Canadian Imperial Bank of Commerce(NYSE:CM) 
Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Can...
Website: http://www.cibc.com
Founded: 1961
Full Time Employees: 43,853
Sector: Financial Services
Industry: Banks-Diversified
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Earnings Driven by Net Interest Income and Fee-Based Businesses: CIBC’s results are primarily influenced by net interest margin trends and loan/deposit growth, alongside contributions from wealth management, capital markets, and card/transaction fees.
- Credit Quality and Loan-Loss Provisions Are Key Swing Factors: Provisions for credit losses can materially impact profitability, with outcomes tied to consumer and commercial delinquency trends, exposure to housing/real estate, and broader Canadian economic conditions.
- Capital Strength and Regulatory Ratios Remain Central to Shareholder Returns: CET1 and other regulatory capital metrics underpin CIBC’s capacity for dividends and buybacks, and are closely watched for resilience under stress scenarios.
- Canadian Housing and Interest-Rate Path Shape Core Banking Outlook: Mortgage dynamics, renewal/affordability pressures, and the rate environment influence loan demand, deposit competition, and margin performance across the franchise.
- U.S. Commercial Banking and Cross-Border Strategy Add Both Growth and Risk: CIBC’s U.S. platform can diversify earnings and provide growth, but also introduces credit-cycle sensitivity and execution risk relative to its Canadian core.
Bull Thesis:
- Resilient Canadian Retail Banking & Wealth Management: CIBC maintains a strong and stable market share in its core Canadian retail banking and wealth management segments. This provides a consistent revenue base, supported by a loyal customer base and potential for organic growth in deposits, lending, and advisory services, especially as economic conditions stabilize.
- Growth Potential in U.S. Commercial Banking (CIBC Bank USA): The strategic expansion into the U.S. market through CIBC Bank USA offers a significant diversification opportunity and a potential engine for higher growth rates compared to the more mature Canadian market. Continued successful integration and expansion of its commercial banking offerings in key U.S. regions could boost overall profitability.
- Attractive Dividend Yield and Shareholder Returns: As one of Canada's 'Big Six' banks, CIBC is known for its consistent dividend payments, offering an attractive yield to investors. The bank's commitment to shareholder returns, potentially through dividend growth and share buybacks, makes it an appealing option for income-focused investors.
- Beneficiary of Stable or Moderating Interest Rate Environment: While high rates can strain borrowers, a stable or moderately declining interest rate environment, following a period of hikes, could lead to improved Net Interest Margin (NIM) as funding costs stabilize and the bank can optimize its lending portfolio. This could also alleviate some pressure on borrowers, improving credit quality.
Bear Thesis:
- High Exposure to Canadian Residential Mortgages: CIBC has a significant proportion of its loan book tied to Canadian residential mortgages. A material downturn in the Canadian housing market, coupled with high interest rates straining borrowers' ability to service debt, could lead to increased loan loss provisions and potential defaults, impacting profitability.
- Economic Slowdown and Recession Risks: A prolonged economic slowdown or recession in Canada and/or the U.S. could negatively impact CIBC's operations. This could manifest as reduced loan demand, higher unemployment leading to increased credit impairments across various loan portfolios (consumer, commercial), and slower growth in fee-based income.
- Intense Competition and Digital Disruption: The Canadian banking sector is highly competitive, with pressure from other large banks, credit unions, and increasingly, fintech companies. This competition, particularly in digital offerings and pricing, could put pressure on CIBC's margins, market share, and necessitate significant ongoing investment in technology.
- Regulatory and Capital Requirements: Canadian banks operate under stringent regulatory oversight. Potential for increased capital requirements, new consumer protection regulations, or other policy changes could impact CIBC's ability to deploy capital efficiently, constrain lending growth, or increase compliance costs, thereby affecting profitability.
Main Competitors:
- Royal Bank of Canada ($RY) (Full suite of banking, wealth management, capital markets, insurance), Competes directly across all segments of CIBC's business, particularly strong in personal banking, wealth management, and capital markets. RBC is often the market leader in Canada, leveraging its vast branch network, digital services, and comprehensive product offerings to individuals, businesses, and institutions.
