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CIBC Announces First Quarter 2011 Results

Results for the first quarter of 2011 were affected by the following two items netting to a negative impact of $0.03 per share:

Net income of $799 million for the first quarter compared with net income of $500 million for the prior quarter. Diluted EPS and cash diluted EPS of $1.92 and $1.94(1), respectively, for the first quarter compared with diluted EPS and cash diluted EPS of $1.17 and $1.19(1), respectively, for the prior quarter, which included items of note aggregating to a negative impact of $0.49 per share.

CIBC's Tier 1 and Tangible Common Equity ratios at January 31, 2011 were 14.3% and 10.2%, respectively, up from 13.9% and 9.9%, respectively, at October 31, 2010.

In December 2010, the Basel Committee on Banking Supervision (BCBS) announced new regulatory capital requirements for global banks. In February 2011, Canada's regulator, the Office of the Superintendent of Financial Institutions (OSFI), issued advisories confirming the adoption of these requirements in Canada and clarifying the treatment of non-qualifying capital instruments.

Based on CIBC's understanding of the OSFI advisories, CIBC expects to exceed the new requirements ahead of the implementation timelines that have been proposed by the BCBS and confirmed by OSFI, while continuing to invest for future growth.

"CIBC delivered strong results this quarter, with broad-based performance across our core businesses in Retail Markets and Wholesale Banking," says Gerry McCaughey, CIBC President and Chief Executive Officer. "Our strong earnings growth contributed to the further strengthening of our capital position."

Core business performance

CIBC Retail Markets reported net income of $627 million for the first quarter, up $100 million from the same quarter last year.

Revenue of $2.5 billion was up 6% from the first quarter of 2010, primarily due to volume growth in all of our Canadian businesses - personal banking, business banking and wealth management.

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