Q3 2025 Canadian Imperial Bank Of Commerce Earnings Call

Is ready to begin.

Good morning, welcome to the CIBC Q3 quite thoroughly with all its conference call. Please be advised that this call is being recorded.

I would now like to turn a meeting over to Geoff Weiss Senior Vice President Investor Relations.

Go ahead, Jeff.

Thank you and good morning, we'll begin this morning's call with opening remarks from Victor noted, our President and Chief Executive Officer, followed by Rob Sudan, Our Chief Financial Officer, and Frank Hughes, Our Chief Risk Officer also on the call today are a number of our senior executives, including Harry Culham, Our Chief operating officer Shawn Beber.

Speaker #1: Good morning. Welcome to the CIBCQ3 quarterly results conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Geoffrey Weiss, Senior Vice President, and this revelations.

U S commercial and wealth management for entrepreneurs and personal and business banking and Susan rumor Canadian commercial banking and wealth management, they're all available to take questions.

Operator: Please be advised that this call is being recorded. I would now like to turn the meeting over to Geoffrey Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

Following the prepared remarks.

We have a hard stop at 830, and we'd like to give everyone a chance to participate so as usual we ask that you. Please limit your questions to one and reach you in the Q&A.

Speaker #1: Please go ahead, Geoff.

Speaker #2: Thank you, and good morning. We'll begin this morning's call with opening remarks from Victor Dodig, our President and Chief Executive Officer, followed by Robert Sedran, our Chief Financial Officer, and Frank Guse, our Chief Risk Officer.

Geoffrey Weiss: Thank you and good morning. We'll begin this morning's call with opening remarks from Victor Dodig, our President and Chief Executive Officer, followed by Robert Sedran, our Chief Financial Officer, and Frank Guse, our Chief Risk Officer. Also on the call today are a number of our senior executives, including Harry Culham, our Chief Operating Officer, Shawn Beber, U.S. Commercial and Wealth Management, Frédéric Pruneau, Personal and Business Banking, and Susan Rimmer, Canadian Commercial Banking and Wealth Management. They're all available to take questions following the prepared remarks. We have a hard stop at 8:30 A.M. and would like to give everyone a chance to participate. As usual, we ask that you please limit your questions to one and reach you in the Q&A. We'll make ourselves available after the call for any follow-ups.

We'll make ourselves available after the call for any follow ups.

<unk> noted on slide two of our Investor presentation. Our comments may contain forward looking statements, which involve assumptions and have inherent risks and uncertainties actual results may differ materially.

Speaker #2: Also on the call today are a number of our senior executives, including Harry Culham, our Chief Operating Officer, Sean Beeber, US Commercial and Wealth Management, her Entrepreneurship, Personal and Business Banking, and Susan Rimmer, Canadian Commercial Banking and Wealth Management.

I'd also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results management measures performance on a reported and adjusted.

Speaker #2: They're all available to take questions. Following the prepared remarks, we have a hard stop at 8:30, and we'd like to give everyone a chance to participate.

You bet.

It was both to be useful in assessing underlying business performance with that I'll now turn the call over to Victor.

Speaker #2: So, as usual, we ask that you please limit your questions to one and requeue in the Q&A. We'll make ourselves available after the call for any follow-ups.

Thanks, Jeff and good morning, everyone.

I'd like to begin the call today with three key messages. The first message is that our client focus and execution mindset has culminated into another clean quarter with strong performance across all of our business units in the third quarter.

Speaker #2: As noted on slide two of our investor presentation, our comments may contain forward-looking statements which involve assumptions and have inherent risks and uncertainties. Actual results may differ materially.

Geoffrey Weiss: As noted on slide two of our investor presentation, our comments may contain forward-looking statements which involve assumptions and have inherent risks and uncertainties. Actual results may differ materially. I would also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results. Management measures performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance. With that, I'll now turn the call over to Victor.

The second message is that our strategy is working and we're well positioned to continue relative out performance.

Speaker #2: I would also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results. Management measures performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance.

The depth of our client relationships are strong balance sheet and a robust capital position are serving us well.

Speaker #2: With that, I'll now turn the call over to Victor.

Were resilient.

And we're prepared for shifts in economic conditions.

Speaker #3: Thanks, Geoff, and good morning, everyone. I'd like to begin the call today with three key messages. The first message is that our client-focused and execution mindset has culminated in another clean quarter, with strong performance across all of our business units in the third quarter.

Victor Dodig: Thanks, Geoff, and good morning, everyone. I'd like to begin the call today with three key messages. The first message is that our client focus and execution mindset has culminated into another clean quarter with strong performance across all of our business units in the third quarter. The second message is that our strategy is working and we're well positioned to continue relative outperformance. The depth of our client relationships, our strong balance sheet, and a robust capital position are serving us well. We're resilient and we're prepared for shifts in economic conditions. The third message is our CEO transition continues to progress very well. Today marks my final earnings call as CEO of CIBC. On November 1, I'll pass the baton to Harry Culham with confidence, knowing that our bank is in good hands.

And the third message is our CEO transition continues to progress very well.

Today marks my final earnings call as CEO of CIBC.

And then in November the first I'll pass the baton to Harry Culham with confidence knowing that our bank is in good hands.

Speaker #3: The second message is that our strategy is working, and we're well positioned to continue relative outperformance. The depth of our client relationships, our strong balance sheet, and a robust capital position are serving us well.

The leadership announcements we made earlier this month, we will further accelerate the execution of our strategy under her leadership.

It provides strong continuity across our leadership team entering the new fiscal year.

So let's move on to highlights from our adjusted third quarter results.

Speaker #3: We're resilient, and we're prepared for shifts in economic conditions. The third message is that our CEO transition continues to progress very well. Today marks my final earnings call as CEO of CIBC.

We delivered net income of $2 $1 billion, which is up 11% from the prior year and earnings per share of $2 16, 16 cents up 12%.

Pre provision pretax earnings were also up 12%.

Speaker #3: And on November 1st, I'll pass the baton to Harry Culham with confidence, knowing that our bank is in good hands. The leadership announcements we made earlier this month will further accelerate the execution of our strategy under Harry's leadership.

Supported by broad based growth across all of our operating units healthy margin expansion and the eighth consecutive quarter of positive operating leverage.

Victor Dodig: The leadership announcements we made earlier this month will further accelerate the execution of our strategy under Harry's leadership and provide strong continuity across our leadership team entering the new fiscal year. Let's move on to highlights from our adjusted third quarter results. We delivered net income of $2.1 billion, which is up 11% from the prior year, and earnings per share of $2.16, up 12%. Pre-provision, pre-tax earnings were also up 12%, supported by broad-based growth across all of our operating units, healthy margin expansion, and the eighth consecutive quarter of positive operating leverage. Our credit portfolios are resilient and they are performing at the favorable end of the guidance that we provided at the start of the year. The relative and absolute strength of our credit quality is a direct result of prudent underwriting and advanced analytics.

Our credit portfolios are resilient and they are performing at the favorable favorable end of the guidance that we provided at the start of the year.

Speaker #3: And provide strong continuity across our leadership team entering the new fiscal year. So let's move on to highlights from our adjusted third quarter results.

The relative and absolute strength of our credit quality is a direct result of prudent underwriting and advanced analytics.

Speaker #3: We delivered net income of $2.1 billion, which is up 11% from the prior year, and earnings per share of $2.16, up 12%. Pre-provision, pre-tax earnings were also up 12%.

It's equally a reflection of our disciplined client focus and deep client relationships.

We know our clients well, we know their businesses their industries and their growth ambitions.

