic outlook for the U.S., partially offset by favourable credit migration within the performing portfolio, as well as an allowance release for credit migration from the performing to the impaired portfolio. The same quarter last year also included a provision related to model parameter updates. Provision for credit losses on impaired loans was down due to lower provisions in the real estate and construction sector.

Provision for credit losses was up US$38 million from the prior quarter. The current quarter included a provision for credit losses on performing loans due to an unfavourable change in our economic outlook, partially offset by favourable credit migration within the performing portfolio and an allowance release for credit migration from the performing to the impaired portfolio, while the prior quarter included a provision reversal primarily due to favourable credit migration within the performing portfolio and an allowance release for credit migration from the performing to the impaired portfolio. Provision for credit losses on impaired loans was down due to lower provisions in the real estate and construction sector.

Provision for credit losses for the six months ended April 30, 2025 was down US$184 million from the same period in 2024. Provision for credit losses on performing loans was down as the same period last year included a provision related to model parameter updates, while the current period included a lower provision related to favourable credit migration within the performing portfolio, and an allowance release for credit migration from the performing to the impaired portfolio. Partially offsetting these favourable movements, the current period included an unfavourable change in our economic outlook for the U.S. Provision for credit losses on impaired loans was down due to lower provisions in the real estate and construction sector.

Non-interest expenses

Non-interest expenses were up US$17 million or 6% from the same quarter last year, primarily due to employee-related and performance-based compensation and higher spending on technology and other strategic initiatives, partially offset by a US$10 million charge in the same quarter last year related to the special assessment imposed by the FDIC, which was shown as an item of note.

Non-interest expenses were down US$19 million or 6% from the prior quarter, primarily due to lower performance-based compensation, partially offset by higher employee-related compensation.

Non-interest expenses for the six months ended April 30, 2025 were down US$13 million or 2% from the same period in 2024, primarily due to a US$77 million charge in the prior year related to the special assessment imposed by the FDIC, which was shown as an item of note, partially offset by higher performance-based and employee-related compensation.

Income taxes

Income taxes were up US$29 million from the same quarter last year, due to higher income and earnings mix.

Income taxes were down US$14 million from the prior quarter, due to lower income and earnings mix.

Income taxes for the six months ended April 30, 2025 were up US$90 million from the same period in 2024, primarily due to higher income and earnings mix.

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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 six months ended
$ millions			2025 Apr. 30				2025 Jan. 31				2024 Apr. 30	(2)							2025 Apr. 30				2024 Apr. 30	(2)
Revenue
Global markets (2)		$	1,035			$	1,120			$	802							$	2,155			$	1,675
Corporate and investment banking			510				454				441								964				878
Total revenue (3)			1,545				1,574				1,243								3,119				2,553
Provision for (reversal of) credit losses
Impaired			2				7				(2	)							9				(3	)
Performing			32				14				14								46				15
Total provision for credit losses			34				21				12								55				12
Non-interest expenses			719				705				586								1,424				1,176
Income before income taxes			792				848				645								1,640				1,365
Income taxes (3)			226				229				173								455				371
Net income		$	566			$	619			$	472							$	1,185			$	994
Net income attributable to:
Equity shareholders		$	566			$	619			$	472							$	1,185			$	994
Efficiency ratio			46.5	%			44.8	%			47.1	%							45.6	%			46.1	%
Operating leverage			1.5	%			0.8	%			2.1	%							1.1	%			(1.4	)%
Return on equity (4)			22.9	%			24.9	%			21.4	%							23.9	%			22.5	%
Average allocated common equity (4)		$	10,136			$	9,846			$	8,944							$	9,988			$	8,880
Full-time equivalent employees			1,894				1,856				1,742								1,894				1,742

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) Certain prior period information has been restated. See the “External reporting changes” section for additional details. In addition to the changes to our SBUs, our foreign exchange and payments business is now included in Global markets within Capital Markets. Previously, this business was included in Direct Financial Services within Capital Markets together with Simplii and Investor’s Edge. Prior period information has been restated.

(3) TEB adjustment offset is no longer applied since the third quarter of 2024 upon the enactment of Bill C-59 in June 2024, which eliminated the dividend received deduction for banks. The second quarter of 2024 includes a TEB adjustment offset of $71 million, and $139 million for the six months ended April 30, 2024.

(4) For additional information, see the “Non-GAAP measures” section.

Financial overview

Net income for the quarter was $566 million, up $94 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 in the current quarter.

Net income was down $53 million from the prior quarter, primarily due to lower revenue, higher non-interest expenses and a higher provision for credit losses.

Net income for the six months ended April 30, 2025 was $1,185 million, up $191 million from the same period in 2024, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.

Revenue

Revenue was up $302 million or 24% from the same quarter last year.

Global markets revenue was up $233 million, primarily due to higher commodities and foreign exchange trading, higher financing revenue and higher equity trading revenue, partially offset by lower fixed income trading revenue.

Corporate and investment banking revenue was up $69 million, primarily due to higher corporate banking revenue and higher debt underwriting activity.

Revenue was down $29 million or 2% from the prior quarter.

Global markets revenue was down $85 million, primarily due to lower revenue from equity and fixed income trading and lower financing activity, partially offset by higher commodities and foreign exchange trading revenue.

Corporate and investment banking revenue was up $56 million, primarily due to higher corporate banking revenue and higher debt and equity underwriting activity, partially offset by lower advisory revenue.

Revenue for the six months ended April 30, 2025 was up $566 million or 22% from the same period in 2024.

Global markets revenue was up $480 million, primarily due to higher financing revenue and higher equity, commodities and foreign exchange trading revenue, partially offset by lower fixed income trading revenue.

Corporate and investment banking revenue was up $86 million, primarily due to higher corporate banking revenue and higher debt underwriting activity, partially offset by lower advisory revenue.

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Provision for (reversal of) credit losses

Provision for credit losses was up $22 million from the same quarter last year. Provision for credit losses on performing loans was up mainly due to unfavourable credit migration. The current quarter included a modest provision for credit losses on impaired loans, while the same quarter last year included a modest provision reversal.

Provision for credit losses was up $13 million from the prior quarter. Provision for credit losses on performing loans was up primarily due to unfavourable credit migration, partially offset by a less unfavourable change in our economic outlook. Provision for credit losses on impaired loans was down slightly compared with the prior quarter.

Provision for credit losses for the six months ended April 30, 2025 was up $43 million from the same period in 2024. Provision for credit losses on performing loans was up due to a more unfavourable change in our economic outlook. Provision for credit losses on impaired loans was up due to higher provisions in the mining sector.

Non-interest expenses

Non-interest expenses were up $133 million or 23% from the same quarter last year, primarily due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.

Non-interest expenses were up $14 million or 2% from the prior quarter, primarily due to higher spending on technology and other strategic initiatives.

Non-interest expenses for the six months ended April 30, 2025 were up $248 million or 21% from the same period in 2024, primarily due to higher performance-based and employee-related compensation and higher spending on technology and other strategic initiatives.

Income taxes

Income taxes were up $53 million from the same quarter last year due to higher income and earnings mix.

Income taxes were down $3 million from the prior quarter, due to lower income and earnings mix.

Income taxes for the six months ended April 30, 2025 were up $84 million from the same period in 2024, primarily due to higher income and earnings mix.

Corporate and Other

Corporate and Other includes the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, and Finance, 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 six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Revenue
International banking		$	251			$	249			$	248							$	500			$	487
Other			(42	)			(15	)			(98	)							(57	)			(229	)
Total revenue (2)			209				234				150								443				258
Provision for (reversal of) credit losses
Impaired			6				12				5								18				1
Performing			(1	)			5				–								4				(12	)
Total provision for (reversal of) credit losses			5				17				5								22				(11	)
Non-interest expenses			348				390				360								738				686
Loss before income taxes			(144	)			(173	)			(215	)							(317	)			(417	)
Income taxes (2)			(129	)			(113	)			(206	)							(242	)			(385	)
Net loss		$	(15	)		$	(60	)		$	(9	)						$	(75	)		$	(32	)
Net income (loss) attributable to:
Non-controlling interests		$	9			$	8			$	10							$	17			$	22
Equity shareholders			(24	)			(68	)			(19	)							(92	)			(54	)
Full-time equivalent employees (3)			24,167				24,056				23,553								24,167				23,553

(1) For additional segmented information, see the notes to the interim consolidated financial statements.

(2) TEB adjustment offset is no longer applied since the third quarter of 2024 upon the enactment of Bill C-59 in June 2024, which eliminated the dividend received deduction for banks. The second quarter of 2024 includes a TEB adjustment offset of $71 million, and $139 million for the six months ended April 30, 2024.

(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.

Financial overview

Net loss for the quarter was $15 million, compared with a net loss of $9 million in the same quarter last year, primarily due to lower treasury revenue, partially offset by lower non-interest expenses.

Net loss for the quarter was $15 million, compared with a net loss of $60 million in the prior quarter, due to lower non-interest expenses, and lower provision for credit losses, partially offset by lower treasury revenue.

Net loss for the six months ended April 30, 2025 was $75 million, compared with a net loss of $32 million for the same period in 2024, primarily due to higher non-interest expenses and a higher provision for credit losses compared with a provision reversal in the same period last year, partially offset by higher treasury revenue.

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Revenue

Revenue was up $59 million from the same quarter last year.

International banking revenue was up $3 million, primarily due to the impact of foreign exchange translation and volume growth, partially offset by lower margins.

Other revenue was up $56 million, as the same quarter last year included a TEB adjustment, which was shown as an item of note, partially offset by lower treasury revenue.

Revenue was down $25 million from the prior quarter.

International banking revenue was up $2 million, primarily due to the gain on the sale of certain banking assets in the Caribbean and lower investment losses, partially offset by lower fee income and impact of foreign exchange translation.

Other revenue was down $27 million, primarily due to lower treasury revenue.

Revenue for the six months ended April 30, 2025 was up $185 million from the same period in 2024.

International banking revenue was up $13 million, primarily due to the impact of foreign exchange translation, partially offset by investment losses.

Other revenue was up $172 million, as the same period last year included a TEB adjustment, which was shown as an item of note, and higher treasury revenue.

Provision for (reversal of) credit losses

Provision for credit losses in International banking was comparable with the same quarter last year.

Provision for credit losses in International banking was down $12 million from the prior quarter. Provision for credit losses on performing loans was down modestly compared with the prior quarter. Provision for credit losses on impaired loans was also down due to lower provisions in the business services sector.

Provision for credit losses for the six months ended April 30, 2025 was up $33 million from the same period in 2024. The current period included a modest provision for credit losses on performing loans, while the same period last year included a provision reversal reflective of an improvement in our economic outlook. Provision for credit losses on impaired loans was up mainly attributable to the business services sector.

Non-interest expenses

Non-interest expenses were down $12 million or 3% from the same quarter last year, primarily due to lower legal provisions and higher expenses in International banking related to the sale of certain banking assets in the Caribbean last year, partially offset by higher employee termination costs.

Non-interest expenses were down $42 million or 11% from the prior quarter, primarily due to lower legal provisions, partially offset by higher employee termination costs.

Non-interest expenses for the six months ended April 30, 2025 were up $52 million or 8% from the same period in 2024, primarily due to higher legal provisions and employee termination costs.

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Financial condition

Review of condensed consolidated balance sheet

$ millions, as at		2025 Apr. 30				2024 Oct. 31
Assets
Cash and deposits with banks		$	49,586			$	48,064
Securities			269,841				254,345
Securities borrowed and purchased under resale agreements			110,206				100,749
Loans and acceptances, net of allowance for credit losses			571,639				558,292
Derivative instruments			38,490				36,435
Other assets			50,381				44,100
		$	1,090,143			$	1,041,985
Liabilities and equity
Deposits		$	784,627			$	764,857
Obligations related to securities lent, sold short and under repurchase agreements			160,087				139,792
Derivative instruments			43,945				40,654
Other liabilities			30,764				30,210
Subordinated indebtedness			8,774				7,465
Equity			61,946				59,007
		$	1,090,143			$	1,041,985

Assets

As at April 30, 2025, total assets were up $48.2 billion or 5% from October 31, 2024, net of an approximate $3.5 billion decrease due to the depreciation of the U.S. dollar.

Cash and deposits with banks increased by $1.5 billion or 3%, primarily due to higher short-term placements in Treasury.

Securities increased by $15.5 billion or 6%, primarily due to increases in equity trading securities, debt security portfolios in our Treasury and trading businesses, and asset-backed securities.

Securities borrowed and purchased under resale agreements increased by $9.5 billion or 9%, primarily due to client-driven activities.

Loans and acceptances, net of allowance for credit losses, increased by $13.3 billion or 2%, primarily due to increases in business and government loans, which was net of the impact of foreign exchange translation, and the Canadian residential mortgage portfolio.

Derivative instruments increased by $2.1 billion or 6%, largely driven by an increase in foreign exchange and other commodity derivatives valuation, partially offset by a decrease in equity derivatives valuation.

Other assets increased by $6.3 billion or 14%, primarily due to increases in precious metals, broker receivables and collateral pledged for derivatives.

Liabilities

As at April 30, 2025, total liabilities were up $45.2 billion or 5% from October 31, 2024, net of an approximate $3.5 billion decrease due to the depreciation of the U.S. dollar.

Deposits increased by $19.8 billion or 3%, primarily due to the increased wholesale funding, business and government deposits, and retail volume growth. Further details on the composition of deposits are provided in Note 7 to our interim consolidated financial statements.

Obligations related to securities lent, sold short and under repurchase agreements increased by $20.3 billion or 15%, primarily due to client-driven activities.

Derivative instruments increased by $3.3 billion or 8%, largely driven by an increase in foreign exchange derivatives valuation, partially offset by decreases in equity and interest rate derivatives valuation.

Other liabilities increased by $0.6 billion or 2%, primarily due to an increase in payables related to precious metals and collateral pledged for derivatives, partially offset by decreases in broker payables and other accruals.

Subordinated indebtedness increased by $1.3 billion or 18%, primarily due to the issuance of subordinated indebtedness in the second quarter. For further details see the “Capital management” section.

Equity

As at April 30, 2025, equity increased by $2.9 billion or 5% from October 31, 2024, primarily due to a net increase in retained earnings from net income that exceeded dividends and distributions and the impact of shares repurchased and cancelled under a normal course issuer bid (NCIB), the issuance of Limited Recourse Capital Notes (LRCN) and preferred shares, and a net increase in accumulated other comprehensive income (AOCI) mainly resulting from net gains on cash flow hedges, partially offset by the redemption of preferred shares.

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Capital management

Our overall capital management objective is to maintain a strong and efficient capital base. For additional details on capital management, see pages 35 to 43 of our 2024 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 at 3.5% of RWA but can range from 0.0% to 4.0% of RWA. 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, the Basel III 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 April 30, 2025			Minimum				Capital conservation buffer				D-SIB buffer				Pillar 1 targets	(1)			Domestic Stability Buffer	(2)			Target including all buffer requirements
CET1 ratio			4.5	%			2.5	%			1.0	%			8.0	%			3.5	%			11.5	%
Tier 1 capital ratio			6.0	%			2.5	%			1.0	%			9.5	%			3.5	%			13.0	%
Total capital ratio			8.0	%			2.5	%			1.0	%			11.5	%			3.5	%			15.0	%
Leverage ratio			3.0	%			n/a				0.5	%			3.5	%			n/a				3.5	%
TLAC ratio			18.0	%			2.5	%			1.0	%			21.5	%			3.5	%			25.0	%
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 April 30, 2025.

(2) The DSB is currently at 3.5%, but can range from 0.0% to 4.0% of RWA.

n/a Not applicable.

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 2024 Annual Report. CIBC Life Insurance Company Limited is subject to OSFI’s Life Insurance Capital Adequacy Test.

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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 Basel III reforms and revised Pillar 3 disclosure requirements and BCBS and OSFI publications that have been issued since our 2024 Annual Report.

Basel III reforms and revised Pillar 3 disclosure requirements

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 was originally scheduled to phase in over a three-year period commencing in the second quarter of 2023 at 65.0%, followed by an increase of 2.5% per year until it reaches 72.5% in 2026. In July 2024, OSFI announced a one-year delay to the increase. Subsequently, on February 12, 2025, OSFI announced an indefinite deferral to the increases of the floor adjustment factor, holding the factor at the existing level of 67.5% until further notice, which OSFI confirmed in the draft revisions to the CAR Guideline released on February 20, 2025. OSFI also committed to notifying affected banks at least two years prior to resuming an increase in the capital floor level.

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		2025 Apr. 30				2024 Oct. 31
CET1 capital		$	45,795			$	44,516
Tier 1 capital			51,756				49,481
Total capital			60,697				56,809
RWA consisting of:
Credit risk		$	282,178			$	274,503
Market risk			10,352				12,188
Operational risk			48,674				46,811
Total RWA		$	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		$	1,213,223			$	1,155,432
Leverage ratio			4.3	%			4.3	%
TLAC available		$	109,803			$	101,062
TLAC ratio			32.2	%			30.3	%
TLAC leverage ratio			9.1	%			8.7	%

CET1 ratio

The CET1 ratio at April 30, 2025 increased 0.1% from October 31, 2024, 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 an NCIB and the impact of foreign currency translation.

The increase in RWA was due to increases in credit risk and operational risk RWA, partially offset by a decrease in market risk RWA. The increase in credit risk RWA was mainly due to organic growth and credit migration, partially offset by foreign currency translation and model and methodology updates. The increase in operational risk RWA was due to an increase in risk levels. The reduction in market risk RWA was mainly due to a decrease in risk levels.

Tier 1 capital ratio

The Tier 1 capital ratio at April 30, 2025 increased 0.4% from October 31, 2024, primarily due to the factors affecting the CET1 ratio noted above, and the issuance of new LRCNs and preferred shares, partially offset by the redemption of preferred shares. See the “Capital initiatives” section for further details.

