Common and preferred share capital (Tables)

12 Months Ended

Oct. 31, 2019

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Summary of Outstanding Shares and Dividends Paid

The following table presents the outstanding number of shares and dividends paid:

Outstanding shares and dividends paid

$ millions, except number of shares and per share amounts, as at or for the year ended October 31							2019								2018										2017
	Shares outstanding				Dividends paid				Shares outstanding				Dividends paid				Shares outstanding						Dividends paid
	Number of shares		Amount		Amount		$ per share		Number of shares		Amount		Amount		$ per share		Number of shares			Amount			Amount		$ per share
Common shares		445,325,744	$	13,589	$	2,488	$	5.60		442,823,361	$	13,242	$	2,356	$	5.32		439,329,713		$	12,550		$	2,121	$	5.08
Class A Preferred Shares
Series 39		16,000,000		400		16		0.96		16,000,000		400		16		0.98		16,000,000			400			16		0.98
Series 41		12,000,000		300		11		0.94		12,000,000		300		11		0.94		12,000,000			300			11		0.94
Series 43		12,000,000		300		11		0.90		12,000,000		300		11		0.90		12,000,000			300			11		0.90
Series 45		32,000,000		800		35		1.10		32,000,000		800		35		1.10		32,000,000			800			14		0.46
Series 47		18,000,000		450		20		1.13		18,000,000		450		16		0.88		–			–			–		–
Series 49		13,000,000		325		13		1.00		–		–		–		–		–			–			–		–
Series 51		10,000,000		250		5		0.53		–		–		–		–		–			–			–		–
			$	2,825	$	111					$	2,250	$	89						$	1,800		$	52
Treasury shares – common shares		15,931	$	2						3,019	$	1						(16,410	)	$	(2	)
Treasury shares – preferred shares		–		–						–		–						(116,671	)		(3	)

Schedule of Common Shares Issued

Common shares

CIBC’s authorized capital consists of an unlimited number of common shares, without nominal or par value.

Common shares issued

$ millions, except number of shares, as at or for the year ended October 31				2019						2018						2017
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount
Balance at beginning of year		442,826,380		$	13,243			439,313,303		$	12,548			397,070,280		$	8,026
Issuance pursuant to:
Acquisition of The PrivateBank		–			–			1,689,450			194			32,137,402			3,443
Acquisition of Geneva Advisors		–			–			–			–			1,204,344			126
Acquisition of Wellington Financial		–			–			378,848			47			–			–
Equity-settled share-based compensation plans		511,567			52			999,675			95			990,934			91
Shareholder investment plan (1)		1,777,738			194			2,880,782			337			6,870,584			749
Employee share purchase plan		1,213,078			131			1,044,893			123			1,071,051			117
		446,328,763		$	13,620			446,306,951		$	13,344			439,344,595		$	12,552
Purchase of common shares for cancellation		(1,000,000	)		(30	)		(3,500,000	)		(104	)		–			–
Treasury shares		12,912			1			19,429			3			(31,292	)		(4	)
Balance at end of year (2)		445,341,675		$	13,591			442,826,380		$	13,243			439,313,303	(3)	$	12,548

(1) Commencing with the dividends paid on April 27, 2018, the shares for the Dividend Reinvestment Option and the Stock Dividend Option of the Shareholder Investment Plan (the Plan) were issued from Treasury without discount. Prior to this, these shares were issued at a 2% discount from average market price. The participants in the Share Purchase Option of the Plan continue to receive shares issued from Treasury with no discount.

(2) Excludes nil restricted shares as at October 31, 2019 (2018: 60,764; 2017: 190,285).

(3) Excludes 2,010,890 common shares which were issued and outstanding but which had not been acquired by a third party as at October 31, 2017. These shares were issued as a component of our acquisition of The PrivateBank.

Schedule of Common Shares Purchased and Cancelled under Previously Expired NCIB

The following table shows common shares purchased and cancelled under previously expired NCIBs.

$ millions, except number of shares, as at or for the year ended October 31

2019

2018

2017

TSX approval date

Number of shares

Amount

Number of shares

Amount

Number of shares

Amount

March 10, 2017 (1)

–

$

–

–

$

–

–

$

–

May 31, 2018 (2)

–

–

3,500,000

417

–

–

–

$

–

3,500,000

$

417

–

$

–

(1) No common shares were repurchased under this NCIB.

(2) Common shares were repurchased at an average price of $119.22 under this NCIB.

Schedule of Terms of Class A Preferred Shares

Terms of Class A Preferred Shares

Outstanding as at October 31, 2019	Quarterly dividends per share  (1)		Earliest specified redemption date		Cash redemption price per share
Series 39	$	0.232063		July 31, 2024	$	25.00
Series 41	$	0.234375		January 31, 2020	$	25.00
Series 43	$	0.225000		July 31, 2020	$	25.00
Series 45	$	0.275000		July 31, 2022	$	25.00
Series 47	$	0.281250		January 31 2023	$	25.00
Series 49	$	0.325000		April 30, 2024	$	25.00
Series 51	$	0.321875		July 31, 2024	$	25.00

(1) Quarterly dividends may be adjusted depending on the timing of issuance or redemption.

Schedule of Regulatory Capital and Ratios

Our capital ratios and leverage ratio are presented in the table below:

$ millions, as at October 31		2019			2018
CET1 capital		$	27,707		$	24,641
Tier 1 capital	A		30,851			27,908
Total capital			35,854			32,230
Total RWA (1)			239,863			n/a
CET1 capital RWA (1)			n/a			216,144
Tier 1 capital RWA (1)			n/a			216,303
Total capital RWA (1)			n/a			216,462
CET1 ratio			11.6	%		11.4	%
Tier 1 capital ratio			12.9	%		12.9	%
Total capital ratio			15.0	%		14.9	%
Leverage ratio exposure	B	$	714,343		$	653,946
Leverage ratio	A/B		4.3	%		4.3	%

(1) During 2018, before any capital floor requirement, there were three different levels of RWA for the calculation of CIBC’s CET1, Tier 1 and Total capital ratios as CIBC elected in 2014 to phase in the CVA capital charge as permitted under OSFI’s guideline. Beginning in the first quarter of 2019 the ratios are calculated by reference to the same level of RWA as the phase-in of the CVA capital charge has been completed.

n/a Not applicable.