Speaker #3: Supported by broad-based growth across all of our operating units, healthy margin expansion, and the eighth consecutive quarter of positive operating leverage. Our credit portfolios are resilient, and we are performing at the favorable end of the guidance that we provided at the start of the year.

And this allows us to make thoughtful credit decisions with a long term view.

Now moving to capital we ended the quarter with a robust 13, 4% CET one ratio, while repurchasing $5 5 million common shares during the quarter.

Our excess capital position provides us with flexibility.

Speaker #3: The relative and absolute strength of our credit quality is a direct result of prudent underwriting and advanced analytics. It's equally a reflection of our disciplined client focus and deep client relationships.

We have the resources to support our clients' growth ambitions going forward, while continuing to optimize our capital position.

Victor Dodig: It's equally a reflection of our disciplined client focus and deep client relationships. We know our clients well. We know their businesses, their industries, and their growth ambitions. This allows us to make thoughtful credit decisions with a long-term view. Now, moving to capital, we ended the quarter with a robust 13.4% CET1 ratio while repurchasing 5.5 million common shares during the quarter. Our excess capital position provides us with flexibility. We have the resources to support our clients' growth ambitions going forward while continuing to optimize our capital position. To that end, as we continue to return capital to our shareholders, we've also announced our intention to launch another normal course issuer bid for 2% of our outstanding common shares.

And to that end as we continue to return capital to our shareholders. We've also announced our intention to launch another normal course issuer bid for 2% of our outstanding common shares.

Speaker #3: We know our clients well; we know their businesses, their industries, and their growth ambitions. This allows us to make thoughtful credit decisions with a long-term view.

Even with our elevated capital buffer in cyclical cyclically higher Pcl's, we generated a return on equity of 14, 2% this quarter, which is up 20 basis points from the prior year.

Speaker #3: Now, moving to capital, we ended the quarter with a robust 13.4% CET1 ratio, while repurchasing 5.5 million common shares during the quarter. Our excess capital position provides us with flexibility.

This marked the fifth consecutive quarter of year over year Roe improvement.

Speaker #3: We have the resources to support our clients' growth ambitions going forward, while continuing to optimize our capital position. To that end, as we continue to return capital to our shareholders, we've also announced our intention to launch another normal course issuer bid for 2% of our outstanding common shares.

And our team remains laser focused on achieving our ROA target over the medium term and we have full confidence in the earning powers earnings power of our bank.

By consistently executing against our client focused strategy, we will continue to deliver the profitable growth that our stakeholders expect from us. So here are a few recent examples of our progress.

Speaker #3: Even with our elevated capital buffer and cyclically higher PCLs, we generated a return on equity of 14.2% this quarter, which is up 20 basis points from the prior year.

Victor Dodig: Even with our elevated capital buffer and cyclically higher PCLs, we generated a return on equity of 14.2% this quarter, which is up 20 basis points from the prior year. This marked the fifth consecutive quarter of year-over-year ROE improvement. Our team remains laser-focused on achieving our ROE target over the medium term. We have full confidence in the earnings power of our bank. By consistently executing against our client-focused strategy, we will continue to deliver the profitable growth that our stakeholders expect from us. Here are a few recent examples of our progress. The first relates to launching innovative solutions to bolster our advisory businesses, particularly in our mass affluent and private wealth franchise. This quarter, our asset management team launched the CIBC Education Portfolios, a suite of five portfolio solutions designed to simplify education savings for Canadian families.

The first relates to launching innovative solutions to bolster our advisory businesses, particularly in our mass affluent and private wealth franchise.

Speaker #3: This marked the fifth consecutive quarter of year-over-year ROE improvement. Our team remains laser-focused on achieving our ROE target over the medium term, and we have full confidence in the earning power of our bank.

This quarter, our asset management team launched the CIBC education portfolios suite of five portfolio of solutions designed to simplify education savings for Canadian families.

We also launched.

From a new dedicated business banking program, that's tailored for skilled trades professionals, our differentiated solutions for key client segments will continue to support our growth momentum and capital light.

Speaker #3: By consistently executing against our client-focused strategy, we will continue to deliver the profitable growth that our stakeholders expect from us. So, here are a few recent examples of our progress.

Fee income base businesses.

And this week, we announced an innovative new checking account that recognizes our clients' relationship with us at each stage of their financial journey.

Speaker #3: The first relates to launching innovative solutions to bolster our advisory businesses, particularly in our mass affluent and private wealth franchise. This quarter, our Asset Management team launched the CIBC Education Portfolios, a suite of five portfolio solutions designed to simplify education savings for Canadian families.

Reflecting our relationship oriented approach the tiered CIBC smart account provides clients with more benefits as their as they deepen their relationships with us.

The second example relates to our focus focus on expanding our digital first banking capabilities for our clients.

Speaker #3: We also announced the launch of our new dedicated business banking program that's tailored for skilled trades professionals. Our differentiated solutions for key client segments will continue to support our growth momentum and capital-light, fee-income-based businesses.

Victor Dodig: We also announced the launch of a new dedicated business banking program that's tailored for skilled trades professionals. Our differentiated solutions for key client segments will continue to support our growth momentum in capital-light fee income-based businesses. This week, we announced an innovative new checking account that recognizes our client's relationship with us at each stage of their financial journey. Reflecting our relationship-oriented approach, the tiered CIBC Smart Account provides clients with more benefits as they deepen their relationships with us. The second example relates to our focus on expanding our digital-first banking capabilities for our clients. Earlier this quarter, we were recognized with the highest ranking in customer satisfaction for both online banking and mobile banking among Canada's five big banks in the latest JD Power study. Our deliberate, client-centric digital focus ensures that we exceed our clients' evolving expectations in a rapidly changing technology landscape.

Earlier this quarter, we were recognized at the highest ranking in customer satisfaction for both online banking and mobile banking among Canada's five big banks in the latest J D power study.

Speaker #3: And this week, we announced an innovative new checking account that recognizes our clients' relationship with us at each stage of their financial journey. Reflecting our relationship-oriented approach, the tiered CIBC Smart Account provides clients with more benefits as they deepen their relationships with us.

Our deliberate client centric digital focus ensures that we planned.

In a rapidly changing technology landscape.

Our digital registration hit an important milestone this quarter, surpassing 10 million clients and encompassing 81% of our eligible client base both highest to date.

Speaker #3: The second example relates to our focused aim on expanding our digital-first banking capabilities for our clients. Earlier this quarter, we were recognized with the highest ranking in customer satisfaction for both online banking and mobile banking among Canada's five big banks, according to the latest J.D. Power study.

And finally, the third example is we're delivering connectivity and differentiation to our clients that benefit from CIBC.

CIBC offers to meet their unique needs.

This commitment to connectivity is driving real results on.

On a year to date basis, CIBC capital markets has a leading market share position with our strategic clients.

Speaker #3: Our deliberate client-centric digital focus ensures that we exceed our clients' evolving expectations in a rapidly changing technology landscape. Our digital registration hit an important milestone this quarter, surpassing 10 million clients and encompassing 81% of our eligible client base.

Our capital markets franchise is also seeing strong momentum in the U S. As we build our north American platform with revenue growth in the region up 37% year to date.

Victor Dodig: Our digital registration hit an important milestone this quarter, surpassing 10 million clients and encompassing 81% of our eligible client base, both highest to date. Finally, the third example is we're delivering connectivity and differentiation to our clients that benefit from everything that CIBC offers to meet their unique needs. This commitment to connectivity is driving real results. On a year-to-date basis, CIBC Capital Markets has a leading market share position with our strategic clients. Our capital markets franchise is also seeing strong momentum in the U.S. as we build our North American platform with revenue growth in the region up 37% year to date. This franchising focus is also growing cross-business referral volumes in the U.S. business, which are performing well above our targets and up 25% on an annualized year-to-date basis.

