TORONTO, Dec. 4, 2025 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2025.
"We delivered record financial performance in 2025 through the consistent execution of our client-focused strategy, driving high-quality earnings growth and delivering top-tier returns for our shareholders," said Harry Culham, CIBC President and Chief Executive Officer. "In a dynamic operating environment, our proactive and disciplined approach to managing our business, our resilient capital position and our deep client relationships supported robust growth while maintaining strong credit quality.
Thanks to our CIBC team, in 2025 we continued our strong net client growth, improved our excellent client experience scores and furthered our connected culture across our bank to create value for all our stakeholders. We enter the new fiscal year with continuity in our strategy and a shared vision for accelerating its execution by sharpening client focus and connectivity, driving efficiencies through modernization and elevating our emphasis on human capital. Our CIBC team remains committed to our purpose to help make your ambition a reality as we serve our clients, support our community and build on the clear momentum we've established at CIBC," added Mr. Culham.
Fourth quarter highlights
Q4/25
Q4/24
Q3/25
YoYVariance
QoQVariance
Revenue
$7,576 million
$6,617 million
$7,254 million
+14 %
+4 %
Reported Net Income
$2,180 million
$1,882 million
$2,096 million
+16 %
+4 %
Adjusted Net Income (1)
$2,188 million
$1,889 million
$2,104 million
+16 %
+4 %
Adjusted pre-provision, pre-tax earnings (1)
$3,408 million
$2,835 million
$3,289 million
+20 %
+4 %
Reported Diluted Earnings Per Share (EPS)
$2.20
$1.90
$2.15
+16 %
+2 %
Adjusted Diluted EPS (1)
$2.21
$1.91
$2.16
+16 %
+2 %
Reported Return on Common Shareholders' Equity (ROE) (2)
14.1 %
13.3 %
14.2 %
Adjusted ROE (1)
14.1 %
13.4 %
14.2 %
Net interest margin on average interest-earnings assets (2)(3)
1.59 %
1.50 %
1.58 %
Net interest margin on average interest-earnings assets (excluding trading) (2)(3)
2.00 %
1.86 %
1.94 %
Common Equity Tier 1 (CET1) Ratio (4)
13.3 %
13.3 %
13.4 %
CIBC's results for the fourth quarter of 2025 were affected by the following item of note aggregating to a negative impact of $0.01 per share:
$11 million ($8 million after-tax) amortization and impairment of acquisition-related intangible assets.
For the year ended October 31, 2025, CIBC reported net income of $8.5 billion and adjusted net income(1) of $8.5 billion, compared with reported net income of $7.2 billion and adjusted net income(1) of $7.3 billion for 2024, and adjusted pre-provision, pre-tax earnings(1) of $13.3 billion, compared with $11.3 billion for 2024.
(1)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 14 to 18; and adjusted pre-provision, pre-tax earnings on page 19.
(2)
For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
(3)
Average balances are calculated as a weighted average of daily closing balances.
(4)
Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" section of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.
Core business performanceF2025 Financial Highlights
(C$ million)
F2025
F2024
YoY Variance
Canadian Personal and Business Banking (1)
Reported Net Income
$3,107
$2,905
up 7%
Adjusted Net Income (2)
$3,127
$2,924
up 7%
Pre-provision, pre-tax earnings (2)
$5,964
$5,236
up 14%
Adjusted pre-provision, pre-tax earnings (2)
$5,991
$5,262
up 14%
Canadian Commercial Banking and Wealth Management (1)
Reported Net Income
$2,341
$2,063
up 13%
Adjusted Net Income (2)
$2,341
$2,063
up 13%
Pre-provision, pre-tax earnings (2)
$3,380
$2,952
up 14%
Adjusted pre-provision, pre-tax earnings (2)
$3,380
$2,952
up 14%
U.S. Commercial Banking and Wealth Management (1)
Reported Net Income
$958
$500
up 92%
Adjusted Net Income (2)
$971
$599
up 62%
Pre-provision, pre-tax earnings (2)
$1,355
$1,102
up 23%
Adjusted pre-provision, pre-tax earnings (2)
$1,373
$1,235
up 11%
Capital Markets (1)
Reported Net Income
$2,273
$1,629
up 40%
Adjusted Net Income (2)
$2,273
$1,629
up 40%
Pre-provision, pre-tax earnings (2)
$3,293
$2,321
up 42%
Adjusted pre-provision, pre-tax earnings (2)
$3,293
$2,321
up 42%
Strong fundamentalsWhile investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2025, CIBC maintained its capital strength and sound risk management practices:
Capital ratios were strong, with a CET1 ratio(3) of 13.3% as noted above, and Tier 1(3) and Total capital ratios(3) of 15.1% and 17.4%, respectively, at October 31, 2025;
Market risk, as measured by average Value-at-Risk, was $11.4 million in 2025 compared with $11.0 million in 2024;
We continued to have solid credit performance, with a loan loss ratio(4) of 33 basis points compared with 32 basis points in 2024;
Liquidity Coverage Ratio (LCR)(3) was 132% for the three months ended October 31, 2025; and
Leverage Ratio(3) was 4.3% at October 31, 2025.
