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 9 Months Ended
Jul. 31, 2022
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Note 1
5
.    Segmented information
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 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)
  
$
1,767
 
  
$
442
 
  
$
415
 
  
$
662
 
  
$
(50
 )  
$
3,236
 
Jul. 31
   
Non-interest income 
(2)
  
 
554
 
  
 
896
 
  
 
189
 
  
 
537
 
  
 
159
 
  
 
2,335
 
    
Total revenue 
(1)
  
 
2,321
 
  
 
1,338
 
  
 
604
 
  
 
1,199
 
  
 
109
 
  
 
5,571
 
    
Provision for (reversal of) credit losses
  
 
200
 
  
 
10
 
  
 
35
 
  
 
(9
 )  
 
7
 
  
 
243
 
    
Amortization and impairment
 
(3)
  
 
59
 
  
 
1
 
  
 
29
 
  
 
1
 
  
 
170
 
  
 
260
 
    
Other non-interest expenses
  
 
1,254
 
  
 
669
 
  
 
305
 
  
 
592
 
  
 
103
 
  
 
2,923
 
    
Income (loss) before income taxes
  
 
808
 
  
 
658
 
  
 
235
 
  
 
615
 
  
 
(171
 )  
 
2,145
 
 
  
Income taxes
 
(1)
 
 
213
 
 
 
174
 
 
 
42
 
 
 
168
 
 
 
(118
)
 
 
479
 
 
  
Net income (loss)
 
$
595
 
 
$
484
 
 
$
193
 
 
$
447
 
 
$
(53
)
 
$
1,666
 
    
Net income (loss) attributable to:
                                              
 
    
Non-controlling interests
  
$
–
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
6
 
  
$
6
 
    
Equity shareholders
  
 
595
 
  
 
484
 
  
 
193
 
  
 
447
 
  
 
(59
 )  
 
1,660
 
    
Average assets 
(4)(5)
  
$
310,716
 
  
$
87,216
 
  
$
54,528
 
  
$
280,592
 
  
$
166,911
 
  
$
899,963
 
2022
   
Net interest income 
(1)
   $ 1,583     $ 401     $ 385     $ 759     $ (40 )    $ 3,088
 
Apr. 30
   
Non-interest income 
(2)
     560       902       206       557       63       2,288
 
    
Total revenue 
(1)
     2,143       1,303       591       1,316       23       5,376
 
    
Provision for (reversal of) credit losses
     273       (4 )      55       (14 )      (7 )      303
 
    
Amortization and impairment
 (3)
     56       –       28       2       170       256
 
    
Other non-interest expenses
     1,141       655       292       590       180       2,858
 
    
Income (loss) before income taxes
     673       652       216       738       (320 )      1,959
 
    
Income taxes
 (1)
     177       172       36       198       (147 )      436
 
 
  
Net income (loss)
 
$
 496
 
 
$
 480
 
 
$
 180
 
 
$
 540
 
 
$
 (173
) 
 
$
 1,523
 
    
Net income (loss) attributable to:
                                              
 
    
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 5     $ 5
 
    
Equity shareholders
     496       480       180       540       (178 )      1,518
 
    
Average assets
 (4)(5)
   $ 300,799     $ 83,367     $ 51,980     $ 277,686     $ 168,077     $ 881,909
 
2021
   
Net interest income 
(1)
   $ 1,504     $ 336     $ 356     $ 669     $ 28     $ 2,893
 
Jul. 31
   
Non-interest income 
(2)
     552       871       183       471       86       2,163
 
    
Total revenue 
(1)
     2,056       1,207       539       1,140       114       5,056
 
    
Provision for (reversal of) credit losses
     67       (49 )      (57 )      (60 )      –       (99
) 
    
Amortization and impairment
 (3)
     53       7       27       3       154       244
 
    
Other non-interest expenses
     1,065       610       247       526       226       2,674
 
    
Income (loss) before income taxes
     871       639       322       671       (266 )      2,237
 
    
Income taxes 
(1)
     229       169       56       180       (127 )      507
 
    
Net income (loss)
   $ 642     $ 470     $ 266     $ 491     $ (139 )    $ 1,730
 
    
Net income (loss) attributable to:
                                              
 
    
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 5     $ 5
 
    
Equity shareholders
     642       470       266       491       (144 )      1,725
 
    
Average assets
 (4)(5)
   $     276,572     $     71,863     $     45,772     $     256,512     $     156,049     $     806,768
 
(1)
Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $48 million for the three months ended July 31, 2022 (April 30, 2022: $53 million; July 31, 2021: $51 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.