This franchising focus is also growing cross business referral volumes in the U S business, which are performing well above our targets and up 25% on an annualized year to date basis.

Speaker #3: Both are the highest to date. And finally, the third example is we're delivering connectivity and differentiation to our clients that benefit from everything that CIBC offers to meet their unique needs.

These achievements underscore the impact of our collaborative approach and CIBC and our ability to deliver value across geographies and across our businesses.

Speaker #3: This commitment to connectivity is driving real results. On a year-to-date basis, CIBC Capital Markets has a leading market share position with our strategic clients.

Underpinning this progress is a commitment to enabling to simplifying and to protecting our bank.

Speaker #3: Our capital markets franchise is also seeing strong momentum in the U.S., as we build our North American platform, with revenue growth in the region up 37% year-to-date.

This quarter, our AI powered voice assistant was recognized with the 2025 digital CX Award for the best use of AI for customer experience.

Speaker #3: This franchising focus is also growing across business referral volumes in the U.S. business, which are performing well above our targets and are up 25% on an annualized year-to-date basis.

CIBC AI platform, which we call Kai C. A I was also recognized with the best Gen Initiative Award, marking the second consecutive year. We received this honor.

Speaker #3: These achievements underscore the impact of our collaborative approach at CIBC and our ability to deliver value across geographies and across our businesses. Underpinning this progress is our commitment to enabling, simplifying, and protecting our bank.

Victor Dodig: These achievements underscore the impact of our collaborative approach at CIBC and our ability to deliver value across geographies and across our businesses. Underpinning this progress is our commitment to enabling, to simplifying, and to protecting our bank. This quarter, our AI-powered voice assistant was recognized with the 2025 Digital CX Award for the best use of AI for customer experience. Our CIBC AI platform, which we call CAI, was also recognized with the Best Gen AI Initiative Award, marking the second consecutive year we received this honor. Since its launch, this platform has transformed the way our CIBC team members across our businesses work and has saved an estimated 600,000 hours. Going forward, we're going to continue to drive further innovation across our bank in our AI journey under Harry's leadership. We're moving our bank forward, even as the operating environment remains uncertain.

Since this since its launch this platform has transformed the way our CIBC team members across our businesses work and has saved an estimated 600000 hours.

And going forward, we're going to continue to drive further innovation across our bank and our AI journey under Harry's leadership.

Speaker #3: This quarter, our AI-powered voice assistant was recognized with the 2025 Digital CX Award for the best use of AI for customer experience. Our CIBC AI platform, which we call KAI, was also recognized with the Best Gen AI Initiative Award, marking the second consecutive year we received this honor.

We're moving our bank forward, even as the operating environment remains uncertain.

Global trade tensions may result in slower growth and higher inflation in many countries, including Canada. The United States. However, we anticipate the declining interest rates will help support economic growth while fiscal policy off for targeted relief to the sectors most affected by trade negotiations.

Speaker #3: Since its launch, this platform has transformed the way our CIBC team members across our businesses work and has saved an estimated 600,000 hours. Going forward, we're going to continue to drive further innovation across our bank in our AI journey under Harry's leadership.

As the global the global trade environment becomes clearer, we expect increased client activity and we remain well positioned to capture emerging opportunities through our diversified.

Platform.

And regardless of what the macroeconomic environment serves up we're going to continue to execute against our strategy. We're going to continue to support our clients. We're going to continue to control, what we control and positioned CIBC for continued strength.

Speaker #3: We're moving our bank forward, even as the operating environment remains uncertain. Global trade tensions may result in slower growth and higher inflation in many countries, including Canada and the United States.

Victor Dodig: Global trade tensions may result in slower growth and higher inflation in many countries, including Canada and the United States. However, we anticipate that declining interest rates will help support economic growth, while fiscal policy will offer targeted relief to the sectors most affected by trade negotiations. As the global trade environment becomes clearer, we expect increased client activity and we remain well positioned to capture emerging opportunities through our diversified platform. Regardless of what the macroeconomic environment serves up, we're going to continue to execute against our strategy. We're going to continue to support our clients. We're going to continue to control what we control and position CIBC for continued strength. In summary, we are continuing to outperform through the cycle. Amid trade disputes, geopolitical tensions, and economic uncertainty, the CIBC team has demonstrated improving profitability, top-tier credit quality, and robust top-line growth.

Speaker #3: However, we anticipate that declining interest rates will help support economic growth, while fiscal policy will offer targeted relief to the sectors most affected by trade negotiations.

So in summary, we are continuing to outperform through the cycle.

Trade disputes geopolitical tensions and economic uncertainty the CIBC team has demonstrated improving profitability.

Speaker #3: As the global trade environment becomes clearer, we expect increased client activity, and we remain well-positioned to capture emerging opportunities through our diversified platform. Regardless of what the macroeconomic environment serves up, we're going to continue to execute against our strategy.

Talk to your credit quality and robust topline growth our core businesses have clear momentum and plenty of runway to continue delivering for all of our stakeholders and with that I'll pass it off to Rob to review our financial results in greater detail over to you Rob.

Speaker #3: We're going to continue to support our clients. We're going to continue to control what we control and position CIBC for continued strength. So, in summary, we are continuing to outperform through the cycle.

Thank you Victor and good morning, everyone.

I'm also going to start with three takeaways from our financials.

We produced another quarter of broad based double digit organic revenue growth and earnings growth as well as strong returns driven by the focused execution of our strategy.

Speaker #3: Amid trade disputes, geopolitical tensions, and economic uncertainty, the CIBC team has demonstrated improving profitability, top-tier credit quality, and robust top-line growth. Our core businesses have clear momentum and plenty of runway to continue delivering for all of our stakeholders.

Second we continued to deliver positive operating leverage enabled by business momentum and the benefits of our long term investments in Digitization AI and other technology as well as prudent expense management.

Victor Dodig: Our core businesses have clear momentum and plenty of runway to continue delivering for all of our stakeholders. With that, I'll pass it off to Rob to review our financial results in greater detail. Over to you, Rob.

Third we completed our normal course issuer bid for 20 million shares in Q3 and have announced a new program to continue our balanced approach to capital management, our balance sheet remains strong with ratios that are well above our normal course operating targets. Please turn to slide eight.

Speaker #3: And with that, I'll pass it off to Rob to review our financial results in greater detail. Over to you, Rob.

Speaker #2: Thank you, Victor, and good morning, everyone. I'm also going to start with three takeaways from our financials. First, we produced another quarter of broad-based double-digit organic revenue growth and earnings growth, as well as strong returns.

Robert Sedran: Thank you, Victor, and good morning, everyone. I'm also going to start with three takeaways from our financials. First, we produced another quarter of broad-based double-digit organic revenue growth and earnings growth, as well as strong returns driven by the focused execution of our strategy. Second, we continue to deliver positive operating leverage, enabled by business momentum and the benefits of our long-term investments in digitization, AI, and other technology, as well as prudent expense management. Third, we completed our normal course issuer bid for 20 million shares in Q3 and have announced a new program as we continue our balanced approach to capital management. Our balance sheet remains strong with ratios that are well above our normal course operating targets. Please turn to slide eight.

For the third quarter of 2025 earnings per share were $2 15 to 16 on an adjusted basis supported by strong revenue growth in each business expense control and stable credit trends are.

