TORONTO, May 28, 2020 /CNW/ - CIBC (TSX: CM) (NYSE:
CM) today announced its financial results for the second quarter
ended April 30, 2020.
Second quarter highlights
|
Q2/20
|
Q2/19
|
Q1/20
|
YoY
Variance
|
QoQ
Variance
|
Reported Net
Income
|
$392
million
|
$1,348
million
|
$1,212
million
|
-71%
|
-68%
|
Adjusted Net Income
(1)
|
$441
million
|
$1,357
million
|
$1,483
million
|
-68%
|
-70%
|
Reported Diluted
Earnings Per Share (EPS)
|
$0.83
|
$2.95
|
$2.63
|
-72%
|
-68%
|
Adjusted Diluted EPS
(1)
|
$0.94
|
$2.97
|
$3.24
|
-68%
|
-71%
|
Reported Return on
Common Shareholders' Equity (ROE)
|
4.0%
|
15.8%
|
13.1%
|
|
Adjusted ROE
(1)
|
4.5%
|
15.9%
|
16.1%
|
Common Equity Tier 1
Ratio
|
11.3%
|
11.2%
|
11.3%
|
"The investments we have made over the past several years have
positioned us well to respond to the current situation as we
support our clients, employees and communities," said Victor G. Dodig, CIBC President and Chief
Executive Officer. "Our capital position remains strong, giving us
flexibility and resilience as we navigate the current environment
and continue to advance our long-term client-focused strategy. This
will enable us to further diversify revenue streams, deepen client
relationships and improve our efficiency as we continue to deliver
value to our shareholders."
Results for the second quarter of 2020 were affected by the
following item of note with a negative impact of $0.11 per share:
- $57 million ($49 million after-tax) amortization and
impairment of acquisition-related intangible assets and
goodwill.
Our Common Equity Tier 1 ratio was 11.3% at April 30, 2020 compared with 11.3% at the end of
the prior quarter. CIBC's leverage ratio at April 30, 2020 was 4.5%.
Core business performance(2)
Canadian
Personal and Business Banking reported net income of
$203 million for the second quarter,
down $365 million or 64% from the
second quarter a year ago. Excluding items of note, adjusted net
income(1) was $204
million, down $365 million or
64% from the second quarter a year ago mainly due to a higher
provision for credit losses on performing loans. Pre-provision
earnings(1) were down 7% from the second quarter a year
ago, mainly driven by lower revenue, as results have been
negatively impacted by the COVID-19 pandemic. Revenue was lower due
to the recent changes in the interest rate environment, decreased
client transaction activity, and interest rate relief provided to
our credit card clients as part of the CIBC client relief programs
offered to support our clients during the pandemic, partially
offset by one additional day in the current quarter and volume
growth.
Canadian Commercial Banking and Wealth
Management reported net income of $206 million for the second quarter, down
$119 million or 37% from the second quarter a year ago,
primarily due to a higher provision for credit losses.
Pre-provision earnings(1) were relatively stable
compared with the second quarter a year ago, driven by higher
revenue, offset by higher non-interest expenses. The impact of
higher assets under management and higher trading volume in our
full service brokerage business in wealth management, and volume
growth, wider margins and one additional day in commercial banking
were partially offset by lower fees. Higher expenses were primarily
driven by spending on strategic initiatives and higher salaries and
benefits.
U.S. Commercial Banking and Wealth
Management reported net income of $18 million for the second quarter, down
$144 million or 89% from the second
quarter a year ago. Excluding items of note, adjusted net
income(1) was $35 million,
down $140 million or 80% from the
second quarter a year ago, as a higher provision for credit losses
more than offset a $35 million
increase in pre-provision earnings(1). Revenue, which
was impacted by favourable foreign exchange translation, was higher
in both commercial banking and wealth management driven primarily
by volume growth and increased asset management fees, offset in
part by margin compression. Expense growth was relatively modest as
continued investments in people and infrastructure were partly
offset by lower business development costs.
Capital Markets reported net income of $137 million for the second quarter, down
$146 million or 52% from the second
quarter a year ago, primarily due to a higher provision for credit
losses. Pre-provision earnings(1) were up 6% driven by
higher revenue, partially offset by higher non-interest expenses.
