2		外部報告 變化
2		概述
2		我們的戰略
2		針對目標的績效
4		財務摘要
5		經濟和市場環境
5		回顧年份--2024年
5		2025年日曆年展望
6		重大事件

6		財務業績概述
6		2024年財務業績回顧
7		淨利息收入和毛利
7		非利息 收入
8		交易收入(TEB)
8		信貸損失準備金
9		非利息 費用
9		稅費
10		外匯
10		第四季度回顧
11		季度趨勢分析
12		2023年財務業績回顧
14		非公認會計原則措施

21		戰略業務部門概述
22		加拿大個人和商業銀行
24		加拿大商業銀行和财富管理
27		美國商業銀行和财富管理
30		資本市場和直接金融服務
33		公司和其他
34		財務狀況
34		精簡合併資產負債表審查
35		資本管理
43		失衡 紙張排列

45		風險管理
85		會計及管制事宜
85		關鍵會計政策和估算
89		會計發展動態
89		其他國家監管機構的發展
90		關聯方交易
90		關於股東核數師服務範圍的政策
90		控制和程序
91		補充年度財務信息
97		詞彙表

我們不時會在某些證券法定義的範圍內做出書面或口頭的前瞻性聲明，包括在本年度報告、在提交給加拿大證券監管機構或美國證券交易委員會的其他文件中以及在其他通信中。所有此類陳述均根據加拿大和美國適用的證券法(包括1995年美國私人證券訴訟改革法)的「安全港」條款作出，均爲前瞻性陳述。這些陳述包括但不限於「總裁和首席執行官的信息」、「概述-對照目標的業績」、「經濟和市場環境-2025年展望」、「重大事件」、「財務業績概覽-稅收」、「戰略業務單位概覽-加拿大個人和商業銀行業務」、「戰略業務單位概覽-加拿大商業銀行和财富管理」、「戰略業務單位概覽-美國商業銀行和财富管理」、「戰略業務單位概覽-資本市場和直接金融服務」，「財務狀況--資本管理」、“財務狀況--表安排「、」風險管理--風險概述「、」風險管理--頂級風險和新出現的風險「、」風險--信用風險的管理「、」風險--市場風險的管理「、」風險--流動性風險的管理「、」會計和控制事項--關鍵的會計政策和估計「、」會計和控制事項--會計的發展「、」會計和控制事項--其他監管的發展「和」會計和控制事項--控制和程序“，以及關於我們的業務、業務線、財務狀況、風險管理、優先事項、目標和可持續性承諾(包括排放和我們的環境、社會和治理(ESG)相關活動)、持續的目標、戰略、我們所處的監管環境以及對2025年曆年及以後各時期的展望。前瞻性陳述通常由「相信」、「預期」、「預期」、「打算」、「估計」、「預測」、「目標」、「預測」、「承諾」、「雄心」、「目標」、「努力」、「項目」、「目標」以及其他類似的表達或未來或條件動詞來識別，如「將」、「可能」、「應該」、「將」和「可能」。就其性質而言，這些陳述要求我們做出假設，包括本報告「經濟和市場環境--2025年日曆年展望」一節中提出的經濟假設，並受到固有風險和不確定性的影響，這些風險和不確定性可能是一般性的，也可能是具體的。鑑於利率、通脹、宏觀經濟、銀行和監管環境的持續影響，混合工作安排的影響以及高利率對美國房地產行業的滯後影響，美國勞動力市場疲軟和不確定的政治狀況，以及烏克蘭戰爭和中東衝突對全球經濟、金融市場和我們的業務、經營業績、聲譽和財務狀況的影響，與之前時期相比，我們的假設固有地存在更多的不確定性。各種因素，其中許多是我們無法控制的，影響我們的運營、業績和結果，並可能導致實際結果與我們的任何前瞻性陳述中表達的預期大不相同。這些因素包括：通脹壓力；全球供應鏈中斷；地緣政治風險，包括來自烏克蘭戰爭和中東衝突的風險；突發公共衛生事件的發生、持續或加劇，例如大流行後混合工作安排的影響，以及任何相關的政府政策和行動；信貸、市場、流動性、戰略、保險、運營、聲譽、行爲和法律、監管和環境風險；貨幣價值和利率波動，包括市場和石油價格波動；我們風險管理和估值模式和程序的有效性和充分性；我們開展業務的司法管轄區，包括經濟合作與發展組織的立法或監管發展。和發展共同報告標準，以及英國和歐洲的監管改革，巴塞爾銀行監管委員會的全球資本和流動性改革標準，以及與銀行資本重組立法和加拿大支付系統有關的標準；對基於風險的資本準則和報告指示以及利率和流動性監管指導的修訂和解釋；重大訴訟或監管事項的風險敞口和解決；我們成功上訴此類事項的不利結果的能力，以及與此類事項相關的金額的時間、確定和收回；會計準則、規則和解釋變化的影響；我們對準備金和津貼的估計的變化；稅法的變化；我們信用評級的變化；政治狀況和發展，包括與經濟或貿易事務有關的變化；國際衝突對我們業務的可能影響，如烏克蘭戰爭、中東衝突和恐怖主義；自然災害、公共基礎設施中斷和其他災難性事件；依賴第三方提供我們業務基礎設施的組件；對我們的信息技術系統和服務的潛在中斷；網絡安全風險增加，可能包括資產被盜或披露、未經授權訪問敏感信息或運營中斷；社交媒體風險；內部或外部欺詐造成的損失；反洗錢；向我們提供的有關客戶和交易對手的信息的準確性和完整性；第三方未能履行其對我們及其附屬公司或同夥的義務；來自金融服務業老牌競爭對手和新進入者的競爭加劇，包括通過互聯網和手機銀行；技術變化，包括在我們的業務中使用數據和人工智能；全球資本市場活動；貨幣和經濟政策的變化；世界範圍內以及我們開展業務的加拿大、美國和其他國家的總體商業和經濟狀況，包括加拿大家庭債務水平和全球信用風險的增加；氣候變化和其他與ESG相關的風險，包括我們在內部以及在預期時間框架內與我們的客戶實施各種與可持續發展相關的舉措的能力，以及我們擴大我們的可持續金融產品和服務的能力；我們在開發和推出新產品和服務、擴大現有分銷渠道、開發新的分銷渠道並從這些渠道實現更多收入方面的成功；客戶支出和儲蓄習慣的變化；我們吸引和留住關鍵員工和高管的能力；我們成功執行戰略並完成和整合收購和合資企業的能力；收購、合併或剝離的預期效益無法在預期時間框架內實現或根本無法實現的風險；以及我們預測和管理與這些因素相關的風險的能力。這份清單並沒有詳盡列出可能影響我們任何前瞻性陳述的因素。這些因素和其他因素應仔細考慮，讀者不應過分依賴我們的前瞻性陳述。本報告中包含的任何前瞻性陳述僅代表管理層截至本報告日期的觀點，僅用於幫助我們的股東和財務分析師了解我們的財務狀況、目標和優先事項以及截至報告日期止期間的預期財務表現，可能不適用於其他目的。除法律要求外，我們不承諾更新本報告或其他通信中所載的任何前瞻性陳述。