CIBC announced an increase in its quarterly common share dividend from $0.97 per share to $1.07 per share for the quarter ending January 31, 2026.
Credit qualityProvision for credit losses was $605 million for the fourth quarter, up $186 million or 44% from the same quarter last year. Provision for credit losses on performing loans was up due to an unfavourable change in the economic outlook in Canada and unfavourable credit migration in the current quarter and favourable model parameter updates in the same quarter last year. Offsetting these increases, the same quarter last year included an unfavourable change in economic outlook in the U.S. compared to a favourable change in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in all strategic business units (SBUs), except U.S. Commercial Banking and Wealth Management.
(1)
Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
(3)
Our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.
(4)
For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
Key highlights across our bank in 2025 included:
Achieved record-high net promoter scores for Personal Banking and Imperial Service and maintained strong net promoter scores in Commercial Banking, Private Banking and Wood Gundy, reflecting the confidence, loyalty and satisfaction that sets us apart as a trusted partner for our clients.
Launched a new, innovative, no annual fee CIBC Adapta Mastercard that automatically adapts to spending practices and rewards more for everyday purchases.
Established a new tiered Smart Account, which offers clients up to three accounts with unlimited transactions, enhanced benefits and rewards, and automatic tier upgrades as they deepen their relationship with CIBC.
Launched Real-Time Experience (CIBC CRTeX), an AI-enabled client personalization and engagement engine to further our industry-leading digital capabilities and enhance banking experiences.
Achieved strong year-over-year growth in commercial loans and deposits through proactive engagement and tailored solutions.
Continued delivering industry-leading advice and capital markets solutions by expanding our capabilities and expertise, securing a market share of 14.2% among Strategic and Focus clients in Canada, while maintaining leading growth, productivity, efficiency, and returns versus peers.
First major Canadian bank to sign the Government of Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems
Recognized by Global Finance for the third consecutive year as the Best Investment Bank in Canada and for our leadership in environmental and social sustainability financing, receiving three sustainable finance awards from Global Finance, including Best Sustainable Finance Bank in Canada.
Ranked #6 Registered Investment Advisor in Barron's Top 100 RIA Firms list; remaining in the top 10 for the sixth consecutive year.
Making a difference in our communitiesAt 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:
The 34th annual Canadian Cancer Society CIBC Run for the Cure took place bringing together 60,000 participants and volunteers, including more than 14,000 Team CIBC members at more than 50 sites across Canada. This year, over $18 million was raised, with Team CIBC contributing $3.1 million.
To support hurricane relief efforts in Jamaica and other Caribbean islands impacted by Hurricane Melissa, CIBC committed $100,000 to the CIBC Caribbean ComTrust Foundation and launched a relief fund for CIBC team members, clients and the public to add their support.
CIBC donated US$25,000 to Chicago White Sox Charities in support of Childhood Cancer Awareness Day, presented by CIBC. In collaboration with non-profit partners, the White Sox invited local families impacted by pediatric cancer to participate in special activities before and during the day's game.