Growth in revenue across foreign exchange and interest rate
trading, financing activities, corporate banking and debt
underwriting were partially offset by lower equity derivatives
trading revenue and higher credit and funding valuation
adjustments.
Credit quality
Provision for credit losses was
$1,412 million for the second
quarter, up $1,157 million or 454%
from the second quarter a year ago, with higher provisions for
credit losses on both performing loans and impaired loans as a
result of the impact of the COVID-19 pandemic and continued
pressure on oil prices.
(1)
|
For additional
information, see the "Non-GAAP measures" section. Pre-provision
earnings is revenue net of non-interest expenses and is a non-GAAP
measure.
|
(2)
|
Certain prior period
information has been revised due to enhancements made to our
transfer pricing methodology. See the "External reporting changes"
section of our Report to Shareholders for the second quarter of
2020 for additional details.
|
Non-GAAP measures
We use a number of financial
measures to assess the performance of our business lines. Some
measures are calculated in accordance with GAAP (IFRS), while other
measures do not have a standardized meaning under GAAP, and
accordingly, these measures may not be comparable to similar
measures used by other companies. Investors may find these non-GAAP
measures useful in understanding how management views underlying
business performance.
Management assesses results on a reported and adjusted basis and
considers both as useful measures of performance. Adjusted results
remove items of note from reported results and are used to
calculate our adjusted measures. Adjusted measures represent
non-GAAP measures.
For a more detailed discussion on our non-GAAP measures, see
page 13 of the 2019 Annual Report, as updated by the "Non-GAAP
measures" section of our Report to Shareholders for the second
quarter of 2020 to reflect the changes that we made in the first
quarter of 2020 (see the "External reporting changes" section of
our Report to Shareholders for the second quarter of 2020 for
additional details regarding these changes).
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results.
|
|
|
|
|
|
For the
three
|
|
|
|
For the
six
|
|
|
|
|
|
|
|
months
ended
|
|
|
|
months
ended
|
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
$ millions
|
|
Apr.
30
|
|
|
Jan. 31
|
|
|
Apr.30
|
|
|
|
Apr.30
|
|
|
Apr.30
|
|
Operating results
– reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
4,578
|
|
$
|
4,855
|
|
$
|
4,542
|
|
|
$
|
9,433
|
|
$
|
9,107
|
|
Provision for credit
losses
|
|
1,412
|
|
|
261
|
|
|
255
|
|
|
|
1,673
|
|
|
593
|
|
Non-interest
expenses
|
|
2,704
|
|
|
3,065
|
|
|
2,588
|
|
|
|
5,769
|
|
|
5,348
|
|
Income before income
taxes
|
|
462
|
|
|
1,529
|
|
|
1,699
|
|
|
|
1,991
|
|
|
3,166
|
|
Income
taxes
|
|
70
|
|
|
317
|
|
|
351
|
|
|
|
387
|
|
|
636
|
|
Net income
|
|
392
|
|
|
1,212
|
|
|
1,348
|
|
|
|
1,604
|
|
|
2,530
|
|
|
Net income (loss)
attributable to non-controlling interests
|
|
(8)
|
|
|
7
|
|
|
7
|
|
|
|
(1)
|
|
|
11
|
|
|
Net income
attributable to equity shareholders
|
|
400
|
|
|
1,205
|
|
|
1,341
|
|
|
|
1,605
|
|
|
2,519
|
|
Diluted EPS
($)
|
$
|
0.83
|
|
$
|
2.63
|
|
$
|
2.95
|
|
|
$
|
3.46
|
|
$
|
5.55
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments (2)
|
$
|
-
|
|
$
|
-
|
|
$
|
(6)
|
|
|
$
|
-
|
|
$
|
(19)
|
|
Impact of items of
note on revenue
|
|
-
|
|
|
-
|
|
|
(6)
|
|
|
|
-
|
|
|
(19)
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and
impairment of acquisition-related intangible assets and goodwill
(3)
|
|
(57)
|
|
|
(27)
|
|
|
(27)
|
|
|
|
(84)
|
|
|
(54)
|
|
|
Transaction and
integration-related costs as well as purchase accounting
adjustments (4)
|