Total capital ratio

The Total capital ratio at April 30, 2025 increased 0.8% from October 31, 2024, primarily due to the factors affecting the Tier 1 capital ratio noted above, the issuance of subordinated debentures, and an increase in eligible allowances included in Tier 2 capital. See the “Capital initiatives” section for further details.

Leverage ratio

The leverage ratio at April 30, 2025 was comparable to October 31, 2024, as the increase in the Tier 1 capital discussed above was largely offset by an increase in leverage ratio exposure. The increase in leverage ratio exposure was primarily driven by an increase in exposure from on-balance sheet, securities financing transactions, and off-balance sheet items.

TLAC ratio and TLAC leverage ratio

The TLAC ratio at April 30, 2025 increased 1.9% from October 31, 2024, 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 level of bail-in eligible liabilities, and higher total capital due to the factors noted above.

The TLAC leverage ratio at April 30, 2025 increased 0.4% from October 31, 2024, primarily due to the increase in TLAC instruments, partially offset by a higher leverage ratio exposure due to the factors noted above.

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Capital initiatives

The following were the main capital initiatives undertaken in 2025:

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 20 million common shares; (ii) CIBC providing a notice of termination; or (iii) September 9, 2025. During the quarter, 6 million common shares have been purchased and cancelled at an average price of $81.53 for a total amount of $490 million. For the six months ended April 30, 2025, we purchased and cancelled 9.5 million shares for a total amount of $810 million. Since the inception of this NCIB, 14.5 million common shares have been purchased and cancelled for a total amount of $1,229 million.

Employee share purchase plan

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.

Shareholder investment plan

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. For the share purchase option, this change became effective February 1, 2025.

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 2024 Annual Report.

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.

Preferred shares

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.

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

On March 24, 2025, we issued 150,000 Series 61 shares 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 28 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.

Subordinated indebtedness

On January 31, 2025, we redeemed all US$38 million of our Floating Rate Subordinated Capital Debentures due 2084. On February 28, 2025, we redeemed all US$10 million of our Floating Rate Subordinated Capital Debentures due 2085.

On April 2, 2025, we issued $1.25 billion principal amount of 4.15% Debentures due April 2, 2035. The Debentures bear interest at a fixed rate of 4.15% per annum (paid semi-annually) until April 2, 2030, and at Daily Compounded CORRA plus 1.72% per annum (paid quarterly) thereafter until maturity on April 2, 2035. The debentures qualify as Tier 2 capital.

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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 April 30, 2025		Number of shares				Par value
Common shares			934,190,574			$	16,923
Treasury shares – common shares (1)			39,615				6
Preferred shares
Series 43 (NVCC)			12,000,000				300
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)			(1,089	)			(1	)
Limited recourse capital notes
4.375% Limited recourse capital notes Series 1 (NVCC)			n/a				750
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)			n/a				693
6.369% Limited recourse capital notes Series 6 (NVCC)			n/a				450
Subordinated indebtedness
2.01% Debentures due July 21, 2030 (NVCC)			n/a				1,000
1.96% Debentures due April 21, 2031 (NVCC)			n/a				1,000
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			16,985,567

(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 2024 Annual Report for the accounting policy on treasury shares.

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 6.4 billion common shares, in aggregate, which would represent a dilution impact of 89% based on the number of CIBC common shares and NVCC instruments outstanding as at April 30, 2025. 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 43, 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 53, 54, 55, 58, 59 and 60 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 April 30, 2025, $58.4 billion (October 31, 2024: $61.1 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.

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 43–44 of our 2024 Annual Report and also in Note 6 and Note 20 to the consolidated financial statements included in our 2024 Annual Report.

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Management of risk

Our approach to management of risk has not changed significantly from that described on pages 45 to 84 of our 2024 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, is 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 its activities in accordance with the CIBC risk appetite. In addition, Management establishes and maintains controls to mitigate such risks. Management may include Governance Groups within the business to facilitate the Control Framework, Operational Risk Framework and other risk-related processes. A Governance Group refers to a group within Business Unit Management (first line of defence) whose focus is to support Management in meeting their governance, risk and control activities. A Governance Group is considered the first line of defence, in conjunction with Business Unit Management. Control Groups, which typically reside within centralized functions, provide subject matter expertise to Business Unit Management and/or implement/maintain enterprise-wide control programs and activities. While Control Groups collaborate with Business Unit 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 53 to 56 of our 2024 Annual Report for details regarding the following top and emerging risks:

• Inflation, interest rates and economic growth

• Technology, information and cyber security risk

• Disintermediation risk

• Data and Artificial Intelligence risk

• Third-party risk

• Anti-money laundering, anti-terrorist financing and sanctions

• U.S. banking regulation

• Interbank Offered Rate transition

• Corporate transactions

The remainder of this section describes top and emerging risks that have been updated for developments that have occurred since the issuance of our 2024 Annual Report, as well as regulatory and accounting developments that are material for CIBC.

Trade policy uncertainty

Newly implemented and proposed tariffs, by the U.S., and the related reciprocal measures are expected to have negative impacts on supply chains, inflation and economic activity, further amplifying ongoing U.S., Canada, China, and Mexico trade issues that existed prior to the tariff developments, and is posing a significant threat of a global recession and increasing market volatility. 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, operational and third-party risks.

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The eventual impact of tariffs will depend on their nature and duration, as well as fiscal policies that may be enacted in response, and are 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.

Global financial markets experienced significant levels of market volatility in the second quarter from increased political and macroeconomic uncertainties driven by tariffs. Concerns around stagflation, with lower growth forecasts and rising inflation expectations, could leave central banks with limited options to manage both inflation and economic growth. Our Capital Markets business maintains a defensive risk posture to manage the increased market risks and market volatility, while supporting elevated levels of client activity.

The impact of macroeconomic uncertainty on the US 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 in the funding market. Wider long-term issuance spreads for Canadian banks have already been observed during the second quarter as investor caution persists.

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.

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. Geopolitical risk could reduce economic growth, and in combination with the potential impacts on commodity prices and protectionism (further details are provided in the “Financial performance overview – Economic outlook” section), including from tariffs and other retaliatory measures, could have serious negative implications for general economic and banking activities.

Other areas which continue to be of concern include:

• Conflict in the Middle East;

• The war in Ukraine; and

• Rising 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.

Canadian consumer debt and the housing market

The latest household debt-to-income ratio data from Statistics Canada have been stable at below 2016 levels due to growth in disposable income and slower debt growth. The debt-to-service ratio has decreased in recent quarters in both mortgage and non-mortgage debt to 2016 levels, partially due to interest rates cuts combined with the rise in disposable income. Mortgage debt service ratios remain at historically high levels, while non-mortgage debt-to-income and service ratios remain at historical lows 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. 2023 to 2025 year-to-date property sales volumes have slowed to 2018–2019 levels.

While the interest rate cuts in the second half of 2024 and in 2025 will provide some relief, the levels are still high and there is an expected lag on performance relief from each incremental cut. Further interest rate cuts could result in an increase in sales activity and housing prices, however, the risk and uncertainties of the current environment could prolong slower housing sales, as well as challenge unemployment and interest rate expectations. Real estate secured lending losses remain low, supported by strong housing prices, with the House Price Index (HPI) slightly below peak 2022 levels and up year-over-year.

Unemployment rates in fiscal 2025 are at the highest level since 2017 (excluding the increase in 2020 and 2021 resulting from the COVID-19 pandemic) and are expected to remain elevated in the current macroeconomic environment. Unemployment rates at high levels could elevate non-mortgage debt levels, and has increased unsecured payment pressures, typical of the credit cycle.

In recent years, the regulatory environment has seen increased scrutiny, with regulators tightening guidelines and elevating oversight over financial institutions. Changes to guidelines could impact business processes, increasing costs to the bank and/or fines for non-compliance.

Recent changes impacting CIBC include:

• OSFI introduced a new portfolio concentration limit for uninsured originations with loan-to-income greater than 4.5x, effective November 1, 2024, with compliance reporting starting the first quarter of 2025;

• On September 16, 2024, to increase mortgage affordability for first-time homebuyers, the Department of Finance increased the maximum amortization for insured mortgages from 25 years to 30 years, and the maximum property value cap from $1 million to $1.5 million, effective December 15, 2024; and

• On September 26, 2024, OSFI issued further clarifications that existing uninsured mortgages that are straight switching from one federally regulated financial institution to another will be exempt from the re-application Interest Rate Stress Test, effective November 21, 2024.

Climate risk

In February 2025, the European Commission proposed revisions to the Corporate Sustainability Reporting Directive (CSRD) to simplify requirements and revise timelines. As a result, the CSRD requirements will not apply to certain CIBC subsidiaries until 2028.

On March 7, 2025, OSFI revised the implementation date of Scope 3 emissions reporting to begin for fiscal year 2028, three years after the initial expectation, in order to align with the recently released standards from the Canadian Sustainability Standards Board (CSSB). In addition to extending the timeline for financed emissions, OSFI’s update also included an implementation date for the disclosure of off-balance sheet emissions, such as those from capital markets activities, with reporting set to begin on fiscal year 2029.

In April 2025, the Canadian Securities Administrators (CSA) paused development of a new mandatory climate disclosure rule and amendments to existing diversity-related disclosure requirements. In the interim, the CSA encouraged issuers to refer to voluntary disclosure standards issued by the CSSB.

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Tax reform

The tax environment continues to evolve with the potential for tax legislative changes in the near term that could impact CIBC and our clients as a result of the new U.S. administration and the re-election of another minority Liberal government. In particular, recent U.S. tax proposals have the potential to increase U.S. taxes on foreign residents where the U.S. deems the residents’ foreign country to be imposing discriminatory and/or extraterritorial taxes on U.S. persons. The U.S. administration has indicated that certain of Canada’s taxes, specifically, the digital services tax and certain proposed dimensions of Canada’s GMT, are discriminatory and/or extraterritorial taxes to U.S. persons. On May 22, 2025, the U.S. House of Representatives passed a bill that would apply graduated increases of 5 to 20 percentage points on existing U.S. income tax and U.S. withholding tax rates in respect of foreign persons, as described above. The bill is currently with the Senate for approval and Presidential signature is expected by July 4, 2025.

On June 20, 2024, Canada enacted the Global Minimum Tax Act (GMTA) to adopt the OECD Pillar Two, which implements a 15% GMT on certain multinational enterprises, which applied to CIBC as of November 1, 2024. GMT is in different stages of adoption across the jurisdictions in which CIBC operates. The recent executive orders and tax proposals issued by the new U.S. administration creates uncertainty as to additional taxes and potentially heightened complexity as to the application of GMT globally. See the “Financial results review – Taxes” section for further details.

Regulatory developments

See the “Capital management” and “Credit risk” 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.

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 April 30, 2025:

(1) Average balances are calculated as a weighted average of daily closing balances.

(2) Includes counterparty credit risk (CCR) of $17 million, which comprises derivatives and repo-style transactions.

(3) Includes CCR of $14,616 million, which comprises derivatives and repo-style transactions.

(4) Includes CCR of $480 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.

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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

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. Gross credit exposure amounts relating to our business and government portfolios are reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. 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										2025 Apr. 30												2024 Oct. 31
			IRB approach	(1)			Standardized approach				Total				IRB approach	(1)			Standardized approach				Total
Business and government portfolios
Drawn		$	401,816			$	16,785			$	418,601			$	386,836			$	15,817			$	402,653
Undrawn commitments			63,389				1,059				64,448				62,778				1,183				63,961
Repo-style transactions			475,812				–				475,812				408,201				1				408,202
Other off-balance sheet			18,042				536				18,578				17,078				487				17,565
OTC derivatives			20,691				125				20,816				18,806				126				18,932
Gross EAD on business and government portfolios			979,750				18,505				998,255				893,699				17,614				911,313
Less: Collateral held for repo-style transactions			453,951				–				453,951				388,767				–				388,767
Net EAD on business and government portfolios			525,799				18,505				544,304				504,932				17,614				522,546
Retail portfolios
Drawn			334,724				6,979				341,703				331,821				6,976				338,797
Undrawn commitments			110,255				4,128				114,383				104,906				3,982				108,888
Other off-balance sheet			481				124				605				444				114				558
Gross EAD on retail portfolios			445,460				11,231				456,691				437,171				11,072				448,243
Securitization exposures (2)			35,564				24,013				59,577				30,901				21,251				52,152
Gross EAD (3)		$	1,460,774			$	53,749			$	1,514,523			$	1,361,771			$	49,937			$	1,411,708
Net EAD (3)		$	1,006,823			$	53,749			$	1,060,572			$	973,004			$	49,937			$	1,022,941

(1) Includes exposures subject to the supervisory slotting approach.

(2) 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.

(3) 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 1250%, 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.

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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)																				HELOC (2)												Total
$ billions, as at April 30, 2025		Insured								Uninsured												Uninsured												Insured								Uninsured
Ontario (3)		$	16.5				11	%		$	137.0				89	%						$	11.3				100	%						$	16.5				10	%		$	148.3				90	%
British Columbia and territories (4)			5.2				10				45.7				90								4.0				100								5.2				9				49.7				91
Alberta			9.1				35				16.6				65								1.7				100								9.1				33				18.3				67
Quebec			4.4				18				19.4				82								1.3				100								4.4				18				20.7				82
Central prairie provinces			2.4				36				4.3				64								0.5				100								2.4				33				4.8				67
Atlantic provinces			2.5				28				6.3				72								0.7				100								2.5				26				7.0				74
Canadian portfolio (5)(6)			40.1				15				229.3				85								19.5				100								40.1				14				248.8				86
U.S. portfolio (5)			–				–				2.7				100								0.1				100								–				–				2.8				100
Other international portfolio (5)			–				–				2.8				100								–				–								–				–				2.8				100
Total portfolio		$	40.1				15	%		$	234.8				85	%						$	19.6				100	%						$	40.1				14	%		$	254.4				86	%
October 31, 2024		$	42.3				15	%		$	231.4				85	%						$	19.6				100	%						$	42.3				14	%		$	251.0				86	%

(1) Balances reflect principal values.

(2) We did not have any insured HELOCs as at April 30, 2025 and October 31, 2024.

(3) Includes $7.2 billion (October 31, 2024: $7.6 billion) of insured residential mortgages, $84.6 billion (October 31, 2024: $83.2 billion) of uninsured residential mortgages, and $6.6 billion (October 31, 2024: $6.5 billion) of HELOCs in the Greater Toronto Area (GTA).

(4) Includes $2.3 billion (October 31, 2024: $2.4 billion) of insured residential mortgages, $31.1 billion (October 31, 2024: $30.9 billion) of uninsured residential mortgages, and $2.6 billion (October 31, 2024: $2.5 billion) of HELOCs in the Greater Vancouver Area (GVA).

(5) Geographic location is based on the address of the property.

(6) 53% (October 31, 2024: 55%) 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) for our uninsured residential mortgages and HELOCs originated and acquired during the quarter ended April 30, 2025, are provided in the following table:

		For the three months ended																												For the six months ended
		2025 Apr. 30								2025 Jan. 31								2024 Apr. 30												2025 Apr. 30								2024 Apr. 30
		Residential mortgages				HELOC				Residential mortgages				HELOC				Residential mortgages				HELOC								Residential mortgages				HELOC				Residential mortgages				HELOC
Ontario (2)			66	%			67	%			66	%			67	%			67	%			66	%							66	%			67	%			67	%			66	%
British Columbia and territories (3)			63				65				64				64				62				62								63				64				62				62
Alberta			69				72				71				72				71				71								70				72				71				71
Quebec			68				70				68				70				69				70								68				70				68				70
Central prairie provinces			69				72				70				72				72				73								69				72				71				73
Atlantic provinces			66				68				67				68				67				68								66				68				68				69
Canadian portfolio (4)			66	%			68	%			66	%			67	%			67	%			66	%							66	%			67	%			67	%			66	%
U.S. portfolio (4)			71	%			61	%			62	%			n/m				70	%			n/m								66	%			53	%			67	%			n/m
Other international portfolio (4)			71	%			n/m				69	%			n/m				72	%			n/m								70	%			n/m				73	%			n/m

(1) LTV ratios for newly originated and acquired residential mortgages and HELOCs are calculated based on weighted average.

(2) Average LTV ratios for our uninsured GTA residential mortgages originated during the quarter were 66% (January 31, 2025: 66%; April 30, 2024: 67%) and 66% for the six months ended April 30, 2025 (April 30, 2024: 67%).

(3) Average LTV ratios for our uninsured GVA residential mortgages originated during the quarter were 63% (January 31, 2025: 63%; April 30, 2024: 61%) and 63% for the six months ended April 30, 2025 (April 30, 2024: 62%).

(4) 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
April 30, 2025 (1)(2)			56	%			53	%
October 31, 2024 (1)(2)			54	%			52	%

(1) LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for April 30, 2025 and October 31, 2024 are based on the Forward Sortation Area level indices from the Teranet – National Bank National Composite House Price Index (Teranet) as of March 31, 2025 and September 30, 2024, 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 55% (October 31, 2024: 53%). Average LTV ratio on our uninsured GVA residential mortgage portfolio was 47% (October 31, 2024: 45%).