Fourth quarter financial highlights
As at or for the
As at or for the
three months ended
twelve months ended
2025
2025
2024
2025
2024
Unaudited
Oct. 31
Jul. 31
Oct. 31
Oct. 31
Oct. 31
Financial results ($ millions)
Net interest income
$
4,132
$
4,048
$
3,633
$
15,769
$
13,695
Non-interest income
3,444
3,206
2,984
13,364
11,911
Total revenue
7,576
7,254
6,617
29,133
25,606
Provision for credit losses
605
559
419
2,342
2,001
Non-interest expenses
4,179
3,976
3,791
15,852
14,439
Income before income taxes
2,792
2,719
2,407
10,939
9,166
Income taxes
612
623
525
2,485
2,012
Net income
$
2,180
$
2,096
$
1,882
$
8,454
$
7,154
Net income attributable to non-controlling interests
6
2
8
25
39
Preferred shareholders and other equity instrument holders
116
82
72
364
263
Common shareholders
2,058
2,012
1,802
8,065
6,852
Net income attributable to equity shareholders
$
2,174
$
2,094
$
1,874
$
8,429
$
7,115
Financial measures
Reported efficiency ratio (1)
55.2
%
54.8
%
57.3
%
54.4
%
56.4
%
Reported operating leverage (1)
4.2
%
1.9
%
3.0
%
4.0
%
9.1
%
Loan loss ratio (1)
0.34
%
0.33
%
0.30
%
0.33
%
0.32
%
Reported return on common shareholders' equity (1)(2)
14.1
%
14.2
%
13.3
%
14.3
%
13.4
%
Net interest margin (1)
1.47
%
1.46
%
1.40
%
1.43
%
1.36
%
Net interest margin on average interest-earning assets (1)(3)
1.59
%
1.58
%
1.50
%
1.55
%
1.47
%
Return on average assets (1)(3)
0.77
%
0.75
%
0.72
%
0.77
%
0.71
%
Return on average interest-earning assets (1)(3)
0.84
%
0.82
%
0.78
%
0.83
%
0.77
%
Reported effective tax rate
21.9
%
22.9
%
21.8
%
22.7
%
21.9
%
Common share information
Per share ($)
- basic earnings
$
2.21
$
2.16
$
1.91
$
8.62
$
7.29
- reported diluted earnings
2.20
2.15
1.90
8.57
7.28
- dividends
0.97
0.97
0.90
3.88
3.60
- book value (1)
62.33
60.18
57.08
62.33
57.08
Closing share price ($)
116.21
99.03
87.11
116.21
87.11
Shares outstanding (thousands)
- weighted-average basic
928,805
932,258
944,283
935,374
939,352
- weighted-average diluted
935,115
937,518
948,609
940,675
941,712
- end of period
926,614
929,451
942,295
926,614
942,295
Market capitalization ($ millions)
$
107,682
$
92,044
$
82,083
$
107,682
$
82,083
Value measures
Total shareholder return
18.38
%
15.05
%
23.33
%
39.05
%
87.56
%
Dividend yield (based on closing share price)
3.3
%
3.9
%
4.1
%
3.3
%
4.1
%
Reported dividend payout ratio (1)
43.8
%
44.9
%
47.2
%
45.0
%
49.4
%
Market value to book value ratio
1.86
1.65
1.53
1.86
1.53
Selected financial measures, adjusted (4)
Adjusted efficiency ratio
55.0
%
54.7
%
57.2
%
54.3
%
55.8
%
Adjusted operating leverage
4.3
%
1.7
%
1.8
%
3.1
%
1.2
%
Adjusted return on common shareholders' equity (2)
14.1
%
14.2
%
13.4
%
14.4
%
13.7
%
Adjusted effective tax rate
22.0
%
22.9
%
21.8
%
22.7
%
22.0
%
Adjusted diluted earnings per share ($)
$
2.21
$
2.16
$
1.91
$
8.61
$
7.40
Adjusted dividend payout ratio
43.6
%
44.7
%
47.0
%
44.8
%
48.5
%
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities
$
327,238
$
330,184
$
302,409
$
327,238
$
302,409
Loans and acceptances, net of allowance for credit losses
589,504
581,644
558,292
589,504
558,292
Total assets
1,116,938
1,102,255
1,041,985
1,116,938
1,041,985
Deposits
808,124
792,672
764,857
808,124
764,857
Common shareholders' equity (1)
57,760
55,930
53,789
57,760
53,789
Average assets (3)
1,118,611
1,103,447
1,035,847
1,104,285
1,005,133
Average interest-earning assets (1)(3)
1,029,235
1,015,107
961,151
1,015,644
929,604
Average common shareholders' equity (1)(3)
57,896
56,289
53,763
56,321
51,025
Assets under administration (AUA) (1)(5)(6)
3,998,199
3,965,501
3,600,069
3,998,199
3,600,069
Assets under management (AUM) (1)(6)
430,982
402,901
383,264
430,982
383,264
Balance sheet quality and liquidity measures (7)
Risk-weighted assets (RWA) ($ millions)
$
357,803
$
347,712
$
333,502
$
357,803
$
333,502
CET1 ratio
13.3
%
13.4
%
13.3
%
13.3
%
13.3
%
Tier 1 capital ratio
15.1
%
15.3
%
14.8
%
15.1
%
14.8
%
Total capital ratio
17.4
%
17.6
%
17.0
%
17.4
%
17.0
%
Leverage ratio
4.3
%
4.3
%
4.3
%
4.3
%
4.3
%
Total loss absorbing capacity (TLAC) ratio
31.9
%
32.9
%
30.3
%
31.9
%
30.3
%
TLAC leverage ratio
9.0
%
9.2
%
8.7
%
9.0
%
8.7
%
LCR (8)
132
%
127
%
129
%
n/a
n/a
Net stable funding ratio (NSFR)
116
%
115
%
115
%
116
%
115
%
Other information
Full-time equivalent employees
49,824
49,761
48,525
49,824
48,525
(1)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Annualized.