|
-
|
|
|
-
|
|
|
9
|
|
|
|
-
|
|
|
4
|
|
|
Restructuring charge
(5)
|
|
-
|
|
|
(339)
|
|
|
-
|
|
|
|
(339)
|
|
|
-
|
|
|
Charge for payment
made to Air Canada (6)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(227)
|
|
Impact of items of
note on expenses
|
|
(57)
|
|
|
(366)
|
|
|
(18)
|
|
|
|
(423)
|
|
|
(277)
|
|
Total pre-tax
impact of items of note on net income
|
|
57
|
|
|
366
|
|
|
12
|
|
|
|
423
|
|
|
258
|
|
|
Transaction and
integration-related costs and purchase accounting adjustments
(2)(4)
|
|
-
|
|
|
-
|
|
|
(4)
|
|
|
|
-
|
|
|
(5)
|
|
|
Amortization and
impairment of acquisition-related intangible assets and goodwill
(3)
|
|
8
|
|
|
6
|
|
|
7
|
|
|
|
14
|
|
|
13
|
|
|
Restructuring charge
(5)
|
|
-
|
|
|
89
|
|
|
-
|
|
|
|
89
|
|
|
-
|
|
|
Charge for payment
made to Air Canada (6)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
60
|
|
Impact of items of
note on income taxes
|
|
8
|
|
|
95
|
|
|
3
|
|
|
|
103
|
|
|
68
|
|
Total after-tax
impact of items of note on net income
|
|
49
|
|
|
271
|
|
|
9
|
|
|
|
320
|
|
|
190
|
|
Impact of items of
note on diluted EPS
|
$
|
0.11
|
|
$
|
0.61
|
|
$
|
0.02
|
|
|
$
|
0.72
|
|
$
|
0.43
|
|
Operating results
– adjusted (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
(8)
|
$
|
4,578
|
|
$
|
4,855
|
|
$
|
4,536
|
|
|
$
|
9,433
|
|
$
|
9,088
|
|
Provision for credit
losses
|
|
1,412
|
|
|
261
|
|
|
255
|
|
|
|
1,673
|
|
|
593
|
|
Non-interest
expenses
|
|
2,647
|
|
|
2,699
|
|
|
2,570
|
|
|
|
5,346
|
|
|
5,071
|
|
Income before income
taxes
|
|
519
|
|
|
1,895
|
|
|
1,711
|
|
|
|
2,414
|
|
|
3,424
|
|
Income
taxes
|
|
78
|
|
|
412
|
|
|
354
|
|
|
|
490
|
|
|
704
|
|
Net income
|
|
441
|
|
|
1,483
|
|
|
1,357
|
|
|
|
1,924
|
|
|
2,720
|
|
|
Net income (loss)
attributable to non-controlling interests
|
|
(8)
|
|
|
7
|
|
|
7
|
|
|
|
(1)
|
|
|
11
|
|
|
Net income
attributable to equity shareholders
|
|
449
|
|
|
1,476
|
|
|
1,350
|
|
|
|
1,925
|
|
|
2,709
|
|
Adjusted diluted EPS
($)
|
$
|
0.94
|
|
$
|
3.24
|
|
$
|
2.97
|
|
|
$
|
4.18
|
|
$
|
5.98
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the impact
of items of note on our adjusted results as compared with our
reported results.
|
(2)
|
Includes the
accretion of the acquisition date fair value discount on the
acquired loans of The PrivateBank, shown as an item of note from
the fourth quarter of 2017 to the fourth quarter of 2019,
recognized in U.S. Commercial Banking and Wealth
Management.
|
(3)
|
Amortization and
impairment of acquisition-related intangible assets and goodwill is
recognized in the SBU of the acquired business or Corporate and
Other. A summary is provided in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Personal and
Business Banking (pre-tax)
|
$
|
(2)
|
|
$
|
(2)
|
|
$
|
(2)
|
|
|
$
|
(4)
|
|
$
|
(4)
|
|
|
Canadian Personal and
Business Banking (after-tax)
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
|
(3)
|
|
|
(3)
|
|
|
Canadian Commercial
Banking and Wealth Management (pre-tax)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
Canadian Commercial
Banking and Wealth Management (after-tax)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
U.S. Commercial
Banking and Wealth Management (pre-tax)
|
|
(23)
|
|
|
(22)
|
|
|
(22)
|
|
|
|
(45)
|
|
|
(44)
|
|
|
U.S. Commercial
Banking and Wealth Management (after-tax)
|
|
(17)
|
|
|
(16)
|
|
|
(17)
|
|
|
|
(33)
|
|
|
(33)
|
|
|
Corporate and Other
(pre-tax)
|
|
(32)
|
|
|
(3)
|
|
|
(3)
|
|
|
|
(35)
|
|
|
(6)
|
|
|
Corporate and Other
(after-tax)
|
|
(31)
|
|
|
(3)
|
|
|
(2)
|
|
|
|
(34)
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Transaction costs
include legal and other advisory fees and interest adjustments
relating to the obligation payable to dissenting shareholders.