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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
April 30, 2025			–	%			–	%			2	%			13	%			43	%			42	%			–	%			–	%
October 31, 2024			–	%			–	%			2	%			12	%			45	%			41	%			–	%			–	%
U.S. portfolio
April 30, 2025			–	%			–	%			1	%			2	%			22	%			75	%			–	%			–	%
October 31, 2024			–	%			–	%			–	%			2	%			15	%			83	%			–	%			–	%
Other international portfolio
April 30, 2025			8	%			11	%			19	%			21	%			24	%			16	%			1	%			–	%
October 31, 2024			7	%			12	%			20	%			21	%			23	%			16	%			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	(1)
Canadian portfolio
April 30, 2025			1	%			3	%			9	%			19	%			32	%			27	%			2	%			7	%
October 31, 2024			1	%			3	%			7	%			17	%			32	%			26	%			3	%			11	%
U.S. portfolio
April 30, 2025			1	%			4	%			7	%			10	%			19	%			59	%			–	%			–	%
October 31, 2024			1	%			3	%			7	%			9	%			14	%			66	%			–	%			–	%
Other international portfolio
April 30, 2025			8	%			11	%			19	%			21	%			24	%			16	%			1	%			–	%
October 31, 2024			7	%			12	%			20	%			21	%			23	%			16	%			1	%			–	%

(1) Includes variable rate mortgages of $19.8 billion (October 31, 2024: $28.9 billion), of which $0.2 billion (October 31, 2024: $17.6 billion) relates to mortgages in which all of the fixed contractual payments are currently being applied to interest based on the rates in effect at April 30, 2025 and October 31, 2024, respectively, and the terms of the mortgages, with the portion of the contractual interest requirement not met by the payments being added to the principal. Since the amortization profile reflected in this table is based on the current amount of existing contractual payments, it does not reflect that the contractual payment amount is required to be increased at the time of renewal by the amount necessary to reduce the amortization period down to the period in effect at the time the mortgage was originally provided.

The extended amortization profile is driven by variable rate mortgages with elevated levels of interest rates relative to the rates at the time of origination. The elevated levels of interest rates had no impact on the remaining amortization period for fixed rate mortgages, which are assumed to be renewed at the same or a shorter amortization period.

We have two types of condominium exposures in Canada: mortgages and developer loans. Both are primarily concentrated in the Toronto and Vancouver areas. As at April 30, 2025, our Canadian condominium mortgages were $42.8 billion (October 31, 2024: $42.0 billion) of which 16% (October 31, 2024: 16%) were insured. Our drawn developer loans were $3.1 billion (October 31, 2024: $3.2 billion) or 1.4% (October 31, 2024: 1.5%) of our business and government portfolio, and our related undrawn exposure was $2.9 billion (October 31, 2024: $3.5 billion). The condominium developer exposure is diversified across 90 projects.

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 should 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 six months ended
$ millions		2025 Apr. 30												2025 Jan. 31												2024 Apr. 30																2025 Apr. 30												2024 Apr. 30
		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		$	1,841			$	1,421			$	3,262			$	1,628			$	1,286			$	2,914			$	1,839			$	1,158			$	2,997							$	1,628			$	1,286			$	2,914			$	1,956			$	1,034			$	2,990
Classified as impaired during the period			396				829				1,225				564				844				1,408				399				673				1,072								960				1,673				2,633				855				1,306				2,161
Transferred to performing during the period			(72	)			(134	)			(206	)			(21	)			(139	)			(160	)			(19	)			(127	)			(146	)							(93	)			(273	)			(366	)			(97	)			(215	)			(312	)
Net repayments (1)			(181	)			(264	)			(445	)			(302	)			(238	)			(540	)			(240	)			(177	)			(417	)							(483	)			(502	)			(985	)			(466	)			(301	)			(767	)
Amounts written off			(85	)			(372	)			(457	)			(77	)			(344	)			(421	)			(385	)			(313	)			(698	)							(162	)			(716	)			(878	)			(607	)			(602	)			(1,209	)
Foreign exchange and other			(69	)			(15	)			(84	)			49				12				61				35				6				41								(20	)			(3	)			(23	)			(12	)			(2	)			(14	)
Balance at end of period		$	1,830			$	1,465			$	3,295			$	1,841			$	1,421			$	3,262			$	1,629			$	1,220			$	2,849							$	1,830			$	1,465			$	3,295			$	1,629			$	1,220			$	2,849
Allowance for credit losses – impaired loans		$	440			$	464			$	904			$	463			$	440			$	903			$	433			$	452			$	885							$	440			$	464			$	904			$	433			$	452			$	885
Net impaired loans (2)
Balance at beginning of period		$	1,378			$	981			$	2,359			$	1,236			$	862			$	2,098			$	1,203			$	721			$	1,924							$	1,236			$	862			$	2,098			$	1,289			$	629			$	1,918
Net change in gross impaired			(11	)			44				33				213				135				348				(210	)			62				(148	)							202				179				381				(327	)			186				(141	)
Net change in allowance			23				(24	)			(1	)			(71	)			(16	)			(87	)			203				(15	)			188								(48	)			(40	)			(88	)			234				(47	)			187
Balance at end of period		$	1,390			$	1,001			$	2,391			$	1,378			$	981			$	2,359			$	1,196			$	768			$	1,964							$	1,390			$	1,001			$	2,391			$	1,196			$	768			$	1,964
Net impaired loans as a percentage of net loans and acceptances											0.42	%											0.42	%											0.36	%															0.42	%											0.36	%

(1) Includes proceeds from the disposal of loans.

(2) Net impaired loans are gross impaired loans net of stage 3 allowance for credit losses.

CIBC SECOND QUARTER 2025 33

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Gross impaired loans

As at April 30, 2025, gross impaired loans were $3,295 million, up $446 million from the same quarter last year, primarily due to increases in the Canadian residential mortgages portfolio, as well as in the financial institutions, business services, capital goods manufacturing, utilities, mining and consumer goods manufacturing sectors, partially offset by decreases in the real estate and construction, and education, health and social sectors.

Gross impaired loans were up $33 million from the prior quarter, primarily due to increases in the financial institutions, capital manufacturing, business services and consumer goods manufacturing sectors, as well as the Canadian residential mortgages portfolio, partially offset by decreases in the real estate and construction, and retail and wholesale sectors, and the impact of U.S. dollar depreciation on our business and government portfolio.

54% of gross impaired loans related to Canada, of which the residential mortgages and personal lending portfolios, as well as the real estate and construction, and the business services sectors accounted for the majority.

35% of gross impaired loans related to the U.S., of which the real estate and construction, capital goods manufacturing, consumer goods manufacturing, financial institutions, and business services sectors accounted for the majority.

The remaining gross impaired loans related to International banking, of which the residential mortgages and personal lending portfolios, as well as the business services and the real estate and construction sectors accounted for the majority.

Allowance for credit losses – impaired loans

Allowance for credit losses on impaired loans was $904 million, up $19 million from the same quarter last year, primarily due to increases in the financial institutions, mining, capital goods manufacturing, consumer goods manufacturing and utilities sectors, partially offset by decreases in the real estate and construction, and the education, health and social services sectors.

Allowance for credit losses on impaired loans was up $1 million from the prior quarter, primarily due to increases in the Canadian personal lending and residential mortgages portfolios, as well as the financial institutions and the business services sectors, partially offset by a decrease in the real estate and construction sector and the impact of U.S. dollar depreciation on our business and government portfolio.

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										2025 Apr. 30				2024 Oct. 31
		31 to 90 days				Over 90 days				Total				Total
Residential mortgages		$	1,184			$	–			$	1,184			$	1,216
Personal			229				–				229				261
Credit card			238				173				411				392
Business and government			170				–				170				226
		$	1,821			$	173			$	1,994			$	2,095

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 April 30, 2025		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.		$	13,351			$	1,063			$	2,406			$	16,820							$	8,301			$	941			$	9,242							$	658			$	66			$	654			$	1,378			$	27,440
Europe excluding U.K. (2)			9,971				2,777				7,386				20,134								7,189				2,056				9,245								428				180				1,436				2,044				31,423
Caribbean			5,695				2,020				4,884				12,599								2,268				2,919				5,187								43				–				161				204				17,990
Latin America (3)			608				18				32				658								575				–				575								6				137				–				143				1,376
Asia			1,373				2,063				1,365				4,801								338				623				961								–				544				1,044				1,588				7,350
Oceania (4)			5,956				1,396				1,017				8,369								3,706				205				3,911								51				3				112				166				12,446
Other			193				–				8				201								539				1				540								–				–				–				–				741
Total (5)		$	37,147			$	9,337			$	17,098			$	63,582							$	22,916			$	6,745			$	29,661							$	1,186			$	930			$	3,407			$	5,523			$	98,766
October 31, 2024		$	32,732			$	10,255			$	14,484			$	57,471							$	20,602			$	6,625			$	27,227							$	891			$	911			$	2,607			$	4,409			$	89,107

(1) The amounts shown are net of CVA and collateral. Collateral on derivative MTM receivables was $7.1 billion (October 31, 2024: $5.8 billion), collateral on repo-style transactions was $81.9 billion (October 31, 2024: $86.1 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 $6,070 million (October 31, 2024: $6,419 million) to supranationals (a multinational organization or a political union comprising member nation-states).

34 CIBC SECOND QUARTER 2025

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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 related 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														2025 Apr. 30																2024 Oct. 31
						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		$	14,011			$	–			$	2,727			$	11,284			$	8,565			$	–			$	3,328			$	5,237				Foreign exchange
Interest-bearing deposits with banks			35,575				–				35,575				–				39,499				–				39,499				–				Interest rate
Securities			269,841				109,403				160,438				–				254,345				100,969				153,376				–				Interest rate, equity
Cash collateral on securities borrowed			18,945				–				18,945				–				17,028				–				17,028				–				Interest rate
Securities purchased under resale agreements			91,261				23,357				67,904				–				83,721				24,977				58,744				–				Interest rate
Loans
Residential mortgages			283,437				–				283,437				–				280,672				–				280,672				–				Interest rate
Personal			46,856				–				46,856				–				46,681				–				46,681				–				Interest rate
Credit card			20,784				–				20,784				–				20,551				–				20,551				–				Interest rate
Business and government (1)			224,753				310				224,443				–				214,305				101				214,204				–				Interest rate
Allowance for credit losses			(4,191	)			–				(4,191	)			–				(3,917	)			–				(3,917	)			–				Interest rate
Derivative instruments			38,490				34,851				3,639				–				36,435				33,482				2,953				–				Interest rate, foreign exchange
Other assets			50,381				7,259				27,361				15,761				44,100				3,132				26,055				14,913				Interest rate, equity, foreign exchange
		$	1,090,143			$	175,180			$	887,918			$	27,045			$	1,041,985			$	162,661			$	859,174			$	20,150
Deposits		$	784,627			$	27,720	(2)		$	691,394			$	65,513			$	764,857			$	28,041	(2)		$	673,215			$	63,601				Interest rate
Obligations related to securities sold short			20,093				19,900				193				–				21,642				21,425				217				–				Interest rate
Cash collateral on securities lent			6,715				–				6,715				–				7,997				–				7,997				–				Interest rate
Obligations related to securities sold under repurchase agreements			133,279				–				133,279				–				110,153				–				110,153				–				Interest rate
Derivative instruments			43,945				43,143				802				–				40,654				39,115				1,539				–				Interest rate, foreign exchange
Other liabilities (1)			30,764				3,736				15,713				11,315				30,210				3,261				13,808				13,141				Interest rate
Subordinated indebtedness			8,774				–				8,774				–				7,465				–				7,465				–				Interest rate
		$	1,028,197			$	94,499			$	856,870			$	76,828			$	982,978			$	91,842			$	814,394			$	76,742

(1) Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

(2) 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 six months ended
$ millions														2025 Apr. 30								2025 Jan. 31								2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
		High				Low				As at				Average				As at				Average				As at				Average								Average				Average
Interest rate risk		$	10.2			$	4.1			$	6.6			$	7.0			$	7.0			$	8.9			$	11.7			$	10.6							$	7.9			$	9.0
Credit spread risk			2.9				1.2				1.4				1.6				1.3				2.1				2.4				2.4								1.9				2.4
Equity risk			15.9				8.4				10.0				12.2				8.9				7.9				4.9				6.4								10.0				6.0
Foreign exchange risk			3.0				0.5				1.1				1.1				1.3				1.6				2.7				1.5								1.3				1.2
Commodity risk			9.0				2.0				2.3				5.0				5.9				2.8				3.1				2.4								3.9				2.5
Diversification effect (1)			n/m				n/m				(10.8	)			(13.1	)			(13.3	)			(12.4	)			(9.8	)			(10.3	)							(12.7	)			(9.9	)
Total VaR (one-day measure)		$	16.1			$	10.6			$	10.6			$	13.8			$	11.1			$	10.9			$	15.0			$	13.0							$	12.3			$	11.2

(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 April 30, 2025 was up $2.9 million from the prior quarter, driven by an increase in equity derivatives and commodity exposure.

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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 $12.2 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						2025 Apr. 30												2025 Jan. 31												2024 Apr. 30
			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		$	84			$	37			$	121			$	109			$	41			$	150			$	216			$	89			$	305
Increase (decrease) in EVE			(1,055	)			(457	)			(1,512	)			(1,061	)			(454	)			(1,515	)			(820	)			(367	)			(1,187	)
100 basis point decrease in interest rates
Increase (decrease) in net interest income			(148	)			(41	)			(189	)			(174	)			(44	)			(218	)			(273	)			(88	)			(361	)
Increase (decrease) in EVE			903				463				1,366				975				464				1,439				724				380				1,104

(1) Includes CAD and other currency exposures.

36 CIBC SECOND QUARTER 2025

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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)
2025		Cash and deposits with banks		$	49,586			$	–			$	49,586			$	482			$	49,104
Apr. 30		Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks			186,105				120,301				306,406				179,119				127,287
		Other debt securities			5,947				13,934				19,881				5,863				14,018
		Equities			64,770				30,245				95,015				59,146				35,869
		Canadian government guaranteed National Housing Act mortgage-backed securities			32,431				5,264				37,695				23,557				14,138
		Other liquid assets (2)			21,881				5,875				27,756				10,147				17,609
				$	360,720			$	175,619			$	536,339			$	278,314			$	258,025
2024		Cash and deposits with banks		$	48,064			$	–			$	48,064			$	560			$	47,504
Oct. 31		Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks			178,324				108,499				286,823				146,992				139,831
		Other debt securities			6,093				11,328				17,421				3,696				13,725
		Equities			58,102				33,424				91,526				54,269				37,257
		Canadian government guaranteed National Housing Act mortgage-backed securities			35,155				2,038				37,193				20,263				16,930
		Other liquid assets (2)			16,021				2,849				18,870				8,971				9,899
				$	341,759			$	158,138			$	499,897			$	234,751			$	265,146

(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		2025 Apr. 30				2024 Oct. 31
CIBC (parent)		$	169,473			$	185,357
Domestic subsidiaries			15,282				7,882
Foreign subsidiaries			73,270				71,907
		$	258,025			$	265,146

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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 April 30, 2025 increased by $43.6 billion, and unencumbered liquid assets decreased by $7.1 billion since October 31, 2024, primarily due to an increase in obligations related to securities sold under repurchase agreements.

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)
2025		Cash and deposits with banks		$	–			$	482							$	49,104			$	–							$	49,586
Apr. 30		Securities (3)			245,121				9,154								194,783				–								449,058
		Loans, net of allowance (4)			–				61,241								25,379				485,019								571,639
		Other assets			7,909				–								7,951				73,011								88,871
				$	253,030			$	70,877							$	277,217			$	558,030							$	1,159,154
2024		Cash and deposits with banks		$	–			$	560							$	47,504			$	–							$	48,064
Oct. 31		Securities (3)			206,861				7,117								200,712				–								414,690
		Loans, net of allowance (4)(5)			–				57,998								26,919				473,375								558,292
		Other assets (5)			7,067				–								4,195				69,273								80,535
				$	213,928			$	65,675							$	279,330			$	542,648							$	1,101,581

(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.

(5) Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

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.

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The LCR is calculated and disclosed using a standard OSFI-prescribed template.

$ millions, average of the three months ended April 30, 2025					Total unweighted value	(1)			Total weighted value	(2)
HQLA
1		HQLA			n/a			$	211,847
Cash outflows
2		Retail deposits and deposits from small business customers, of which:		$	229,580				18,148
3		Stable deposits			99,431				2,983
4		Less stable deposits			130,149				15,165
5		Unsecured wholesale funding, of which:			254,373				113,245
6		Operational deposits (all counterparties) and deposits in networks of cooperative banks			126,997				30,566
7		Non-operational deposits (all counterparties)			106,165				61,468
8		Unsecured debt			21,211				21,211
9		Secured wholesale funding			n/a				29,198
10		Additional requirements, of which:			185,410				42,471
11		Outflows related to derivative exposures and other collateral requirements			22,569				8,410
12		Outflows related to loss of funding on debt products			5,576				5,576
13		Credit and liquidity facilities			157,265				28,485
14		Other contractual funding obligations			6,868				6,099
15		Other contingent funding obligations			455,378				8,930
16		Total cash outflows			n/a				218,091
Cash inflows
17		Secured lending (e.g. reverse repos)			149,100				25,822
18		Inflows from fully performing exposures			21,431				11,231
19		Other cash inflows			19,270				19,270
20		Total cash inflows		$	189,801			$	56,323
									Total adjusted value
21		Total HQLA			n/a			$	211,847
22		Total net cash outflows			n/a			$	161,768
23		LCR			n/a				131	%
$ millions, average of the three months ended January 31, 2025									Total adjusted value
24		Total HQLA			n/a			$	212,665
25		Total net cash outflows			n/a			$	161,581
26		LCR			n/a				132	%

(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 April 30, 2025 decreased to 131% from 132% in the prior quarter, due to lower HQLA mainly reflecting a decrease in average cash balances.

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.