Speaker #2: Driven by the focused execution of our strategy. Second, we continue to deliver positive operating leverage, enabled by business momentum and the benefits of our long-term investments in digitization, AI, and other technology, as well as prudent expense management.

Our profitability continues to improve with an adjusted ROE of 14, 2% up from 14% in the same quarter last year year to date adjusted ROE is 14, 6% compared with 13, 8% for the same period last year.

Speaker #2: Third, we completed our normal course issuer bid for $20 million shares in Q3 and have announced a new program as we continue our balanced approach to capital management.

Move on to a detailed review of our performance I'm on slide nine.

Speaker #2: Our balance sheet remains strong, with ratios that are well above our normal course operating targets. Please turn to slide eight. For the third quarter of 2025, earnings per share were $2.15, or $2.16 on an adjusted basis.

Adjusted net income of $2 1 billion increased 11% expanding margins volume growth and disciplined expense management allowed us to maintain revenue growth momentum deliver positive operating leverage and continue to drive strong pre provision earnings growth at 12%.

Robert Sedran: For the third quarter of 2025, earnings per share were $2.15 or $2.16 on an adjusted basis, supported by strong revenue growth in each business, expense control, and stable credit trends. Our profitability continues to improve with an adjusted ROE of 14.2%, up from 14% in the same quarter last year. Year-to-date adjusted ROE is 14.6% compared with 13.8% for the same period last year. Let's move on to a detailed review of our performance on slide nine. Adjusted net income of $2.1 billion increased 11%. Expanding margins, volume growth, and disciplined expense management allowed us to maintain revenue growth momentum, deliver positive operating leverage, and continue to drive strong pre-provision earnings growth at 12%. The total provision for credit losses was up 16% from a year ago, though with impaired losses remaining well within our previous guidance range. Frank will discuss credit in detail in his presentation.

Speaker #2: Supported by strong revenue growth in each business, expense control, and stable credit trends, our profitability continues to improve, with an adjusted ROE of 14.2%, up from 14% in the same quarter last year.

The provision for losses was up 16% from a year ago that was impaired losses remaining well within our previous guidance range Frankel discuss credit in detail in his presentation.

Speaker #2: Year-to-date adjusted ROE is 14.6%, compared with 13.8% for the same period last year. Let's move on to a detailed review of our performance. I'm on Slide 9.

Slide 10 highlights the key drivers of net interest income excluding.

Excluding trading NII was up 13% driven by continued balance sheet growth and expanding margins.

Speaker #2: Adjusted net income of $2.1 billion increased 11%. Expanding margins, volume growth, and disciplined expense management allowed us to maintain revenue growth momentum, deliver positive operating leverage, and continue to drive strong pre-provision earnings growth at 12%.

Bank margin ex trading was up 10 basis points from the prior year and up six basis points sequentially.

Gideon P&C NIM of 281 basis points was up eight basis points sequentially, reflecting the ongoing execution of our strategy. The key driver of the increase was deposit margin expansion supported by higher rates as well as the impact of a favorable business mix as we continue to effectively balanced volume and profitability, while deepening relationships with our key.

Speaker #2: The total provision for credit losses was up 16% from a year ago, though with impaired losses remaining well within our previous guidance range. Frank will discuss credit in detail in his presentation.

Speaker #2: Slide 10 highlights key drivers of net interest income. Excluding trading, NII was up 13%, driven by continued balance sheet growth and expanding margins. All bank margin, ex-trading, was up 10 basis points from the prior year and up 6 basis points sequentially.

Robert Sedran: Slide 10 highlights key drivers of net interest income. Excluding trading, NII was up 13%, driven by continued balance sheet growth and expanding margins. All bank margin, excluding trading, was up 10 basis points from the prior year and up six basis points sequentially. Canadian PNC NIM of 281 basis points was up eight basis points sequentially, reflecting the ongoing execution of our strategy. A key driver of the increase was deposit margin expansion supported by higher rates, as well as the impact of favorable business mix as we continue to effectively balance volume and profitability while deepening relationships with our key clients. In the U.S. segment, NIM of 378 basis points was up 6 basis points from the prior quarter, owing to continued strength in deposits. In both Canada and the United States, we expect margins to move gradually higher from these levels based on the current forward curve.

Clients.

In the U S segment NIM of 378 basis points was up six basis points from the prior quarter, owing to continued strength in deposits.

In both Canada, and the United States, we expect margins to move gradually higher from these levels based on the current forward curve.

Speaker #2: Canadian P&C NIM of 281 basis points was up 8 basis points sequentially, reflecting the ongoing execution of our strategy. The key driver of the increase was deposit margin expansion supported by higher rates, as well as the impact of a favorable business mix as we continue to effectively balance volume and profitability while deepening relationships with our key clients.

Turning to slide 11, noninterest income of $3 2 billion was up 4% helped.

Helped by constructive markets market related fees increased 10% with particularly strong growth in underwriting and advisory fees and mutual fund fees.

Transaction related fees were down 6%, owing to last year's benchmark reform, partly offset by higher card and deposit fees.

Speaker #2: In the U.S. segment, NIM of 378 basis points was up 6 basis points from the prior quarter, owing to continued strength in deposits. In both Canada and the United States, we expect margins to move gradually higher from these levels based on the current forward curve.

Slide 12 highlights our ongoing balanced approach to expense management.

Excluding performance based compensation linked to the strong revenues expenses grew 4% as investments in core operating costs were partly offset by the benefits of prior initiatives to improve efficiency, while still investing for growth.

Speaker #2: Turning to slide 11, non-interest income of $3.2 billion was up 4%. Helped by constructive markets, market-related fees increased 10%, with particularly strong growth in underwriting and advisory fees and mutual fund fees.

Robert Sedran: Turning to slide 11, non-interest income of $3.2 billion was up 4%. Helped by constructive markets, market-related fees increased 10%, with particularly strong growth in underwriting and advisory fees and mutual fund fees. Transaction-related fees were down 6%, owing to last year's benchmark reform, partly offset by higher card and deposit fees. Slide 12 highlights our ongoing balanced approach to expense management. Excluding performance-based compensation linked to the strong revenues, expenses grew 4% as investments and core operating costs were partly offset by the benefits of prior initiatives to improve efficiency while still investing for growth. Slide 13 highlights the strength of our balance sheet, strength that gives us the flexibility to support our client-focused strategy and return capital to shareholders. Our CET1 ratio at the end of the quarter was 13.4%, stable quarter over quarter. Solid organic capital generation was offset by our ongoing share purchase program.

Slide 13 highlights the strength of our balance sheet strength that gives us the flexibility to support our client focused strategy and returning capital to shareholders.

Our CET one ratio at the end of the quarter was 13, 4% stable quarter over quarter.

Speaker #2: Transaction-related fees were down 6%, owing to last year's benchmark reform, partly offset by higher card and deposit fees. Slide 12 highlights our ongoing balanced approach to expense management.

Solid organic capital generation was offset by our ongoing share purchase program during.

During the quarter, we returned $1 4 billion in capital to our shareholders, including over $500 million of share repurchases.

Speaker #2: Excluding performance-based compensation linked to the strong revenues, expenses grew 4%, as investments and core operating costs were partly offset by the benefits of prior initiatives to improve efficiency, while still investing for growth.

Our liquidity position remains very strong with an average LCR of 127%.

Starting with slide 414, with Canadian personal and business banking, we highlight our strategic business unit results adjusted.

Speaker #2: Slide 13 highlights the strength of our balance sheet—a strength that gives us the flexibility to support our client-focused strategy and return capital to shareholders.

Adjusted net income of $817 million increased 17% due to higher revenue growth, partially offset by higher expenses and the total provision for credit losses.