- The Toronto-Dominion Bank ($TD) (Personal and commercial banking, wealth management, insurance), A major competitor in personal and small business banking, known for its extensive branch network and customer service, especially in Canada and the U.S. (TD Bank, America's Most Convenient Bank). TD also competes significantly in wealth management and commercial banking.
- Bank of Montreal ($BMO) (Personal and commercial banking, wealth management, capital markets), Competes directly in personal and commercial banking, with a significant and growing presence in the U.S. through BMO Harris Bank. BMO is also a strong player in wealth management and capital markets, offering a comprehensive range of financial services to retail and institutional clients.
- The Bank of Nova Scotia ($BNS) (Personal, commercial, corporate and investment banking), A key competitor in domestic personal and commercial banking, wealth management, and capital markets. Scotiabank also differentiates itself with a significant international presence, particularly in Latin America, which contrasts with CIBC's more North American-centric strategy.
Moat:
CIBC operates within Canada's highly concentrated banking sector, characterized by an oligopoly among the 'Big Five' banks. Its primary moat stems from significant regulatory barriers to entry, deep-rooted customer trust and brand loyalty built over decades, extensive physical and digital distribution networks, and the inherent stickiness of financial services relationships. Competition is intense and primarily comes from its fellow large Canadian banks (RBC, TD, BMO, Scotiabank), which offer a full spectrum of retail, commercial, wealth management, and capital markets services. While fintechs and credit unions pose niche challenges, the comprehensive scale and regulatory advantages of the established incumbents like CIBC provide a robust competitive position.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-04 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-12-05 | 2024-08-29 | 2024-07-31 | 2024-05-30 | 2024-04-30 | 2024-02-29 | 2024-01-31 | 2023-11-30 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-12-01 | 2022-08-25 | 2022-07-31 | 2022-05-26 | 2022-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
millions, except as noted | ||||||||||||||||||||
interest income | ||||||||||||||||||||
loans | 8,117,000,000 | 7,976,000,000 | 7,685,000,000 | 8,668,000,000 | 8,726,000,000 | 8,250,000,000 | 8,281,000,000 | 8,215,000,000 | 7,830,000,000 | 6,927,000,000 | 16,874,000,000 | 4,449,000,000 | 3,413,000,000 | |||||||
securities | 2,215,000,000 | 2,260,000,000 | 2,230,000,000 | 2,393,000,000 | 2,482,000,000 | 2,379,000,000 | 2,306,000,000 | 2,165,000,000 | 1,870,000,000 | 1,571,000,000 | 3,422,000,000 | 884,000,000 | 666,000,000 | |||||||
securities borrowed or purchased under resale agreements | 1,222,000,000 | 1,307,000,000 | 1,341,000,000 | 1,441,000,000 | 1,528,000,000 | 1,452,000,000 | 1,390,000,000 | 1,357,000,000 | 1,186,000,000 | 995,000,000 | 1,175,000,000 | 308,000,000 | 120,000,000 | |||||||
deposits with banks and other | 540,000,000 | 546,000,000 | 603,000,000 | 729,000,000 | 711,000,000 | 692,000,000 | 757,000,000 | 720,000,000 | 733,000,000 | 767,000,000 | ||||||||||
interest expense | ||||||||||||||||||||