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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 April 30, 2025				No maturity				<6 months				6 months to <1 year				>1 year				Weighted value
ASF item
1		Capital		$	61,226			$	–			$	–			$	7,284			$	68,510
2		Regulatory capital			61,226				–				–				7,284				68,510
3		Other capital instruments			–				–				–				–				–
4		Retail deposits and deposits from small business customers			195,698				53,914				22,131				18,698				268,823
5		Stable deposits			88,475				21,262				11,687				9,491				124,844
6		Less stable deposits			107,223				32,652				10,444				9,207				143,979
7		Wholesale funding			196,513				219,784				62,373				101,917				250,936
8		Operational deposits			127,259				4,853				–				3				66,059
9		Other wholesale funding			69,254				214,931				62,373				101,914				184,877
10		Liabilities with matching interdependent assets			–				710				951				13,572				–
11		Other liabilities			–				89,288 (1)												10,204
12		NSFR derivative liabilities							10,809 (1)
13		All other liabilities and equity not included in the above categories			–				68,212				125				10,142				10,204
14		Total ASF																			598,473
RSF item
15		Total NSFR HQLA																			23,718
16		Deposits held at other financial institutions for operational purposes			–				2,829				–				84				1,499
17		Performing loans and securities			81,772				130,268				78,317				364,464				434,263
18		Performing loans to financial institutions secured by Level 1 HQLA			–				16,588				3,550				8				2,618
19		Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions			1,290				43,788				8,731				26,966				37,431
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:			39,848				35,704				28,170				138,385				183,777
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:			18,770				33,728				37,173				188,244				182,045
23		With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk			18,770				33,653				37,093				182,739				177,288
24		Securities that are not in default and do not qualify as HQLA, including exchange-traded equities			21,864				460				693				10,861				28,392
25		Assets with matching interdependent liabilities			–				710				951				13,572				–
26		Other assets			18,309				87,181 (1)												55,096
27		Physical traded commodities, including gold			7,951																6,758
28		Assets posted as initial margin for derivative contracts and contributions to default funds of central counterparties							12,431 (1)												10,566
29		NSFR derivative assets							7,309 (1)												–
30		NSFR derivative liabilities before deduction of variation margin posted							47 (1)												1,052
31		All other assets not included in the above categories			10,358				58,975				211				8,208				36,720
32		Off-balance sheet items							466,731 (1)												15,954
33		Total RSF																		$	530,530
34		NSFR																			113	%
$ millions, as at January 31, 2025																				Weighted value
35		Total ASF																		$	596,158
36		Total RSF																		$	528,014
37		NSFR																			113	%

(1) No assigned time period per disclosure template design.

Our NSFR as at April 30, 2025 was comparable to 113% in the prior quarter, primarily due to an increase in operational deposits, offset by an increase in loans.

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.

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.

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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 April 30, 2025		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)		$	7,517			$	857			$	1,200			$	627			$	10,201			$	–			$	–			$	10,201
Certificates of deposit and commercial paper			9,034				13,775				25,737				32,383				80,929				677				1				81,607
Bearer deposit notes and bankers’ acceptances			187				218				1,186				1,598				3,189				–				–				3,189
Senior unsecured medium-term notes (2)			2,026				3,172				3,235				6,534				14,967				18,180				28,471				61,618
Senior unsecured structured notes			–				40				–				69				109				–				69				178
Covered bonds/asset-backed securities
Mortgage securitization (3)			–				441				154				943				1,538				1,498				12,695				15,731
Covered bonds			–				2,918				–				9,312				12,230				14,282				13,942				40,454
Cards securitization			1,078				855				–				125				2,058				1,338				780				4,176
Subordinated liabilities			–				–				–				–				–				–				8,774				8,774
Other (4)			–				–				–				–				–				–				9				9
		$	19,842			$	22,276			$	31,512			$	51,591			$	125,221			$	35,975			$	64,741			$	225,937
Of which:
Secured		$	1,078			$	4,214			$	154			$	10,380			$	15,826			$	17,118			$	27,417			$	60,361
Unsecured			18,764				18,062				31,358				41,211				109,395				18,857				37,324				165,576
		$	19,842			$	22,276			$	31,512			$	51,591			$	125,221			$	35,975			$	64,741			$	225,937
October 31, 2024		$	25,956			$	11,157			$	43,907			$	36,822			$	117,842			$	34,558			$	62,917			$	215,317

(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 $500 million (October 31, 2024: $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		2025 Apr. 30								2024 Oct. 31
CAD		$	47.5				21	%		$	48.8				23	%
USD			132.3				59				124.3				57
Other			46.1				20				42.2				20
		$	225.9				100	%		$	215.3				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 April 30, 2025

Morningstar DBRS

Fitch

Moody’s

S&P

Deposit/Counterparty (1)

AA

AA

Aa2

A+

Senior debt (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) Includes senior debt issued on or after September 23, 2018 which is not subject to bail-in regulations.

(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 limited recourse capital notes and associated preferred shares issued in USD. Fitch rating only applies to limited recourse capital notes and associated preferred shares issued in USD.

CIBC SECOND QUARTER 2025 41

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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		2025 Apr. 30				2024 Oct. 31
One-notch downgrade		$	–			$	–
Two-notch downgrade			–				0.1
Three-notch downgrade			0.4				0.3

Contractual obligations

Contractual obligations give rise to commitments of future payments affecting our short- and long-term liquidity and capital resource needs. These obligations include financial liabilities, credit and liquidity commitments, and other contractual obligations.

Assets and liabilities

The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values. Contractual analysis is not representative of our liquidity risk exposure, however, this information serves to inform our management of liquidity risk, and provide input when modelling a behavioural balance sheet.

$ millions, as at April 30, 2025		Less than 1 month				1–3 months				3–6 months				6–9 months				9–12 months				1–2 years				2–5 years				Over 5 years				No specified maturity				Total
Assets
Cash and non-interest-bearing deposits with banks (1)		$	14,011			$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	14,011
Interest-bearing deposits with banks			35,575				–				–				–				–				–				–				–				–				35,575
Securities			7,129				17,567				9,998				11,089				9,531				29,605				63,991				52,208				68,723				269,841
Cash collateral on securities borrowed			18,945				–				–				–				–				–				–				–				–				18,945
Securities purchased under resale agreements			49,354				19,259				14,810				4,136				2,474				1,221				7				–				–				91,261
Loans
Residential mortgages			5,290				11,046				21,240				15,842				27,887				90,285				101,839				10,008				–				283,437
Personal			969				581				1,011				635				971				665				4,745				5,134				32,145				46,856
Credit card			436				873				1,309				1,309				1,309				5,238				10,310				–				–				20,784
Business and government (2)			4,718				6,334				13,523				15,393				14,378				57,116				78,410				22,092				12,789				224,753
Allowance for credit losses			–				–				–				–				–				–				–				–				(4,191	)			(4,191	)
Derivative instruments			2,717				6,622				3,068				4,022				2,458				5,815				7,721				6,067				–				38,490
Other assets			–				–				–				–				–				–				–				–				50,381				50,381
		$	139,144			$	62,282			$	64,959			$	52,426			$	59,008			$	189,945			$	267,023			$	95,509			$	159,847			$	1,090,143
October 31, 2024		$	130,008			$	45,680			$	57,993			$	52,094			$	61,184			$	186,218			$	260,975			$	101,546			$	146,287			$	1,041,985
Liabilities
Deposits (3)		$	44,568			$	42,098			$	60,055			$	48,992			$	52,330			$	51,068			$	65,194			$	24,072			$	396,250			$	784,627
Obligations related to securities sold short			20,093				–				–				–				–				–				–				–				–				20,093
Cash collateral on securities lent			6,715				–				–				–				–				–				–				–				–				6,715
Obligations related to securities sold under repurchase agreements			122,041				8,279				660				678				–				620				1,001				–				–				133,279
Derivative instruments			7,844				6,240				2,489				3,867				2,356				6,581				4,723				9,839				6				43,945
Other liabilities (2)			34				47				68				69				69				264				587				810				28,816				30,764
Subordinated indebtedness			–				–				–				–				–				–				34				8,740				–				8,774
Equity			–				–				–				–				–				–				–				–				61,946				61,946
		$	201,295			$	56,664			$	63,272			$	53,606			$	54,755			$	58,533			$	71,539			$	43,461			$	487,018			$	1,090,143
October 31, 2024		$	188,502			$	48,833			$	75,616			$	49,168			$	46,158			$	55,388			$	73,705			$	39,445			$	465,170			$	1,041,985

(1) Cash includes interest-bearing demand deposits with Bank of Canada.

(2) Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

(3) Comprises $255.5 billion (October 31, 2024: $252.9 billion) of personal deposits; $501.7 billion (October 31, 2024: $492.0 billion) of business and government deposits and secured borrowings; and $27.4 billion (October 31, 2024: $20.0 billion) of bank deposits.

The changes in the contractual maturity profile were due to the natural migration of maturities and reflect the impact of our regular business activities.

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Credit-related commitments

The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity requirements.

$ millions, as at April 30, 2025			Less than 1 month				1–3 months				3–6 months				6–9 months				9–12 months				1–2 years				2–5 years				Over 5 years				No specified maturity	(1)			Total
Unutilized credit commitments		$	2,895			$	9,807			$	6,618			$	5,400			$	7,503			$	24,263			$	85,476			$	3,544			$	253,155			$	398,661
Standby and performance letters of credit			5,318				3,645				3,608				5,827				3,886				503				783				189				–				23,759
Backstop liquidity facilities			157				216				259				25,469				207				120				243				–				–				26,671
Documentary and commercial letters of credit			48				47				57				14				10				–				14				–				–				190
Other (2)			1,292				–				–				–				–				–				–				–				54				1,346
		$	9,710			$	13,715			$	10,542			$	36,710			$	11,606			$	24,886			$	86,516			$	3,733			$	253,209			$	450,627
October 31, 2024		$	18,455			$	35,462			$	8,910			$	11,720			$	12,084			$	26,766			$	77,636			$	3,562			$	245,816			$	440,411

(1) Includes $195.7 billion (October 31, 2024: $189.6 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.

(2) Includes forward-dated securities financing trades.

Other off-balance sheet contractual obligations

The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:

$ millions, as at April 30, 2025		Less than 1 month				1–3 months				3–6 months				6–9 months				9–12 months				1–2 years				2–5 years				Over 5 years				Total
Purchase obligations (1)		$	118			$	212			$	267			$	275			$	207			$	643			$	740			$	255			$	2,717
Future lease commitments (2)			–				–				2				5				6				31				95				434				573
Investment commitments			–				–				1				1				12				10				47				488				559
Underwriting commitments			514				–				–				–				–				–				–				–				514
Pension contributions (3)			14				28				41				–				–				–				–				–				83
		$	646			$	240			$	311			$	281			$	225			$	684			$	882			$	1,177			$	4,446
October 31, 2024 (2)		$	607			$	263			$	292			$	321			$	279			$	737			$	850			$	1,203			$	4,552

(1) Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed, minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases of debt and equity instruments that settle within standard market time frames.

(2) Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the interim consolidated balance sheet, and operating and tax expenses relating to lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset.

(3) Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the remaining annual period ending October 31, 2025 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability.

Other risks

We also have policies and processes to measure, monitor and control other risks, including strategic, reputation, environmental and social, and operational risks, such as insurance, 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 80 to 84 of our 2024 Annual Report.

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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 2024 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, 2024.

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 uncertainty related to the level and duration of tariffs between the U.S., Canada and other major trading partners, the impact that tariffs may have on economic growth and inflation in Canada and the U.S. and fiscal and monetary policies that may be enacted in response to tariffs, 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 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 2024 Annual Report and Note 6 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 2024 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2025.

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 April 30, 2025 (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 April 30, 2025 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, 2024. For additional information, refer to pages 90 and 180 of our 2024 Annual Report.

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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 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 balances are calculated as a weighted average of daily closing balances.

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.

Dividend yield

Dividends per common share divided by the closing common share price.

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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, excluding the taxable equivalent basis (TEB) adjustment included therein, 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.

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.

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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 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.

Taxable equivalent basis (TEB)

The gross-up of tax-exempt revenue on certain securities to a TEB. There is an equivalent offsetting adjustment to the income tax expense. Commencing in the third quarter of 2024, TEB reporting was no longer applicable to certain dividends received on or after January 1, 2024.

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 that became effective on November 1, 2023 and in accordance with OSFI’s Capital Adequacy Requirements (CAR) Guideline. Trading net interest income is net interest income related to trading.

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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 no longer 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 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 provides a framework to evaluate the returns of each strategic business unit, commensurate with risk assumed. 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 designed to provide a comprehensive view on capital adequacy, as defined by Pillar II of the Basel Accord, wherein we identify and measure our risks on an ongoing basis in order to ensure that the capital available is sufficient to cover all risks across CIBC.

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.

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.

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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 through-the-cycle 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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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. Under the standardized approach, these exposures would be included under “other retail”.

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 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 AIRB 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 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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Interim consolidated financial statements

(Unaudited)

Contents
53		Consolidated balance sheet
54		Consolidated statement of income
55		Consolidated statement of comprehensive income
56		Consolidated statement of changes in equity
57		Consolidated statement of cash flows
58		Notes to the interim consolidated financial statements

58		Note 1		–		Changes in accounting policies
58		Note 2		–		Significant estimates and assumptions
59		Note 3		–		Fair value measurement
62		Note 4		–		Significant transactions
63		Note 5		–		Securities
65		Note 6		–		Loans
70		Note 7		–		Deposits
71		Note 8		–		Subordinated indebtedness

71		Note 9		–		Share capital
73		Note 10		–		Post-employment benefits
73		Note 11		–		Income taxes
74		Note 12		–		Earnings per share
74		Note 13		–		Contingent liabilities and provisions
75		Note 14		–		Interest income and expense
75		Note 15		–		Segmented information

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Consolidated balance sheet

Unaudited, millions of Canadian dollars, as at		2025 Apr. 30				2024 Oct. 31
ASSETS
Cash and non-interest-bearing deposits with banks		$	14,011			$	8,565
Interest-bearing deposits with banks			35,575				39,499
Securities (Note 5)			269,841				254,345
Cash collateral on securities borrowed			18,945				17,028
Securities purchased under resale agreements			91,261				83,721
Loans (Note 6)
Residential mortgages			283,437				280,672
Personal			46,856				46,681
Credit card			20,784				20,551
Business and government (1)			224,753				214,305
Allowance for credit losses			(4,191	)			(3,917	)
			571,639				558,292
Other
Derivative instruments			38,490				36,435
Property and equipment			3,277				3,359
Goodwill			5,400				5,443
Software and other intangible assets			2,813				2,830
Investments in equity-accounted associates and joint ventures			765				785
Deferred tax assets			783				821
Other assets			37,343				30,862
			88,871				80,535
		$	1,090,143			$	1,041,985
LIABILITIES AND EQUITY
Deposits (Note 7)
Personal		$	255,523			$	252,894
Business and government			441,342				435,499
Bank			27,401				20,009
Secured borrowings			60,361				56,455
			784,627				764,857
Obligations related to securities sold short			20,093				21,642
Cash collateral on securities lent			6,715				7,997
Obligations related to securities sold under repurchase agreements			133,279				110,153
Other
Derivative instruments			43,945				40,654
Deferred tax liabilities			49				49
Other liabilities (1)			30,715				30,161
			74,709				70,864
Subordinated indebtedness (Note 8)			8,774				7,465
Equity
Preferred shares and other equity instruments			5,942				4,946
Common shares (Note 9)			16,929				17,011
Contributed surplus			156				159
Retained earnings			34,984				33,471
Accumulated other comprehensive income (AOCI)			3,655				3,148
Total shareholders’ equity			61,666				58,735
Non-controlling interests			280				272
Total equity			61,946				59,007
		$	1,090,143			$	1,041,985

(1) Includes customers’ liability under acceptances of $10 million (October 31, 2024: $6 million) in business and government loans and acceptances of $10 million (October 31, 2024: $6 million) in other liabilities. Prior period amounts have been revised to conform to the presentation adopted in the first quarter of 2025.