We adopted IFRS 17 “Insurance Contracts” (IFRS 17), commencing November 1, 2023, which replaces IFRS 4 “Insurance Contracts” (IFRS 4). The adoption of IFRS 17 required us to restate the comparative year ended October 31, 2023. Insurance results are now presented in Income from insurance activities, net under income, which replaced Insurance fees, net of claims in the income statement. For further details on the adoption of IFRS 17, see Note 1 to the consolidated financial statements.

Throughout 2024, we continued to focus on executing against our ambition of building a modern, relationship-oriented bank that delivers superior client experience and shareholder returns while maintaining financial strength, risk discipline and advancing our purpose-driven culture. Going forward, we will drive long-term growth and build on our momentum through our client-focused strategy that includes four strategic priorities:

Canadian economic growth 2024, after stalling throughout much of the prior year, with the driven by consumer and government spending. However, output growth still trailed population gains, resulting in further declines in activity. The unemployment rate, which briefly fell below 5% in 2022, has reached 6.5% as employment gains have failed to keep up with the rapid growth of the labour force. Inflation has fallen to the Bank of Canada’s 2% target due to a further easing of supply chain pressures and the continued weakness of consumer spending. On the household side, mortgage demand has remained weak as a result of the high interest rate environment, but should start to improve towards year end with interest rates having moved lower. The use of credit cards and lines of credit has continued to increase from the low levels seen during the pandemic. The U.S. economy has remained stronger than Canada’s, but has decelerated slightly relative to the prior year, and the unemployment rate has increased modestly. While core inflation in the U.S. has yet to come back to target as quickly as in Canada, it has decelerated and is well below peaks seen in 2022.

The U.S. has been much more resilient in the face of higher interest rates, but growth has still moderated slightly from the very brisk pace seen in 2023. The unemployment rate is likely to increase marginally through the first half of 2025 in response to fewer job openings and cautious business hiring in the face of higher labour costs. Coupled with the lagged impacts of high interest rates, and tighter controls on immigration that reduce the spending gains tied to population increases, that could hold growth to roughly 2%, or about a percentage slower than in the prior two years. The easing in inflation has the Fed on track to bring short-term interest rates down to the level by the second quarter of 2025, which should allow interest sensitive housing and business investment activity to gain momentum later in the year. Longer term interest rates have been lifted in the wake of the election on concerns over the size of future budget deficits, but we expect these increases to be reversed if Congress limits the overall scale of new tax reductions and looks for some offsetting spending restraint. A potential for broad increases in import tariffs poses one-time upside risks to prices that would cut into consumer spending power, and disruptions to U.S. exports if other trade partners impose retaliatory tariffs, but the timing and magnitude of such impacts are at present highly uncertain.

