Canadian Imperial Bank of Commerce : 2025 Q1 financial reports Report to shareholders

Report to Shareholders for the First Quarter, 2025

www.cibc.com February 27, 2025

Report of the President and Chief Executive Officer

Overview of results

CIBC today announced its financial results for the first quarter ended January 31, 2025.

Key highlights across our bank in the first quarter of 2025 included:

• Achieved outstanding milestones with our highest ever net promoter scores in Canadian Personal Banking, Wood Gundy and Imperial Service, reflecting an exceptional level of client satisfaction.
• Launched CIBC's European Canadian Depositary Receipts (CDRs), a first for our growing CDR platform and a global first for the Canadian financial industry - allowing investors further access to global companies.
• Recognized with the Best Use of AI in Client Experience, World Series and North American award by ARCET Global, a U.K. based institute with worldwide reach.
• Named to the Dow Jones Sustainability North America Index for the 20th consecutive year for our responsible and sustainable business practices.
• Named a 2025 Catalyst Award winner in recognition of CIBC's ongoing commitment to advancing gender equity and inclusion at work.

First quarter highlights

		Q1/25			Q1/24			Q4/24		YoY	QoQ
							Variance	Variance
Revenue		$7,281 million			$6,221 million			$6,617 million		+17%	+10%
Reported Net Income		$2,171 million			$1,728 million			$1,882 million		+26%	+15%
Adjusted Net Income (1)		$2,179 million			$1,770 million			$1,889 million		+23%	+15%
Adjusted pre-provision, pre-tax earnings (1)		$3,415 million			$2,862 million			$2,835 million		+19%	+20%
Reported Diluted Earnings Per Share (EPS)	$2.19		$1.77		$1.90		+24%	+15%
Adjusted Diluted EPS (1)	$2.20		$1.81		$1.91		+22%	+15%
Reported Return on Common Shareholders' Equity (ROE) (2)	15.2%		13.5%		13.3%
Adjusted ROE (1)	15.3%		13.8%		13.4%
Net interest margin on average interest-earnings assets (2)(3)	1.50%		1.43%		1.50%
Net interest margin on average interest-earnings assets	1.89%		1.72%		1.86%
(excluding trading) (2)(3)
Common Equity Tier 1 (CET1) Ratio (4)	13.5%		13.0%		13.3%

Results for the first quarter of 2025 were affected by the following item of note resulting in a negative impact of $0.01 per share:

• $12 million ($8 million after-tax) amortization of acquisition-related intangible assets.

Our CET1 ratio(4) was 13.5% at January 31, 2025, compared with 13.3% at the end of the prior quarter. CIBC's leverage ratio(4) and liquidity coverage ratio(4) at January 31, 2025 were 4.3% and 132%, respectively.

In the first quarter of 2025, we delivered another strong financial performance by continuing to execute on our client-focused strategy, which is generating consistent results for our stakeholders. Our diversified business platform, robust capital position and strong credit quality give us the foundation to deliver for stakeholders in the year ahead, including support for our clients as we navigate the expected volatility in the cross-border business environment. We are a strong bank with deep client relationships and we know the clients, companies and industries we serve very well, which positions our team to offer impactful advice and solutions.

1. This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 8 to 10; and adjusted pre-provision, pre-tax earnings on page 10.
2. For additional information on the composition of these specified financial measures, see the "Glossary" section.
3. Average balances are calculated as a weighted average of daily closing balances.
4. Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline and the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections.

Core business performance

Canadian Personal and Business Banking(1) reported net income of $765 million for the first quarter, up $51 million or 7% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. The higher revenue was mainly driven by volume growth, higher net interest margin, and higher fees. Adjusted pre-provision, pre-tax earnings(2) were $1,470 million, up $150 million from the first quarter a year ago, as higher revenue was partially offset by higher adjusted(2) non-interest expenses mainly due to higher spending on strategic initiatives and employee-related compensation.

Canadian Commercial Banking and Wealth Management(1) reported net income of $591 million for the first quarter, up $68 million from the first quarter a year ago, primarily due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Commercial banking revenue was higher compared to the prior year due to volume growth and higher fee income. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average AUA and AUM balances as a result of market appreciation, higher commission revenue from increased client activity, and higher net interest income. Expenses increased primarily due to higher performance-based and employee-related compensation, and higher spending on strategic initiatives. Adjusted pre-provision, pre-tax earnings(2) were $850 million, up $113 million from the first quarter a year ago, as higher revenue was partially offset by higher expenses.

U.S. Commercial Banking and Wealth Management(1) reported net income of $256 million (US$178 million) for the first quarter, up $264 million (US$184 million) from the first quarter a year ago, primarily due to a lower provision for credit losses, higher revenue, and lower expenses. Adjusted pre-provision, pre-tax earnings(2) were $382 million (US$267 million), up $79 million (US$42 million) from the first quarter a year ago, as higher adjusted(2) non-interest expenses were more than offset by higher revenue. In commercial banking, higher revenue was primarily due to higher deposit and loan volumes, and higher loan margins, partially offset by lower deposit margins. Higher revenues in wealth management were primarily due to higher annual performance-based mutual fund fees, and higher fee-based revenue from higher average AUM balances from market appreciation. Adjusted(2) non-interest expenses increased mainly due to higher performance-based and employee-related compensation.