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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Consolidated statement of income

		For the three months ended																For the six months ended
Unaudited, millions of Canadian dollars, except as noted		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Interest income (Note 14) (1)
Loans		$	7,685			$	8,296			$	8,250							$	15,981			$	16,531
Securities			2,230				2,340				2,379								4,570				4,685
Securities borrowed or purchased under resale agreements			1,341				1,390				1,452								2,731				2,842
Deposits with banks and other			603				693				692								1,296				1,449
			11,859				12,719				12,773								24,578				25,507
Interest expense (Note 14)
Deposits			6,110				6,906				7,576								13,016				15,287
Securities sold short			156				133				150								289				306
Securities lent or sold under repurchase agreements			1,608				1,670				1,492								3,278				2,846
Subordinated indebtedness			101				107				136								208				256
Other			96				102				138								198				282
			8,071				8,918				9,492								16,989				18,977
Net interest income			3,788				3,801				3,281								7,589				6,530
Non-interest income
Underwriting and advisory fees			198				181				191								379				360
Deposit and payment fees			241				246				228								487				459
Credit fees			248				245				332								493				698
Card fees			88				114				112								202				212
Investment management and custodial fees			538				553				488								1,091				946
Mutual fund fees			475				531				434								1,006				879
Income from insurance activities, net			81				84				87								165				184
Commissions on securities transactions			125				137				106								262				193
Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net			997				1,161				685								2,158				1,530
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net			9				13				31								22				46
Foreign exchange other than trading (FXOTT)			87				97				102								184				194
Income (loss) from equity-accounted associates and joint ventures			36				26				25								62				41
Other			111				92				62								203				113
			3,234				3,480				2,883								6,714				5,855
Total revenue			7,022				7,281				6,164								14,303				12,385
Provision for credit losses (Note 6)			605				573				514								1,178				1,099
Non-interest expenses
Employee compensation and benefits			2,255				2,277				2,009								4,532				3,959
Occupancy costs			202				201				208								403				425
Computer, software and office equipment			691				696				653								1,387				1,274
Communications			104				96				96								200				182
Advertising and business development			92				88				86								180				163
Professional fees			63				65				64								128				116
Business and capital taxes			27				36				28								63				63
Other (Note 13)			385				419				357								804				784
			3,819				3,878				3,501								7,697				6,966
Income before income taxes			2,598				2,830				2,149								5,428				4,320
Income taxes			591				659				400								1,250				843
Net income		$	2,007			$	2,171			$	1,749							$	4,178			$	3,477
Net income attributable to non-controlling interests		$	9			$	8			$	10							$	17			$	22
Preferred shareholders and other equity instrument holders		$	78			$	88			$	61							$	166			$	128
Common shareholders			1,920				2,075				1,678								3,995				3,327
Net income attributable to equity shareholders		$	1,998			$	2,163			$	1,739							$	4,161			$	3,455
Earnings per share (in dollars) (Note 12)
Basic		$	2.05			$	2.20			$	1.79							$	4.25			$	3.56
Diluted			2.04				2.19				1.79								4.23				3.55
Dividends per common share (in dollars)			0.97				0.97				0.90								1.94				1.80

(1) Interest income included $10.7 billion for the quarter ended April 30, 2025 (January 31, 2025: $11.5 billion; April 30, 2024: $11.9 billion) and $22.3 billion for the six months ended April 30, 2025 (April 30, 2024: $23.9 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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Consolidated statement of comprehensive income

		For the three months ended														For the six months ended
Unaudited, millions of Canadian dollars		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30						2025 Apr. 30				2024 Apr. 30
Net income		$	2,007			$	2,171			$	1,749					$	4,178			$	3,477
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			(3,061	)			2,453				1,244						(608	)			(359	)
Net gains (losses) on hedges of investments in foreign operations			1,897				(1,571	)			(779	)					326				183
			(1,164	)			882				465						(282	)			(176	)
Net change in debt securities measured at FVOCI
Net gains (losses) on debt securities measured at FVOCI			(17	)			110				21						93				181
Net (gains) losses reclassified to net income			(6	)			(9	)			(21	)					(15	)			(31	)
			(23	)			101				–						78				150
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges			472				326				(374	)					798				497
Net (gains) losses reclassified to net income			(194	)			(35	)			(92	)					(229	)			(208	)
			278				291				(466	)					569				289
OCI, net of income tax, that is not subject to subsequent reclassification to net income
Net gains (losses) on post-employment defined benefit plans			(47	)			19				13						(28	)			(65	)
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk			157				(2	)			(57	)					155				(256	)
Net gains (losses) on equity securities designated at FVOCI			12				3				(10	)					15				(10	)
			122				20				(54	)					142				(331	)
Total OCI (1)			(787	)			1,294				(55	)					507				(68	)
Comprehensive income		$	1,220			$	3,465			$	1,694					$	4,685			$	3,409
Comprehensive income attributable to non-controlling interests		$	9			$	8			$	10					$	17			$	22
Preferred shareholders and other equity instrument holders		$	78			$	88			$	61					$	166			$	128
Common shareholders			1,133				3,369				1,623						4,502				3,259
Comprehensive income attributable to equity shareholders		$	1,211			$	3,457			$	1,684					$	4,668			$	3,387
(1)  Includes $20 million of gains for the quarter ended April 30, 2025 (January 31, 2025: $3 million of losses; April 30, 2024: $1 million of gains), and $17 million of gains for the six months ended April 30, 2025 (April 30, 2024: $54 million of gains), relating to our investments in equity-accounted associates and joint ventures.
		For the three months ended														For the six months ended
Unaudited, millions of Canadian dollars		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30						2025 Apr. 30				2024 Apr. 30
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		$	79			$	(63	)		$	(34	)				$	16			$	11
Net gains (losses) on hedges of investments in foreign operations			(216	)			152				78						(64	)			(18	)
			(137	)			89				44						(48	)			(7	)
Net change in debt securities measured at FVOCI
Net gains (losses) on debt securities measured at FVOCI			17				(11	)			(2	)					6				(34	)
Net (gains) losses reclassified to net income			2				3				8						5				12
			19				(8	)			6						11				(22	)
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges			(181	)			(126	)			144						(307	)			(191	)
Net (gains) losses reclassified to net income			74				14				35						88				80
			(107	)			(112	)			179						(219	)			(111	)
Not subject to subsequent reclassification to net income
Net gains (losses) on post-employment defined benefit plans			19				(8	)			(5	)					11				26
Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk			(60	)			–				21						(60	)			98
Net gains (losses) on equity securities designated at FVOCI			(5	)			(1	)			3						(6	)			3
			(46	)			(9	)			19						(55	)			127
		$	(271	)		$	(40	)		$	248					$	(311	)		$	(13	)

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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Consolidated statement of changes in equity

		For the three months ended												For the six months ended
Unaudited, millions of Canadian dollars		2025 Apr. 30				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Preferred shares and other equity instruments
Balance at beginning of period		$	5,341			$	4,925							$	4,946			$	4,925
Issue of preferred shares and limited recourse capital notes			600				500								1,293				500
Redemption of preferred shares			–				(325	)							(300	)			(325	)
Treasury shares			1				(2	)							3				(2	)
Balance at end of period		$	5,942			$	5,098							$	5,942			$	5,098
Common shares (Note 9)
Balance at beginning of period		$	17,027			$	16,447							$	17,011			$	16,082
Issue of common shares			9				367								86				734
Purchase of common shares for cancellation			(109	)			–								(172	)			–
Treasury shares			2				(1	)							4				(3	)
Balance at end of period		$	16,929			$	16,813							$	16,929			$	16,813
Contributed surplus
Balance at beginning of period		$	166			$	108							$	159			$	109
Compensation expense arising from equity-settled share-based awards			6				4								8				6
Exercise of stock options and settlement of other equity-settled share-based awards			(1	)			(1	)							(6	)			(3	)
Other (1)			(15	)			3								(5	)			2
Balance at end of period		$	156			$	114							$	156			$	114
Retained earnings
Balance at beginning of period		$	34,366			$	31,162							$	33,471			$	30,352
Net income attributable to equity shareholders			1,998				1,739								4,161				3,455
Dividends and distributions
Preferred and other equity instruments			(78	)			(61	)							(166	)			(128	)
Common			(910	)			(844	)							(1,824	)			(1,683	)
Premium on purchase of common shares for cancellation			(381	)			–								(638	)			–
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI			–				–								–				1
Other			(11	)			(6	)							(20	)			(7	)
Balance at end of period		$	34,984			$	31,990							$	34,984			$	31,990
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		$	3,058			$	1,521							$	2,176			$	2,162
Net change in foreign currency translation adjustments			(1,164	)			465								(282	)			(176	)
Balance at end of period		$	1,894			$	1,986							$	1,894			$	1,986
Net gains (losses) on debt securities measured at FVOCI
Balance at beginning of period		$	(206	)		$	(257	)						$	(307	)		$	(407	)
Net change in debt securities measured at FVOCI			(23	)			–								78				150
Balance at end of period		$	(229	)		$	(257	)						$	(229	)		$	(257	)
Net gains (losses) on cash flow hedges
Balance at beginning of period		$	800			$	(271	)						$	509			$	(1,026	)
Net change in cash flow hedges			278				(466	)							569				289
Balance at end of period		$	1,078			$	(737	)						$	1,078			$	(737	)
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		$	861			$	514							$	842			$	592
Net change in post-employment defined benefit plans			(47	)			13								(28	)			(65	)
Balance at end of period		$	814			$	527							$	814			$	527
Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
Balance at beginning of period		$	(90	)		$	(71	)						$	(88	)		$	128
Net change attributable to changes in credit risk			157				(57	)							155				(256	)
Balance at end of period		$	67			$	(128	)						$	67			$	(128	)
Net gains (losses) on equity securities designated at FVOCI
Balance at beginning of period		$	19			$	13							$	16			$	14
Net gains (losses) on equity securities designated at FVOCI			12				(10	)							15				(10	)
Realized (gains) losses on equity securities designated at FVOCI reclassified to retained earnings			–				–								–				(1	)
Balance at end of period		$	31			$	3							$	31			$	3
Total AOCI, net of income tax		$	3,655			$	1,394							$	3,655			$	1,394
Non-controlling interests
Balance at beginning of period		$	289			$	235							$	272			$	232
Net income attributable to non-controlling interests			9				10								17				22
Dividends			(2	)			(2	)							(4	)			(4	)
Other			(16	)			4								(5	)			(3	)
Balance at end of period		$	280			$	247							$	280			$	247
Equity at end of period		$	61,946			$	55,656							$	61,946			$	55,656

(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.

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Consolidated statement of cash flows

		For the three months ended												For the six months ended
Unaudited, millions of Canadian dollars		2025 Apr. 30				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Cash flows provided by (used in) operating activities
Net income		$	2,007			$	1,749							$	4,178			$	3,477
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
Provision for credit losses			605				514								1,178				1,099
Amortization and impairment (1)			281				288								567				564
Stock options and restricted shares expense			6				4								8				6
Deferred income taxes			(68	)			(58	)							14				(19	)
Losses (gains) from debt securities measured at FVOCI and amortized cost			(9	)			(31	)							(22	)			(46	)
Net losses (gains) on disposal of property and equipment			1				–								(2	)			–
Other non-cash items, net			280				201								(211	)			(489	)
Net changes in operating assets and liabilities
Interest-bearing deposits with banks			(1,294	)			(1,234	)							3,924				(3,942	)
Loans, net of repayments			(4,052	)			(8,907	)							(14,149	)			(8,872	)
Deposits, net of withdrawals			1,943				8,869								18,320				4,818
Obligations related to securities sold short			(685	)			3,311								(1,549	)			4,783
Accrued interest receivable			(108	)			(475	)							89				(538	)
Accrued interest payable			(292	)			565								(711	)			762
Derivative assets			71				(6,787	)							(2,059	)			1,803
Derivative liabilities			(1,089	)			6,128								3,094				(2,473	)
Securities measured at FVTPL			3,512				(5,832	)							(9,741	)			(14,109	)
Other assets and liabilities measured/designated at FVTPL			(190	)			(472	)							494				2,393
Current income taxes			14				1								(239	)			(68	)
Cash collateral on securities lent			(2,199	)			1,038								(1,282	)			548
Obligations related to securities sold under repurchase agreements			5,643				11,399								23,126				13,891
Cash collateral on securities borrowed			(336	)			6,008								(1,917	)			896
Securities purchased under resale agreements			(5,118	)			(13,347	)							(7,540	)			(5,858	)
Other, net			1,991				511								(3,301	)			1,016
			914				3,443								12,269				(358	)
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness			1,250				–								1,250				1,250
Redemption/repurchase/maturity of subordinated indebtedness			(14	)			–								(69	)			–
Issue of preferred shares and limited recourse capital notes, net of issuance cost			598				498								1,287				498
Redemption of preferred shares			–				(325	)							(300	)			(325	)
Issue of common shares for cash			8				67								80				124
Purchase of common shares for cancellation			(490	)			–								(810	)			–
Net sale (purchase) of treasury shares			3				(3	)							7				(5	)
Dividends and distributions paid			(988	)			(606	)							(1,990	)			(1,204	)
Repayment of lease liabilities			(78	)			(78	)							(158	)			(128	)
Other, net			(9	)			–								(14	)			–
			280				(447	)							(717	)			210
Cash flows provided by (used in) investing activities
Purchase of securities measured/designated at FVOCI and amortized cost			(23,425	)			(19,056	)							(41,391	)			(39,567	)
Proceeds from sale of securities measured/designated at FVOCI and amortized cost			14,760				10,910								20,279				16,598
Proceeds from maturity of debt securities measured at FVOCI and amortized cost			8,319				6,694								15,453				13,045
Net sale (purchase) of property, equipment and software			(246	)			(212	)							(439	)			(421	)
			(592	)			(1,664	)							(6,098	)			(10,345	)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks			(121	)			57								(8	)			(24	)
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period			481				1,389								5,446				(10,517	)
Cash and non-interest-bearing deposits with banks at beginning of period			13,530				8,910								8,565				20,816
Cash and non-interest-bearing deposits with banks at end of period (2)		$	14,011			$	10,299							$	14,011			$	10,299
Cash interest paid		$	8,363			$	8,928							$	17,700			$	18,216
Cash interest received			11,304				11,870								23,776				24,146
Cash dividends received			447				428								891				823
Cash income taxes paid			645				458								1,475				931

(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 $462 million (April 30, 2024: $522 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.

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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. Except as indicated below, 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, 2024.

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 May 28, 2025.

Note 1. Changes in accounting policies

a) Current period changes in accounting standards

There are no new or amended accounting standards that are effective for CIBC this fiscal year, except for the additional disclosures provided in Note 11 to our interim consolidated financial statements as a result of the implementation of global minimum tax, which applied to CIBC as of November 1, 2024.

b) Future accounting policy changes

For details on future accounting policy changes, refer to Note 30 to the consolidated financial statements included in our 2024 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2025.

Note 2. Significant estimates and assumptions

As disclosed in our 2024 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 2024 Annual Report, and Note 6 to our interim consolidated financial statements for more information concerning the high level of judgment inherent in the estimation of ECL allowance.

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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
2025		Financial assets
Apr. 30		Cash and deposits with banks		$	49,586			$	–			$	–			$	–			$	49,586			$	49,586			$	–
		Securities			71,027				115,783				–				83,031				269,841				269,404				(437	)
		Cash collateral on securities borrowed			18,945				–				–				–				18,945				18,945				–
		Securities purchased under resale agreements			67,904				23,357				–				–				91,261				91,261				–
		Loans
		Residential mortgages			282,952				3				–				–				282,955				283,729				774
		Personal			45,828				–				–				–				45,828				45,942				114
		Credit card			19,888				–				–				–				19,888				19,911				23
		Business and government (1)			222,354				526				88				–				222,968				223,072				104
		Derivative instruments			–				38,490				–				–				38,490				38,490				–
		Other assets			21,944				586				–				–				22,530				22,530				–
		Financial liabilities
		Deposits
		Personal		$	238,625			$	–			$	16,898			$	–			$	255,523			$	255,961			$	438
		Business and government			420,248				–				21,094				–				441,342				442,276				934
		Bank			27,401				–				–				–				27,401				27,401				–
		Secured borrowings			58,904				–				1,457				–				60,361				60,463				102
		Derivative instruments			–				43,945				–				–				43,945				43,945				–
		Obligations related to securities sold short			–				20,093				–				–				20,093				20,093				–
		Cash collateral on securities lent			6,715				–				–				–				6,715				6,715				–
		Obligations related to securities sold under repurchase agreements			121,733				–				11,546				–				133,279				133,279				–
		Other liabilities (1)			19,977				171				11				–				20,159				20,159				–
		Subordinated indebtedness			8,774				–				–				–				8,774				8,967				193
2024		Financial assets
Oct. 31		Cash and deposits with banks		$	48,064			$	–			$	–			$	–			$	48,064			$	48,064			$	–
		Securities			71,610				106,042				–				76,693				254,345				253,437				(908	)
		Cash collateral on securities borrowed			17,028				–				–				–				17,028				17,028				–
		Securities purchased under resale agreements			58,744				24,977				–				–				83,721				83,721				–
		Loans
		Residential mortgages			280,220				3				–				–				280,223				279,805				(418	)
		Personal			45,739				–				–				–				45,739				45,750				11
		Credit card			19,649				–				–				–				19,649				19,682				33
		Business and government (1)			212,460				116				105				–				212,681				212,750				69
		Derivative instruments			–				36,435				–				–				36,435				36,435				–
		Other assets			20,121				364				–				–				20,485				20,485				–
		Financial liabilities
		Deposits
		Personal		$	235,593			$	–			$	17,301			$	–			$	252,894			$	253,378			$	484
		Business and government			414,441				–				21,058				–				435,499				436,528				1,029
		Bank			20,009				–				–				–				20,009				20,009				–
		Secured borrowings			55,285				–				1,170				–				56,455				56,588				133
		Derivative instruments			–				40,654				–				–				40,654				40,654				–
		Obligations related to securities sold short			–				21,642				–				–				21,642				21,642				–
		Cash collateral on securities lent			7,997				–				–				–				7,997				7,997				–
		Obligations related to securities sold under repurchase agreements			100,407				–				9,746				–				110,153				110,153				–
		Other liabilities (1)			20,657				158				19				–				20,834				20,834				–
		Subordinated indebtedness			7,465				–				–				–				7,465				7,698				233

(1) Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

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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		2025 Apr. 30				2024 Oct. 31								2025 Apr. 30				2024 Oct. 31								2025 Apr. 30				2024 Oct. 31				2025 Apr. 30				2024 Oct. 31
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed		$	7,681			$	4,258							$	31,081			$	32,328							$	–			$	–			$	38,762			$	36,586
Corporate debt			–				–								3,708				4,385								77				–				3,785				4,385
Mortgage- and asset-backed			–				–								5,015				4,213								454				70				5,469				4,283
			7,681				4,258								39,804				40,926								531				70				48,016				45,254
Loans measured at FVTPL
Business and government			–				–								353				116								261	(1)			105	(1)			614				221
Residential mortgages			–				–								3				3								–				–				3				3
			–				–								356				119								261				105				617				224
Debt securities measured at FVOCI
Government issued or guaranteed			7,584				2,760								59,680				60,051								–				–				67,264				62,811
Corporate debt			–				–								9,724				9,083								–				–				9,724				9,083
Mortgage- and asset-backed			–				–								5,087				4,127								–				–				5,087				4,127
			7,584				2,760								74,491				73,261								–				–				82,075				76,021
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			66,808				59,904								937				916								978				640				68,723				61,460
Securities purchased under resale agreements measured at FVTPL			–				–								23,357				24,977								–				–				23,357				24,977
Other assets			–				–								586				364								–				–				586				364
Derivative instruments
Interest rate			11				2								7,024				6,718								63				51				7,098				6,771
Foreign exchange			–				–								20,249				15,525								–				–				20,249				15,525
Credit			–				–								5				2								46				44				51				46
Equity			3,571				5,821								3,591				5,157								19				6				7,181				10,984
Precious metal and other commodity			96				32								3,815				3,077								–				–				3,911				3,109
			3,678				5,855								34,684				30,479								128				101				38,490				36,435
Total financial assets		$	85,751			$	72,777							$	174,215			$	171,042							$	1,898			$	916			$	261,864			$	244,735
Financial liabilities
Deposits and other liabilities (2)		$	–			$	–							$	(39,301	)		$	(39,290	)						$	(330	)		$	(416	)		$	(39,631	)		$	(39,706	)
Obligations related to securities sold short			(6,506	)			(9,199	)							(13,587	)			(12,443	)							–				–				(20,093	)			(21,642	)
Obligations related to securities sold under repurchase agreements			–				–								(11,546	)			(9,746	)							–				–				(11,546	)			(9,746	)
Derivative instruments
Interest rate			(12	)			(2	)							(7,422	)			(8,236	)							(1,016	)			(1,028	)			(8,450	)			(9,266	)
Foreign exchange			–				–								(22,755	)			(16,065	)							(36	)			(4	)			(22,791	)			(16,069	)
Credit			–				–								(7	)			(5	)							(51	)			(50	)			(58	)			(55	)
Equity			(3,746	)			(4,712	)							(4,711	)			(6,404	)							(17	)			(1	)			(8,474	)			(11,117	)
Precious metal and other commodity			(85	)			(39	)							(4,087	)			(4,108	)							–				–				(4,172	)			(4,147	)
			(3,843	)			(4,753	)							(38,982	)			(34,818	)							(1,120	)			(1,083	)			(43,945	)			(40,654	)
Total financial liabilities		$	(10,349	)		$	(13,952	)						$	(103,416	)		$	(96,297	)						$	(1,450	)		$	(1,499	)		$	(115,215	)		$	(111,748	)

(1) Includes loans designated at FVTPL.