deposits | 6,004,000,000 | 6,090,000,000 | 6,110,000,000 | 7,476,000,000 | 7,713,000,000 | 7,576,000,000 | 7,711,000,000 | 7,569,000,000 | 6,966,000,000 | 5,887,000,000 | 7,887,000,000 | 2,123,000,000 | 949,000,000 | |||||||
securities sold short | 141,000,000 | 135,000,000 | 156,000,000 | 163,000,000 | 156,000,000 | 150,000,000 | 156,000,000 | 109,000,000 | 105,000,000 | 92,000,000 | 380,000,000 | 103,000,000 | 88,000,000 | |||||||
securities lent or sold under repurchase agreements | 1,624,000,000 | 1,619,000,000 | 1,608,000,000 | 1,719,000,000 | 1,769,000,000 | 1,492,000,000 | 1,354,000,000 | 1,299,000,000 | 1,107,000,000 | 890,000,000 | 943,000,000 | 252,000,000 | 73,000,000 | |||||||
subordinated indebtedness | 93,000,000 | 106,000,000 | 101,000,000 | 120,000,000 | 134,000,000 | 136,000,000 | 120,000,000 | 120,000,000 | 117,000,000 | 103,000,000 | 203,000,000 | 55,000,000 | 35,000,000 | |||||||
other | 100,000,000 | 91,000,000 | 96,000,000 | 120,000,000 | 143,000,000 | 138,000,000 | 144,000,000 | 163,000,000 | 88,000,000 | 83,000,000 | 125,000,000 | 31,000,000 | 13,000,000 | |||||||
net interest income | 4,132,000,000 | 4,048,000,000 | 3,788,000,000 | 3,801,000,000 | 3,633,000,000 | 3,532,000,000 | 3,281,000,000 | 3,249,000,000 | 3,197,000,000 | 3,236,000,000 | 3,205,000,000 | 12,641,000,000 | 3,236,000,000 | 3,088,000,000 | ||||||
non-interest income | 3,480,000,000 | |||||||||||||||||||
underwriting and advisory fees | 245,000,000 | 291,000,000 | 198,000,000 | 182,000,000 | 165,000,000 | 191,000,000 | 169,000,000 | 137,000,000 | 143,000,000 | 103,000,000 | 557,000,000 | 120,000,000 | 146,000,000 | |||||||
deposit and payment fees | 252,000,000 | 257,000,000 | 241,000,000 | 250,000,000 | 249,000,000 | 228,000,000 | 231,000,000 | 229,000,000 | 261,000,000 | 220,000,000 | 880,000,000 | 222,000,000 | 223,000,000 | |||||||
credit fees | 269,000,000 | 253,000,000 | 248,000,000 | 217,000,000 | 303,000,000 | 332,000,000 | 366,000,000 | 369,000,000 | 355,000,000 | 337,000,000 | 1,286,000,000 | 324,000,000 | 309,000,000 | |||||||
card fees | 95,000,000 | 105,000,000 | 88,000,000 | 105,000,000 | 97,000,000 | 112,000,000 | 100,000,000 | 100,000,000 | 67,000,000 | 106,000,000 | 437,000,000 | 98,000,000 | 102,000,000 | |||||||
investment management and custodial fees | 595,000,000 | 555,000,000 | 538,000,000 | 526,000,000 | 508,000,000 | 488,000,000 | 458,000,000 | 454,000,000 | 451,000,000 | 428,000,000 | 1,760,000,000 | 435,000,000 | 452,000,000 | |||||||
mutual fund fees | 520,000,000 | 493,000,000 | 475,000,000 | 465,000,000 | 452,000,000 | 434,000,000 | 445,000,000 | 421,000,000 | 428,000,000 | 472,000,000 | 1,776,000,000 | 430,000,000 | 449,000,000 | |||||||
income from insurance activities | 81,000,000 | 71,000,000 | 81,000,000 | 85,000,000 | 87,000,000 | 87,000,000 | 97,000,000 | |||||||||||||
commissions on securities transactions | 160,000,000 | 132,000,000 | 125,000,000 | 129,000,000 | 109,000,000 | 106,000,000 | 87,000,000 | 81,000,000 | 82,000,000 | 88,000,000 | 378,000,000 | 87,000,000 | 106,000,000 | |||||||
gains from financial instruments measured/designated at fair value through profit or loss (fvtpl) | 1,005,000,000 | 859,000,000 | 997,000,000 | 827,000,000 | 869,000,000 | 685,000,000 | 845,000,000 | 611,000,000 | 562,000,000 | 678,000,000 | 1,172,000,000 | 318,000,000 | 286,000,000 | |||||||