Speaker #2: Our CET1 ratio at the end of the quarter was 13.4%, stable quarter over quarter. Solid organic capital generation was offset by our ongoing share purchase program.

Supported by core business momentum pre provision pre tax earnings were up 18% as our client focused strategy continues to deliver results.

Speaker #2: During the quarter, we returned $1.4 billion in capital to our shareholders, including over $500 million in share repurchases. Our liquidity position remains very strong, with an average LCR of 127%.

Robert Sedran: During the quarter, we returned $1.4 billion in capital to our shareholders, including over $500 million of share repurchases. Our liquidity position remains very strong, with an average LCR of 127%. Starting with slide 14, with Canadian personal and business banking, we highlight our strategic business unit results. Adjusted net income of $817 million increased 17% due to higher revenue growth, partially offset by higher expenses and the total provision for credit losses. Supported by core business momentum, pre-provision pre-tax earnings were up 18% as our client-focused strategy continues to deliver results. Revenues were up 10%, helped by margin expansion, loan growth, and stable deposit balances. Net interest margin was up 27 basis points year over year and 11 basis points sequentially, reflecting the continued benefit from the rate environment and the successful execution of our strategy.

Revenues were up 10% helped by margin expansion loan growth and stable deposit balances.

Net interest margin was up 27 basis points year over year, and 11 basis points sequentially, reflecting the continued benefit from the rate environment and the successful execution of our strategy.

Speaker #2: Starting with slide 14, with Canadian Personal and Business Banking, we highlight our Strategic Business Unit results. Adjusted net income of $817 million increased 17% due to higher revenue growth, partially offset by higher expenses and the total provision for credit losses.

Beyond the benefit from rates, we are seeing tangible results from our focus on deep and profitable client relationships selective balance sheet deployment and disciplined pricing decisions. We continue to expect margins in this segment to trend higher.

Speaker #2: Supported by core business momentum, pre-provision, pre-tax earnings were up 18%, as our client-focused strategy continues to deliver results. Revenues were up 10%, helped by margin expansion, loan growth, and stable deposit balances.

Expenses were up 3% due to investments in strategic initiatives and higher employee related compensation.

On Slide 15, we show Canadian commercial banking and wealth management, where net income and pre provision pretax earnings were up 19% and 16% from a year ago respectively.

Speaker #2: Net interest margin was up 27 basis points year-over-year and 11 basis points sequentially, reflecting the continued benefit from the rate environment and the successful execution of our strategy.

Revenues were up 13% from last year.

Wealth management revenue growth of 15% was driven by higher average fee based assets, resulting from market appreciation and net sales and increased client activity driving higher commissions.

Speaker #2: Beyond the benefit from rates, we are seeing tangible results from our focus on deep and profitable client relationships, selective balance sheet deployment, and disciplined pricing decisions.

Robert Sedran: Beyond the benefit from rates, we are seeing tangible results in our focus on deep and profitable client relationships, selective balance sheet deployment, and disciplined pricing decisions. We continue to expect margins in this segment to trend higher. Expenses were up 3% due to investments in strategic initiatives and higher employee-related compensation. On slide 15, we show Canadian Commercial Banking and Wealth Management, where net income and pre-provision pre-tax earnings were up 19% and 16% from a year ago, respectively. Revenues were up 13% from last year. Wealth Management revenue growth of 15% was driven by higher average fee-based assets resulting from market appreciation and net sales, and increased client activity driving higher commissions. CIBC Asset Management ranks second among the big six banks in retail mutual fund long-term net sales in the current quarter and on a year-to-date basis, demonstrating the power of our distribution network and advice-driven strategy.

M. A C asset management ranked second among the big six banks and retail mutual fund long term net sales in the current quarter.

Speaker #2: We continue to expect margins in this segment to trend higher. Expenses were up 3% due to investments in strategic initiatives and higher employee-related compensation.

To date basis, demonstrating the power of our distribution network and advice driven strategy.

Speaker #2: On slide 15, we show Canadian commercial banking and wealth management. Our net income and pre-provision, pre-tax earnings were up 19% and 16% from a year ago, respectively.

Commercial banking revenues were up 10% driven by volume growth and margin expansion commercial loan and deposit volumes were up 10% and 8% respectively from a year ago.

Speaker #2: Revenues were up 13% from last year. Wealth management revenue growth of 15% was driven by higher average fee-based assets, resulting from market appreciation and net sales.

Expenses increased 11% from a year ago, mainly from higher compensation linked to the strong wealth management revenues as well as higher spending on technology and other strategic initiatives.

Speaker #2: An increased client activity is driving higher commissions. CIBC Asset Management ranked second among the big six banks in retail mutual fund long-term net sales in the current quarter and on a year-to-date basis.

Turning to U S commercial banking and wealth management on slide 16.

Net income was up 15% from the prior year, mainly due to lower loan loss provisions and a 7% increase in pre provision pretax earnings revenues were up 8% from last year deposit growth of 13% and loan growth of 3% resulted in net interest income that was 14% higher than the prior year.

Speaker #2: Demonstrating the power of our distribution network and advice-driven strategy, commercial banking revenues were up 10%, driven by volume growth and margin expansion. Commercial loan and deposit volumes were up 10% and 8%, respectively, from a year ago.

Robert Sedran: Commercial Banking revenues were up 10%, driven by volume growth and margin expansion. Commercial loan and deposit volumes were up 10% and 8%, respectively, from a year ago. Expenses increased 11% from a year ago, mainly from higher compensation linked to the strong Wealth Management revenues, as well as higher spending on technology and other strategic initiatives. Turning to U.S. Commercial Banking and Wealth Management on slide 16. Net income was up 15% from the prior year, mainly due to lower loan loss provisions and a 7% increase in pre-provision pre-tax earnings. Revenues were up 8% from last year. Deposit growth of 13% and loan growth of 3% resulted in net interest income that was 14% higher than the prior year. Expenses were up 8%, with increase largely related to performance-based compensation. Turning to slide 17 and our capital markets segment. Net income was up 43% year over year.

Expenses were up 8% with the increase largely related to performance based compensation.

Speaker #2: Expenses increased 11% from a year ago, mainly due to higher compensation linked to the strong wealth management revenues, as well as higher spending on technology and other strategic initiatives.

Turning to slide 17, and our capital markets.

Okay.

3% year over year.

Revenues were up 24% from the same quarter last year as global markets revenues were up 18% corporate banking benefited from higher volumes and margins and investment banking achieved record revenues on the back of higher underwriting and advisory activity.

Speaker #2: Turning to U.S. commercial banking and wealth management on slide 16. Net income was up 15% from the prior year, mainly due to lower loan loss provisions and a 7% increase in pre-provision, pre-tax earnings.

Speaker #2: Revenues were up 8% from last year. Deposit growth of 13% and loan growth of 3% resulted in net interest income that was 14% higher than the prior year.

We continue to expand in the U S where year over year revenue growth of 32% contributed 34% of total segment revenues. This quarter are highly connected platform continues to deliver for our clients and for our bank.

Speaker #2: Expenses were up 8%, with the increase largely related to performance-based compensation. Turning to slide 17 and our Capital Markets segment, net income was up 43% year-over-year.

<unk> were up 11% largely due to higher performance based compensation continued investments and higher volume driven expenses.

Slide 18 reflects the results of the corporate and other business unit.

Speaker #2: Revenues were up 24% from the same quarter last year, as global markets revenues were up 18%. Corporate banking benefited from higher volumes and margins, and investment banking achieved record revenues on the back of higher underwriting and advisory activity.