(2) Comprises deposits designated at FVTPL of $39,043 million (October 31, 2024: $39,008 million), net bifurcated embedded derivative liabilities of $406 million (October 31, 2024: $521 million), other liabilities designated at FVTPL of $11 million (October 31, 2024: $19 million), and other financial liabilities measured at fair value of $171 million (October 31, 2024: $158 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 April 30, 2025, included $1,989 million of securities measured at FVTPL or FVOCI from Level 1 to Level 2 and $1,647 million from Level 2 to Level 1, and $1,764 million of securities sold short from Level 1 to Level 2 and $122 million from Level 2 to Level 1, due to changes in observability in the inputs used to value these securities (for the quarter ended January 31, 2025, $457 million of securities measured at FVTPL or FVOCI were transferred from Level 1 to Level 2 and $292 million from Level 2 to Level 1, and $307 million of securities sold short from Level 1 to Level 2 and $132 million from Level 2 to Level 1). In addition, transfers between Level 2 and Level 3 were made during the quarters ended April 30, 2025 and January 31, 2025, primarily due to changes in the assessment of the observability of certain correlation and 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 SECOND QUARTER 2025

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						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
Apr. 30, 2025
Debt securities measured at FVTPL
Corporate debt		$	80			$	–			$	(6	)		$	(4	)		$	–			$	–			$	7			$	–			$	77
Mortgage- and asset-backed			72				–				–				–				386				–				–				(4	)			454
Loans measured at FVTPL
Business and government			100				–				(3	)			(5	)			–				–				178				(9	)			261
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			962				–				6				(6	)			–				–				30				(14	)			978
Derivative instruments
Interest rate			23				–				40				–				–				–				–				–				63
Foreign exchange			12				–				(12	)			–				–				–				–				–				–
Credit			49				–				(3	)			–				–				–				–				–				46
Equity			6				–				6				–				7				–				–				–				19
Total assets		$	1,304			$	–			$	28			$	(15	)		$	393			$	–			$	215			$	(27	)		$	1,898
Deposits and other liabilities (4)		$	(379	)		$	3			$	10			$	–			$	–			$	2			$	(29	)		$	63			$	(330	)
Derivative instruments
Interest rate			(1,284	)			–				155				–				–				96				–				17				(1,016	)
Foreign exchange			–				–				(36	)			–				–				–				–				–				(36	)
Credit			(54	)			–				3				–				–				–				–				–				(51	)
Equity			(1	)			–				–				–				(5	)			–				(11	)			–				(17	)
Total liabilities		$	(1,718	)		$	3			$	132			$	–			$	(5	)		$	98			$	(40	)		$	80			$	(1,450	)
Jan. 31, 2025
Debt securities measured at FVTPL
Corporate debt		$	–			$	–			$	(10	)		$	–			$	–			$	–			$	90			$	–			$	80
Mortgage- and asset-backed			70				–				(1	)			–				–				–				22				(19	)			72
Loans measured at FVTPL
Business and government			105				–				1				4				–				–				–				(10	)			100
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			640				(2	)			20				9				–				–				304				(9	)			962
Derivative instruments
Interest rate			51				–				(23	)			–				–				(5	)			–				–				23
Foreign exchange			–				–				12				–				–				–				–				–				12
Credit			44				–				5				–				–				–				–				–				49
Equity			6				–				–				–				–				–				–				–				6
Total assets		$	916			$	(2	)		$	4			$	13			$	–			$	(5	)		$	416			$	(38	)		$	1,304
Deposits and other liabilities (4)		$	(416	)		$	5			$	(23	)		$	–			$	(3	)		$	2			$	(1	)		$	57			$	(379	)
Derivative instruments
Interest rate			(1,028	)			–				(310	)			–				–				33				–				21				(1,284	)
Foreign exchange			(4	)			–				4				–				–				–				–				–				–
Credit			(50	)			–				(4	)			–				–				–				–				–				(54	)
Equity			(1	)			–				–				–				–				–				–				–				(1	)
Total liabilities		$	(1,499	)		$	5			$	(333	)		$	–			$	(3	)		$	35			$	(1	)		$	78			$	(1,718	)
Apr. 30, 2024
Debt securities measured at FVTPL
Corporate debt		$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	–
Mortgage- and asset-backed			147				–				–				–				–				–				12				(58	)			101
Loans measured at FVTPL
Business and government			131				–				(1	)			3				–				–				–				(12	)			121
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			586				3				16				(11	)			–				–				32				(18	)			608
Derivative instruments
Interest rate			117				–				(44	)			–				–				(37	)			–				–				36
Foreign exchange			–				–				–				–				–				–				–				–				–
Credit			45				(2	)			2				–				–				–				1				–				46
Equity			5				–				–				–				–				–				–				–				5
Total assets		$	1,031			$	1			$	(27	)		$	(8	)		$	–			$	(37	)		$	45			$	(88	)		$	917
Deposits and other liabilities (4)		$	(399	)		$	(4	)		$	2			$	–			$	(1	)		$	5			$	(24	)		$	41			$	(380	)
Derivative instruments
Interest rate			(908	)			–				(386	)			–				–				52				–				20				(1,222	)
Foreign exchange			(9	)			–				(13	)			–				–				9				–				–				(13	)
Credit			(50	)			–				–				–				(2	)			–				–				1				(51	)
Equity			(6	)			–				–				–				–				2				–				–				(4	)
Total liabilities		$	(1,372	)		$	(4	)		$	(397	)		$	–			$	(3	)		$	68			$	(24	)		$	62			$	(1,670	)

(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 $208 million (January 31, 2025: $210 million; April 30, 2024: $197 million), net bifurcated embedded derivative liabilities of $111 million (January 31, 2025: $166 million; April 30, 2024: $156 million) and other liabilities designated at FVTPL of $11 million (January 31, 2025: $3 million; April 30, 2024: $27 million).

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						Net gains (losses) included in income (1)
$ millions, for the six 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
Apr. 30, 2025
Debt securities measured at FVTPL
Corporate debt		$	–			$	–			$	(16	)		$	(4	)		$	–			$	–			$	97			$	–			$	77
Mortgage- and asset-backed			70				–				(1	)			–				386				–				22				(23	)			454
Loans measured at FVTPL
Business and government			105				–				(2	)			(1	)			–				–				178				(19	)			261
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			640				(2	)			26				3				–				–				334				(23	)			978
Derivative instruments
Interest rate			51				–				17				–				–				(5	)			–				–				63
Foreign exchange			–				–				–				–				–				–				–				–				–
Credit			44				–				2				–				–				–				–				–				46
Equity			6				–				6				–				7				–				–				–				19
Total assets		$	916			$	(2	)		$	32			$	(2	)		$	393			$	(5	)		$	631			$	(65	)		$	1,898
Deposits and other liabilities (4)		$	(416	)		$	2			$	(13	)		$	–			$	(3	)		$	4			$	(30	)		$	126			$	(330	)
Derivative instruments
Interest rate			(1,028	)			–				(155	)			–				–				129				–				38				(1,016	)
Foreign exchange			(4	)			–				(32	)			–				–				–				–				–				(36	)
Credit			(50	)			–				(1	)			–				–				–				–				–				(51	)
Equity			(1	)			–				–				–				(5	)			–				(11	)			–				(17	)
Total liabilities		$	(1,499	)		$	2			$	(201	)		$	–			$	(8	)		$	133			$	(41	)		$	164				$  (1,450	)
Apr. 30, 2024
Debt securities measured at FVTPL
Corporate debt		$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	–			$	–
Mortgage- and asset-backed			151				–				(3	)			–				–				–				61				(108	)			101
Loans measured at FVTPL
Business and government			144				–				2				(1	)			–				–				–				(24	)			121
Corporate equity mandatorily measured at FVTPL and designated at FVOCI			587				5				10				(13	)			–				–				62				(43	)			608
Derivative instruments
Interest rate			21				–				53				–				–				(38	)			–				–				36
Foreign exchange			–				–				–				–				–				–				–				–				–
Credit			46				(3	)			2				–				–				–				1				–				46
Equity			4				–				–				–				2				(2	)			2				(1	)			5
Total assets		$	953			$	2			$	64			$	(14	)		$	2			$	(40	)		$	126			$	(176	)		$	917
Deposits and other liabilities (4)		$	(242	)		$	(9	)		$	(81	)		$	–			$	(1	)		$	10			$	(101	)		$	44			$	(380	)
Derivative instruments
Interest rate			(1,817	)			–				183				–				–				363				–				49				(1,222	)
Foreign exchange			–				–				(22	)			–				–				9				–				–				(13	)
Credit			(52	)			1				1				–				(2	)			–				–				1				(51	)
Equity			(5	)			–				(1	)			–				(1	)			3				–				–				(4	)
Total liabilities		$	(2,116	)		$	(8	)		$	80			$	–			$	(4	)		$	385			$	(101	)		$	94			$	(1,670	)

(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 $208 million (April 30, 2024: $197 million), net bifurcated embedded derivative liabilities of $111 million (April 30, 2024: $156 million) and other liabilities designated at FVTPL of $11 million (April 30, 2024: $27 million).

Financial instruments designated at FVTPL (FVO)

A net gain of $20 million, net of hedges for the three months ended April 30, 2025 (a net gain of $32 million and a net gain of $7 million for the three months ended January 31, 2025 and April 30, 2024, 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 $52 million, net of hedges for the six months ended April 30, 2025 was recognized for FVO assets and FVO liabilities (nil for the six months ended April 30, 2024).

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.

Note 4. Significant transactions

Sale of certain banking assets in the Caribbean

On October 31, 2023, CIBC Caribbean announced that it had entered into an agreement to sell its banking assets in Curaçao and Sint Maarten. The sale of banking assets in Curaçao was completed on May 24, 2024. The sale of banking assets in Sint Maarten was completed on February 7, 2025 upon the satisfaction of the closing conditions. The impact of these transactions was not material.

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Note 5. Securities

Securities

$ millions, as at		2025 Apr. 30				2024 Oct. 31
		Carrying amount
Securities measured and designated at FVOCI		$	83,031			$	76,693
Securities measured at amortized cost (1)			71,027				71,610
Securities mandatorily measured and designated at FVTPL			115,783				106,042
		$	269,841			$	254,345

(1) There were no sales of securities measured at amortized cost during the quarter (October 31, 2024: a realized gain of nil).

Fair value of debt securities measured and equity securities designated at FVOCI

$ millions, as at														2025 Apr. 30																2024 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		$	14,175			$	2			$	(45	)		$	14,132			$	11,715			$	1			$	(31	)		$	11,685
Other Canadian governments			16,352				4				(168	)			16,188				16,506				9				(101	)			16,414
U.S. Treasury and agencies			30,467				46				(131	)			30,382				29,362				10				(220	)			29,152
Other foreign governments			6,538				27				(3	)			6,562				5,542				22				(4	)			5,560
Mortgage-backed securities			3,839				1				(20	)			3,820				3,493				–				(23	)			3,470
Asset-backed securities			1,268				1				(2	)			1,267				656				1				–				657
Corporate debt			9,723				10				(9	)			9,724				9,085				7				(9	)			9,083
			82,362				91				(378	)			82,075				76,359				50				(388	)			76,021
Corporate equity (2)			917				62				(23	)			956				653				51				(32	)			672
		$	83,279			$	153			$	(401	)		$	83,031			$	77,012			$	101			$	(420	)		$	76,693

(1) Net of allowance for credit losses for debt securities measured at FVOCI of $18 million (October 31, 2024: $19 million).

(2) Includes restricted stock.

Fair value of equity securities designated at FVOCI that were disposed of during the three months ended April 30, 2025 was nil (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: nil), at the time of disposal.

Net realized cumulative after-tax gains of nil for the three months ended April 30, 2025 (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: $1 million of gains), were reclassified from AOCI to retained earnings, resulting from dispositions of equity securities designated at FVOCI and 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 April 30, 2025 was nil ($2 million and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and $2 million for the six months ended April 30, 2025 (April 30, 2024: $1 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at April 30, 2025 was nil (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: nil).

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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
2025		Debt securities measured at FVOCI and amortized cost
Apr. 30		Balance at beginning of period		$	7			$	18			$	12							$	37
		Reversal of credit losses (2)			(1	)			(1	)			–								(2	)
		Write-offs			–				–				–								–
		Foreign exchange and other			–				(1	)			(1	)							(2	)
		Balance at end of period		$	6			$	16			$	11							$	33
		Comprises:
		Debt securities measured at FVOCI		$	2			$	16			$	–							$	18
		Debt securities measured at amortized cost			4				–				11								15
2025		Debt securities measured at FVOCI and amortized cost
Jan. 31		Balance at beginning of period		$	7			$	17			$	12							$	36
		Reversal of credit losses (2)			–				–				(1	)							(1	)
		Write-offs			–				–				–								–
		Foreign exchange and other			–				1				1								2
		Balance at end of period		$	7			$	18			$	12							$	37
		Comprises:
		Debt securities measured at FVOCI		$	2			$	18			$	–							$	20
		Debt securities measured at amortized cost			5				–				12								17
2024		Debt securities measured at FVOCI and amortized cost
Apr. 30		Balance at beginning of period		$	7			$	20			$	13							$	40
		Reversal of credit losses (2)			(1	)			(1	)			–								(2	)
		Write-offs			–				–				–								–
		Foreign exchange and other			–				–				–								–
		Balance at end of period		$	6			$	19			$	13							$	38
		Comprises:
		Debt securities measured at FVOCI		$	1			$	19			$	–							$	20
		Debt securities measured at amortized cost			5				–				13								18
$ millions, as at or for the six months ended
2025		Debt securities measured at FVOCI and amortized cost
Apr. 30		Balance at beginning of period		$	7			$	17			$	12							$	36
		Reversal of credit losses (2)			(1	)			(1	)			(1	)							(3	)
		Write-offs			–				–				–								–
		Foreign exchange and other			–				–				–								–
		Balance at end of period		$	6			$	16			$	11							$	33
2024		Debt securities measured at FVOCI and amortized cost
Apr. 30		Balance at beginning of period		$	8			$	20			$	14							$	42
		Reversal of credit losses (2)			(1	)			(1	)			(1	)							(3	)
		Write-offs			–				–				–								–
		Foreign exchange and other			(1	)			–				–								(1	)
		Balance at end of period		$	6			$	19			$	13							$	38

(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.

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Note 6. 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		2025 Apr. 30
		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		$	91			$	128			$	253			$	472
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			3				(6	)			(21	)			(24	)
Changes in model			–				–				–				–
Net remeasurement (2)			(35	)			42				48				55
Transfers (2)
– to 12-month ECL			38				(35	)			(3	)			–
– to lifetime ECL performing			(2	)			6				(4	)			–
– to lifetime ECL credit-impaired			–				(3	)			3				–
Total provision for (reversal of) credit losses (3)			4				4				23				31
Write-offs			–				–				(2	)			(2	)
Recoveries			–				–				–				–
Interest income on impaired loans			–				–				(9	)			(9	)
Foreign exchange and other			(3	)			–				(7	)			(10	)
Balance at end of period		$	92			$	132			$	258			$	482
Personal
Balance at beginning of period		$	228			$	680			$	187			$	1,095
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			9				(14	)			(7	)			(12	)
Changes in model			5				21				–				26
Net remeasurement (2)			(198	)			171				148				121
Transfers  (2)
– to 12-month ECL			211				(208	)			(3	)			–
– to lifetime ECL performing			(10	)			14				(4	)			–
– to lifetime ECL credit-impaired			(1	)			(17	)			18				–
Total provision for (reversal of) credit losses (3)			16				(33	)			152				135
Write-offs			–				–				(149	)			(149	)
Recoveries			–				–				24				24
Interest income on impaired loans			–				–				(2	)			(2	)
Foreign exchange and other			(2	)			–				(6	)			(8	)
Balance at end of period		$	242			$	647			$	206			$	1,095
Credit card
Balance at beginning of period		$	277			$	683			$	–			$	960
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			9				(10	)			–				(1	)
Changes in model			–				–				–				–
Net remeasurement (2)			(225	)			351				92				218
Transfers (2)
– to 12-month ECL			250				(250	)			–				–
– to lifetime ECL performing			(19	)			19				–				–
– to lifetime ECL credit-impaired			(1	)			(91	)			92				–
Total provision for (reversal of) credit losses (3)			14				19				184				217
Write-offs			–				–				(221	)			(221	)
Recoveries			–				–				37				37
Interest income on impaired loans			–				–				–				–
Foreign exchange and other			–				–				–				–
Balance at end of period		$	291			$	702			$	–			$	993
Business and government
Balance at beginning of period		$	320			$	1,057			$	472			$	1,849
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			7				(23	)			(12	)			(28	)
Changes in model			1				2				–				3
Net remeasurement (2)			3				139				105				247
Transfers (2)
– to 12-month ECL			30				(29	)			(1	)			–
– to lifetime ECL performing			(15	)			16				(1	)			–
– to lifetime ECL credit-impaired			–				(13	)			13				–
Total provision for (reversal of) credit losses (3)			26				92				104				222
Write-offs			–				–				(85	)			(85	)
Recoveries			–				–				3				3
Interest income on impaired loans			–				–				(24	)			(24	)
Foreign exchange and other			(13	)			(46	)			(21	)			(80	)
Balance at end of period		$	333			$	1,103			$	449			$	1,885
Total ECL allowance (4)		$	958			$	2,584			$	913			$	4,455
Comprises:
Loans		$	844			$	2,443			$	904			$	4,191
Undrawn credit facilities and other off-balance sheet exposures (5)			114				141				9				264

(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 5 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 April 30, 2025, January 31, 2025 and April 30, 2024 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.