gains from debt securities measured at fair value through other comprehensive income (fvoci) and amortized cost | -11,000,000 | -25,000,000 | 9,000,000 | 3,000,000 | 31,000,000 | 15,000,000 | 15,000,000 | 27,000,000 | 10,000,000 | 35,000,000 | 6,000,000 | 16,000,000 | ||||||||
foreign exchange other than trading | 86,000,000 | 99,000,000 | 87,000,000 | 93,000,000 | 99,000,000 | 102,000,000 | 92,000,000 | 74,000,000 | 82,000,000 | 127,000,000 | 242,000,000 | 76,000,000 | 68,000,000 | |||||||
income from equity-accounted associates and joint ventures | 26,000,000 | 29,000,000 | 36,000,000 | 18,000,000 | 20,000,000 | 25,000,000 | 16,000,000 | -5,000,000 | 3,000,000 | -4,000,000 | 47,000,000 | 11,000,000 | 14,000,000 | |||||||
total revenue | 7,576,000,000 | 7,254,000,000 | 7,022,000,000 | 7,281,000,000 | 6,617,000,000 | 6,604,000,000 | 6,164,000,000 | 6,221,000,000 | 5,844,000,000 | 5,850,000,000 | 5,927,000,000 | 21,833,000,000 | 5,571,000,000 | 5,376,000,000 | ||||||
yoy | 14.49% | 6.33% | 7.35% | 6.16% | 5.37% | 4.96% | -73.23% | 306.12% | ||||||||||||
qoq | 4.44% | 3.30% | -3.56% | 10.03% | 6.45% | -0.10% | -72.85% | |||||||||||||
provision for credit losses | 605,000,000 | 559,000,000 | 573,000,000 | 419,000,000 | 514,000,000 | 585,000,000 | 541,000,000 | 295,000,000 | 1,057,000,000 | 303,000,000 | ||||||||||
non-interest expenses | 3,878,000,000 | |||||||||||||||||||
employee compensation and benefits | 2,357,000,000 | 2,377,000,000 | 2,255,000,000 | 2,207,000,000 | 2,095,000,000 | 2,009,000,000 | 1,950,000,000 | 1,890,000,000 | 1,888,000,000 | 1,909,000,000 | 7,157,000,000 | 1,767,000,000 | 1,746,000,000 | |||||||
occupancy costs | 240,000,000 | 204,000,000 | 202,000,000 | 208,000,000 | 197,000,000 | 208,000,000 | 217,000,000 | 216,000,000 | 199,000,000 | 208,000,000 | 853,000,000 | 192,000,000 | 204,000,000 | |||||||
computer, software and office equipment | 827,000,000 | 732,000,000 | 691,000,000 | 723,000,000 | 722,000,000 | 653,000,000 | 621,000,000 | 658,000,000 | 613,000,000 | 588,000,000 | 2,297,000,000 | 606,000,000 | 563,000,000 | |||||||
communications | 96,000,000 | 99,000,000 | 104,000,000 | 89,000,000 | 91,000,000 | 96,000,000 | 86,000,000 | 91,000,000 | 88,000,000 | 89,000,000 | 352,000,000 | 90,000,000 | 93,000,000 | |||||||
advertising and business development | 121,000,000 | 97,000,000 | 92,000,000 | 103,000,000 | 78,000,000 | 86,000,000 | 77,000,000 | 87,000,000 | 76,000,000 | 73,000,000 | 334,000,000 | 90,000,000 | 80,000,000 | |||||||
professional fees | 88,000,000 | 68,000,000 | 63,000,000 | 74,000,000 | 67,000,000 | 64,000,000 | 52,000,000 | 77,000,000 | 51,000,000 | 58,000,000 | 313,000,000 | 76,000,000 | 84,000,000 | |||||||
business and capital taxes | 31,000,000 | 30,000,000 | 27,000,000 | 34,000,000 | 31,000,000 | 28,000,000 | 35,000,000 | 26,000,000 | 28,000,000 | 39,000,000 | 123,000,000 | 30,000,000 | 28,000,000 | |||||||
income before income taxes | 2,792,000,000 | 2,719,000,000 | 2,598,000,000 | 2,830,000,000 | 2,407,000,000 | 2,439,000,000 | 2,149,000,000 | 2,171,000,000 | 1,863,000,000 | 1,807,000,000 | 1,170,000,000 | 7,973,000,000 | 2,145,000,000 | 1,959,000,000 | ||||||
income taxes | 612,000,000 | 623,000,000 | 591,000,000 | 659,000,000 | 525,000,000 | 644,000,000 | 400,000,000 | 443,000,000 | 380,000,000 | 377,000,000 | 738,000,000 | 1,730,000,000 | 479,000,000 | 436,000,000 | ||||||
