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, digital and mobile channels.

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 asset management services to institutional investors.

U.S. Commercial Banking and Wealth Management provides commercial banking and private wealth services across the U.S., as well as personal and small business banking services in four U.S. Midwestern markets and focuses on middle-market and

mid-corporate

companies and

high-net-worth

individuals and families.

Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking solutions and

top-ranked

research to our clients around the world. It includes Direct Financial Services which provides a cohesive set of direct banking, direct investing and innovative multi-currency payment solutions for CIBC’s clients.

Corporate and Other includes the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, Finance and Enterprise Strategy, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. The majority of the functional and support costs of CIBC Bank USA are recognized directly in the U.S. Commercial Banking and Wealth Management SBU. Corporate and Other also includes the results of CIBC FirstCaribbean and other strategic investments, as well as other income statement and balance sheet items not directly attributable to the business lines.


$ 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
2022	Net interest income (1)	$	1,587	$	377		$	389		$	793		$	(14	)	$	3,132
Jan. 31	Non-interest income (2)		596		920			220			511			119			2,366
	Total revenue (1)		2,183		1,297			609			1,304			105			5,498
	Provision for (reversal of) credit losses		98		(4	)		28			(38	)		(9	)		75
	Amortization and impairment ( 3 )		52		1			27			1			172			253
	Other non-interest expenses		1,100		672			291			595			112			2,770
	Income (loss) before income taxes		933		628			263			746			(170	)		2,400
	Income taxes (1)		246		166			37			203			(121	)		531
	Net income (loss)	$	687	$	462		$	226		$	543		$	(49	)	$	1,869
	Net income (loss) attributable to:
	Non-controlling interests	$ –		$	–		$	–		$	–		$	5		$	5
	Equity shareholders		687		462			226			543			(54	)		1,864
	Average assets ( 4 )( 5 )	$	292,987	$	78,476		$	50,274		$	282,750		$	166,066		$	870,553
2021	Net interest income (1)	$	1,542	$	352		$	368		$	688		$	30		$	2,980
Oct. 31	Non-interest income ( 2)		586		888			194			324			92			2,084
	Total revenue (1)		2,128		1,240			562			1,012			122			5,064
	Provision for (reversal of) credit losses		164		(5	)		(51	)		(34	)		4			78
	Amortization and impairment ( 3 )		54		6			27			3			197			287
	Other non-interest expenses		1,098		640			269			525			316			2,848
	Income (loss) before income taxes		812		599			317			518			(395	)		1,851
	Income taxes (1)		215		157			61			140			(162	)		411
	Net income (loss)	$	597	$	442		$	256		$	378		$	(233	)	$	1,440
	Net income (loss) attributable to:
	Non-controlling interests	$	–	$	–		$	–		$	–		$	4		$	4
	Equity shareholders		597		442			256			378			(237	)		1,436
	Average assets (4)(5)	$	285,513	$	74,606		$	47,283		$	262,549		$	165,980		$	835,931
2021	Net interest income (1)	$	1,483	$	298		$	374		$	682		$	2		$	2,839
Jan. 31	Non-interest income (2)		542		790			187			492			113			2,124
	Total revenue (1)		2,025		1,088			561			1,174			115			4,963
	Provision for (reversal of) credit losses		54		33			45			5			10			147
	Amortization and impairment ( 3 )		53		7			28			2			147			237
	Other non-interest expenses		1,033		565			252			520			119			2,489
	Income (loss) before income taxes		885		483			236			647			(161	)		2,090
	Income taxes (1)		233		129			48			154			(99	)		465
	Net income (loss)	$	652	$	354		$	188		$	493		$	(62	)	$	1,625
	Net income (loss) attributable to:
	Non-controlling interests	$	–	$	–		$	–		$	–		$	4		$	4
	Equity shareholders		652		354			188			493			(66	)		1,621
	Average assets (4)(5)	$	261,542	$	65,774		$	47,501		$	250,418		$	174,713		$	799,948

(1)	Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $59 million for the three months ended January 31, 2022 (October 31, 2021: $48 million; January 31, 2021: $54 million) with an equivalent offset in Corporate and Other.

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

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

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

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