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$ millions, as at or for the three months ended		2025 Jan. 31																2024 Apr. 30
		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		$	89			$	126			$	234			$	449			$	88			$	165			$	250			$	503
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			4				(5	)			(15	)			(16	)			4				(4	)			(12	)			(12	)
Changes in model			–				–				–				–				–				4				11				15
Net remeasurement (2)			(38	)			36				41				39				(18	)			6				13				1
Transfers (2)
– to 12-month ECL			36				(35	)			(1	)			–				19				(19	)			–				–
– to lifetime ECL performing			(2	)			7				(5	)			–				(2	)			3				(1	)			–
– to lifetime ECL credit-impaired			–				(2	)			2				–				–				(3	)			3				–
Total provision for (reversal of) credit losses (3)			–				1				22				23				3				(13	)			14				4
Write-offs			–				–				(2	)			(2	)			–				–				(4	)			(4	)
Recoveries			–				–				3				3				–				–				–				–
Interest income on impaired loans			–				–				(8	)			(8	)			–				–				(6	)			(6	)
Foreign exchange and other			2				1				4				7				1				(1	)			2				2
Balance at end of period		$	91			$	128			$	253			$	472			$	92			$	151			$	256			$	499
Personal
Balance at beginning of period		$	247			$	546			$	190			$	983			$	176			$	735			$	187			$	1,098
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			7				(5	)			(7	)			(5	)			7				(15	)			(9	)			(17	)
Changes in model			(20	)			76				–				56				–				–				–				–
Net remeasurement (2)			(119	)			187				112				180				(137	)			155				110				128
Transfers (2)
– to 12-month ECL			128				(126	)			(2	)			–				144				(144	)			–				–
– to lifetime ECL performing			(15	)			23				(8	)			–				(16	)			17				(1	)			–
– to lifetime ECL credit-impaired			(1	)			(19	)			20				–				–				(24	)			24				–
Total provision for (reversal of) credit losses (3)			(20	)			136				115				231				(2	)			(11	)			124				111
Write-offs			–				–				(138	)			(138	)			–				–				(132	)			(132	)
Recoveries			–				–				17				17				–				–				15				15
Interest income on impaired loans			–				–				(2	)			(2	)			–				–				(2	)			(2	)
Foreign exchange and other			1				(2	)			5				4				1				–				4				5
Balance at end of period		$	228			$	680			$	187			$	1,095			$	175			$	724			$	196			$	1,095
Credit card
Balance at beginning of period		$	295			$	660			$	–			$	955			$	194			$	580			$	–			$	774
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			10				(5	)			–				5				6				(5	)			–				1
Changes in model			(26	)			32				–				6				–				–				–				–
Net remeasurement (2)			(213	)			264				112				163				(94	)			161				96				163
Transfers (2)
– to 12-month ECL			232				(232	)			–				–				93				(93	)			–				–
– to lifetime ECL performing			(21	)			21				–				–				(15	)			15				–				–
– to lifetime ECL credit-impaired			–				(57	)			57				–				–				(50	)			50				–
Total provision for (reversal of) credit losses (3)			(18	)			23				169				174				(10	)			28				146				164
Write-offs			–				–				(204	)			(204	)			–				–				(177	)			(177	)
Recoveries			–				–				35				35				–				–				31				31
Interest income on impaired loans			–				–				–				–				–				–				–				–
Foreign exchange and other			–				–				–				–				–				–				–				–
Balance at end of period		$	277			$	683			$	–			$	960			$	184			$	608			$	–			$	792
Business and government
Balance at beginning of period		$	265			$	1,061			$	401			$	1,727			$	258			$	912			$	637			$	1,807
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			14				(22	)			(21	)			(29	)			9				(2	)			(10	)			(3	)
Changes in model			–				–				–				–				–				–				–				–
Net remeasurement (2)			(8	)			79				103				174				21				64				153				238
Transfers (2)
– to 12-month ECL			47				(45	)			(2	)			–				33				(30	)			(3	)			–
– to lifetime ECL performing			(7	)			9				(2	)			–				(13	)			14				(1	)			–
– to lifetime ECL credit-impaired			–				(62	)			62				–				–				(24	)			24				–
Total provision for (reversal of) credit losses (3)			46				(41	)			140				145				50				22				163				235
Write-offs			–				–				(77	)			(77	)			–				–				(385	)			(385	)
Recoveries			–				–				14				14				–				–				31				31
Interest income on impaired loans			–				–				(23	)			(23	)			–				–				(21	)			(21	)
Foreign exchange and other			9				37				17				63				4				19				10				33
Balance at end of period		$	320			$	1,057			$	472			$	1,849			$	312			$	953			$	435			$	1,700
Total ECL allowance (4)		$	916			$	2,548			$	912			$	4,376			$	763			$	2,436			$	887			$	4,086
Comprises:
Loans		$	805			$	2,396			$	903			$	4,104			$	667			$	2,346			$	885			$	3,898
Undrawn credit facilities and other off-balance sheet exposures (5)			111				152				9				272				96				90				2				188

See previous page for footnote references.

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$ millions, as at or for the six months ended		2025 Apr. 30																2024 Apr. 30
		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		$	89			$	126			$	234			$	449			$	90			$	142			$	224			$	456
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			7				(11	)			(36	)			(40	)			8				(6	)			(21	)			(19	)
Changes in model			–				–				–				–				–				4				11				15
Net remeasurement (2)			(73	)			78				89				94				(38	)			44				56				62
Transfers (2)
– to 12-month ECL			74				(70	)			(4	)			–				36				(35	)			(1	)			–
– to lifetime ECL performing			(4	)			13				(9	)			–				(4	)			6				(2	)			–
– to lifetime ECL credit-impaired			–				(5	)			5				–				–				(4	)			4				–
Total provision for (reversal of) credit losses (3)			4				5				45				54				2				9				47				58
Write-offs			–				–				(4	)			(4	)			–				–				(7	)			(7	)
Recoveries			–				–				3				3				–				–				4				4
Interest income on impaired loans			–				–				(17	)			(17	)			–				–				(12	)			(12	)
Foreign exchange and other			(1	)			1				(3	)			(3	)			–				–				–				–
Balance at end of period		$	92			$	132			$	258			$	482			$	92			$	151			$	256			$	499
Personal
Balance at beginning of period		$	247			$	546			$	190			$	983			$	174			$	709			$	181			$	1,064
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			16				(19	)			(14	)			(17	)			15				(29	)			(20	)			(34	)
Changes in model			(15	)			97				–				82				–				–				–				–
Net remeasurement (2)			(317	)			358				260				301				(265	)			338				218				291
Transfers (2)
– to 12-month ECL			339				(334	)			(5	)			–				284				(284	)			–				–
– to lifetime ECL performing			(25	)			37				(12	)			–				(34	)			36				(2	)			–
– to lifetime ECL credit-impaired			(2	)			(36	)			38				–				–				(47	)			47				–
Total provision for (reversal of) credit losses (3)			(4	)			103				267				366				–				14				243				257
Write-offs			–				–				(287	)			(287	)			–				–				(258	)			(258	)
Recoveries			–				–				41				41				–				–				32				32
Interest income on impaired loans			–				–				(4	)			(4	)			–				–				(3	)			(3	)
Foreign exchange and other			(1	)			(2	)			(1	)			(4	)			1				1				1				3
Balance at end of period		$	242			$	647			$	206			$	1,095			$	175			$	724			$	196			$	1,095
Credit card
Balance at beginning of period		$	295			$	660			$	–			$	955			$	181			$	591			$	–			$	772
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			19				(15	)			–				4				12				(24	)			–				(12	)
Changes in model			(26	)			32				–				6				–				–				–				–
Net remeasurement (2)			(438	)			615				204				381				(188	)			326				173				311
Transfers (2)
– to 12-month ECL			482				(482	)			–				–				212				(212	)			–				–
– to lifetime ECL performing			(40	)			40				–				–				(33	)			33				–				–
– to lifetime ECL credit-impaired			(1	)			(148	)			149				–				–				(106	)			106				–
Total provision for (reversal of) credit losses (3)			(4	)			42				353				391				3				17				279				299
Write-offs			–				–				(425	)			(425	)			–				–				(337	)			(337	)
Recoveries			–				–				72				72				–				–				58				58
Interest income on impaired loans			–				–				–				–				–				–				–				–
Foreign exchange and other			–				–				–				–				–				–				–				–
Balance at end of period		$	291			$	702			$	–			$	993			$	184			$	608			$	–			$	792
Business and government
Balance at beginning of period		$	265			$	1,061			$	401			$	1,727			$	294			$	864			$	667			$	1,825
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions (1)			21				(45	)			(33	)			(57	)			12				(22	)			(21	)			(31	)
Changes in model			1				2				–				3				12				29				–				41
Net remeasurement (2)			(5	)			218				208				421				(64	)			275				264				475
Transfers (2)
– to 12-month ECL			77				(74	)			(3	)			–				84				(79	)			(5	)			–
– to lifetime ECL performing			(22	)			25				(3	)			–				(22	)			25				(3	)			–
– to lifetime ECL credit-impaired			–				(75	)			75				–				–				(135	)			135				–
Total provision for (reversal of) credit losses (3)			72				51				244				367				22				93				370				485
Write-offs			–				–				(162	)			(162	)			–				–				(607	)			(607	)
Recoveries			–				–				17				17				–				–				49				49
Interest income on impaired loans			–				–				(47	)			(47	)			–				–				(44	)			(44	)
Foreign exchange and other			(4	)			(9	)			(4	)			(17	)			(4	)			(4	)			–				(8	)
Balance at end of period		$	333			$	1,103			$	449			$	1,885			$	312			$	953			$	435			$	1,700
Total ECL allowance (4)		$	958			$	2,584			$	913			$	4,455			$	763			$	2,436			$	887			$	4,086
Comprises:
Loans		$	844			$	2,443			$	904			$	4,191			$	667			$	2,346			$	885			$	3,898
Undrawn credit facilities and other off-balance sheet exposures (5)			114				141				9				264				96				90				2				188

See previous pages for footnote references.

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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 the level and duration of tariffs between the U.S., Canada and other major trading partners, the impact that tariffs may have on economic growth and inflation in Canada and the U.S. and fiscal and monetary policies that may be enacted in response to tariffs, as well as 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 2024 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 April 30, 2025			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)			0.8	%			2.0	%			2.0	%			2.7	%			(0.3	)%			1.1	%
United States			1.7	%			2.0	%			3.2	%			2.9	%			0.6	%			0.9	%
Unemployment rate
Canada (2)			6.9	%			6.2	%			6.2	%			5.5	%			8.0	%			7.0	%
United States			4.5	%			4.1	%			3.8	%			3.4	%			4.9	%			4.6	%
Canadian Housing Price Index year-over-year growth (2)			1.5	%			3.0	%			4.7	%			5.7	%			(2.7	)%			1.4	%
Canadian household debt service ratio			14.6	%			14.7	%			14.1	%			14.3	%			15.2	%			15.1	%
West Texas Intermediate Oil Price (US$)		$	73			$	74			$	82			$	100			$	60			$	60
As at January 31, 2025
Real GDP year-over-year growth
Canada (2)			1.8	%			2.1	%			2.4	%			2.6	%			0.4	%			1.3	%
United States			2.2	%			2.0	%			2.9	%			2.8	%			0.5	%			1.0	%
Unemployment rate
Canada (2)			6.6	%			5.9	%			6.2	%			5.4	%			7.4	%			6.8	%
United States			4.3	%			4.0	%			3.6	%			3.4	%			4.9	%			4.6	%
Canadian Housing Price Index year-over-year growth (2)			3.9	%			3.0	%			6.4	%			5.2	%			0.3	%			0.3	%
Canadian household debt service ratio			14.7	%			14.8	%			14.5	%			14.6	%			15.3	%			15.2	%
West Texas Intermediate Oil Price (US$)		$	74			$	74			$	89			$	96			$	56			$	63
As at October 31, 2024
Real GDP year-over-year growth
Canada (2)			1.6	%			2.3	%			2.5	%			2.7	%			0.4	%			1.4	%
United States			2.0	%			2.0	%			3.0	%			2.9	%			0.7	%			0.9	%
Unemployment rate
Canada (2)			6.6	%			5.9	%			5.7	%			5.2	%			7.2	%			6.8	%
United States			4.5	%			4.0	%			3.7	%			3.3	%			5.1	%			4.7	%
Canadian Housing Price Index year-over-year growth (2)			2.6	%			2.5	%			7.1	%			4.0	%			(2.3	)%			0.9	%
Canadian household debt service ratio			14.8	%			14.8	%			14.4	%			14.7	%			15.3	%			15.2	%
West Texas Intermediate Oil Price (US$)		$	78			$	74			$	88			$	100			$	60			$	61

(1) The remaining forecast period is generally four years.

(2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. 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 April 30, 2025, January 31, 2025, and October 31, 2024, 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 April 30, 2025 is characterized by slow real GDP growth and elevated unemployment rates in Canada, and slightly stronger growth in the U.S. Compared to the prior quarter, our base case projections for Canada and the U.S. as at April 30, 2025 reflect a more pronounced negative impact from tariffs in the near term, but continue to assume partial easing of tariffs by 2026, but not to levels that existed prior to the announcements of the new U.S. administration. Our base case also assumes that interest rates will decline by the fall of 2025, but remain at higher than pre-pandemic levels.

Our downside case forecast assumes a recession in the near term and slower growth thereafter in Canada due to increasing economic uncertainty. Our downside case forecast as at April 30, 2025 is 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. The downside case forecast for the U.S. assumes slow growth for the remainder of calendar 2025 and 2026. The downside forecasts also reflect 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.

If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $339 million lower than the recognized ECL as at April 30, 2025 (October 31, 2024: $246 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 $897 million higher than the recognized ECL as at April 30, 2025

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(October 31, 2024: $737 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 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 2024 Annual Report for details on the CIBC risk categories.

Loans(1)

$ millions, as at														2025 Apr. 30																2024 Oct. 31
			Stage 1				Stage 2				Stage 3	(2)			Total				Stage 1				Stage 2				Stage 3	(2)			Total
Residential mortgages
– Exceptionally low		$	170,148			$	101			$	–			$	170,249			$	160,515			$	6,130			$	–			$	166,645
– Very low			85,720				544				–				86,264				81,198				5,926				–				87,124
– Low			11,239				2,396				–				13,635				10,329				3,638				–				13,967
– Medium			1,100				6,535				–				7,635				851				6,534				–				7,385
– High			7				1,577				–				1,584				7				1,561				–				1,568
– Default			–				–				945				945				–				–				790				790
– Not rated			2,737				174				214				3,125				2,757				232				204				3,193
Gross residential mortgages (3)(4)			270,951				11,327				1,159				283,437				255,657				24,021				994				280,672
ECL allowance			92				132				258				482				89				126				234				449
Net residential mortgages			270,859				11,195				901				282,955				255,568				23,895				760				280,223
Personal
– Exceptionally low			17,968				75				–				18,043				16,689				83				–				16,772
– Very low			10,896				46				–				10,942				9,685				12				–				9,697
– Low			6,981				1,379				–				8,360				10,498				1,374				–				11,872
– Medium			4,954				1,825				–				6,779				3,848				1,822				–				5,670
– High			520				1,158				–				1,678				465				1,102				–				1,567
– Default			–				–				273				273				–				–				260				260
– Not rated			724				24				33				781				782				29				32				843
Gross personal (4)			42,043				4,507				306				46,856				41,967				4,422				292				46,681
ECL allowance			217				605				206				1,028				221				531				190				942
Net personal			41,826				3,902				100				45,828				41,746				3,891				102				45,739
Credit card
– Exceptionally low			6,923				–				–				6,923				7,185				–				–				7,185
– Very low			474				–				–				474				502				–				–				502
– Low			6,495				442				–				6,937				6,800				4				–				6,804
– Medium			4,431				1,286				–				5,717				3,853				1,512				–				5,365
– High			6				555				–				561				2				522				–				524
– Default			–				–				–				–				–				–				–				–
– Not rated			166				6				–				172				165				6				–				171
Gross credit card			18,495				2,289				–				20,784				18,507				2,044				–				20,551
ECL allowance			262				634				–				896				279				623				–				902
Net credit card			18,233				1,655				–				19,888				18,228				1,421				–				19,649
Business and government
– Investment grade			109,140				666				–				109,806				101,809				722				–				102,531
– Non-investment grade			99,499				9,404				–				108,903				97,131				9,000				–				106,131
– Watchlist			49				3,914				–				3,963				25				3,745				–				3,770
– Default			–				–				1,830				1,830				–				–				1,628				1,628
– Not rated			237				14				–				251				230				15				–				245
Gross business and government (3)(5)			208,925				13,998				1,830				224,753				199,195				13,482				1,628				214,305
ECL allowance			273				1,072				440				1,785				211				1,021				392				1,624
Net business and government			208,652				12,926				1,390				222,968				198,984				12,461				1,236				212,681
Total net amount of loans		$	539,570			$	29,678			$	2,391			$	571,639			$	514,526			$	41,668			$	2,098			$	558,292

(1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $18 million (October 31, 2024: $19 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $15 million were recognized as at April 30, 2025 (October 31, 2024: $17 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, 2025 and October 31, 2024. 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 $5 million (October 31, 2024: $8 million) which were included in Other assets on our interim consolidated balance sheet.

