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Cibc Tax Free Savings Account Interest Rate – TORONTO, Feb. 25, 2022 /CNW/ – (TSX: CM) (NYSE: CM) today announced financial results for the first quarter ended January 31, 2022.

“During the first quarter, continued execution of our strategy and continued investment in our bank enabled us to achieve strong financial results,” said Victor G. Dodig, president and chief operating officer. “Our close-knit and collaborative team is our goal to help meet our clients’ daily goals, attract new business to our bank, improve existing relationships, and strengthen our processes.” power that drives the growth of all of our businesses.” Our time is clear and long-term growth, we continue to invest in our technology and our skills to create a modern and unique experience for our customers and our team, and make things Our resources work to make a positive change for our stakeholders as we contribute to a sustainable, inclusive future”.

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First quarter 2022 results were impacted by the following consolidated notes with a negative impact of $0.05 per share:

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Was 12.2% on January 31, 2022, compared to 12.4% at the end of the previous quarter. leverage ratio of

Core business performance Canadian Personal and Business Banking reported net income of $687 million for the first quarter, up $35 million or 5% from the first quarter last year, primarily due to higher revenues, in part due to large expenses and due to loss of loans. . pre-book, pre-tax income

Was $1,044 million, up $105 million from last year’s first quarter, primarily due to higher revenue from volume growth and higher cash flow, partially offset by higher expenses.

Canadian commercial banking and wealth management reported earnings of $462 million for the first quarter, up $108 million or 31% from last year’s first quarter, primarily due to higher revenue, and -remove low income from high expenses. pre-book, pre-tax income

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Revenue was $624 million, up $108 million from last year’s quarter, primarily due to strong volume growth and higher revenue in the commercial bank, while wealth management revenue was a significant increase. and the balance of assets is enhanced by market appreciation, net sales and marketing. benefit from increased levels of investment activity by clients. The reason for the high payout is primarily revenue-based compensation reflecting good business results and investment in strategic initiatives.

US Commercial Banking and Wealth Management reported revenue of $226 million ($178 million) in the first quarter, an increase of $38 million ($32 million) in the first quarter last year, primarily due to higher income and credit due to lower a loss. , paying more with higher expenses. pre-book, pre-tax income

Higher income was $ 308 million ($ 242), up $ 10 million ($ 10 million) from the previous year’s quarter, which is due to volume growth and higher costs, due to higher employee costs.

Capital Markets reported revenue of $543 million for the first quarter, up $50 million or 10% from the first quarter of last year, which was primarily due to higher revenues and changes in loan portfolios, is compensated by higher prices paid. pre-book, pre-tax income

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Higher revenues from our global marketing, corporate and investment banking operations increased $56 million, or 9%, in the first quarter of last year, accounting for high of a small part.

For more information on the structure of these specific financial measures, see the “Important Quarterly Financial Highlights” section of our report to shareholders for the first quarter of 2022.

Transaction and participation costs include direct costs and other costs incurred as part of the planning and execution of the Canada Costco credit card application, including the granting of franchise opportunities, improvements and changes in processes and procedures, service delivery and communication costs including .

Credit quality reporting for credit losses was $75 million, a decrease of $72 million, or 49%, from the same quarter last year. Provisions for performance credits were changed in the quarter of last year due to positive changes in the general economic outlook from a higher level. Allowance for bad loans is lower due to lower net losses across all relevant business segments.

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The division of products subject to the approval of the dealers in February 2022, the Board of Directors approved the division of two products for the group issued and outstanding, which will be implemented through an amendment to the law of . The distribution of this stock is subject to stockholder approval at the annual and special meeting of stockholders to be held on April 7, 2022, and at the request of the Toronto Stock Exchange and the New York Stock Exchange. If the stock exchange is approved by the shareholders and implemented by the Board, each shareholder at the close of business on May 6, 2022 (record date) will receive one additional share on May 13, 2022 ( payment date) for each. he did. Limits held on record date.

Non-GAAP Measures We use several financial measures to measure the performance of our business lines, as described below. Some measures are calculated according to GAAP (International Financial Reporting Standards), while other measures do not have standardized interpretations under GAAP, therefore, these measures may not be comparable to similar measures used by other companies. used. Investors may find these non-GAAP measures, including non-GAAP financial measures and non-GAAP figures, as described in National Instrument 52-112, Presentation of Non-GAAP and other financial measures, useful in relation to how management views the core business operations.

Management evaluates the results and the process that is reported and changed and believes that both are valuable indicators of performance. Adjusted measures, including items from net income, adjusted for credit losses, non-interest expense adjustments, income before income taxes, adjusted net income and pre-book papers, pre-tax, disposal included. Results reported to calculate our adjusted score. Adjusted measures represent non-GAAP measures.

Certain additional disclosures regarding these specific financial measures are incorporated by reference and can be found in the “Non-GAAP Materials” section of our report to shareholders for the first quarter of 2022, which is available on SEDAR at www.sedar.com.

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The following table provides a restatement of GAAP (reported) non-GAAP (adjusted) results by segment.

Total result excluding equity adjustment (TEB) of $59 million (31 October 2021: $48 million; 31 January 2021: $54 million). Our operating efficiency is calculated in TEB.

We believe that ambition should not be limited. We dedicate our time and resources to breaking down barriers and aspirations and showing that when we come together, we create positive change that helps our community thrive. This quarter we:

This news release was reviewed by company officials prior to publication. The president and chief executive officer (CEO) and the chief financial officer (CFO) management and processes support the authority to prepare financial statements and management and processes for the first quarter. The CEO and CFO voluntarily moved to the US. Provide the Securities and Exchange Commission with a certificate of financial information for the first quarter, including the interim consolidated financial statements, and provide the same certificate with the Canadian Securities Regulatory Commission.

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All amounts are in Canadian dollars and are based on financial statements prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted.

Note that forward-looking statements From time to time, we make written or oral statements regarding the interpretation of certain privacy laws, including this news release, such as those Canadian securities regulator or US Securities and Exchange Commission of India requirements. Additional filings with the Securities and Exchange Commission are included. In other reports to shareholders and in other communications. All such statements are made pursuant to the “safe harbor” provisions and are intended to be forward-looking statements under Canadian and US securities laws, including the US Private Securities Litigation Reform Act of 1995. Forward-looking statements such as “believe,” “anticipate,” “plan,” “intend,” “anticipate,” “plan,” “intend,” “goal” and others are similar or in the future or the mood of the verb as. things are “will”, “should”, “will” and “maybe”. By their nature, these statements require us to make assumptions and are subject to various risks and uncertainties that may be general or specific. Given the ongoing impact of the coronavirus disease (COVID-19) on the global economy, financial markets and our business, results of operations, reputation and financial condition, there is greater uncertainty associated with our outlook than in the past. Various factors, many of which are beyond our control, affect our operations, performance and results and could cause results to differ materially from the expectations expressed in the forward-looking statements. we hope. These include: the emergence, continuation or escalation of a public health emergency, such as the COVID-19 pandemic, and any related government policies and actions; credit, marketing, liquidity, strategy, insurance, operations, reputation, conduct and legal, regulatory and environmental risks; Currency and interest rate fluctuations, including market and oil prices; the effectiveness and extent of our risk management and audit models and procedures; Legal or regulatory developments in the areas where we operate, including the Organization for Economic Co-operation and Development Standards Reporting Common and Regulatory

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