Integration costs are comprised of direct and incremental costs
incurred as part of planning for and executing the integration of
the businesses of The PrivateBank (subsequently rebranded as CIBC
Bank USA) and Geneva Advisors with CIBC, including enabling
cross-sell opportunities and expansion of services in the U.S.
market, the upgrade and conversion of systems and processes,
project management, integration-related travel, severance,
consulting fees and marketing costs related to rebranding
activities. Purchase accounting adjustments, shown as an item of
note from the fourth quarter of 2017 to the fourth quarter of 2019,
include changes in the fair value of contingent consideration
relating to the Geneva Advisors and Wellington Financial
acquisitions. These items are recognized in Corporate and
Other.
|
(5)
|
Restructuring charge
associated with ongoing efforts to transform our cost structure and
simplify our bank. This charge consists primarily of employee
severance and related costs and was recognized in Corporate and
Other.
|
(6)
|
Charge for a payment
made to Air Canada, including related sales tax and transaction
costs, to secure our participation in its new loyalty program
recognized in Canadian Personal and Business Banking.
|
(7)
|
Adjusted to exclude
the impact of items of note.
|
(8)
|
Excludes TEB
adjustments of $46 million (January 31, 2020: $49 million; April
30, 2019: $44 million) and $95 million for the six months ended
April 30, 2020 (April 30, 2019: $85 million). Our adjusted
efficiency ratio is calculated on a TEB.
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
|
|
|
|
|
and
Business
|
and Wealth
|
and Wealth
|
Capital
|
Corporate
|
CIBC
|
|
$ millions, for the
three months ended
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
2020
|
Reported net
income (loss)
|
$
|
203
|
$
|
206
|
$
|
18
|
$
|
137
|
$
|
(172)
|
$
|
392
|
|
Apr.
30
|
After-tax impact
of items of note (1)
|
|
1
|
|
-
|
|
17
|
|
-
|
|
31
|
|
49
|
|
|
|
Adjusted net
income (loss) (2)
|
$
|
204
|
$
|
206
|
$
|
35
|
$
|
137
|
$
|
(141)
|
$
|
441
|
|
2020
|
Reported net income
(loss)
|
$
|
617
|
$
|
336
|
$
|
169
|
$
|
335
|
$
|
(245)
|
$
|
1,212
|
|
Jan. 31
|
After-tax impact of
items of note (1)
|
|
2
|
|
-
|
|
16
|
|
-
|
|
253
|
|
271
|
|
|
|
Adjusted net income
(loss) (2)
|
$
|
619
|
$
|
336
|
$
|
185
|
$
|
335
|
$
|
8
|
$
|
1,483
|
|
2019
|
Reported net income
(loss)
|
$
|
568
|
$
|
325
|
$
|
162
|
$
|
283
|
$
|
10
|
$
|
1,348
|
|
Apr. 30
(3)
|
After-tax impact of
items of note (1)
|
|
1
|
|
-
|
|
13
|
|
-
|
|
(5)
|
|
9
|
|
|
|
Adjusted net income
(loss) (2)
|
$
|
569
|
$
|
325
|
$
|
175
|
$
|
283
|
$
|
5
|
$
|
1,357
|
|
|
|
$ millions, for the
six months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
Reported net
income (loss)
|
$
|
820
|
$
|
542
|
$
|
187
|
$
|
472
|
$
|
(417)
|
$
|
1,604
|
|
Apr.