$ millions, for the nine 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)
  
$
4,937
 
  
$
1,220
 
  
$
1,189
 
  
$
2,214
 
  
$
(104
) 
  
$
9,456
 
Jul. 31
   
Non-interest income 
(2)
  
 
1,710
 
  
 
2,718
 
  
 
615
 
  
 
1,605
 
  
 
341
 
  
 
6,989
 
    
Total revenue 
(1)
  
 
6,647
 
  
 
3,938
 
  
 
1,804
 
  
 
3,819
 
  
 
237
 
  
 
16,445
 
    
Provision for (reversal of) credit losses
    
571
 
    
2
 
  
 
118
 
  
 
(61
) 
  
 
(9
) 
  
 
621
 
    
Amortization and impairment
 
(3)
  
 
167
 
  
 
2
 
  
 
84
 
  
 
4
 
  
 
512
 
  
 
769
 
    
Other non-interest expenses
  
 
3,495
 
  
 
1,996
 
  
 
888
 
  
 
1,777
 
  
 
395
 
  
 
8,551
 
    
Income (loss) before income taxes
  
 
2,414
 
  
 
1,938
 
  
 
714
 
  
 
2,099
 
  
 
(661
) 
  
 
6,504
 
    
Income taxes 
(1)
  
 
636
 
  
 
512
 
  
 
115
 
  
 
569
 
  
 
(386
) 
  
 
1,446
 
    
Net income (loss)
  
$
1,778
 
  
$
1,426
 
  
$
599
 
  
$
1,530
 
  
$
(275
) 
  
$
5,058
 
    
Net income (loss) attributable to:
                                              
 
    
Non-controlling interests
  
$
–
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
16
 
  
$
16
 
    
Equity shareholders
  
 
1,778
 
  
 
1,426
 
  
 
599
 
  
 
1,530
 
  
 
(291
) 
  
 
5,042
 
    
Average assets 
(4)(5)
  
$
301,508
 
  
$
83,016
 
  
$
52,264
 
  
$
280,372
 
  
$
167,006
 
  
$
884,166
 
2021
   
Net interest income 
(1)
   $ 4,412     $ 939     $ 1,081     $ 2,013     $ 34     $ 8,479
 
Jul. 31
   
Non-interest income 
(2)
     1,610       2,491       551       1,495       325       6,472
 
    
Total revenue
 (1)
     6,022       3,430       1,632       3,508       359       14,951
 
    
Provision for (reversal of) credit losses
     186       (34 )      (24 )      (66 )      18       80
 
    
Amortization and impairment
 (3)
     159       21       82       8       460       730
 
    
Other non-interest expenses
     3,103       1,776       743       1,581       467       7,670
 
    
Income (loss) before income taxes
     2,574       1,667       831       1,985       (586 )      6,471
 
    
Income taxes 
(1)
     677       444       161       506       (323 )      1,465
 
    
Net income (loss)
   $ 1,897     $ 1,223     $ 670     $ 1,479     $ (263 )    $ 5,006
 
    
Net income (loss) attributable to:
                                              
 
    
Non-controlling interests
   $ –     $ –     $ –     $ –     $ 13     $ 13
 
    
Equity shareholders
     1,897       1,223       670       1,479       (276 )      4,993
 
    
Average assets 
(4)(5)
   $     268,309     $     68,541     $     46,548     $     252,540     $     164,817     $     800,755
 
(1)
Capital Markets net interest income and income taxes includes a TEB adjustment of $160 million, for the nine months ended July 31, 2022 (July 31, 2021: $156 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.