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View Annual Report Building the bank of the future 150 YEARS 2017 ANNUAL REPORT CIBC – 150 Years Strong 1867 The Canadian Bank of Commerce is founded 1931 The new headquarters of Canadian Bank of Commerce opens in Toronto, Ontario 1987 First Canadian bank to offer an in-house investment dealer 1997 Became the title sponsor of what is now known as the Canadian Cancer Society CIBC Run for the Cure 2017 Acquisition of PrivateBancorp, Inc. 1996 Launched PC Banking 1961 The Canadian Bank of Commerce merged with the Imperial Bank of 1898 Canada to create CIBC Opened bank in Dawson City, Yukon to support the Klondike Gold Rush 2017 Performance at a Glance In 2017 we advanced our client-focused strategy, created value for our shareholders and delivered strong earnings growth. Business Mix Financial highlights % adjusted net income(1) For the year ended October 31 (Canadian $ in billions, except as noted) Capital Markets 2017 2016 23% Financial results Canadian Revenue U.S. Commercial Personal and 15.0 Banking and Wealth Small Business 16.3 Provision for creditManagement losses Banking 0.8 1.1 Expenses 5% 48% 9.6 9.0 Net income Canadian Commercial 4.7 4.3 Banking and Corporate Financial measuresWealth Management (%) and Other Reported/Adjusted24% efficiency ratio(1) 0% 58.8/57.2 59.7/58.0 Return on common shareholders’ equity (ROE) 18.3 19.9 Net interest margin 1.66 1.64 Total shareholder return 18.3 5.2 Common share information Canadian Personal and Small Business Banking Market capitalization Canadian Commercial Banking and Wealth Management 49.9 39.9 U.S. Commercial Banking and Wealth Management Dividends (%) Capital Markets Dividend yield Corporate and Other 4.5 4.7 Reported/Adjusted dividend payout ratio(1) 45.6/46.2 44.3/46.4 Net income by Strategic Business Unit Canadian Personal and Small Business Banking 2.4 2.2 Canadian Commercial Banking and Wealth Management 1.1 1.0 U.S. Commercial Banking and Wealth Management 0.2 0.1 Capital Markets 1.1 1.0 Reported revenue Reported net income Adjusted earnings Adjusted return on Dividend ($ billions) ($ billions) per share(1) ($) common shareholders’ ($/share) equity(1) (%) 5.08 16.3 4.7 11.11 19.9 4.75 15.0 4.3 10.22 19.0 4.30 13.9 9.45 18.1 3.6 3.6 15 16 17 15 16 17 15 16 17 15 16 17 15 16 17 Client Experience Metric: Improvement in Gap to #1(2) 2013 to 2017 J.D. Power Canadian Retail Ipsos CSI Net Business Mix Banking Satisfaction Study Promoter Score % adjusted net income(1) Capital Markets 23% Canadian U.S. Commercial Personal and 10.0 Banking and Wealth Small Business Management Banking 5% 48% 15.5 Canadian Commercial Banking and Corporate Wealth Management and Other 31.0 25.7 24% 0% 13 17 13 17 (1) For additional information, see the "Non-GAAP measures" section of the MD&A. Canadian Personal and Small Business Banking (2) Gap to #1 is a measure of CIBC’s ranking relative to Canada’s Big 5 banks. Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management Capital Markets Corporate and Other Reported revenue Reported net income Adjusted earnings Adjusted return on Dividend ($ billions) ($ billions) per share(1) ($) common shareholders’ ($/share) equity(1) (%) 5.08 16.3 4.7 11.11 19.9 4.75 15.0 4.3 10.22 19.0 4.30 13.9 9.45 18.1 3.6 3.6 15 16 17 15 16 17 15 16 17 15 16 17 15 16 17 Balanced Scorecard Financial 2017 2017 Target Reported Results Adjusted Results(1) $11.24, up 5% $11.11, up 9% Earnings per share (EPS) growth 5%+ on average, annually from 2016 from 2016 Return on equity (ROE) 15%+ 18.3% 18.1% 58.8%, an improvement 57.2%, an improvement Efficiency ratio 55% run rate by 2019 of 90 basis points of 80 basis points from 2016 from 2016 Strong buffer to Basel III CET1 ratio 10.6% regulatory minimum Dividend payout ratio 40%–50% 45.6% 46.2% Outperform the CIBC – 81.6% S&P/TSX Composite Banks Index – 103.6% Total shareholder return Banks Index over a rolling five-year period (1) For additional information, see the “Non-GAAP measures” section of the MD&A. Non-financial 2017 Performance • 2.5 point improvement in the gap to #1 in our peer group in the Ipsos Customer Satisfaction Index Net Promoter Score Client Experience • 1 point improvement in the gap to #1 in our peer group in the J.D. Power Canadian Retail Banking Customer Satisfaction Index Responsible • CIBC conducts environmental risk assessments of our financial transactions and our Environmental Risk Management Banking group reviewed and advised on 1,009 transactions as an integral part of our due diligence process • CIBC invested more than $70 million in community organizations across Canada and the U.S. through more than Community 2,200 charitable donations, including over $45 million in corporate contributions and over $25 million in employee-led Investment fundraising