30
|
After-tax impact
of items of note (1)
|
|
3
|
|
-
|
|
33
|
|
-
|
|
284
|
|
320
|
|
|
|
Adjusted net
income (loss) (2)
|
$
|
823
|
$
|
542
|
$
|
220
|
$
|
472
|
$
|
(133)
|
$
|
1,924
|
|
2019
|
Reported net income
(loss)
|
$
|
1,030
|
$
|
638
|
$
|
330
|
$
|
489
|
$
|
43
|
$
|
2,530
|
|
Apr. 30
(3)
|
After-tax impact of
items of note (1)
|
|
170
|
|
-
|
|
19
|
|
-
|
|
1
|
|
190
|
|
|
|
Adjusted net income
(loss) (2)
|
$
|
1,200
|
$
|
638
|
$
|
349
|
$
|
489
|
$
|
44
|
$
|
2,720
|
|
|
(1)
|
Reflects the impact
of items of note described above.
|
|
(2)
|
Non-GAAP
measure.
|
|
(3)
|
Certain prior period
information has been revised. See the "External reporting changes"
section of our Report to Shareholders for the second quarter of
2020 for additional details.
|
|
Making a difference in our Communities
Part of being a
genuinely caring bank means taking care of the organizations and
charities that keep our communities vibrant. We're living a
defining moment in history and one that requires us all to come
together. In response to the COVID-19 pandemic and recognizing the
vital work done by charities to support our communities, CIBC took
the following steps to support our partners in Canada and the U.S.:
- Canada: Committed $750,000 in charitable contributions, including
$650,000 to United Way, Kids Help
Phone, Canadian Blood Services and Community Food Centres Canada to
ensure these organizations could continue to help those requiring
immediate support to deliver basic needs;
- United States: Committed
US$175,000 towards the American Red
Cross, Chicago Community Trust, Feeding America and United
Way;
- Responded to the charitable sector's need for unrestricted
funding by giving our current charitable partners flexibility with
how they allocate CIBC's donation; and
- Delivered nearly 1,000 hours of COVID-19 related volunteer time
by Team CIBC.
CIBC also responded to the devastating events that occurred in
two Canadian provinces:
- Nova Scotia: Donated
$50,000 to the RCMP Foundation and
$50,000 to IWK Health Centre in
response to the tragedy in Portapique; and
- Alberta: Donated $10,000 to the Red Cross in response to the
widespread spring flooding in Fort
McMurray.
During this quarter we proudly celebrated National Volunteer
Week. We applaud our team members and volunteers for their passion
and dedication to helping those in need, and especially to the
volunteers who are helping those in need as the world copes with
the COVID-19 pandemic.
The Board of Directors of CIBC reviewed this news release prior
to it being issued. CIBC's controls and procedures support the
ability of the President and Chief Executive Officer (CEO) and the
Chief Financial Officer (CFO) of CIBC to certify CIBC's second
quarter financial report and controls and procedures. CIBC's CEO
and CFO will voluntarily provide to the U.S. Securities and
Exchange Commission a certification relating to CIBC's second
quarter financial information, including the unaudited interim
consolidated financial statements, and will provide the same
certification to the Canadian Securities Administrators.