Capital Markets(1) reported net income of $619 million for the first quarter, up $97 million or 19% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $201 million or 30% from the first quarter a year ago due to higher revenue from our global markets and corporate and investment banking businesses, partially offset by higher expenses. Global markets revenue benefitted from higher equity derivatives trading and higher financing revenue. Corporate and investment banking revenue benefitted from the appreciation of the U.S. dollar and higher debt underwriting activity, partially offset by lower advisory revenue. Expenses were up due to higher performance-based and employee-related compensation, and higher spending on strategic initiatives.

1. Certain prior period information has been restated. See the "External reporting changes" section for additional details.
2. This measure is a non-GAAP measure. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the "Non-GAAP measures" section.

Making a difference in our communities

At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:

• CIBC announced that following the 40th annual CIBC Miracle Day held on December 4, 2024, $6.2 million will be going to children's charities globally, thanks to the generosity of the bank's team members and clients. This includes a historic $1 million gift to Breakfast Club of Canada. Miracle Day celebrations took place in New York, Chicago, Vancouver, Calgary, London, ON, Victoria, Edmonton, Ottawa, Montreal, Kanata, London in the U.K., Luxembourg and Hong Kong.
• CIBC announced an expanded relationship with Toronto Pearson to remain the exclusive financial partner of the airport, creating new opportunities to reach and support nearly 50 million annual travellers who journey through Canada's largest airport. Travellers will have access to five CIBC banking centres, 35 ATMs, over 30 currencies, complimentary baggage carts and Wi-Fi, our Mobile Financial Service Specialists, and more.
• CIBC presented a cheque for $1 million to the CHU Sainte-Justine Foundation at the Bell Centre in Montreal as part of "Hockey Fights Cancer". These funds will go towards supporting pediatric cancer research and initiatives.
• CIBC announced a donation of US$100,000 to the American Red Cross to support wildfire relief efforts in Southern California.

Victor G. Dodig

President and Chief Executive Officer

1. CIBC FIRST QUARTER 2025

Enhanced Disclosure Task Force

The Enhanced Disclosure Task Force (EDTF), established by the Financial Stability Board, released its report "Enhancing the Risk Disclosures of Banks" in 2012, which included thirty-two disclosure recommendations. The index below provides the listing of these disclosures, along with their locations. EDTF disclosures are located in our 2024 Annual Report, quarterly Report to Shareholders, and supplementary packages, which may be found on our website (www.cibc.com). No information on CIBC's website, including the supplementary packages, should be considered incorporated herein by reference.

			First quarter, 2025
					Pillar 3 report
					and
			Management's	Consolidated	Supplementary	2024
			discussion	financial	regulatory	Annual
			capital
Topics	Recommendations	Disclosures	and analysis	statements	disclosure	Report
				Page references
General	1	Index of risk information - current page
	2	Risk terminology and measures	44-47		92-94	100-103
	3	Top and emerging risks	23-24			53-56
	4	Key future regulatory ratio requirements	19, 34-36	65	17, 26	37, 39-40, 75, 77,
						164
Risk	5	Risk management structure				46, 47
governance,	6	Risk culture and appetite				45, 48-50
risk	7	Risks arising from business activities	25			45-52, 56
management
8	Bank-wide stress testing	28			35-36, 52, 60, 65,
and business
					71, 73
model
Capital	9	Minimum capital requirements	18	65		35-37, 164
adequacy and	10	Components of capital and reconciliation to			16-19	39
risk-weighted		the consolidated regulatory balance sheet
assets	11	Regulatory capital flow statement			20	40
	12	Capital management and planning				35, 37, 164
	13	Business activities and risk-weighted assets	25		5	41, 56
	14	Risk-weighted assets and capital			3, 5, 6-7	38, 41
		requirements
	15	Credit risk by major portfolios			39-53, 60-69	58-63
	16	Risk-weighted assets flow statement			5, 11	40, 41
	17	Back-testing of models			90, 91	52, 60
Liquidity	18	Liquid assets	33			74
Funding	19	Encumbered assets	34			74, 79
	20	Contractual maturities of assets, liabilities	38-39			78-80
		and off-balance sheet instruments
	21	Funding strategy and sources	36			78
Market risk	22	Reconciliation of trading and non-trading	31			69
		portfolios to the consolidated balance
		sheet
	23	Significant trading and non-trading market	31-32			68-72
		risk factors
	24	Model assumptions, limitations and				52, 68-72
		validation procedures
	25	Stress testing and scenario analysis				35, 51, 52, 56, 71
Credit risk	26	Analysis of credit risk exposures	26-30		12-13, 56-83,	61-67, 80
					86-89	137-144, 151, 153,
						154, 179, 183
	27	Impaired loan and forbearance techniques	26, 29			58, 65, 86,
						119-120, 144
	28	Reconciliation of impaired loans and the	29	60		65, 139
		allowance for credit losses
	29	Counterparty credit risk arising from			70-71, 73,	58, 62, 130, 132
		derivatives			89, 35 (1)	151, 153-155
	30	Credit risk mitigation	26		30, 70, 72, 89	58, 62,
						153-155
Other risks	31	Other risks	39			80-84
	32	Discussion of publicly known risk events		67		53-56, 80, 176

(1) Included in our supplementary financial information package.