net income | 2,180,000,000 | 2,096,000,000 | 2,007,000,000 | 2,171,000,000 | 1,882,000,000 | 1,795,000,000 | 1,749,000,000 | 1,728,000,000 | 1,483,000,000 | 1,430,000,000 | 432,000,000 | 6,243,000,000 | 1,666,000,000 | 1,523,000,000 | ||||||
yoy | 15.83% | 11.81% | 7.60% | 3.88% | 22.31% | 300.00% | -76.25% | 309.91% | ||||||||||||
qoq | 4.01% | 4.43% | -7.55% | 15.36% | 16.52% | 3.71% | -93.08% | |||||||||||||
net income margin % | 28.78% | 28.89% | 28.58% | 29.82% | 28.44% | NaN% | 27.18% | NaN% | 28.37% | NaN% | 27.78% | 25.38% | 24.44% | NaN% | 7.29% | 28.59% | NaN% | 29.90% | NaN% | 28.33% |
net income attributable to non-controlling interests | 6,000,000 | 2,000,000 | 9,000,000 | 8,000,000 | 9,000,000 | 10,000,000 | 12,000,000 | 8,000,000 | 10,000,000 | 9,000,000 | 23,000,000 | 6,000,000 | 5,000,000 | |||||||
preferred shareholders and other equity instrument holders | 116,000,000 | 82,000,000 | 78,000,000 | 72,000,000 | 63,000,000 | 61,000,000 | 67,000,000 | 62,000,000 | 66,000,000 | 72,000,000 | 171,000,000 | 46,000,000 | 47,000,000 | |||||||
common shareholders | 2,058,000,000 | 2,012,000,000 | 1,920,000,000 | 1,802,000,000 | 1,723,000,000 | 1,678,000,000 | 1,649,000,000 | 1,413,000,000 | 1,354,000,000 | 351,000,000 | 6,049,000,000 | 1,614,000,000 | 1,471,000,000 | |||||||
net income attributable to equity shareholders | 2,174,000,000 | 2,094,000,000 | 1,998,000,000 | 1,874,000,000 | 1,786,000,000 | 1,739,000,000 | 1,716,000,000 | 1,475,000,000 | 1,420,000,000 | 423,000,000 | 6,220,000,000 | 1,660,000,000 | 1,518,000,000 | |||||||
earnings per share | ||||||||||||||||||||
basic | 2.21 | 2.16 | 2.05 | 1.91 | 1.83 | 1.79 | 1.77 | 1.53 | 1.47 | 0.39 | 6.7 | 1.79 | 1.63 | |||||||
diluted | 2.2 | 2.15 | 2.04 | 1.9 | 1.82 | 1.79 | 1.77 | 1.53 | 1.47 | 0.39 | 6.68 | 1.78 | 1.62 | |||||||
dividends per common share | 0.97 | 0.97 | 0.97 | 0.9 | 0.9 | 0.9 | 0.9 | 0.87 | 0.87 | 0.85 | 3.27 | 0.83 | 0.805 | |||||||
benefit from credit losses | 605,000,000 | 483,000,000 | 736,000,000 | |||||||||||||||||
revenue | ||||||||||||||||||||
canadian personal and business banking | 2,923,000,000 | |||||||||||||||||||
canadian commercial banking and wealth management | 1,703,000,000 | |||||||||||||||||||
u.s. commercial banking and wealth management | 847,000,000 | |||||||||||||||||||
capital markets | 1,574,000,000 | |||||||||||||||||||
corporate and other | 234,000,000 | |||||||||||||||||||
net income attributable to: | ||||||||||||||||||||
non-controlling interests | 8,000,000 | |||||||||||||||||||
equity shareholders | 2,163,000,000 | |||||||||||||||||||
eps – basic | 2,200,000 | |||||||||||||||||||
– diluted | 2,190,000 | |||||||||||||||||||
insurance fees, net of claims | 82,000,000 | 84,000,000 | 90,000,000 | 351,000,000 | 94,000,000 | 83,000,000 | ||||||||||||||
deposits with banks | 708,000,000 | 159,000,000 | 47,000,000 | |||||||||||||||||
provision for | 243,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-04 | 2025-10-31 |
|---|---|---|
assets | ||
cash and non-interest-bearing deposits with banks | 12,379,000,000 | 12,379,000,000 |
interest-bearing deposits with banks | 31,624,000,000 | 31,624,000,000 |
securities | 283,235,000,000 | 283,235,000,000 |
cash collateral on securities borrowed | 21,697,000,000 | 21,697,000,000 |
securities purchased under resale agreements | 86,695,000,000 | 86,695,000,000 |
