Canadian Imperial Bank of Commerce : 2024 Q2 financial reportsQ1 financial reports Investor presentation

Quarterly Results Presentation

Second Quarter 2024

May 30, 2024

All amounts are in Canadian dollars unless otherwise indicated.

Forward-Looking Statements

Second Quarter 2024

A NOTE ABOUT FORWARD-LOOKINGSTATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC 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. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition - Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", and "Accounting and control matters - Other regulatory developments" sections of the Quarterly report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2024 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of the Quarterly report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, ongoing adverse developments in the U.S. banking sector which adds pressure on liquidity and funding conditions for the financial industry, the impact of hybrid work arrangements and higher interest rates on the U.S. real estate sector, potential recession and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and our business, results of operations, reputation and financial condition, 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: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, 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; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such 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, such as the war in Ukraine and conflict in the Middle East, 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 including the use of data and artificial intelligence in our business; 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; climate change and other ESG related risks including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; 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 benefits of an acquisition, merger or divestiture 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. Any forward-looking statements contained in this Investor Presentation 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 Investor Presentation or in other communications except as required by law.

Investor Relations Contact:

Geoffrey Weiss, Senior Vice-President | 416 980-5093

Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html

Second Quarter, 2024

1

CIBC Overview

Victor Dodig

President & Chief Executive Officer

CIBC Overview

Strong execution of our strategy while remaining agile in an evolving environment

Diluted EPS

Reported $1.79 Adjusted1,2 $1.75

Results reflect strong execution against our strategic priorities

YoY +2% / +3%2

Revenue

Reported & Adjusted2

$6.2B

YoY +8%

PPPT3

Reported & Adjusted2

$2.7B

YoY +4% / +9%2

NIAT

Reported & Adjusted2

$1.7B

YoY +4% / +6%2

Revenue growth

momentum supported

by all businesses,

exemplifying the

strength of our

diversified franchise

NIM (excluding

trading)6 expansion of 7 bps YoY driven by pricing discipline and execution of key strategies

Expense

management remains

a key priority, with

focused and

deliberate

investments

Capital position

remains strong, with

CET1 accretion

supporting business growth; CET1 ratio7 of

13.1% up 120 bps YoY

Credit metrics

demonstrate strength and resiliency; impaired loan loss ratio8 of 34 bps

Building on our ESG leadership - launched program to ensure ethical and responsible development and use of AI in our bank

ROE4

Reported 13.7% Adjusted2,5 13.4%

YoY (80) bps / (50) bps2

Broad-based	Consistent margin	Purpose-led	Well-positioned	Strong credit	Furthering our
revenue growth	performance	investments	balance sheet	metrics	ESG practices

K E Y P E R F O R M A N C E D R I V E R S

Endnotes are included on slides 49 to 54.

Second Quarter, 2024

3

Our Progress

A disciplined approach to resource allocation to drive profitable growth

		Imperial Service money-in balance		Canadian Asset Management business
	Leading in Mass Affluent
	growth1 27% higher versus the		ranked #1 vs. Big-6 for absolute long-term
	& High Net Worth
	growth in the prior quarter		and total retail mutual fund net sales2

		Investor's Edge ranked #1 vs. Big-5		Digital Adoption Rate of 86% in Canadian
	Growing Digital Banking	in J.D Power's Self-Directed		Personal Banking, with 39% of core retail
		Investor Satisfaction Study		products being sold digitally3

		>40% growth in U.S. Commercial		>70% volume growth in Canadian
	Leveraging our
	Banking & Wealth Management cross-		Commercial Banking & Wealth
	Connected Platform
	line-of-business referrals4		Management client referrals5

		Active generative AI pilots across our
	Enabling & Simplifying		54% of applications / services
	businesses to accelerate software
	our Bank		migrated to the Cloud
	engineering and enhance client service

• for the 2nd consecutive year
• for the 3rd consecutive year

• for the 4th consecutive year

Endnotes are included on slides 49 to 54.

Second Quarter, 2024

4

Financial Overview

Robert Sedran

Senior Executive Vice-President & Chief Financial Officer

Financial Results Overview

Results demonstrate ongoing growth momentum and balance sheet strength

Diluted Earnings Per Share

Reported $1.79

Adjusted2$1.75

PPPT5

Reported $2.7B

Adjusted2$2.7B

Return on Equity

Reported 13.7%

Adjusted213.4%

PCL Ratio6

Total	39 bps
Impaired	34 bps

Revenue

$6.2B

+8% YoY

Reported / Adjusted2

CET1 Ratio

13.1%

+120 bps YoY

vs. OSFI requirement of 11.5%

as of Nov/237

Operating Leverage1

Reported3(3.4)%

Adjusted2,40.5%

Liquidity Coverage Ratio8

129%

+5% YoY

vs. OSFI requirement

of >100%

Endnotes are included on slides 49 to 54.