CIBC FIRST QUARTER 2025 iii

Management's discussion and analysis

Management's discussion and analysis (MD&A) is provided to enable readers to assess CIBC's financial condition and results of operations as at and for the quarter ended January 31, 2025 compared with corresponding periods. The MD&A should be read in conjunction with our 2024 Annual Report and the unaudited interim consolidated financial statements included in this report. Unless otherwise indicated, all financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards (IFRS or GAAP) and all amounts are expressed in Canadian dollars (CAD). Certain disclosures in the MD&A have been shaded as they form an integral part of the interim consolidated financial statements. The MD&A is current as of February 26, 2025. Additional information relating to CIBC is available on SEDAR+ at www.sedarplus.com and on the United States (U.S.) Securities and Exchange Commission's (SEC) website at www.sec.gov. No information on CIBC's website (www.cibc.com) should be considered incorporated herein by reference. A glossary of terms used throughout this quarterly report can be found on pages 41 to 47.

Contents

2	First quarter financial highlights	17	Financial condition
3	External reporting changes	17	Review of condensed consolidated balance sheet
18	Capital management
3	Financial performance overview	22	Off-balance sheet arrangements
23	Management of risk
3	Economic outlook
4	Significant events	23	Risk overview
4	Financial results review	23	Top and emerging risks
5	Review of quarterly financial information	26	Credit risk
7	Non-GAAP measures	31	Market risk
33	Liquidity risk
11	Strategic business units overview	39	Other risks
40	Accounting and control matters
11	Canadian Personal and Business Banking
12	Canadian Commercial Banking and Wealth Management	40	Critical accounting policies and estimates
13	U.S. Commercial Banking and Wealth Management	40	Accounting developments
15	Capital Markets	40	Controls and procedures
16	Corporate and Other	40	Related-party transactions
		41	Glossary

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 report, 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", and "Accounting and control matters - Critical accounting policies and estimates" sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to our 2050 net-zero ambition and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2025 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 this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the potential imposition of U.S. tariffs on Canadian goods and energy and Canadian counter-tariffs on U.S. goods, and the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, 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: trade policies and tensions, including tariffs; inflationary pressures in the U.S.; 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 such as tariffs; 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 report 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 report or in other communications except as required by law.

CIBC FIRST QUARTER 2025

1

First quarter financial highlights

Unaudited, as at or for the three months ended

Financial results ($ millions)

Net interest income

Non-interest income

Total revenue

Provision for credit losses

Non-interest expenses

Income before income taxes

Income taxes

Net income

Net income attributable to non-controlling interests

Preferred shareholders and other equity instrument holders

Common shareholders

Net income attributable to equity shareholders

Financial measures

Reported efficiency ratio (1)

Reported operating leverage (1)

Loan loss ratio (1)

Reported return on common shareholders' equity (1)

Net interest margin (1)

Net interest margin on average interest-earning assets (1)(2)

Return on average assets (1)(2)

Return on average interest-earning assets (1)(2)

Reported effective tax rate

Common share information
Per share ($)	- basic earnings
	- reported diluted earnings
	- dividends
Closing share price ($)	- book value (1)
Shares outstanding (thousands)	- weighted-average basic
	- weighted-average diluted
Market capitalization ($ millions)	- end of period

Value measures

Total shareholder return

Dividend yield (based on closing share price)

Reported dividend payout ratio (1)

Market value to book value ratio

Selected financial measures - adjusted (3)

Adjusted efficiency ratio

Adjusted operating leverage

Adjusted return on common shareholders' equity

Adjusted effective tax rate

Adjusted diluted earnings per share (EPS)

Adjusted dividend payout ratio

On- and off-balance sheet information ($ millions)

Cash, deposits with banks and securities

Loans and acceptances, net of allowance for credit losses

Total assets

Deposits

Common shareholders' equity (1)

Average assets (2)

Average interest-earning assets (1)(2)

Average common shareholders' equity (1)(2)

Assets under administration (AUA) (1)(4)(5)

Assets under management (AUM) (1)(5)

Balance sheet quality and liquidity measures (6)

Risk-weighted assets (RWA) ($ millions)

Common Equity Tier 1 (CET1) ratio

Tier 1 capital ratio

Total capital ratio

Leverage ratio

Liquidity coverage ratio (LCR)

Net stable funding ratio (NSFR)

