Table of Contents
Report to Shareholders for the Second Quarter , 2010
www.cibc.com May 27, 2010
Report of the President and Chief Executive Officer
Overview of results
CIBC 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 year ago.
CIBC’s Tier 1 and total capital ratios at April 30, 2010 were 13.7% and 18.8%, respectively, and
our 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
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 quarte