CIBC Announces First Quarter 2026 Results

Press Release

TORONTO, Feb. 26, 2026 – CIBC (TSX: CM) (NYSE: CM) today announced its financial results for the first quarter ended January 31, 2026.

First quarter highlights

	Q1/26	Q1/25	Q4/25	YoY Variance	QoQ Variance
Revenue	$8,398 million	$7,281 million	$7,576 million	+15 %	+11 %
Reported Net Income	$3,100 million	$2,171 million	$2,180 million	+43 %	+42 %
Adjusted Net Income (1)	$2,685 million	$2,179 million	$2,188 million	+23 %	+23 %
Adjusted pre-provision, pre-tax earnings (1)	$4,079 million	$3,415 million	$3,408 million	+19 %	+20 %
Reported Diluted Earnings Per Share (EPS)	$3.21	$2.19	$2.20	+47 %	+46 %
Adjusted Diluted EPS (1)	$2.76	$2.20	$2.21	+25 %	+25 %
Reported Return on Common Shareholders’ Equity (ROE) (2)	20.2 %	15.2 %	14.1 %
Adjusted ROE (1)	17.4 %	15.3 %	14.1 %
Net interest margin on average interest-earnings assets (2)(3)	1.61 %	1.50 %	1.59 %
Net interest margin on average interest-earnings assets (excluding trading) (2)(3)	2.06 %	1.89 %	2.00 %
Common Equity Tier 1 (CET1) Ratio (4)	13.4 %	13.5 %	13.3 %

Results for the first quarter of 2026 were affected by the following items of note resulting in a positive impact of $0.45 per share:

• $422 million income tax recoveries related to a capital gains distribution and utilization of capital losses; and
• $10 million ($7 million after-tax) amortization of acquisition-related intangible assets.

Our CET1 ratio⁽⁴⁾ was 13.4% at January 31, 2026, compared with 13.3% at the end of the prior quarter. CIBC’s leverage ratio⁽⁴⁾ and liquidity coverage ratio⁽⁴⁾ at January 31, 2026 were 4.4% and 133%, respectively.

“We delivered strong financial performance in the first quarter of 2026 including record revenue across all of our business units and higher return on equity, as we accelerated the execution of our client-focused strategy to build on our momentum and deliver more for our stakeholders,” said Harry Culham, CIBC President and Chief Executive Officer. “We’re driving growth through deep client relationships while maintaining our financial strength and risk discipline and we’re working closely with our clients as they navigate a more fluid operating environment. Many of our clients are leaders in their industries and we are committed to standing with them as they make investments in the future to benefit key sectors across the economy.”

Core business performance
Canadian Personal and Business Banking reported net income of $960 million for the first quarter, up $195 million or 25% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings⁽¹⁾ were $1,743 million, up $273 million from the first quarter a year ago, as higher revenue was partially offset by higher adjusted⁽¹⁾ non-interest expenses. The higher revenue was mainly driven by a higher net interest margin and loan growth. Adjusted⁽¹⁾ non-interest expenses were higher mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.

Canadian Commercial Banking and Wealth Management reported net income of $647 million for the first quarter, up $56 million or 9% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings⁽¹⁾ were $982 million, up $132 million from the first quarter a year ago, as higher revenue was partially offset by higher non-interest expenses. Commercial banking revenue was higher compared to the prior year due to volume growth and higher net interest margin. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances as a result of market appreciation, higher net interest income from volume growth, and higher commission revenue from increased client activity. Expenses increased primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.

(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 3 to 5; and adjusted pre-provision, pre-tax earnings on page 5.
(2)	Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our Report to Shareholders for the first quarter of 2026 available on SEDAR+ at www.sedarplus.com.
(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 and the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the “Capital management” and “Liquidity risk” sections of our Report to Shareholders for the first quarter of 2026 available on SEDAR+ at www.sedarplus.com.