Other information

Full-time equivalent employees

	2025			2024			2024
	Jan. 31			Oct. 31			Jan. 31
$	3,801	$	3,633	$	3,249
	3,480			2,984			2,972
	7,281			6,617			6,221
	573			419			585
	3,878			3,791			3,465
	2,830			2,407			2,171
	659			525			443
$	2,171	$	1,882	$	1,728
$	8	$	8	$	12
	88			72			67
	2,075			1,802			1,649
$	2,163	$	1,874	$	1,716
	53.3 %			57.3 %			55.7 %
	5.1 %			3.0 %			27.3 %
	0.31 %			0.30 %			0.36 %
	15.2 %			13.3 %			13.5 %
	1.37 %			1.40 %			1.32 %
	1.50 %			1.50 %			1.43 %
	0.78 %			0.72 %			0.70 %
	0.85 %			0.78 %			0.76 %
	23.3 %			21.8 %			20.4 %
$	2.20	$	1.91	$	1.77
	2.19			1.90			1.77
	0.97			0.90			0.90
	59.57			57.08			52.46
	91.55			87.11			60.76
	942,039			944,283			931,775
	947,345			948,609			932,330
	940,081			942,295			937,223
$	86,064	$	82,083	$	56,946
	6.22 %			23.33 %			25.98 %
	4.2 %			4.1 %			5.9 %
	44.1 %			47.2 %			50.9 %
	1.54			1.53			1.16
	53.1 %			57.2 %			54.0 %
	1.9 %			1.8 %			2.1 %
	15.3 %			13.4 %			13.8 %
	23.3 %			21.8 %			22.3 %
$	2.20	$	1.91	$	1.81
	43.9 %			47.0 %			49.6 %
$	320,852	$	302,409	$	274,757
	568,119			558,292			539,295
	1,082,464			1,041,985			971,667
	782,176			764,857			724,545
	56,001			53,789			49,166
	1,098,807			1,035,847			982,321
	1,008,522			961,151			902,747
	54,163			53,763			48,588
	3,620,681			3,600,069			3,143,839
	400,278			383,264			325,713
$	341,930	$	333,502	$	316,333
	13.5 %			13.3 %			13.0 %
	15.1 %			14.8 %			14.6 %
	17.3 %			17.0 %			17.0 %
	4.3 %			4.3 %			4.3 %
	132 %			129 %			137 %
	113 %			115 %			115 %
	48,698			48,525			48,047

1. For additional information on the composition of these specified financial measures, see the "Glossary" section.
2. Average balances are calculated as a weighted average of daily closing balances.
3. Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the "Non-GAAP measures" section.
4. Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $2,793.7 billion (October 31, 2024: $2,814.6 billion;
   January 31, 2024: $2,485.4 billion).
5. AUM amounts are included in the amounts reported under AUA.
6. RWA and our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and LCR and NSFR are calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections.

2 CIBC FIRST QUARTER 2025

External reporting changes

Changes made to our business segments

The following external reporting changes were made in the first quarter of 2025:

• Our Simplii Financial direct banking business and Investor's Edge direct investing business, previously reported in Capital Markets and Direct Financial Services have been realigned with Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management, respectively; and
• Our CIBC Cleary Gull U.S. mid-market investment banking business has been realigned from Capital Markets to U.S. Commercial Banking and Wealth Management.

Prior period amounts have been restated accordingly. While the changes impacted the results of our strategic business units (SBUs) and how we measure the performance of our SBUs, there was no impact on our consolidated financial results from these changes.

Financial performance overview

Economic outlook

Lower interest rates, with further declines likely in some countries, should be supportive for economic activity this year, but we are unlikely to see a significant acceleration in global growth in 2025. Europe should see a pick-up in activity generated by easier monetary policy, including additional rate cuts in 2025 in the eurozone and the U.K., but China is likely to decelerate in the face of tariffs imposed on its exports and soft domestic demand. The moderate growth for the global economy will result in many commodity prices trending at lower average levels than what persisted earlier in this expansion, although geopolitical risks to supply could bring upward pressure in some commodities. Despite ongoing global tensions, supply chains have seen further improvement and, alongside sluggish demand, should continue to contribute to disinflationary pressure globally.

In Canada, the Bank of Canada reduced its overnight rate target to 3%, and with inflation expected to remain close to the 2% target, is expected to continue to ease, with the overnight rate reaching 2.25% by mid-2025. That should support consumer demand and housing activity, but uncertainties over U.S. trade policy could weigh on business capital spending and economic growth through the first half of the year, and see the unemployment rate reverse the declines seen at the start of the year. If major U.S. tariffs on Canada are avoided, an improvement in confidence should allow economic growth to accelerate in the latter half of the calendar year, bringing economic growth for 2025 to roughly 1.5%, slightly above the prior year's pace, and allow the unemployment rate to end the year near 6.3%. A two-way trade war would represent a significant hit to growth and would push the jobless rate higher over the year. The full impact of a two-way trade war would depend on a number of factors including the level and duration of tariffs, and fiscal and monetary policies that might be enacted to mitigate their impact.

The U.S. has been much more resilient in the face of higher interest rates, and was close to full employment at the start of the year. Slowing population growth, and the lagged impact of still-elevated real interest rates, could hold economic growth to 2.4%, or about a half point slower than the prior year. The unemployment rate is expected to remain relatively stable over the course of the year, as more cautious hiring in the face of higher labour costs will be offset by a slower pace of growth in the working age population. The Federal Reserve is expected to pause its interest rate cutting while it awaits a further deceleration in inflation and greater certainty on the direction of U.S. tariff policies and budget deficits. If changes on those fronts are modest, it could ease by a further 75 basis points in the latter half the year. Lower bond yields should allow interest sensitive housing to gain momentum, and lighter regulatory policies should also support business investment, partially offsetting a slower pace to consumer spending due to softer population growth. A two-way tariff war would see somewhat weaker growth and higher inflation than our base case forecast.