loans | ||
residential mortgages | 287,033,000,000 | 287,033,000,000 |
personal | 47,866,000,000 | 47,866,000,000 |
credit card | 21,581,000,000 | 21,581,000,000 |
business and government | 237,416,000,000 | 237,416,000,000 |
allowance for credit losses | -4,392,000,000 | -4,392,000,000 |
other | ||
derivative instruments | 38,352,000,000 | 38,352,000,000 |
property and equipment | 3,443,000,000 | 3,443,000,000 |
goodwill | 5,475,000,000 | 5,475,000,000 |
software and other intangible assets | 2,894,000,000 | 2,894,000,000 |
investments in equity-accounted associates and joint ventures | 808,000,000 | 808,000,000 |
deferred tax assets | 1,027,000,000 | 1,027,000,000 |
other assets | 39,805,000,000 | 39,805,000,000 |
total assets | 1,116,938,000,000 | 1,116,938,000,000 |
liabilities and equity | ||
deposits | ||
bank | 26,723,000,000 | 26,723,000,000 |
secured borrowings | 65,978,000,000 | 65,978,000,000 |
obligations related to securities sold short | 24,244,000,000 | 24,244,000,000 |
cash collateral on securities lent | 6,031,000,000 | 6,031,000,000 |
obligations related to securities sold under repurchase agreements | 130,042,000,000 | 130,042,000,000 |
deferred tax liabilities | 47,000,000 | 47,000,000 |
other liabilities | 34,807,000,000 | 34,807,000,000 |
subordinated indebtedness | 7,819,000,000 | 7,819,000,000 |
total liabilities | 1,052,525,000,000 | 1,052,525,000,000 |
equity | ||
preferred shares and other equity instruments | 6,369,000,000 | 6,369,000,000 |
common shares | 16,845,000,000 | 16,845,000,000 |
contributed surplus | 226,000,000 | 226,000,000 |
retained earnings | 36,471,000,000 | 36,471,000,000 |
accumulated other comprehensive income | 4,218,000,000 | 4,218,000,000 |
total shareholders’ equity | 64,129,000,000 | 64,129,000,000 |
non-controlling interests | 284,000,000 | 284,000,000 |
total equity | 64,413,000,000 | 64,413,000,000 |
total liabilities and equity | 1,116,938,000,000 | 1,116,938,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-04 | 2024-12-05 | 2024-11-01 | 2024-07-31 | 2024-04-30 | 2023-11-30 | 2023-01-31 | 2022-12-01 | 2022-07-31 |
|---|---|---|---|---|---|---|---|---|---|
millions | |||||||||
cash flows from operating activities | |||||||||
net income | 2,180,000,000 | 1,882,000,000 | 266,000,000 | 1,483,000,000 | 432,000,000 | 4,577,000,000 | 143,000,000 | ||
adjustments to reconcile net income to cash flows from operating activities: | |||||||||
provision for credit losses | 605,000,000 | 419,000,000 | -27,000,000 | 541,000,000 | 295,000,000 | ||||
amortization and impairment | 324,000,000 | 289,000,000 | -22,000,000 | 310,000,000 | 277,000,000 | 787,000,000 | 4,000,000 | ||
stock options and restricted shares expense | 9,000,000 | 7,000,000 | -1,000,000 | 5,000,000 | 2,000,000 | 21,000,000 | 0 | ||
deferred income taxes | -121,000,000 | -203,000,000 | -97,000,000 | 39,000,000 | -270,000,000 | -15,000,000 | -40,000,000 | ||
losses from debt securities measured at fvoci and amortized cost | 11,000,000 | 6,000,000 | -10,000,000 | -29,000,000 | 10,000,000 | ||||
net losses on disposal of land, buildings and equipment | |||||||||
other non-cash items | -262,000,000 | -258,000,000 | 22,000,000 | 179,000,000 | 60,000,000 | -848,000,000 | -323,000,000 | ||
net changes in operating assets and liabilities | |||||||||