The current soft pace of Canadian economic growth will continue to pose challenges for some of our strategic business units (SBUs) for the remainder of the year and for early 2025. Higher levels of unemployment and still high interest rates have resulted in a moderate deterioration in business and household credit quality. Deterioration in the credit quality of select sectors, including the U.S. office real estate market, could continue in response to market conditions. Deposit growth will likely be slow, as quantitative tightening will continue to require bonds currently held by the central bank to be financed in the public markets. A steeper yield curve should promote greater growth in longer term deposits relative to short-term deposits, although the lower level of yields across the curve will reduce the opportunity costs of having funds in bearing demand deposits.

For Canadian Personal Banking, mortgage growth is expected to pick up in 2025, returning to long-term historic growth rates as lower interest rates bring buyers back to the market. consumer credit demand has been supported by population growth, and faces headwinds due to policy measures designed to slow population growth. We should still see some improvement in activity as per capita discretionary spending accelerates in response to lower borrowing costs, resulting in an increase in demand for credit.

On February 17, 2023, CIBC announced that we entered into an agreement with the special purpose vehicle controlled by Cerberus Capital Management L.P. (“Cerberus”) that fully settled the lawsuit filed by Cerberus against CIBC, including the most recent judgment of the New York Court, as discussed in Note 21to our consolidated financial statements. Pursuant to the settlement agreement, CIBC paid US$770 million ($1,055 million or $762 million to Cerberus in full satisfaction of the judgment, and both parties arranged for the immediate dismissal, with prejudice, of all claims, counterclaims and appeals relating to the litigation.

The above items of note increased expenses by $159 million and decreased income taxes by $41 million. In aggregate, these items of note decreased net income by $118 million.

The above items of note decreased revenue by $34 million, increased expenses by $1,176 million and increased income taxes by $218 million. In aggregate, these items of note decreased net income by $1,428 million.

income was up $1,404 million or 13% from 2023.

Trading revenue comprises net interest income and income. Net interest income arises from interest and dividends relating to financial assets and liabilities associated with trading activities, other than derivatives, net of interest expense and interest income associated with funding these assets and liabilities. income includes realized and unrealized gains and losses on securities mandatorily measured at FVTPL and income relating to changes in fair value of derivative financial instruments. Trading revenue excludes underwriting fees and commissions on securities transactions, which are shown separately in the consolidated statement of income. Trading activities and related risk management strategies can periodically shift income between net interest income and income. Therefore, we view total trading revenue as the most appropriate measure of trading performance.

expenses were up $90 million or 1% from 2023.

Other expenses weredown $934 million or 38%, as the prior year included an increase in legal provisions, including those shown as an item of note.

Indirect taxes were up $29 million from 2023, due to increases in both sales taxes and payroll taxes. Sales taxes increased by $18 million from 2023, primarily due to increases in Canadian sales taxes on card network processing fees and technology related expenses. Payroll taxes were up $19 million from 2023, primarily due to increases in unemployment and health insurance contributions, partially offset by lower statutory pension contributions. Indirect taxes are included in expenses.

In the third quarter of 2024, Bill was enacted, which included certain tax measures from the 2023 fall economic statement and 2023 federal budget. Bill included the denial of the dividends received deduction in respect of Canadian shares held by Canadian banks as property, as well as a 2% tax on certain share buybacks, each with an application date of January 1, 2024. Additional proposals in respect of the buyback tax were released on August 12, 2024. The impact of the denial of the dividends received deduction has been recognized in income tax expense for the year.

Bill which included certain tax measures from the 2024 federal budget and the 2023 fall economic statement, as well as other tax measures, including the (GMTA), was enacted on June 20, 2024. The GMTA implements the Organisation for Economic and Development’s (OECD) Pillar Two 15% global minimum tax regime in Canada. Additional proposals in respect of the GMTA were released on August 12, 2024. The Pillar Two rules are in different stages of adoption globally by more than 135 OECD member countries. Canada and certain other countries have enacted Pillar Two legislation that will apply to CIBC beginning in fiscal year 2025. A number of other countries in which CIBC operates are in different stages of adopting the Pillar Two regime.

income was up $334 million or 13%, primarily due to higher trading income, and higher fee revenue net of lower credit fees resulting from the conversion of bankers’ acceptances to CORRA loans.

expenses were up $351 million or 10%, primarily due to higher performance-based and employee-related compensation, higher spending on strategic initiatives and a pension plan amendment gain in the same quarter last year.

income was down $88 million or 3%, primarily due to lower credit fees, lower trading income, partially offset by higher commissions on securities transactions and higher Investment management and custodial fees.

expenses were up $109 million or 3%, primarily due to higher performance-based and employee-related compensation, higher advertising and business development, partially offset by higher legal provisions in the prior quarter.

expenses have fluctuated over the period largely due to changes in employee compensation expenses, investments in strategic initiatives and movement in foreign exchange rates. The first and second quarters of 2024 included a charge related to the special assessment imposed by the FDIC, shown as an item of note. The first quarter of 2023 included increases in legal provisions, while the second quarter of 2023 included a decrease in legal provisions in Corporate and Other, all shown as items of note, and the fourth quarter of 2023 included an impairment of our intangible assets, shown as an item of note.