The uncertainties surrounding Canadian economic growth will continue to pose challenges for some of our SBUs for the first half of 2025 or longer, should material tariffs be imposed on the country's exports. Still-elevated levels of unemployment and the lagged effects of higher interest rates have resulted in a moderate deterioration in business and household credit quality, but that would improve over the course of the year if a major trade war is averted. Deterioration in the credit quality of select sectors, including the U.S. office real estate market, could continue in response to market conditions. Deposit growth will likely be slow, as quantitative tightening will continue to require bonds currently held by the central bank to be financed in the public markets. A steeper yield curve should promote greater growth in longer-term deposits relative to short-term deposits, although the lower level of yields across the curve will leave less of a disincentive to having funds in non-interest bearing demand deposits.

For Canadian Personal Banking, mortgage growth is expected to pick up in 2025, returning to long-term historic growth rates as lower interest rates bring buyers back to the market. Non-mortgage consumer credit demand has been supported by population growth, and faces headwinds due to policy measures designed to slow population growth. We should still see some improvement in activity as per capita discretionary spending accelerates in response to lower borrowing costs, resulting in an increase in demand for non-mortgage credit, if a major trade war is averted.

Canadian commercial, and corporate banking loan growth is expected to increase as a result of interest rate relief and the expectation of better economic growth in 2025 and beyond if a major trade war is averted. In our U.S. commercial banking and wealth businesses, loan growth has slowed, consistent with industry trends, but should gather some momentum in 2025 in response to last year's interest rate reductions and a further easing later this year.

Financial markets benefitted from interest rate reductions in Canada and should be supported by further rate reductions in the current year. While soft economic conditions and tariff uncertainties will impact corporate earnings in the near-term, Canadian and U.S. wealth management businesses should benefit in 2025 as markets look ahead to a more supportive interest rate environment, and as funds mature out of term deposits and seek alternative risk assets in the face of lower yields on new term deposits.

Corporate and investment banking is expected to continue to benefit from merger and acquisition activity that continues to recover from the low levels in 2024, and corporate bond issuance is expected to pick up through 2025 due to the expected lower interest rate path.

The economic outlook described above reflects numerous assumptions regarding the level and duration of potential tariffs, fiscal and monetary policies that may be enacted in response to tariffs, the expectation for lower interest rates even in the absence of a trade war, the easing of inflationary pressures, as well as the global economic risks emanating from the war in Ukraine, conflict in the Middle East and trade frictions between China and other countries. As a result, actual experience may differ materially from expectations. The impact of geopolitical events on our risk environment, are discussed in the "Top and emerging risks" section. Changes in the level of economic uncertainty continue to impact key accounting estimates and assumptions, particularly the estimation of expected credit losses (ECL). See the "Accounting and control matters" section and Note 5 to our interim consolidated financial statements for further details.

CIBC FIRST QUARTER 2025

3

Significant events

Sale of certain banking assets in the Caribbean

On October 31, 2023, CIBC Caribbean announced that it had entered into an agreement to sell its banking assets in Curaçao and Sint Maarten. The sale of banking assets in Curaçao was completed on May 24, 2024. The sale of banking assets in Sint Maarten was completed on February 7, 2025 upon the satisfaction of the closing conditions. The impact of these transactions was not material.

Financial results review

Reported net income for the quarter was $2,171 million, compared with $1,728 million for the same quarter last year, and $1,882 million for the prior quarter.

Adjusted net income(1) for the quarter was $2,179 million, compared with $1,770 million for the same quarter last year, and $1,889 million for the prior quarter.

Reported diluted EPS for the quarter was $2.19, compared with $1.77 for the same quarter last year, and $1.90 for the prior quarter. Adjusted diluted EPS(1) for the quarter was $2.20, compared with $1.81 for the same quarter last year, and $1.91 for the prior quarter.

In the current quarter, the following item of note increased non-interest expenses by $12 million, decreased income taxes by $4 million and decreased net income by $8 million:

• $12 million ($8 million after-tax) amortization of acquisition-related intangible assets ($5 million after-tax in Canadian Personal and Business Banking, and $3 million after-tax in U.S. Commercial Banking and Wealth Management).

Net interest income and margin

					2025				2024			2024
$ millions, for the three months ended					Jan. 31		Oct. 31			Jan. 31
Net interest income consists of:	$	4,118
Non-trading net interest income			$	3,936	$	3,459
Trading net interest income (2)					(317)		(303)			(210) (3)
Total net interest income	$	3,801			$	3,633	$	3,249
Average interest-earning assets consists of:					144,623
Average trading interest-earning assets								121,136			101,837
Average non-trading interest-earning assets					863,899				840,015			800,910
Total average interest-earning assets					1,008,522				961,151			902,747
Net interest margin on average interest-earning assets					1.50 %		1.50 %			1.43 %
Net interest margin on average interest-earning assets (excluding trading) (4)					1.89 %		1.86 %			1.72 %

Net interest income was up $552 million or 17% from the same quarter last year, primarily due to volume growth across our businesses, including from the conversion of bankers' acceptances to Canadian Overnight Repo Rate Average (CORRA) loans resulting from the cessation of Canadian Dollar Offered Rate (CDOR), higher net interest margin in our non-trading businesses, higher treasury revenue and the impact of foreign exchange translation, partially offset by lower trading net interest income.