and giving • CIBC’s Engagement score of 89 is 7 percentage points above the global financial services norm Engaging • Our Employee Net Promoter Score, which measures likelihood to recommend CIBC as a place to work, and do business, Employees increased by 10 points over last year • Invested more than $61 million in the development of our people with a focus on our clients • 41% women on the CIBC Board of Directors Governance & Integrity • 100% of employees completed CIBC Mandatory Training and Testing TABLE OF CONTENTS 2017 Performance at a Glance 94 Consolidated Financial Statements i 2017 Year in Review 103 Notes to the Financial Statements ii Message from the President and Chief Executive Officer 173 Quarterly Review Executive Team vii Message from the Chair of the Board 175 Ten-Year Statistical Review viii Enhanced Disclosure Task Force 178 Glossary 1 Management’s Discussion and Analysis 184 Shareholder Information 2017 Year in Review. As we executed on our client-focused strategy, we delivered sustainable earnings growth for our shareholders, including the following key milestones reached in 2017: Q1 Q2 Q3 Q4 • Began co-locating • Earned highest score for • Completed the • Announced new direct Private Banking and mobile and online banking US$5 billion acquisition banking brand through CIBC Wood Gundy teams functionality by Forrester of PrivateBancorp, Inc. Simplii Financial™ to deliver a more among the Big 5 integrated offer for clients • Announced changes to • Closed the acquisition • Announced new global CIBC’s senior executive of Geneva Advisors • CIBC hosted the 20th headquarters, CIBC Square, leadership team annual Whistler Institutional to be built in Toronto Investor Conference Building the bank $50 18.3% 11 of the future BILLION RETURN MILLION Market Capitalization on Equity Clients CIBC 2017 ANNUAL REPORT i Message from the President and Chief Executive Officer We have a rich history of helping people, businesses and “ “ communities grow and prosper. We are extraordinarily proud to mark our 150th anniversary, a major milestone in our history. Victor G. Dodig, President and Chief Executive Officer We have made excellent progress in embedding a client-first culture at our bank, creating a strong cross-border platform and enhancing value for our shareholders. Building a relationship-focused bank For CIBC, 2017 was an important year as we proudly marked our bank’s 150th year of serving clients and strengthening our communities. Against that backdrop, we continued to keep our focus squarely on our clients. We also completed the significant acquisition of The PrivateBank and laid the groundwork for CIBC to continue to thrive and grow into the future. Our financial results reflect the successful execution of our business strategy in each of our strategic business units. CIBC reported record net income of $4.7 billion or $11.24 per share. Adjusted net income was $4.7 billion or $11.11 per share, compared with $4.1 billion or $10.22 per share a year ago. Our adjusted return on common shareholders’ equity was strong at 18.1%. Our adjusted efficiency ratio ended the year just above 57%, as a result of our efforts to drive simplification and greater efficiency, as well as to deliver revenue growth. Our reported and adjusted diluted EPS growth were 5% and 9%, respectively, reflecting solid earnings from our strategic business units. We ended the year with a strong Basel III Common Equity Tier 1 ratio of 10.6%. A client-first approach In banking, relationships matter more than ever. This lens shapes how we think about every interaction we have with our clients and how we manage and invest in our bank. In 2017 we continued to accelerate our transformation by executing on our integrated, bank-wide priorities – focusing on our clients, innovating for the future and simplifying our bank. These priorities have enabled us to invest in our business with the goal of further enhancing our relationships with our clients. ii CIBC 2017 ANNUAL REPORT President and CEO, Victor G. Dodig CIBC 2017 ANNUAL REPORT iii Message from the President and Chief Executive Officer (continued) We have stayed close to our clients to understand what’s important to them and how we can best serve them, regardless of whether that is saving for retirement, running their small business or advising a client on an acquisition. We have also been investing in our bank to ensure we are personally engaging with our clients and providing the advice they need. A good example of this is the transformation of a number of our banking centres. In 2017, we physically transformed more than 100 banking centres across Canada, creating a more modern, open concept that fosters EXECUTIVE TEAM advice-based conversations with our clients.
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