All amounts are in Canadian dollars and are based on financial
statements prepared in compliance with International Accounting
Standard 34 Interim Financial Reporting, unless otherwise
noted.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS
From time to
time, we make written or oral forward-looking statements within the
meaning of certain securities laws, including in this news release,
in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission, in other reports to
shareholders, and in other communications. All such statements are
made pursuant to the "safe harbour" provisions of, and are intended
to be forward-looking statements under applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
typically identified by the words "believe", "expect",
"anticipate", "intend", "estimate", "forecast", "target",
"objective" and other similar expressions or future or conditional
verbs such as "will", "should", "would" and "could". By their
nature, these statements require us to make assumptions and are
subject to inherent risks and uncertainties that may be general or
specific. Given the impact of the coronavirus (COVID-19) pandemic
and the recent oil price declines there is inherently more
uncertainty associated with our assumptions as compared to prior
periods. A variety of factors, many of which are beyond our
control, affect our operations, performance and results, and could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements. These factors
include: the occurrence or intensification of public health
emergencies, such as the COVID-19 pandemic, and any related
government policies and actions; credit, market, liquidity,
strategic, insurance, operational, reputation, conduct and legal,
regulatory and environmental risk; currency value and interest rate
fluctuations, including as a result of market and oil price
volatility; the effectiveness and adequacy of our risk management
and valuation models and processes; legislative or regulatory
developments in the jurisdictions where we operate, including the
Organisation for Economic Co-operation and Development Common
Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking
Supervision's global standards for capital and liquidity reform,
and those relating to bank recapitalization legislation and the
payments system in Canada;
amendments to, and interpretations of, risk-based capital
guidelines and reporting instructions, and interest rate and
liquidity regulatory guidance; the resolution of legal and
regulatory proceedings and related matters; the effect of changes
to accounting standards, rules and interpretations; changes in our
estimates of reserves and allowances; changes in tax laws; changes
to our credit ratings; political conditions and developments,
including changes relating to economic or trade matters; the
possible effect on our business of international conflicts and
terrorism; natural disasters, disruptions to public infrastructure
and other catastrophic events; reliance on third parties to provide
components of our business infrastructure; potential disruptions to
our information technology systems and services; increasing cyber
security risks which may include theft or disclosure of assets,
unauthorized access to sensitive information, or operational
disruption; social media risk; losses incurred as a result of
internal or external fraud; anti-money laundering; the accuracy and
completeness of information provided to us concerning clients and
counterparties; the failure of third parties to comply with their
obligations to us and our affiliates or associates; intensifying
competition from established competitors and new entrants in the
financial services industry including through internet and mobile
banking; technological change; global capital market activity;
changes in monetary and economic policy; general business and
economic conditions worldwide, as well as in Canada, the U.S. and other countries where we
have operations, including increasing Canadian household debt
levels and global credit risks; our success in developing and
introducing new products and services, expanding existing
distribution channels, developing new distribution channels and
realizing increased revenue from these channels; changes in client
spending and saving habits; our ability to attract and retain key
employees and executives; our ability to successfully execute our
strategies and complete and integrate acquisitions and joint
ventures; the risk that expected synergies and benefits of an
acquisition will not be realized within the expected time frame or
at all; and our ability to anticipate and manage the risks
associated with these factors. This list is not exhaustive of the
factors that may affect any of our forward-looking statements.
These and other factors should be considered carefully and readers
should not place undue reliance on our forward-looking statements.
Additional information about these factors can be found in the
"Management of risk" section of our 2019 Annual Report, as updated
by our quarterly reports. Any forward-looking statements contained
in this news release represent the views of management only as of
the date hereof and are presented for the purpose of assisting our
shareholders and financial analysts in understanding our financial
position, objectives and priorities and anticipated financial
performance as at and for the periods ended on the dates presented,
and may not be appropriate for other purposes. We do not undertake
to update any forward-looking statement that is contained in this
news release or in other communications except as required by
law.
Conference Call/Webcast
The conference call will be
held at 8:00 a.m. (ET) and is
available in English (416-340-2217, or toll-free 1-800-806-5484,
passcode 8335491#) and French (514-392-1587, or toll-free
1-877-395-0279, passcode 7008374#). Participants are asked to dial
in 10 minutes before the call. Immediately following the formal
presentations, CIBC executives will be available to answer
questions.
A live audio webcast of the conference call will also be
available in English and French at
www.cibc.com/ca/investor-relations/quarterly-results.html.
Details of CIBC's fiscal 2020 second quarter results, as well as
a presentation to investors, will be available in English and
French at www.cibc.com, Investor Relations section, prior to the
conference call/webcast. We are not incorporating information
contained on the website in this news release.
A telephone replay will be available in English (905-694-9451 or
1-800-408-3053, passcode 1725009#) and French (514-861-2272 or
1-800-408-3053, passcode 8504384#) until 11:59 p.m. (ET) June 27,
2020. The audio webcast will be archived at
www.cibc.com/ca/investor-relations/quarterly-results.html.
About CIBC
CIBC is a leading North American global
financial institution with 10 million personal banking, business,
public sector and institutional clients. Across Personal and
Business Banking, Commercial Banking and Wealth Management, and
Capital Markets businesses, CIBC offers a full range of advice,
solutions and services through its leading digital banking network,
and locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at https://www.cibc.com/en/about-cibc/media-centre.html
SOURCE CIBC