(3)
Average balances are calculated as a weighted average of daily closing balances.
(4)
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.
(5)
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 $3,117.4 billion (July 31, 2025: $3,130.1 billion; October 31, 2024: $2,814.6 billion).
(6)
AUM amounts are included in the amounts reported under AUA.
(7)
RWA and our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.
(8)
Average for the three months ended for each respective period.
n/a
Not applicable.
Review of Canadian Personal and Business Banking fourth quarter results
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
(1)
Revenue
$
3,188
$
3,061
$
2,842
Provision for (reversal of) credit losses
Impaired
340
361
292
Performing
163
83
(12)
Total provision for credit losses
503
444
280
Non-interest expenses
1,612
1,517
1,463
Income before income taxes
1,073
1,100
1,099
Income taxes
277
288
307
Net income
$
796
$
812
$
792
Net income attributable to:
Equity shareholders
$
796
$
812
$
792
Total revenue
Net interest income
$
2,572
$
2,459
$
2,239
Non-interest income (2)
616
602
603
$
3,188
$
3,061
$
2,842
Net interest margin on average interest-earning assets (3)
3.02
%
2.91
%
2.69
%
Efficiency ratio
50.6
%
49.6
%
51.5
%
Operating leverage
2.0
%
7.3
%
3.0
%
Return on equity (4)
25.3
%
25.9
%
26.0
%
Average allocated common equity (4)
$
12,473
$
12,458
$
12,142
Full-time equivalent employees
13,827
13,800
13,757
Net income for the quarter was $796 million, up $4 million from the fourth quarter of 2024, due to higher revenue, partially offset by a higher provision for credit losses and higher expenses. Adjusted pre-provision, pre-tax earnings(4) were $1,583 million, up $198 million from the fourth quarter of 2024.
Revenue of $3,188 million was up $346 million from the fourth quarter of 2024, primarily due to higher net interest income, mainly from higher margins and volume growth.
Net interest margin on average interest-earning assets was up 33 basis points, mainly due to higher deposit and loan margins, and a favourable business mix.
Provision for credit losses of $503 million was up $223 million from the fourth quarter of 2024, due to a higher provision for credit losses on both performing and impaired loans.
Non-interest expenses of $1,612 million were up $149 million from the fourth quarter of 2024, mainly due to higher spending on technology and other strategic initiatives, and higher employee compensation.
(1)
Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(3)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
Review of Canadian Commercial Banking and Wealth Management fourth quarter results
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
(1)
Revenue
Commercial banking
$
694
$
679
$
637
Wealth management
1,142
1,044
965
Total revenue
1,836
1,723
1,602
Provision for (reversal of) credit losses
Impaired
40
25
19
Performing
12
(4)
5
Total provision for credit losses
52
21
24
Non-interest expenses
957
879
823
Income before income taxes
827
823
755
Income taxes
224
225
204
Net income
$
603
$
598
$
551
Net income attributable to:
Equity shareholders
$
603
$
598
$
551
Total revenue
Net interest income
$
784
$
751
$
676
Non-interest income (2)
1,052
972
926
$
1,836
$
1,723
$
1,602
Net interest margin on average interest-earning assets (3)
2.96
%
2.89
%
2.80
%
Efficiency ratio
52.2
%
51.0
%
51.4
%
Operating leverage
(1.8)
%
2.2
%
(3.9)
%
Return on equity (4)
23.6
%
23.8
%
22.7
%
Average allocated common equity (4)
$
10,116
$
9,977
$
9,632
Full-time equivalent employees
6,190
6,155
5,879
Net income for the quarter was $603 million, up $52 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(4) were $879 million, up $100 million from the fourth quarter of 2024.
