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CIBC ANNOUNCES SECOND QUARTER 2010 RESULTS
Toronto, ON — May 27, 2010 — CIBC (CM: TSX; NYSE) announced net income of $660 million
for the second quarter ended April 30, 2010, compared to a net loss of $51 million for the same
period last year. Diluted earnings per share were $1.59, compared to a loss per share of $0.24 a
year ago. Cash diluted EPS were $1.61 1 , compared to a cash diluted loss per share of $0.21 1 a
CIBC’s Tier 1 and total capital ratios at April 30, 2010 were 13.7% and 18.8%, respectively, and
the efficiency ratio for the quarter was 57.5%.
Results for the second quarter of 2010 were affected by the following items aggregating to a
positive impact of $0.15 per share:
Net income for the prior quarter was $652 million compared with net income of $660 million for
the second quarter. Diluted EPS and cash diluted EPS for the second quarter of 2010 compared
with diluted EPS of $1.58 and cash diluted EPS of $1.60 1 , respectively, for the prior quarter, which
included items of note that aggregated to a negative impact of $0.05 per share.
Core business performance
CIBC Retail Markets reported net income of $487 million. Total revenue of $2.3 billion was up 5%
from the second quarter of 2009. Personal banking revenue of $1.5 billion was up 11% from the
second quarter of 2009, business banking revenue of $324 million was up 8% and wealth
management revenue of $345 million was up 16%.
Credit quality continued to improve during the second quarter. Provision for credit losses of
$334 million was down from $365 million in the prior quarter, representing the lowest level of
provisions since the second quarter of 2009. The decline was primarily due to lower bankruptcies
and write-offs in credit cards.
“Our core Canadian retail operations performed well this quarter, delivering our strongest level
of revenue growth in the past 10 quarters,” says Gerry McCaughey, CIBC President and Chief
Executive Officer. “Our results this qu