Net interest income was up $168 million or 5% from the prior quarter, primarily due to volume growth across our businesses, higher net interest margin in our non-trading businesses, and the impact of foreign exchange translation.

Non-interest income

Non-interest income was up $508 million or 17% from the same quarter last year, primarily due to higher trading non-interest income, higher fee-based revenue, higher commissions on securities transactions, and higher treasury revenue, partially offset by lower credit fees as a result of conversion of bankers' acceptances to CORRA loans.

Non-interest income was up $496 million or 17% from the prior quarter, primarily due to higher trading non-interest income, higher fee-based revenue, and higher credit fees.

1. 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.
2. See the "Glossary - Trading activities and trading net interest income" section for additional information.
3. Does not include a TEB adjustment of $68 million.
4. Net interest margin on average interest-earnings assets (excluding trading) is computed using total net interest income minus trading net interest income, excluding the applicable TEB adjustment included therein, divided by total average interest-earning assets minus average trading interest-earning assets. For additional information, see the "Glossary" section.

Provision for credit losses

		2025		2024		2024
$ millions, for the three months ended	Jan. 31	Oct. 31	Jan. 31
Provision for (reversal of) credit losses - impaired	$	307
Canadian Personal and Business Banking (1)	$	292	$	292
Canadian Commercial Banking and Wealth Management (1)		13		19		16
U.S. Commercial Banking and Wealth Management		107		84		189
Capital Markets (1)		7		21		(1)
Corporate and Other		12		1		(4)
Provision for (reversal of) credit losses - performing		446		417		492
	121		(12)		45
Canadian Personal and Business Banking (1)
Canadian Commercial Banking and Wealth Management (1)		26		5		4
U.S. Commercial Banking and Wealth Management		(39)		(1)		55
Capital Markets (1)		14		10		1
Corporate and Other		5		-		(12)
		127		2		93
	$	573	$	419	$	585

(1) Certain prior period information has been restated. See the "External reporting changes" section for additional details.

4 CIBC FIRST QUARTER 2025

Provision for credit losses was $573 million, down $12 million from the same quarter last year. Provision for credit losses on performing loans was up primarily due to a worsening in our economic outlook including with respect to the uncertainty that tariffs could be imposed by the U.S. government and model parameter updates in our retail portfolios. Provision for credit losses on impaired loans was down due to lower provisions in U.S. Commercial Banking and Wealth Management, and Canadian Commercial Banking and Wealth Management, partially offset by higher provisions in other SBUs.

Provision for credit losses was up $154 million from the prior quarter. Provision for credit losses on performing loans was up primarily due to a worsening in our overall economic outlook including with respect to the uncertainty that tariffs could be imposed by the U.S. government and model parameter updates in our retail portfolios, partially offset by a favourable change in our economic outlook in our retail portfolios, even after considering downside risks related to the tariffs. Provision for credit losses on impaired loans was up due to higher provisions in U.S. Commercial Banking and Wealth Management, Canadian Personal and Business Banking, and Corporate and Other, partially offset by lower provisions in other SBUs.

Non-interest expenses

Non-interest expenses were up $413 million or 12% from the same quarter last year, primarily due to higher performance-based and employee-related compensation, higher spending on strategic initiatives and a legal provision in the current quarter, partially offset by a charge related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) in the prior year, which was shown as an item of note.

Non-interest expenses were up $87 million or 2% from the prior quarter, primarily due to higher performance-based and employee-related compensation, including from the impact of foreign exchange translation, a legal provision in the current quarter, partially offset by lower computer, software and office equipment expenses, lower advertising and business development.

Taxes

Income tax expense was up $216 million or 49% from the same quarter last year, due to higher income, the denial of the dividends received deduction for Canadian banks, and the application of global minimum tax, as described below.

Income tax expense was up $134 million or 26% from the prior quarter, due to higher income and the application of global minimum tax.

On June 20, 2024, Canada enacted the Global Minimum Tax Act (GMTA) to adopt the Organisation for Economic Co-operation and Development's (OECD) Pillar Two, which implements a 15% global minimum corporate tax on certain multinational enterprises (GMT). GMT is in different stages of adoption globally. Certain jurisdictions in which we operate have implemented GMT, which applied to CIBC as of November 1, 2024.

The impact of GMT on the consolidated effective tax rate is within a 1% range in the first quarter of 2025.

Foreign exchange

The following table provides the estimated impact of U.S. dollar (USD) translation on key lines of our interim consolidated statement of income, as a result of changes in average exchange rates.