Revenue of $1,836 million was up $234 million from the fourth quarter of 2024, driven mainly by higher fee-based revenue from higher AUA and AUM balances as a result of market appreciation, higher commission revenue from increased client activity, and higher net interest income in wealth management. Revenue in commercial banking was higher compared to the prior year, mainly due to volume growth and favourable margins.
Net interest margin on average interest-earning assets was up 16 basis points, primarily due to favourable economic rates and volume growth in deposits.
Provision for credit losses of $52 million was up $28 million from the fourth quarter of 2024, due to higher provisions on both performing and impaired loans.
Non-interest expenses of $957 million were up $134 million from the fourth quarter of 2024, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
(1)
Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(3)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
(1)
Revenue
Commercial banking
$
564
$
554
$
513
Wealth management
246
236
220
Total revenue
810
790
733
Provision for (reversal of) credit losses
Impaired
40
57
84
Performing
(73)
(40)
(1)
Total provision for (reversal of) credit losses
(33)
17
83
Non-interest expenses
500
450
415
Income before income taxes
343
323
235
Income taxes
68
69
35
Net income
$
275
$
254
$
200
Net income attributable to:
Equity shareholders
$
275
$
254
$
200
Total revenue
Net interest income
$
559
$
548
$
506
Non-interest income
251
242
227
$
810
$
790
$
733
Net interest margin on average interest-earning assets (2)
3.84
%
3.78
%
3.63
%
Efficiency ratio
61.8
%
57.0
%
56.7
%
Return on equity (3)
9.7
%
9.0
%
7.3
%
Average allocated common equity (3)
$
11,200
$
11,200
$
10,896
Full-time equivalent employees
3,189
3,196
3,005
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
(1)
Revenue
Commercial banking
$
406
$
404
$
377
Wealth management
178
172
161
Total revenue
584
576
538
Provision for (reversal of) credit losses
Impaired
29
42
61
Performing
(53)
(28)
-
Total provision for (reversal of) credit losses
(24)
14
61
Non-interest expenses
360
327
304
Income before income taxes
248
235
173
Income taxes
49
49
26
Net income
$
199
$
186
$
147
Net income attributable to:
Equity shareholders
$
199
$
186
$
147
Total revenue
Net interest income
$
403
$
399
$
371
Non-interest income
181
177
167
$
584
$
576
$
538
Operating leverage
(9.8)
%
0.9
%
1.6
%
Net income for the quarter was $275 million (US$199 million), up $75 million (up US$52 million) from the fourth quarter of 2024, due to higher revenue and a reversal of credit losses, partially offset by higher expenses. Adjusted pre-provision, pre-tax earnings(3) were $314 million (US$227 million), down $7 million (down US$9 million) from the fourth quarter of 2024.
Revenue of US$584 million was up US$46 million from the fourth quarter of 2024, primarily due to higher deposit and loan volumes, higher deposit margins, and higher asset management fees from higher average AUM balances, partially offset by lower loan margins.
Net interest margin on average interest-earning assets was up 21 basis points primarily due to favourable business mix and higher deposit margins, partially offset by lower loan margins.
Reversal of credit losses of US$24 million in the current quarter compared with a provision for credit losses of US$61 million in the same quarter last year, due to a performing provision release in the current quarter and lower impaired provisions.
Non-interest expenses of US$360 million were up US$56 million from the fourth quarter of 2024, primarily due to higher employee compensation, branch closure expenses and higher spending on strategic initiatives.
