XML 122 R57.htm IDEA: XBRL DOCUMENT v3.22.2.2
Common and preferred shares and other equity instruments (Tables)
 12 Months Ended
Oct. 31, 2022
Text Block [Abstract]  
Summary of Outstanding Shares and Dividends Paid
The following table presents the number of common and preferred shares outstanding and dividends paid, and other equity instruments and distributions paid thereon:
Common and preferred shares outstanding and other equity instruments

 

$ millions, except number of shares and per share
amounts, as at or for the year ended October 31
 
 
2022
 
 
  
 
 
  
 
 
  
 
 
2021
 
  
 
Shares outstanding
 
 
Dividends and
distributions paid
 
 
Shares outstanding
 
 
Dividends and
distributions paid
 
  
 
Number
of shares
 
 
Amount
 
 
Amount
 
 
$ per
share
 
 
Number
of shares
 
 
Amount
 
 
Amount
 
 
$ per
share
 
Common shares
(1)
  
 
905,993,892
 
  
$
 
 
     
14,723
 
  
$
      
2,954
 
  
$
     3.270
 
     901,658,556     $
   
14,351		     $
    
2,622		    
$
    
2.920
  
Class A Preferred Shares
                                                                
Series 39
  
 
16,000,000
 
  
 
400
 
  
 
15
 
  
 
0.93
 
     16,000,000       400       15    
 
0.93
  
Series 41
  
 
12,000,000
 
  
 
300
 
  
 
12
 
  
 
0.98
 
     12,000,000       300       12    
 
0.98
  
Series 43
  
 
12,000,000
 
  
 
300
 
  
 
9
 
  
 
0.79
 
     12,000,000       300       9    
 
0.79
  
Series 45
(2)
  
 
–
 
  
 
–
 
  
 
26
 
  
 
0.83
 
     32,000,000       800       35    
 
1.10
  
Series 47
  
 
18,000,000
 
  
 
450
 
  
 
20
 
  
 
1.13
 
     18,000,000       450       20    
 
1.13
  
Series 49
  
 
13,000,000
 
  
 
325
 
  
 
17
 
  
 
1.30
 
     13,000,000       325       17    
 
1.30
  
Series 51
  
 
10,000,000
 
  
 
250
 
  
 
13
 
  
 
1.29
 
     10,000,000       250       13    
 
1.29
  
Series 56
 
 
 
600,000
 
 
 
600
 
  
 
–
 
  
 
–
 
 
 
–
  
 
 
–
 
 
 
–
 
 
 
–
 
 
  
 
 
 
  
$
    
2,625
 
  
$
112
 
  
 
 
 
  
 
 
     $ 2,825     $ 121    
 
 
  
Treasury shares – common shares
 
 
46,205
 
 
$
3
 
 
      
 
      
 
 
(2,604
) 
 
$
–
 
 
      
 
      
Treasury shares – preferred shares
 
 
(1,995
)
 
 
(2
)
 
 
 
 
 
 
 
 
 
 
(20
) 
 
 
–
 
 
 
 
 
 
 
 
 
Other Equity Instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Limited recourse capital notes Series 1
(
3
)
          
$
750
 
  
$
33
 
  
 
4.375%
 (
4
)
 
           $ 750     $ 37    
 
4.375%
 (
4
)
  
Limited recourse capital notes Series 2
(
5
)
  
 
 
 
  
$
750
 
  
$
26
 
  
 
4.000%
 (
4
)
 
  
 
 
     $ 750     $ –    
 
4.000%
 (
4
)
  
Limited recourse capital notes Series 3
(
6
)
 
 
 
 
 
$
 
800
 
 
$
–
 
 
 
7.150%
 
(
4
)
 
 
 
 
  
 
$
–
 
 
$
–
 
 
 
 
 
 
(1)
On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC’s issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all periods presented.
(2)
Series 45 preferred shares were redeemed on July 29, 2022.
(
3
)
See 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) section below for details.
(
4
)
Represents the annual interest rate percentage applicable to the LRCNs issued as at October 31 for each respective year.
(
5
)
See 4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated indebtedness) section below for details.
(
6
)
See 7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness) section below for details.
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
 
 
2022
 
 
  
 
 
2021
 
  
  
Number
of shares
 
 
Amount
 
 
Number
of shares
 
 
Amount
 
Balance at beginning of year
(1)
   
 
901,655,952
 
   
$
14,351
 
      894,170,658     $ 13,908  
Issuance pursuant to:
                                   
Equity-settled share-based compensation plans
(2)
   
 
1,559,629
 
   
 
85
 
      3,410,140       176  
Shareholder investment plan
   
 
2,272,831
 
   
 
153
 
      2,022,558       132  
Employee share purchase plan
   
 
2,302,876
 
   
 
163
 
      2,360,358       150  
    
 
907,791,288
 
   
$
14,752
 
      901,963,714     $ 14,366  
Purchase of common shares for cancellation
   
 
(1,800,000
)
   
 
(29
)
      –       –  
Treasury shares
   
 
48,809
 
   
 
3
 
      (307,762 )      (15 ) 
Balance at end of year
(1)
   
 
906,040,097
 
   
$
     14,726
 
      901,655,952     $     14,351  
 
 
(1)
On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC’s issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all periods presented.
(2)
Includes the settlement of contingent consideration related to prior acquisitions.
Schedule of Terms of Class A Preferred Shares
Terms of Class A Preferred Shares
 
Outstanding as at October 31, 2022
  
Semi-annually
dividends per share
 (1)
 
  
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
  
 
 
 
 
  
0.244313
 
  
 
January 31, 2025
 
  
  
25.00
 
Series 43
  
 
 
 
 
  
0.196438
 
  
 
July 31, 2025
 
  
  
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
 
Series 56
  
$
    36.825000
 
  
 
 
 
  
 
September 28, 2027
 
  
  
1,000.00
 

(1)
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
 
  
 
2022
 
 
2021
 
CET1 capital
 (1)
      
$
37,005
 
   $ 33,751  
Tier 1 capital
 (1)
   A  
 
41,946
 
     38,344  
Total capital
 (1)
      
 
48,263
 
     44,202  
Total RWA
  
B
  
 
315,634
 
     272,814  
CET1 ratio
      
 
11.7
 % 
     12.4  % 
Tier 1 capital ratio
      
 
13.3
 % 
     14.1  % 
Total capital ratio
      
 
15.3
 % 
     16.2  % 
Leverage ratio exposure
 (2)
  
C
  
$
    961,791
 
   $     823,343  
Leverage ratio 
(2)
   A/
C
  
 
4.4
 % 
     4.7  % 
TLAC available
   D  
$
95,136
 
   $ 76,701  
TLAC ratio
   D/B  
 
    30.1 %
 
     28.1  % 
TLAC leverage ratio
   D/C  
 
9.9
 % 
     9.3  % 
 
(1)
Includes the impact of the ECL transitional arrangement announced by OSFI on March 27, 2020. The transitional arrangement results in a portion of ECL allowances that would otherwise be included in Tier 2 capital qualifying for inclusion in CET1 capital. The amount is subject to certain adjustments and limitations until 2022. 
(2)
The temporary exclusion of qualifying sovereign-issued securities from the leverage ratio exposure measure in response to the onset of the COVID-19 pandemic was no longer applicable beginning in the first quarter of 2022. Central bank reserves continue to be excluded from the measure. On September 13, 2022, OSFI announced
that
the temporary exclusion of central bank reserves from the leverage exposure measure will be no longer applicable effective April 1, 2023.