		Jan. 31, 2025	Jan. 31, 2025
			vs.		vs.
$ millions, except per share amounts, for the three months ended		Jan. 31, 2024	Oct. 31, 2024
Estimated increase in:
Total revenue	$	110			$	82
Provision for credit losses			6				5
Non-interest expenses			51				38
Income taxes			11				8
Net income			42				31
Impact on EPS:
Basic	$	0.04			$	0.03
Diluted			0.04				0.03
Average USD appreciation relative to CAD			6.6 %		4.9 %

Review of quarterly financial information

$ millions, except per share amounts, for the three months ended		2025								2024						2023
		Jan. 31		Oct. 31		Jul. 31		Apr. 30		Jan. 31		Oct. 31		Jul. 31		Apr. 30
Revenue	$	2,923
Canadian Personal and Business Banking (1)	$	2,842	$	2,775	$	2,646	$	2,679	$	2,640	$	2,602	$	2,450
Canadian Commercial Banking and Wealth Management (1)		1,703		1,602		1,523		1,456		1,437		1,424		1,411		1,397
U.S. Commercial Banking and Wealth Management (1)		847		733		731		669		687		681		667		651
Capital Markets (1)(2)		1,574		1,155		1,092		1,243		1,310		1,041		1,105		1,130
Corporate and Other (2)		234		285		483		150		108		61		67		76
Total revenue	$	7,281	$	6,617	$	6,604	$	6,164	$	6,221	$	5,847	$	5,852	$	5,704
Net interest income	$	3,801	$	3,633	$	3,532	$	3,281	$	3,249	$	3,197	$	3,236	$	3,187
Non-interest income		3,480		2,984		3,072		2,883		2,972		2,650		2,616		2,517
Total revenue		7,281		6,617		6,604		6,164		6,221		5,847		5,852		5,704
Provision for credit losses		573		419		483		514		585		541		736		438
Non-interest expenses		3,878		3,791		3,682		3,501		3,465		3,440		3,307		3,140
Income before income taxes		2,830		2,407		2,439		2,149		2,171		1,866		1,809		2,126
Income taxes		659		525		644		400		443		381		377		437

Net income

$ 2,171

$ 1,882 $ 1,795 $ 1,749 $ 1,728 $ 1,485 $ 1,432 $ 1,689

Net income attributable to:	$	8
Non-controlling interests	$	8	$	9	$	10	$	12	$	8	$	10	$	11
Equity shareholders		2,163		1,874		1,786		1,739		1,716		1,477		1,422		1,678
EPS - basic	$	2.20	$	1.91	$	1.83	$	1.79	$	1.77	$	1.53	$	1.48	$	1.77
- diluted		2.19		1.90		1.82		1.79		1.77		1.53		1.47		1.76

1. Certain prior period information has been restated. See the "External reporting changes" section for additional details.
2. Commencing in the third quarter of 2024, TEB reporting is no longer applicable to certain dividends received on or after January 1, 2024. In the third quarter of 2024, the enactment of the denial of the dividends received deduction resulted in a TEB reversal for dividends received on or after January 1, 2024 that were reflected in the first and second quarters of 2024 as an item of note. Prior to the third quarter of 2024, Capital Markets revenue and income taxes were reported on a TEB with an equivalent offset in the revenue and income taxes of Corporate and Other.

CIBC FIRST QUARTER 2025

5

Our quarterly results are modestly affected by seasonal factors. The second quarter has fewer days as compared with the other quarters, generally leading to lower earnings. The summer months (July - third quarter and August - fourth quarter) typically experience lower levels of market activity, which affects our brokerage, investment management, and capital markets activities.

Revenue

Revenue in our lending and deposit-taking businesses is generally driven by volume growth, fees related to client transaction activity and the interest rate environment. Our wealth management businesses are driven by net sales activity impacting AUA and AUM, the level of client investment activity and market conditions. Capital markets revenue is also influenced, to a large extent, by market conditions affecting client trading, underwriting and advisory activity.

Canadian Personal and Business Banking has benefitted from loan and deposit growth through the periods presented above, driven by client growth, and deepening relationships across our client base. The elevated long-term rate environment has contributed to slower growth in loans and improved net interest margin, through wider deposit margins and favourable business mix, partially offset by compressed loan margins.

Canadian Commercial Banking and Wealth Management revenue has benefitted from commercial banking volume growth and positive investor sentiment in wealth management. In commercial banking, revenue growth has been driven by client demand that has rebounded since the third quarter of 2024. In wealth management, AUA and AUM growth and associated fee income have been helped by market appreciation, despite recent volatility. U.S. Commercial Banking and Wealth Management revenue has benefitted from AUA and AUM growth, which has been positively impacted by

market appreciation, despite recent market volatility, and stable growth in our core businesses. Deposit balances decreased in the second and third quarters of 2023, which was accompanied by a shift in deposit mix due to the interest rate environment, but average balances increased in the most recent five quarters. Loans declined in the fourth quarter of 2023 and first quarter of 2024, with a return to growth in the second quarter of 2024, although revolver usage remains low.

Capital Markets had lower trading revenue in the third and fourth quarters of 2023, and second and fourth quarters of 2024. The first quarters of 2024 and 2025 had higher trading revenue driven by robust market conditions and strong client activity. The third quarter of 2024 included a TEB reversal related to the denial of the dividends received deduction for Canadian banks, shown as an item of note.

Corporate and Other included the impact of higher net interest margins in International banking from rising interest rates until the third quarter of 2024. Starting in the second quarter of 2023, funding costs increased due to interest rate volatility, which negatively impacted Corporate and Other. The negative impact lessened as the increased funding costs were passed on to the SBUs over time. Higher revenue in the third quarter of 2024 included a TEB offset reversal related to the denial of the dividends received deduction for Canadian banks, shown as an item of note.