interest-bearing deposits with banks | 4,462,000,000 | -3,334,000,000 | 3,733,000,000 | -17,770,000,000 | 15,029,000,000 | ||||
loans, net of repayments | -8,476,000,000 | -8,255,000,000 | -2,207,000,000 | -50,680,000,000 | 2,053,000,000 | ||||
deposits, net of withdrawals | 13,145,000,000 | 20,126,000,000 | -8,646,000,000 | 17,515,000,000 | -8,240,000,000 | 65,342,000,000 | -8,523,000,000 | ||
obligations related to securities sold short | 3,417,000,000 | -2,398,000,000 | 2,394,000,000 | 917,000,000 | 2,355,000,000 | -8,715,000,000 | 5,511,000,000 | ||
accrued interest receivable | -372,000,000 | -226,000,000 | -288,000,000 | -771,000,000 | 192,000,000 | ||||
accrued interest payable | 20,000,000 | -180,000,000 | 91,000,000 | 474,000,000 | 736,000,000 | 1,006,000,000 | 12,000,000 | ||
derivative assets | -3,769,000,000 | -6,188,000,000 | 12,616,000,000 | -17,455,000,000 | 23,951,000,000 | ||||
derivative liabilities | 4,636,000,000 | 4,664,000,000 | 3,156,000,000 | 2,972,000,000 | -12,864,000,000 | 26,137,000,000 | -21,462,000,000 | ||
securities measured at fvtpl | -6,767,000,000 | 127,000,000 | -2,411,000,000 | 8,010,000,000 | -15,741,000,000 | ||||
other assets and liabilities measured/designated at fvtpl | 1,893,000,000 | 290,000,000 | -3,427,000,000 | 2,955,000,000 | 3,892,000,000 | 5,966,000,000 | 1,171,000,000 | ||
current income taxes | -174,000,000 | -110,000,000 | 111,000,000 | 604,000,000 | -878,000,000 | 263,000,000 | |||
cash collateral on securities lent | 727,000,000 | -518,000,000 | -1,951,000,000 | 2,989,000,000 | -757,000,000 | 2,185,000,000 | -603,000,000 | ||
obligations related to securities sold under repurchase agreements | -15,617,000,000 | -5,215,000,000 | 7,700,000,000 | 3,699,000,000 | -5,914,000,000 | 6,811,000,000 | -234,000,000 | ||
cash collateral on securities borrowed | -533,000,000 | 2,880,000,000 | -2,304,000,000 | -127,000,000 | |||||
securities purchased under resale agreements | -485,000,000 | -4,400,000,000 | 4,031,000,000 | -5,795,000,000 | 1,601,000,000 | ||||
other | 155,000,000 | 3,230,000,000 | 417,000,000 | 94,000,000 | 1,189,000,000 | -1,632,000,000 | -1,746,000,000 | ||
net cash flows from operating activities | -4,292,000,000 | ||||||||
cash flows from financing activities | |||||||||
issue of subordinated indebtedness | 1,000,000,000 | ||||||||
redemption/repurchase/maturity of subordinated indebtedness | |||||||||
issue of preferred shares and lrcns, net of issuance cost | 446,000,000 | ||||||||
redemption of preferred shares and lrcns | -750,000,000 | ||||||||
issue of common shares for cash | 35,000,000 | 131,000,000 | 22,000,000 | 45,000,000 | 48,000,000 | 184,000,000 | -7,000,000 | ||
purchase of common shares for cancellation | -393,000,000 | -419,000,000 | |||||||
net sale of treasury shares | 5,000,000 | -5,000,000 | 2,000,000 | -2,000,000 | 5,000,000 | ||||
dividends and distributions paid | -1,017,000,000 | -876,000,000 | -571,000,000 | -2,217,000,000 | -19,000,000 | ||||
repayment of lease liabilities | -74,000,000 | -80,000,000 | -82,000,000 | -245,000,000 | 2,000,000 | ||||
net cash flows from financing activities | -1,755,000,000 | ||||||||
cash flows from investing activities | |||||||||
purchase of securities measured/designated at fvoci and amortized cost | -30,301,000,000 | -16,320,000,000 | -22,089,000,000 | -57,172,000,000 | 2,974,000,000 | ||||