U.S. Commercial Banking and Wealth Management reported net income of $294 million (US$212 million) for the first quarter, up $38 million (US$34 million or 19%) from the first quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings⁽¹⁾ were $395 million (US$285 million), up $13 million (US$18 million or 7%) from the first quarter a year ago, as higher revenue was partially offset by higher adjusted⁽¹⁾ non-interest expenses. In commercial banking, higher revenue was primarily due to higher volumes, net interest margin, and higher advisory fees. Wealth management revenue was lower primarily due to lower annual performance-based mutual fund fees, partially offset by higher fee-based revenue from higher average AUM balances due to market appreciation. Adjusted⁽¹⁾ non-interest expenses increased mainly due to higher employee compensation, including higher employee termination costs, partially offset by a provision reversal.

Capital Markets reported net income of $877 million for the first quarter, up $258 million or 42% from the first quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings⁽¹⁾ were up $312 million or 36% from the first quarter a year ago as higher revenue was partially offset by higher non-interest expenses. Global markets revenue was up across the platform, primarily driven by higher equities and commodities trading, as well as higher financing revenue. Corporate and investment banking revenue was up driven by higher equity and debt underwriting, and advisory fees in our investment banking business, and higher revenue from our lending and deposit activities with our corporate clients. Expenses were up due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.

Credit quality
Provision for credit losses was $568 million, down $5 million from the same quarter last year. Provision for credit losses on performing loans was down due to a favourable change in our economic outlook and a less unfavourable impact from model parameter updates, partially offset by unfavourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Canadian Commercial Banking and Wealth Management, and Canadian Personal and Business Banking, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.

Key highlights across our bank in the first quarter of 2026 included:

• CIBC Asset Management delivered robust distribution results and asset inflows during the first quarter. According to the Securities and Investment Management Association (SIMA), CIBC Asset Management ranked first among the Big 6 banks in financial year-to-date long-term mutual fund net sales in November and December 2025.
• CIBC Capital Markets was awarded Financial Adviser of the Year – North America by IJInvestor Awards for the third consecutive year.
• CIBC launched a new website that provides Indigenous clients with personal banking product offerings including housing loans for First Nations clients, information on sustainability partnerships and digital account openings where clients can sign-up for exclusive offers. This is one more way we are ensuring Indigenous clients receive personalized advice, tailored solutions and banking services.
• CIBC Bank USA was recognized by Wolters Kluwer for The CIBC Housing Initiative, a program designed to stabilize neighbourhoods by rehabilitating vacant, foreclosed and abandoned single-family homes in low- to moderate-income areas.
• CIBC ranked as one of Canada’s Top 100 Employers and Top Employers for Young People by Mediacorp Canada Inc. for the 14th consecutive year for both awards.
• CIBC was recognized by Global Banking & Finance Review as the Best Bank for Youth and Students Canada 2025 and awarded Excellence in Innovation Student Banking Canada 2025.

Making a difference in our communities
At 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:

• CIBC announced that following the 41st annual CIBC Miracle Day held on December 3, 2025, more than $7 million will be going to children’s charities globally, thanks to the generosity of the bank’s team members and clients. This year, CIBC Miracle Day expanded its reach to banking centres and CIBC Foundation directed $1,000 per banking centre to local children’s causes in communities around Canada and the U.S.
• The 21st annual CIBC Hockey Day for United Way raised $2.45 million as 28 teams took to the ice. Since 2004, CIBC Hockey Day has raised more than $19.5 million.
• CIBC team members, clients and communities come together to champion men’s health, raising funds and awareness for three urgent men’s health issues – testicular and prostate cancer, mental health, and suicide prevention. This past Movember, Team CIBC raised more than $430,000.
• CIBC was the presenting sponsor of Hockey Fights Cancer with the Montreal Canadiens, the Ottawa Senators and the Chicago Blackhawks, including events that raised $175,000 for the Children’s Hospital of Eastern Ontario and a US$25,000 donation to Cancer for College in Chicago.

(1)	This measure is a non-GAAP measure. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.

Non-GAAP measures
We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (International Financial Reporting Standards), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”, useful in understanding how management views underlying business performance.

Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders’ equity and adjusted effective tax rate.

Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Non-GAAP measures” section of our Report to Shareholders for the first quarter of 2026 available on SEDAR+ at www.sedarplus.com.

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