(1)
Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(3)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
Review of Capital Markets fourth quarter results
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
(1)
Revenue
Global markets
$
911
$
930
$
717
Corporate and investment banking
612
576
438
Total revenue
1,523
1,506
1,155
Provision for credit losses
Impaired
71
37
21
Performing
6
39
10
Total provision for credit losses
77
76
31
Non-interest expenses
710
721
652
Income before income taxes
736
709
472
Income taxes
188
169
126
Net income
$
548
$
540
$
346
Net income attributable to:
Equity shareholders
$
548
$
540
$
346
Efficiency ratio
46.6
%
47.9
%
56.5
%
Operating leverage
23.0
%
27.3
%
3.9
%
Return on equity (2)
20.1
%
20.7
%
14.9
%
Average allocated common equity (2)
$
10,828
$
10,349
$
9,281
Full-time equivalent employees
2,011
2,034
1,858
Net income for the quarter was $548 million, up $202 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $310 million or 62% from the fourth quarter of 2024.
Revenue of $1,523 million was up $368 million from the fourth quarter of 2024. In global markets, revenue increased due to higher equity trading, financing, fixed income, and commodities trading revenue. In corporate and investment banking, higher corporate banking revenue and higher debt underwriting and advisory activity were partially offset by lower equity underwriting activity.
Provision for credit losses of $77 million was up $46 million from the fourth quarter of 2024, due to a higher provision on impaired loans.
Non-interest expenses of $710 million were up $58 million from the fourth quarter of 2024, primarily due to higher spend on technology and other strategic initiatives, and higher employee-related compensation, partially offset by lower performance-based compensation.
Review of Corporate and Other fourth quarter results
2025
2025
2024
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
International banking
$
242
$
163
$
239
Other
(23)
11
46
Total revenue
219
174
285
Provision for credit losses
Impaired
6
1
1
Performing
-
-
-
Total provision for credit losses
6
1
1
Non-interest expenses
400
409
438
Loss before income taxes
(187)
(236)
(154)
Income taxes
(145)
(128)
(147)
Net loss
$
(42)
$
(108)
$
(7)
Net income (loss) attributable to:
Non-controlling interests
$
6
$
2
$
8
Equity shareholders
(48)
(110)
(15)
Full-time equivalent employees (3)
24,607
24,576
24,026
Net loss for the quarter was $42 million, compared with a net loss of $7 million for the fourth quarter of 2024, due to lower revenue, partially offset by lower expenses. Adjusted pre-provision, pre-tax losses(2) were up $28 million or 18% from the fourth quarter of 2024.
Revenue was down $66 million from the fourth quarter of 2024, due to lower treasury revenue, partially offset by higher revenue from strategic investments.
The current quarter included a provision for credit losses of $6 million, while the fourth quarter of 2024 included a provision for credit losses of $1 million.
Non-interest expenses of $400 million were down $38 million from the fourth quarter of 2024, primarily due to lower corporate costs.
Income tax benefit was down $2 million from the fourth quarter of 2024.
(1)
Certain prior year information has been restated. For additional information, see the "External reporting changes" section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
(3)
Includes full-time equivalent employees for which the expenses are allocated to the business lines within the SBUs. The majority of the full-time equivalent employees for functional and support costs of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU.
Consolidated balance sheet
$ millions, as at October 31
2025
2024
ASSETS
Cash and non-interest-bearing deposits with banks
$
12,379
$
8,565
Interest-bearing deposits with banks
31,624
39,499
Securities
283,235
254,345
Cash collateral on securities borrowed
21,697
17,028
Securities purchased under resale agreements
86,695
83,721
Loans
Residential mortgages
287,033
280,672
Personal
47,866
46,681
Credit card
21,581
20,551
Business and government (1)
237,416
214,305
Allowance for credit losses
(4,392)
(3,917)
589,504
558,292
Other
Derivative instruments
38,352
36,435
Property and equipment
3,443
3,359
Goodwill
5,475
5,443
Software and other intangible assets
2,894
2,830
Investments in equity-accounted associates and joint ventures
808
785
Deferred tax assets
1,027
821
Other assets
39,805
30,862
91,804
80,535
Total assets
$
1,116,938
$
1,041,985
LIABILITIES AND EQUITY
Deposits
Personal
$
258,139
$
252,894
Business and government
457,284
435,499
Bank
26,723
20,009
Secured borrowings
65,978
56,455
808,124
764,857
Obligations related to securities sold short
24,244
21,642
Cash collateral on securities lent
6,031
7,997
Obligations related to securities sold under repurchase agreements
130,042
110,153
Other
Derivative instruments
41,411
40,654
Deferred tax liabilities
47
49
Other liabilities (1)
34,807
30,161
76,265
70,864
Subordinated indebtedness
7,819