Robert Sedran: Revenues were up 24% from the same quarter last year, as global markets revenues were up 18%. Corporate banking benefited from higher volumes and margins, and investment banking achieved record revenues on the back of higher underwriting and advisory activity. We continue to expand in the U.S., where year-over-year revenue growth of 32% contributed 34% of total segment revenues this quarter. Our highly connected platform continues to deliver for our clients and for our bank. Expenses were up 11%, largely due to higher performance-based compensation, continued investments, and higher volume-driven expenses. Slide 18 reflects the results of the corporate and other business unit.

Net loss of $108 million compared with the unusually high net income of $96 million in the prior year.

I move that comes from a normalization of Treasury revenues from the elevated level. We described last year and noncore securities write downs at CIBC Caribbean as well as the impact of foreign currency translation were it not for the write downs, we would've been inside our guidance range and so maintaining our medium term guidance of a loss of between zero and $50 million for this segment.

Speaker #2: We continue to expand in the U.S., where year-over-year revenue growth of 32% contributed 34% of total segment revenues this quarter. Our highly connected platform continues to deliver for our clients and for our bank.

Speaker #2: Expenses were up 11%, largely due to higher performance-based compensation, continued investments, and higher volume-driven expenses. Slide 18 reflects the results of the corporate and other business units.

In closing, we had a very strong third quarter amidst the dynamic operating environment, we remain focused on executing our strategy delivering sustainable results and strengthening our bank's position for the long term.

Speaker #2: A net loss of $108 million compares with the unusually high net income of $96 million in the prior year. This move results from a normalization of treasury revenues from the elevated level we described last year, non-core securities write-downs at CIBC Caribbean, and the impact of foreign currency translation.

Robert Sedran: A net loss of $108 million compares with the unusually high net income of $96 million in the prior year, a move that comes from a normalization of treasury revenues from the elevated level we described last year and non-core securities write-downs at CIBC Caribbean, as well as the impact of foreign currency translation. Were it not for the write-downs, we would have been inside our guidance range and maintain our medium-term guidance of a loss of between $0 and $50 million for this segment. In closing, we had a very strong third quarter. Amidst the dynamic operating environment, we remain focused on executing our strategy, delivering sustainable results, and strengthening our bank's position for the long term. With that, I'll turn it over to Frank.

With that I'll turn it over to Frank Thank.

Thank you, Rob and good morning, everyone.

Our credit portfolio performed well in Q3, despite the evolving macroeconomic backdrop.

We are actively monitoring our portfolio and taking management actions to mitigate risks.

Speaker #2: Were it not for the write-downs, we would have been inside our guidance range and thus maintain our medium-term guidance of a loss of between $0 million and $50 million for this segment.

Our teams remain close to our clients to ensure they have the support they need to effectively navigate through the uncertainties.

Speaker #2: In closing, we had a very strong third quarter. Amidst the dynamic operating environment, we remain focused on executing our strategy, delivering sustainable results, and strengthening our bank's position for the long term.

Our allowance for credit losses remains robust preparing us to manage a variety of potential risks or traveling Joe go ahead.

Comfortable.

Spectrum continues to be at the lower end of our guidance.

Speaker #2: With that, I'll turn it over to Frank.

Speaker #4: Thank you, Rob. And good morning, everyone. Our credit portfolios performed well in Q3. Despite the evolving macroeconomic backdrop, we are actively monitoring our portfolios and taking management actions to mitigate risks.

Frank Guse: Thank you, Rob, and good morning, everyone. Our credit portfolios performed well in Q3, despite the evolving macroeconomic backdrop. We are actively monitoring our portfolios and taking management actions to mitigate risks. Our teams remain close to our clients to ensure they have the support they need to effectively navigate through the uncertainties. Our allowance for credit losses remains robust, preparing us to manage a variety of potential risks or challenges ahead. We remain comfortable with our impaired loss ratio that continues to be at the lower end of our guidance. Turning to slide 22, our total provision for credit losses was $559 million in Q3, down from $605 million last quarter. Our robust allowance coverage further increased quarter over quarter by one basis point to 78 bps. In year to date, our total allowance is up by $474 million or 12%.

Turning to slide 22.

Total provision for credit losses was 559 million in Q3 down from 605 million last quarter.

Our robust allowance covered trigger increased quarter over quarter by one basis point to 78 basis points and year to date, our total allowance by $474 million or 12%.

Speaker #4: Our teams remain close to our clients to ensure they have the support they need to effectively navigate through the uncertainties. Our allowance for credit losses remains robust, preparing us to manage a variety of potential risks or challenges ahead.

Our performing provision was $78 million this quarter as we continued to reflect the evolving economic environment.

Speaker #4: We remain comfortable with our impaired loss ratio, which continues to be at the lower end of our guidance. Turning to slide 22, our total provision for credit losses was $559 million in Q3.

Our provisions on impaired loans was $481 million up 18 million quarter over quarter.

This was due to a higher provisions in capital markets, partially offset by lower provisions in the other sbu's.

Speaker #4: Down from $605 million last quarter, a robust allowance coverage further increased quarter over quarter by one basis point to 78 basis points. Year-to-date, our total allowance is up by $474 million or 12%.

Turning to slide 23, overall Q3 portfolio performance remained stable and in line with our expectations with our impaired provisions at 33 basis points.

Personal and business banking M. P. O P. P. L was flat with higher write offs experienced in the quarter offset by a lower allowance increase for impaired balances.

Speaker #4: Our performing provision was $78 million this quarter as we continued to reflect the evolving economic environment. Our provision on impaired loans was $481 million, up $18 million quarter over quarter.

Frank Guse: Our performing provision was $78 million this quarter, as we continue to reflect the evolving economic environment. Our provision on impaired loans was $481 million, up $18 million quarter over quarter. This was due to higher provisions in capital markets, partially offset by lower provisions in the other SBUs. Turning to slide 23, overall Q3 portfolio performance remains stable and in line with our expectations, with our impaired provisions at 33 bps. Personal and Business Banking impaired PCL was flat, with higher write-offs experienced in the quarter, offset by a lower allowance increase for impaired balances. Capital Markets impaired PCL was up in Q3, mainly driven by one name. The balance of this portfolio continues to perform well, with no systemic risk seen in any specific sectors. Both Canadian and U.S. commercial, we saw improved performance with a lower impaired PCL in Q3.

Capital markets impaired PCL was up in Q3, mainly driven by one name the balance of this portfolio continues to perform well with no systemic risk fine in any specific factors.

Speaker #4: This was due to higher provisions in capital markets, partially offset by lower provisions in the other SBUs. Turning to slide 23, overall Q3 portfolio performance remained stable and in line with our expectations.

Both Canadian and U S. Commercial we saw improved performance were the lower impaired PCL in Q3.

Slide 24 summarizes our gross impaired loan formations.

Speaker #4: With our impaired provisions at 33 basis points, personal and business banking impaired PCL was flat, with higher write-offs experienced in the quarter, offset by a lower allowance increase for impaired balances.

Gross impaired loan ratio of 56 basis points down one basis point quarter over quarter with the decrease in business and government loans, partially offset by an increase in retail.

Speaker #4: Capital markets impaired PCL was up in Q3, mainly driven by one name. The balance of this portfolio continues to perform well, with no systemic risks seen in any specific sectors.

While mortgages experienced a moderate increase this quarter, our current loan to value ratio for the mortgage book is at 54% with impaired balances.

63% LTV and we do not expect any material increase in losses.

Speaker #4: Both Canadian and U.S. commercial, we saw improved performance with a lower impaired PCL in Q3. Slide 24 summarizes our gross impaired loans and formations.