proceeds from sale of securities measured/designated at fvoci and amortized cost | 12,275,000,000 | 8,299,000,000 | 4,431,000,000 | 6,479,000,000 | 4,493,000,000 | 18,504,000,000 | 11,000,000 | ||
proceeds from maturity of debt securities measured at fvoci and amortized cost | 17,696,000,000 | 7,351,000,000 | 41,000,000 | 6,653,000,000 | 8,687,000,000 | 20,164,000,000 | 1,626,000,000 | ||
net sale of property, equipment, software and other intangible assets | -388,000,000 | -393,000,000 | |||||||
net cash flows from investing activities | -718,000,000 | ||||||||
effect of exchange rate changes on cash and non-interest-bearing deposits with banks | 43,000,000 | 34,000,000 | -67,000,000 | 124,000,000 | -40,000,000 | 258,000,000 | -40,000,000 | ||
net increase in cash and non-interest-bearing deposits with banks during the period | -6,722,000,000 | -3,119,000,000 | -5,882,000,000 | 7,271,000,000 | -8,659,000,000 | 7,673,000,000 | |||
cash and non-interest-bearing deposits with banks at beginning of period | 19,101,000,000 | 11,684,000,000 | -4,635,000,000 | 13,545,000,000 | 31,535,000,000 | -2,491,000,000 | |||
cash and non-interest-bearing deposits with banks at end of period | 12,379,000,000 | 8,565,000,000 | -10,517,000,000 | 20,816,000,000 | 22,876,000,000 | 5,182,000,000 | |||
cash interest paid | 7,942,000,000 | 9,777,000,000 | 142,000,000 | 8,786,000,000 | 6,320,000,000 | 5,968,000,000 | 1,394,000,000 | ||
cash interest received | 11,288,000,000 | 12,578,000,000 | 272,000,000 | 11,598,000,000 | 9,722,000,000 | 14,771,000,000 | 1,742,000,000 | ||
cash dividends received | 434,000,000 | 427,000,000 | 97,000,000 | 331,000,000 | 251,000,000 | 837,000,000 | 4,000,000 | ||
cash income taxes paid | 734,000,000 | 903,000,000 | 228,000,000 | 230,000,000 | 404,000,000 | 2,144,000,000 | -180,000,000 | ||
net losses on disposal of property and equipment | 3,000,000 | -8,000,000 | |||||||
issue of preferred shares and limited recourse capital notes, net of issuance cost | |||||||||
redemption of preferred shares | 0 | ||||||||
net sale of property, equipment and software | -246,000,000 | -28,000,000 | |||||||
millions, for the three months ended | |||||||||
benefit from (reversal of) credit losses – impaired | |||||||||
canadian personal and business banking | |||||||||
canadian commercial banking and wealth management | |||||||||
u.s. commercial banking and wealth management | |||||||||
capital markets and direct financial services | |||||||||
corporate and other | |||||||||
benefit from (reversal of) credit losses – performing | |||||||||
4 | |||||||||
net interest income consists of: | |||||||||
non-trading net interest income | |||||||||
trading net interest income | |||||||||
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. | |||||||||
acquisition of canadian costco credit card portfolio | |||||||||
• | |||||||||
common shareholders’ equity divided by the number of common shares issued and outstanding at end of period. | |||||||||
issue of limited recourse capital notes, net of issuance cost | |||||||||
net increase in cash and non-interest-bearing deposits with banks during the year | |||||||||
cash and non-interest-bearing deposits with banks at beginning of year | |||||||||
cash and non-interest-bearing deposits with banks at end of year | |||||||||
provision for (reversal of) credit losses |