Second Quarter, 2024

6

Financial Results Overview

Second quarter results reflect the diversification and resilience of our business model

Revenue

• Revenue growth of 8% YoY driven by margin expansion, higher fee income and trading revenues

Expenses

• Expenses up 11% on a reported basis
• • Prior year expenses included a reversal in legal provisions, shown as an item of note
• Expenses up 8% on an adjusted basis1
• • Higher performance-based compensation and ongoing investments to support high-growth,high-return areas drove 4% of the increase
  • Remaining increase due to higher people-related costs, volume growth, and a charge related to a divestiture of certain CIBC Caribbean assets

Provision for Credit Losses (PCL)

• PCLs higher YoY in-line with the current macroeconomic environment, but lower on a sequential basis
  • PCL ratio on impaired of 34 bps

Endnotes are included on slides 49 to 54.

	Reported ($MM)	Q2/24	YoY	QoQ
	Revenue	6,164	8%	(1)%
	Non-Trading Net Interest Income	3,443	9%	0%
	Non-TradingNon-Interest Income	2,217	8%	4%
	Trading Revenue2	504	2%	(21)%
	Expenses	3,501	11%	1%
	Provision for Credit Losses	514	17%	(12)%
	Net Income	1,749	4%	1%
	Diluted EPS	$1.79	2%	1%
	Efficiency Ratio3	56.8%	170 bps	110 bps
	ROE	13.7%	(80) bps	20 bps
	CET1 Ratio	13.1%	120 bps	8 bps
	Adjusted ($MM)	Q2/24	YoY	QoQ
	Revenue	6,164	8%	(1)%
	Non-Trading Net Interest Income	3,443	9%	0%
	Non-TradingNon-Interest Income	2,217	8%	4%
	Trading Revenue2	504	2%	(21)%
	Expenses1	3,474	8%	3%
	PPPT1,4	2,690	9%	(6)%
	Provision for Credit Losses	514	17%	(12)%
	Net Income1	1,718	6%	(3)%
	Diluted EPS1	$1.75	3%	(3)%
	Efficiency Ratio1,5	56.4%	(20) bps	240 bps
	ROE1	13.4%	(50) bps	(40) bps

Second Quarter, 2024

7

Net Interest Income (NII)

NII (ex-trading) grew 9%, supported by margin expansion and the benefit of product mix shift

Net Interest Income

	1.72%
1.65%	1.72%

Loans4,5 ($B, local currency)

Deposits5 ($B, local currency)

1.54%			1.43%		1.46%
3,187		3,249		3,281
26		(210)		(162)
3,161
	3,459		3,443
		Q2/23	Q1/24	Q2/24
					1
							2

	YoY / QoQ
70	(1)%	/ (1)%
40	(1)%	/ +1%
96	+2% / +1%
320	+2%	/ +0%
Q2/24

Capital Markets & DFS

U.S. Commercial & Wealth

	YoY / QoQ
119	(1)%	/ +0%
36	+5% / +1%
97	+1%	/ +0%
225	+4%	/ +1%
Q2/24

Cdn. Commercial & Wealth

Personal & Business Banking

Canadian Personal & Commercial NIM3,6,7

2.68%		5 bps
				+6 bps YoY
				2.63%
	(6) bps		(4) bps
Q1/24	Deposit	Loan	Benchmark	Q2/24
	Portfolio	Portfolio	Reform8 & Other

Endnotes are included on slides 49 to 54.

U.S. Commercial & Wealth NIM3,6

3.49%
				+2 bps YoY
	(4) bps	(1) bps		3.43%
		(1) bps
Q1/24	Deposit	Loan	Other	Q2/24
	Portfolio	Portfolio

Second Quarter, 2024

8

Non-Interest Income

Double-digit growth driven by strong trading and higher fees amidst appreciating markets

Non-Interest Income by Category ($MM)4,5

Market-Related Fees4

Transactional Fees4

2,517

470

1,132

725

15%

2,972

848

1,178

782

2,883

666

1,278

765

Q2/23

Q1/24

Q2/24

Trading1 Market-related (excl. Trading)2 Transactional2 Other3

• Non-interestincome up 15% YoY, or 8% excluding trading
• Market-sensitivefees excluding trading were up 13% YoY, sustained by strong underwriting and advisory activity, higher investment management and mutual fund fees, and higher commissions on securities
• Transactional revenues up 6% YoY driven mainly by higher credit, and deposit and payment fees
• Trading non-interest income up 42% YoY, but down 21% on a sequential basis

Endnotes are included on slides 49 to 54.

Second Quarter, 2024

9