(3) Includes $3 million (October 31, 2024: $3 million) of residential mortgages and $614 million (October 31, 2024: $221 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 significant increase in credit risk has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements.

(5) Includes customers’ liability under acceptances of $10 million (October 31, 2024: $6 million).

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Undrawn credit facilities and other off-balance sheet exposures

$ millions, as at														2025 Apr. 30																2024 Oct. 31
		Stage 1				Stage 2				Stage 3				Total				Stage 1				Stage 2				Stage 3				Total
Retail
– Exceptionally low		$	169,816			$	128			$	–			$	169,944			$	164,577			$	117			$	–			$	164,694
– Very low			15,407				84				–				15,491				15,112				4				–				15,116
– Low			15,411				1,547				–				16,958				14,988				984				–				15,972
– Medium			2,574				1,224				–				3,798				2,263				1,280				–				3,543
– High			377				560				–				937				325				539				–				864
– Default			–				–				44				44				–				–				43				43
– Not rated			605				8				–				613				565				9				–				574
Gross retail			204,190				3,551				44				207,785				197,830				2,933				43				200,806
ECL allowance			54				110				–				164				42				52				–				94
Net retail			204,136				3,441				44				207,621				197,788				2,881				43				200,712
Business and government
– Investment grade			166,228				574				–				166,802				156,560				571				–				157,131
– Non-investment grade			69,247				3,389				–				72,636				66,788				3,018				–				69,806
– Watch list			17				887				–				904				28				878				–				906
– Default			–				–				244				244				–				–				123				123
– Not rated			872				38				–				910				1,117				91				–				1,208
Gross business and government			236,364				4,888				244				241,496				224,493				4,558				123				229,174
ECL allowance			60				31				9				100				54				40				9				103
Net business and government			236,304				4,857				235				241,396				224,439				4,518				114				229,071
Total net undrawn credit facilities and other off-balance sheet exposures		$	440,440			$	8,298			$	279			$	449,017			$	422,227			$	7,399			$	157			$	429,783

Note 7. Deposits(1)(2)

$ millions, as at														2025 Apr. 30				2024 Oct. 31
			Payable on demand	(3)			Payable after notice	(4)			Payable on a fixed date	(5)(6)			Total				Total
Personal		$	14,563			$	142,147			$	98,813			$	255,523			$	252,894
Business and government (7)			104,128				118,217				218,997				441,342				435,499
Bank			16,559				636				10,206				27,401				20,009
Secured borrowings (8)			–				–				60,361				60,361				56,455
		$	135,250			$	261,000			$	388,377			$	784,627			$	764,857
Comprises:
Held at amortized cost														$	745,584			$	725,849
Designated at fair value															39,043				39,008
														$	784,627			$	764,857
Total deposits include (9):
Non-interest-bearing deposits
Canada														$	87,482			$	84,460
U.S.															12,924				12,927
Other international															6,601				5,691
Interest-bearing deposits
Canada															530,160				526,186
U.S.															109,298				101,141
Other international															38,162				34,452
														$	784,627			$	764,857

(1) Includes deposits of $300.7 billion (October 31, 2024: $288.4 billion) denominated in U.S. dollars and deposits of $57.9 billion (October 31, 2024: $52.9 billion) denominated in other foreign currencies.

(2) Net of purchased notes of $0.2 billion (October 31, 2024: $0.6 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 $58.4 billion (October 31, 2024: $61.1 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 $15.9 billion (October 31, 2024: $15.5 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.

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Note 8. Subordinated indebtedness

On January 31, 2025, we redeemed all US$38 million of our Floating Rate Subordinated Capital Debentures due 2084. On February 28, 2025, we redeemed all US$10 million of our Floating Rate Subordinated Capital Debentures due 2085.

On April 2, 2025, we issued $1.25 billion principal amount of 4.15% Debentures due April 2, 2035. The Debentures bear interest at a fixed rate of 4.15% per annum (paid semi-annually) until April 2, 2030, and at Daily Compounded Canadian Overnight Repo Rate Average (CORRA) plus 1.72% per annum (paid quarterly) thereafter until maturity on April 2, 2035.

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 20 million common shares; (ii) CIBC providing a notice of termination; or (iii) September 9, 2025. During the quarter, 6 million common shares have been purchased and cancelled at an average price of $81.53 for a total amount of $490 million. For the six months ended April 30, 2025, we purchased and cancelled 9.5 million shares for a total amount of $810 million. 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.

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

On March 24, 2025, we issued 150,000 Series 61 shares (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 28 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.

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Note 10. 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 six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30				2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30				2025 Apr. 30				2024 Apr. 30
						Pension plans								Other post-employment plans																Pension plans								Other post-employment plans
Current service cost		$	57			$	57			$	47			$	1			$	1			$	1							$	114			$	95			$	2			$	2
Net interest (income) expense			(20	)			(20	)			(15	)			5				5				6								(40	)			(31	)			10				12
Interest expense on effect of asset ceiling			1				1				–				–				–				–								2				–				–				–
Plan administration costs			2				2				2				–				–				–								4				4				–				–
Net defined benefit plan expense recognized in net income		$	40			$	40			$	34			$	6			$	6			$	7							$	80			$	68			$	12			$	14

Defined contribution plan expense

		For the three months ended														For the six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30						2025 Apr. 30				2024 Apr. 30
Defined contribution pension plans		$	23			$	20			$	16					$	43			$	38
Government pension plans (1)			58				56				52						114				95
Total defined contribution plan expense		$	81			$	76			$	68					$	157			$	133

(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 six months ended
$ millions		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30 (2)				2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30 (2)				2025 Apr. 30				2024 Apr. 30
						Pension plans								Other post-employment plans																Pension plans								Other post-employment plans
Net actuarial gains (losses) on defined benefit obligations		$	260			$	(166	)		$	267			$	8			$	(7	)		$	12							$	94			$	(432	)		$	1			$	(23	)
Net actuarial gains (losses) on plan assets			(334	)			199				(262	)			–				–				–								(135	)			364				–				–
Changes in asset ceiling excluding interest income			–				1				1				–				–				–								1				–				–				–
Net remeasurement gains (losses) recognized in OCI		$	(74	)		$	34			$	6			$	8			$	(7	)		$	12							$	(40	)		$	(68	)		$	1			$	(23	)

(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.

(2) Includes the transfer of the accumulated actuarial losses of $5 million to retained earnings upon the settlement of a pension plan for one of our subsidiaries.

Note 11. Income taxes

The Canada Revenue Agency (CRA) has reassessed CIBC’s 2011–2019 taxation years for approximately $1,847 million of income taxes and proposed to reassess the 2020 taxation year for approximately $71 million 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.

On June 20, 2024, Canada enacted the Global Minimum Tax Act (GMTA) to adopt the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two, which implements a 15% global minimum corporate tax (GMT) on certain multinational enterprises. GMT is in different stages of adoption globally. Certain jurisdictions in which we operate have implemented GMT, which applied to CIBC as of November 1, 2024.

The impact of GMT on the consolidated effective tax rate is within a 1% range for the three and six months ended April 30, 2025.

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Note 12. Earnings per share

		For the three months ended																For the six months ended
$ millions, except number of shares and per share amounts		2025 Apr. 30				2025 Jan. 31				2024 Apr. 30								2025 Apr. 30				2024 Apr. 30
Basic earnings per share
Net income attributable to equity shareholders		$	1,998			$	2,163			$	1,739							$	4,161			$	3,455
Less: Preferred share dividends and distributions on other equity instruments			78				88				61								166				128
Net income attributable to common shareholders		$	1,920			$	2,075			$	1,678							$	3,995			$	3,327
Weighted-average common shares outstanding (thousands)			938,495				942,039				937,849								940,297				934,779
Basic earnings per share		$	2.05			$	2.20			$	1.79							$	4.25			$	3.56
Diluted earnings per share
Net income attributable to common shareholders		$	1,920			$	2,075			$	1,678							$	3,995			$	3,327
Weighted-average common shares outstanding (thousands)			938,495				942,039				937,849								940,297				934,779
Add: Stock options potentially exercisable (1) (thousands)			4,253				5,306				1,964								4,796				1,201
Weighted-average diluted common shares outstanding (thousands)			942,748				947,345				939,813								945,093				935,980
Diluted earnings per share		$	2.04			$	2.19			$	1.79							$	4.23			$	3.55

(1) Excludes average options outstanding of 2,422,512 (January 31, 2025: 1,615,008; April 30, 2024: 2,553,244) with a weighted-average exercise price of $94.35 (January 31, 2025: $94.35; April 30, 2024: $70.05) for the quarter ended April 30, 2025, and average options outstanding of 2,018,760 (April 30, 2024: 2,553,244) with a weighted-average price of $94.35 (April 30, 2024: $70.05) for the six months ended April 30, 2025, as the options’ exercise prices were greater than the average market price of CIBC’s common shares.

Note 13. 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 2024 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 2024 Annual Report and Note 11 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 $0.8 billion as at April 30, 2025. 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 April 30, 2025, consist of the significant legal matters disclosed in Note 21 to the consolidated financial statements included in our 2024 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 2024 annual consolidated financial statements:

• Quantum Biopharma v. CIBC World Markets Inc., et al.: In January 2025, CIBC World Markets Inc. filed motions to dismiss. In May 2025, Quantum Biopharma filed an amended complaint. The defendants’ responsive papers are due in June 2025.

• Salko v. CIBC Investor Services Inc., CIBC World Markets Inc., et al.: In January 2025, the Quebec Court of Appeal dismissed the plaintiff’s appeal of the certification decision. The class action continues to be certified against CIBC Investor Services Inc. and other defendants, but is dismissed against CIBC World Markets Inc.

• Pope v. CIBC, CIBC Trust Corporation, and CIBC Asset Management Inc.: In March 2025, the plaintiffs served an Amended Statement of Claim. The application for certification as a class action has been scheduled for January 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 2024 Annual Report, and no new significant legal proceedings have arisen since the issuance of our 2024 annual consolidated financial statements.

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Note 14. Interest income and expense

The table below provides the consolidated interest income and expense by accounting category.

		For the three months ended																												For the six months ended
$ millions						2025 Apr. 30								2025 Jan. 31								2024 Apr. 30												2025 Apr. 30								2024 Apr. 30
		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)		$	9,977			$	7,403			$	10,679			$	8,270			$	11,032			$	8,974							$	20,656			$	15,673			$	22,088			$	17,912
Debt securities measured at FVOCI (1)			756				n/a				862				n/a				905				n/a								1,618				n/a				1,772				n/a
Other (3)			1,126				668				1,178				648				836				518								2,304				1,316				1,647				1,065
Total		$	11,859			$	8,071			$	12,719			$	8,918			$	12,773			$	9,492							$	24,578			$	16,989			$	25,507			$	18,977

(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 15. 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 personal and business clients across Canada with financial advice, services and solutions through banking centres, as well as mobile and online channels, 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, as well as an online brokerage platform to retail customers and asset management services to 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 personal and small business banking services in six U.S. 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.

Corporate and Other includes the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, and Finance, 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.

External reporting changes were made in the first quarter of 2025, which affected the results of our SBUs. See the shaded section in “MD&A – External reporting changes” for additional details.

CIBC SECOND QUARTER 2025 75

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$ 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
2025		Net interest income		$	2,272			$	707			$	536			$	171			$	102			$	3,788
Apr. 30		Non-interest income (1)			587				933				233				1,374				107				3,234
		Total revenue			2,859				1,640				769				1,545				209				7,022
		Provision for credit losses			389				54				123				34				5				605
		Amortization and impairment (2)			57				–				25				–				199				281
		Other non-interest expenses			1,421				833				416				719				149				3,538
		Income (loss) before income taxes			992				753				205				792				(144	)			2,598
		Income taxes			258				204				32				226				(129	)			591
		Net income (loss)		$	734			$	549			$	173			$	566			$	(15	)		$	2,007
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	9			$	9
		Equity shareholders			734				549				173				566				(24	)			1,998
		Average assets (3)(4)		$	337,350			$	102,709			$	65,820			$	370,517			$	219,610			$	1,096,006
2025		Net interest income		$	2,326			$	718			$	562			$	70			$	125			$	3,801
Jan. 31 (5)		Non-interest income (1)			597				985				285				1,504				109				3,480
		Total revenue			2,923				1,703				847				1,574				234				7,281
		Provision for credit losses			428				39				68				21				17				573
		Amortization and impairment (2)			58				1				23				1				203				286
		Other non-interest expenses			1,402				852				447				704				187				3,592
		Income (loss) before income taxes			1,035				811				309				848				(173	)			2,830
		Income taxes			270				220				53				229				(113	)			659
		Net income (loss)		$	765			$	591			$	256			$	619			$	(60	)		$	2,171
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	8			$	8
		Equity shareholders			765				591				256				619				(68	)			2,163
		Average assets (3)(4)		$	338,184			$	100,474			$	65,791			$	375,453			$	218,905			$	1,098,807
2024		Net interest income (6)		$	2,065			$	483			$	458			$	213			$	62			$	3,281
Apr. 30 (5)		Non-interest income (1)			581				973				211				1,030				88				2,883
		Total revenue (6)			2,646				1,456				669				1,243				150				6,164
		Provision for credit losses			274				37				186				12				5				514
		Amortization and impairment (2)			58				1				25				2				202				288
		Other non-interest expenses			1,347				749				375				584				158				3,213
		Income (loss) before income taxes			967				669				83				645				(215	)			2,149
		Income taxes (6)			261				181				(9	)			173				(206	)			400
		Net income (loss)		$	706			$	488			$	92			$	472			$	(9	)		$	1,749
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	10			$	10
		Equity shareholders			706				488				92				472				(19	)			1,739
		Average assets (3)(4)		$	332,058			$	94,554			$	60,417			$	304,648			$	198,345			$	990,022
$ millions, for the six months ended
2025		Net interest income		$	4,598			$	1,425			$	1,098			$	241			$	227			$	7,589
Apr. 30		Non-interest income (1)			1,184				1,918				518				2,878				216				6,714
		Total revenue			5,782				3,343				1,616				3,119				443				14,303
		Provision for credit losses			817				93				191				55				22				1,178
		Amortization and impairment (2)			115				1				48				1				402				567
		Other non-interest expenses			2,823				1,685				863				1,423				336				7,130
		Income (loss) before income taxes			2,027				1,564				514				1,640				(317	)			5,428
		Income taxes			528				424				85				455				(242	)			1,250
		Net income (loss)		$	1,499			$	1,140			$	429			$	1,185			$	(75	)		$	4,178
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	17			$	17
		Equity shareholders			1,499				1,140				429				1,185				(92	)			4,161
		Average assets (3)(4)		$	337,774			$	101,573			$	65,805			$	373,026			$	219,251			$	1,097,429
2024		Net interest income (6)		$	4,170			$	971			$	923			$	354			$	112			$	6,530
Apr. 30 (5)		Non-interest income (1)			1,155				1,922				433				2,199				146				5,855
		Total revenue (6)			5,325				2,893				1,356				2,553				258				12,385
		Provision for (reversal of) credit losses			611				57				430				12				(11	)			1,099
		Amortization and impairment (2)			116				1				48				4				395				564
		Other non-interest expenses			2,655				1,449				835				1,172				291				6,402
		Income (loss) before income taxes			1,943				1,386				43				1,365				(417	)			4,320
		Income taxes (6)			523				375				(41	)			371				(385	)			843
		Net income (loss)		$	1,420			$	1,011			$	84			$	994			$	(32	)		$	3,477
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	22			$	22
		Equity shareholders			1,420				1,011				84				994				(54	)			3,455
		Average assets (3)(4)		$	332,350			$	93,935			$	59,778			$	303,325			$	196,741			$	986,129

(1) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(2) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets.

(3) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management.

(4) Average balances are calculated as a weighted average of daily closing balances.

(5) Certain prior period information has been restated for the external reporting changes noted above.

(6) Capital Markets net interest income and income taxes include a taxable equivalent basis (TEB) adjustment of $71 million for the three months ended April 30, 2024 and $139 million for the six months ended April 30, 2024 with equivalent offsets in Corporate and Other. TEB adjustment offset is no longer applied since the third quarter of 2024 upon the enactment of Bill C-59 in June 2024, which eliminated the dividend received deduction for banks.

76 CIBC SECOND QUARTER 2025

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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 416-813-3743, 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 second quarter conference call with analysts and investors will take place on Thursday, May 29, 2025 at 7:30 a.m. (ET). The call will be available in English (416-340-2217, or toll-free 1-800-806-5484, passcode 1073773#) and French (514-392-1587, or toll-free 1-800-898-3989, passcode 5601311#). A telephone replay of the conference call will be available in English and French until 11:59 p.m. (ET) June 12, 2025. To access the replay in English, call 905-694-9451 or 1-800-408-3053, passcode 7808652#. To access the replay in French, call 514-861-2272 or 1-800-408-3053, passcode 4825374#.

Audio Webcast: A live audio webcast of CIBC’s second quarter results conference call will take place on Thursday, May 29, 2025 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 16, 2026.

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 total loss absorbing capacity 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
Feb. 3/25							$87.27
Mar. 3/25							$87.46
Apr. 1/25							$80.80
Apr. 28/25										$85.91

Canadian Imperial Bank of Commerce

Head Office: CIBC Square, Toronto, Ontario, M5J 0E7, Canada

www.cibc.com