Provision for credit losses

Provision for credit losses is dependent upon the credit cycle, on the credit performance of the loan portfolios, and changes in our economic outlook. We have been operating in an uncertain macroeconomic environment due to elevated levels of interest rates and inflation, geopolitical events, slower economic growth and adverse impacts of potential tariffs imposed by the U.S. government. There is considerable judgment involved in the estimation of expected credit losses in the current environment.

The faster than expected pace of interest rate increases, along with rising inflation, continued supply chain disruption and the increase in global geopolitical concerns, impacted our provision for credit losses on performing loans in the third and fourth quarters of 2023. Unfavourable credit migration also impacted our provision for credit losses in all quarters in 2023, and in the first, second and third quarters of 2024. An unfavourable change in our outlook for the U.S. real estate and construction sector contributed to an increase in provision for credit losses on performing loans in the second, third and fourth quarters of 2023 and the first quarter of 2024. Uncertainty over the potential for tariffs to be imposed by the U.S. government also resulted in an allowance increase in the first quarter of 2025.

In Canadian Personal and Business Banking, provisions on impaired loans continue to trend higher as expected, due to the unfavourable macro environments for the retail portfolios.

In Canadian Commercial Banking and Wealth Management, the second and third quarters of 2023, and the third quarter of 2024 included higher provisions on impaired loans.

In U.S. Commercial Banking and Wealth Management, the provisions on impaired loans over the past two years were mainly attributable to the real estate and construction sector.

In Capital Markets, the third and fourth quarters of 2024 included higher provisions on impaired loans.

In Corporate and Other, provisions for impaired loans in International banking have remained relatively stable. The fourth quarter of 2023 and the first quarter of 2024 included provision reversals.

Non-interest expenses

Non-interest expenses have fluctuated over the period largely due to changes in employee compensation expenses, investments in strategic initiatives and movement in foreign exchange rates. The first and second quarters of 2024 included a charge related to the special assessment imposed by the FDIC, shown as an item of note. The second quarter of 2023 included a decrease in legal provisions in Corporate and Other, shown as items of note and the first quarter of 2025 included a legal provision, and the fourth quarter of 2023 included an impairment of our intangible assets, shown as an item of note.

Income taxes

Income taxes vary with changes in taxable income in the jurisdictions in which the income is earned. The third quarter of 2024 included an income tax charge related to the denial of the dividends received deduction for Canadian banks, which was shown as an item of note.

6 CIBC FIRST QUARTER 2025

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines as described below. 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, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance.

Adjusted measures

Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes and adjusted net income, in addition to the adjusted measures noted below, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP.

Prior to the third quarter of 2024, we also adjusted our SBU results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. In the third quarter of 2024, with the enactment of the denial of the dividends received deduction for Canadian banks in respect of dividends received on Canadian shares (applicable as of January 1, 2024), TEB is no longer being applied to these dividends. In addition, TEB recognized in the first and second quarters

of 2024 on impacted dividends was reversed in the third quarter of 2024. See the "Strategic business units overview" section and Note 30 to our consolidated financial statements included in our 2024 Annual Report for further details.

Adjusted diluted EPS

We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS.

Adjusted efficiency ratio

We adjust our reported revenue and non-interest expenses to remove the impact of items of note.

Adjusted operating leverage

We adjust our reported revenue and non-interest expenses to remove the impact of items of note.

Adjusted dividend payout ratio

We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted dividend payout ratio.

Adjusted return on common shareholders' equity

We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders' equity.

Adjusted effective tax rate

We adjust our reported income before income taxes and reported income taxes to remove the impact of items of note, to calculate the adjusted effective tax rate.

Pre-provision, pre-tax earnings

Pre-provision, pre-tax earnings is calculated as revenue net of non-interest expenses, and provides the reader with an assessment of our ability to generate earnings to cover credit losses through the credit cycle, as well as an additional basis for comparing underlying business performance between periods by excluding the impact of provision for credit losses, which involves the application of judgments and estimates related to matters that are uncertain and can vary significantly between periods. We adjust our pre-provision, pre-tax earnings to remove the impact of items of note to calculate the adjusted pre-provision, pre-tax earnings. As discussed above, we believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends.

Allocated common equity

Common equity is allocated to the SBUs based on the estimated amount of regulatory capital required to support their businesses (as determined for the consolidated bank pursuant to OSFI's regulatory capital requirements and internal targets). Unallocated common equity is reported in Corporate and Other. Allocating capital on this basis provides a consistent framework to evaluate the returns of each SBU commensurate with the risk assumed. For additional information, see the "Risks arising from business activities" section.

Segmented return on equity

We use return on equity on a segmented basis as one of the measures for performance evaluation and resource allocation decisions. While return on equity for total CIBC provides a measure of return on common equity, return on equity on a segmented basis provides a similar metric based on allocated common equity to our SBUs. As a result, segmented return on equity is a non-GAAP ratio. Segmented return on equity is calculated as net income attributable to common shareholders for each SBU expressed as a percentage of average allocated common equity, which is the average of monthly allocated common equity during the period.

CIBC FIRST QUARTER 2025

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