Slide 25 summarizes the net write offs and 90 plus day delinquency rates of our Canadian consumer portfolios.

Frank Guse: Slide 24 summarizes our gross impaired loans and formations. Our gross impaired loan ratio was 56 bps, down one basis point quarter over quarter, with a decrease in business and government loans partially offset by an increase in retail. While mortgages experienced a moderate increase this quarter, our current loan-to-value ratio for the mortgage book is at 54%, with impaired balances remaining low at 63% LTV. We do not expect any material increase in losses. Slide 25 summarizes the net write-offs and 90-plus-day delinquency rates of our Canadian consumer portfolios. Our net write-off ratio remained flat quarter over quarter, though we continue to see this impacted by elevated unemployment rates. The 90-plus-day delinquencies of our credit cards and personal lending portfolios trended lower, while mortgages were up moderately.

Speaker #4: Our gross impaired loan ratio was 56 basis points, down one basis point quarter over quarter. With a decrease in business and government loans, partially offset by an increase in retail.

Net write off ratio remained flat quarter over quarter, but we continue to feed is impacted by elevated unemployment rates.

The 90, plus day delinquencies of all credit cards, and personal lending portfolios trended lower while mortgages was up moderately.

Speaker #4: While mortgages experienced a moderate increase this quarter, our current loan-to-value ratio for the mortgage book is at 54%, with impaired balances remaining low at 63% LTV.

We are pleased with the performance of our personal banking book and are confident we will continue to see resilience given the strength of our Canadian consumer portfolios.

Speaker #4: We do not expect any material increase in losses. Slide 25 summarizes the net write-offs and 90-plus-day delinquency rates of our Canadian consumer portfolios. Our net write-off ratio remained flat quarter over quarter, though we continue to see this impacted by elevated unemployment rates.

In closing we are pleased with our credit performance in Q3.

With the dynamic changes in the macro environment, we remain disciplined and prudent in managing our portfolios.

Our robust allowance tablets provides coverage for ongoing headwinds and we remain well within.

Speaker #4: The 90-plus-day delinquencies of our credit card and personal lending portfolios trended lower, while mortgages were up moderately. We are pleased with the performance of our personal banking book and are confident we will continue to see resilience, given the strength of our Canadian consumer portfolios.

I will now ask the operator to open the line for questions. Thank you. Please press star one at this time if your other question.

Frank Guse: We are pleased with the performance of our personal banking book and are confident we will continue to see resilience given the strength of our Canadian consumer portfolios. In closing, we are pleased with our credit performance in Q3. With the dynamic changes in the macro environment, we remain disciplined and prudent when managing our portfolios. Our robust allowance levels provide coverage for ongoing headwinds, and we remain well within our four-year guidance on impaired losses. I will now ask the operator to open the line for questions.

Our first question comes from Seran mobile I'd eat BMO capital markets. Please go ahead.

Okay.

Firstly, Victor congratulations and.

Speaker #4: In closing, we are pleased with our credit performance in Q3. With the dynamic changes in the macro environment, we remain disciplined and prudent when managing our portfolios.

Thank you for putting up with me over the years.

Shouldn't you Guy.

[laughter] at Rob and you competed D N CIB you renewed it is it your intention.

Speaker #4: Our robust allowance levels provide coverage for ongoing headwinds, and we remain well within our full-year guidance on impaired losses. I will now ask the operator to open the line for questions.

And to complete the renewed one and is this.

Should I interpret this as a.

Speaker #1: Thank you. Please press star one at this time if you have a question. Our first question comes from Sara Mozaidi, BMO Capital Markets. Please go ahead.

Confidence in the earnings trajectory of the bank.

Harry Culham: Thank you. Please press star one at this time if you have a question. Our first question comes from Sara Mobahedi, BMO Capital Markets. Please go ahead.

Hey, Sarah Good morning, it's Rob Yeah. So you know we bought back as you pointed out five and a half million shares during the quarter. We completed it in a re upped them when it comes to the buyback we kind of view it the same way we view the rest of the strategy consistent relative relatively predictable execution, that's going to position us for success over the long term.

Speaker #5: Okay, thank you. Firstly, Victor, congratulations and thank you for putting up with me over the years.

Shawn Beber: Okay. Thank you. Firstly, Victor, congratulations and thank you for putting up with me over the years.

Speaker #4: Thanks, Sara Mozaidi.

Victor Dodig: Thanks, Sora.

Speaker #5: Quick question. Rob, you completed the NCIB you've renewed it. Is it your intention to complete the renewed one, and is this I don't know, should I interpret this as a confidence in the earnings trajectory of the bank?

Shawn Beber: A quick question.

Victor Dodig: You're a good guy.

Shawn Beber: Rob, you completed the normal course issuer bid. You've renewed it. Is it your intention to complete the renewed one? Should I interpret this as a confidence in the earnings trajectory of the bank?

<unk>.

Clearly the top priority for us is organic growth and we think we have ample opportunity to deploy over time. So you know when Victor says in his prepared remarks that we think the strategy is working we see the results as evidence of that across a number of different areas.

Each quarter that we see strong revenue performance strong margin evolution, good client acquisition rising client satisfaction expense discipline that's.

Speaker #2: Hey, Sara, good morning. It's Rob. Yeah, so you know we bought back, as you pointed out, 5.5 million shares during the quarter.

Geoffrey Weiss: Hey, Sora. Good morning. It's Rob. Yeah, we bought back, as you pointed out, 5.5 million shares during the quarter. We completed it in a re-up. When it comes to the buyback, we kind of view it the same way we view the rest of the strategy: consistent, relatively predictable execution that's going to position us for success over the long term. Clearly, the top priority for us is organic growth, and we think we have ample opportunity to deploy over time. When Victor says in his prepared remarks that we think the strategy is working, we see the results as evidence of that across a number of different areas. Each quarter that we see strong revenue performance, strong margin evolution, good client acquisition, rising client satisfaction, expense discipline that's driving operating leverage, and well-controlled loan losses, particularly on a relative basis. I think most importantly, an upward sloping ROE.

Speaker #2: We completed it and have re-opped. When it comes to the buyback, we kind of view it the same way we view the rest of the strategy: consistent, relatively predictable execution.

Driving operating leverage and well controlled loan losses, particularly on a relative basis and I think most importantly, an upward sloping row.

Speaker #2: That's going to position us, you know, for success over the long term. Clearly, the top priority for us is organic growth, and we think we have ample opportunity to deploy over time.

Our conviction and the earnings power and the fact that we have the right strategies just grows stronger and stronger. So you know we do expect to use the buyback the nice thing.

Speaker #2: So, you know when Victor says in his prepared remarks that we think the strategy is working, we see the results as evidence of that across a number of different areas.

Thinking about a buyback is that we can go faster we can go slower depending on how the environment evolves, but is that are we continues to rise we can return capital to shareholders through dividend increases and buybacks and we expect to continue to do so.

Speaker #2: You know, each quarter that we see strong revenue performance, strong margin evolution, good client acquisition, rising client satisfaction, expense discipline that's you know driving operating leverage, and well-controlled loan losses, particularly on a relative basis, and I think most importantly, an upward-scoping ROE, our conviction in the earnings power and the fact that we have the right strategy just grows stronger and stronger.

Okay. Thank you.

Thank you IRA.

Next question comes from Brian <unk> with Bank of America. Please go ahead.

Hey, good morning.

Geoffrey Weiss: Our conviction in the earnings power and the fact that we have the right strategies just grow stronger and stronger. We do expect to use the buyback. The nice thing about a buyback is that we can go faster or we can go slower, depending on how the environment evolves. As that ROE continues to rise, we can return capital to shareholders through dividend increases and buybacks, and we expect to continue to do so.

So oh, yeah, I guess first of all Victor Congratulations I think everyone hopes to do this you are clearly leading commerce in a better place than what you indicated it so in terms of consistency stability, so credit to you and the rest of the team.

Speaker #2: So, you know we do expect to use the buyback. The nice thing about a buyback is that we can go faster or we can go slower, depending on how the environment evolves.

Speaker #2: But you know as that are, we continue to rise. We can return capital to shareholders through dividend increases and buybacks, and we expect to continue to do so.

And you know what as you ramp just before you start with your question and too many complements the team that we have is an incredible team to take it forward as well and that's what gives me great confidence.

Speaker #5: Okay. Thank you.

Shawn Beber: Thank you.

Speaker #1: Thank you. Our next question comes from Ibrahim Punawala, Bank of America. Please go ahead.

Harry Culham: Thank you. Our next question comes from Ibrahim Punawala, Bank of America. Please go ahead.

No doubt, but does require a strong leader so you've done that.

But he has done and all the best to you in retirement.

Speaker #6: Hey, good morning. So, yeah, I guess first of all, Victor, congratulations! I think everyone hopes to do this. You are truly leading commerce in a better place than what you inherited.

Victor Dodig: Hey, good morning. First of all, Victor, congratulations. I think everyone hopes to do this. You are truly leaving CIBC in a better place than what you inherited. In terms of consistency and stability, credit to you and the rest of the team.

I guess the question maybe following up as you think about where do we go from here and Rob to your point.

Auto ejecting higher as they look towards the returns you'll have delivered.

Speaker #6: So, in terms of consistency and stability, credit to you and the rest of the team.

Combine that with the outlook on margin expansion going forward.

Speaker #2: Thank you.

Geoffrey Weiss: Thank you.

Speaker #6: So make sure we acknowledge.

Victor Dodig: I wanted to make sure we acknowledge.

And I know, we kind of recalibrated, the utterly target to about 15% plus.

Speaker #2: Thank you. Just before you start with your question—and too many compliments—the team that we have is an incredible team to take it forward as well.

Geoffrey Weiss: You know what, Ibrahim, just before you start with your question and too many compliments, the team that we have is an incredible team to take it forward as well. That's what gives me great confidence.

Over the last year, but just talk to us in terms of the crew artery potential of the company or do you think about sort of the rhythm you have an operating leverage where margin is headed and at some point that maybe probably a little bit of capital next to us.

Speaker #2: And that's what gives me great confidence.

Speaker #6: No, no doubt. But it does require a strong leader, so you've done that, and you're a humble person. But well done. And all the best to you in retirement.

Victor Dodig: No doubt, but it does require a strong leader. You've done that, and you're a humble person, but well done. All the best to you in retirement. I guess the question may be following up as we think about where we go from here. Rob, to your point, ROE drifting higher as I look towards the returns you all have delivered, combined with the outlook on margin expansion going forward. I know we kind of recalibrated the ROE target to about 15%+ over the last year. Just talk to us in terms of the true ROE potential of the company as you think about the rhythm you have in operating leverage, where margin is headed. At some point, there may be probably a little bit of capital flex too. Is 15%+ more like 15%+ the way you see the world, and if things are macro-wise getting better?

Speaker #6: But I guess the question maybe following up, as we think about where we go from here. And Rob, to your point, ROE drifting higher — as I look towards the returns we all have delivered, combined with the outlook on margin expansion going forward. I know we kind of recalibrated the ROE target to about 15% plus.

15% plus more like 16% plus but you can see the world and I think the macro wise getting better.

Hey, good morning, Ebrahim, it's Rob I'll give it a shot will give it a shot here I you know I think and we did just as you pointed out a route produce the ROE target, but it was more about the extra capital load we were carrying the conviction in our strategy and the fact that that ROE is an upward sloping one has never wavered in fact.

Speaker #6: Over the last year, could you talk to us in terms of the true ROE potential of the company? As you think about the rhythm you have and operating leverage, where margin is headed, and at some point, there may be a little bit of capital flex too. Is 15% plus, more like 16% plus, the way you see the world?

Roy is even outperforming what we would have suggested at our 2022 investor day, considering the capital load that we're carrying and we're earning through that extra capital that we have now with and continuing to show the better the better ROE performance. When we think of each of our businesses. There's a focus on driving that ROE higher.

Speaker #6: And if things are macro-wise getting better.

Speaker #2: Hey, good morning. Ibrahim, it's Rob. I'll give it a shot here. You know, I think—and we did just, as you pointed out, reduce the ROE target—but it was more about the capital load we were carrying, the conviction in our strategy, and the fact that that ROE is an upward-scoping one.

Geoffrey Weiss: Hey, good morning, Ibrahim. It's Rob. I'll give it a shot here. I think, and we did just, as you pointed out, reduce the ROE target, but it was more about the capital load we were carrying. The conviction in our strategy and the fact that that ROE is an upward sloping one has never wavered. In fact, the ROE is even outperforming what we would have suggested at our 2022 investor day, considering the capital load that we're carrying and we're earning through that extra capital that we have now within continuing to show the better ROE performance. When we think of each of our businesses, there's a focus on driving that ROE higher. Over the medium term, we expect that to continue. The markets are favorable and those can always change. These are issues that would affect the industry, not just us.

And over the medium term, we expect that to continue now the markets are favorable and those can always change. These are issues that would affect the industry not just us but from what we can see today again the conviction in the strategy is rising.

No, we're not going to change our ROE target back to what it was but it's safe to say that as we get to 15 and beyond we expect it to continue to migrate higher based on the execution of our strategy and we do want a target ongoing growth from there.

Speaker #2: It has never wavered. In fact, the ROE is even outperforming what we would have suggested at our 2022 Investor Day. Considering the capital load that we're carrying, we are earning through that extra capital that we have now, while continuing to show better ROE performance.

You know I think what you're seeing in our in our numbers and our strategy is a balance between.

Speaker #2: When we think of each of our businesses, there's a focus on driving that ROE higher, and over the medium term, we expect that to continue.

Margin and volume growth are balanced between expense efficiencies and investing for the future and just balance in terms of our execution.

Speaker #2: Now, the markets are favorable, and those can always change. These are issues that would affect the industry, not just us. But from what we can see today, again, the conviction in the strategy is rising.

The better things over time.

Thank you.

Geoffrey Weiss: From what we can see today, the conviction in the strategy is rising. We're not going to change our ROE target back to what it was, but it's safe to say that as we get to 15% and beyond, we expect it to continue to migrate higher based on the execution of our strategy. We do want to target ongoing growth from there. I think what you're seeing in our numbers and in our strategy is a balance between margin and volume growth, a balance between expense efficiencies and investing for the future, and just balance in terms of our execution. That's going to continue and should lead to better things over time.

Thank you our next.

Our next question comes from Gabrielle does Shine National Bank financial Please go ahead.

Speaker #2: You know, we're not going to change our ROE target back to what it was, but it's safe to say that as we get to 15 and beyond, we expect it to continue to migrate higher based on the execution of our strategy.

Good morning, and yeah, Victor Congrats on the retirement and you know if you want to meet up for a glass of Russia at some point and.

Speaker #2: And we do want to target ongoing growth from there. So, you know, I think what you're seeing in our numbers and in our strategy is a balance between margin and volume growth, a balance between expense efficiencies and investing for the future, and just balance in terms of our execution.

Posed to you let me know.

For all those who don't know what a glass iraqia is it's like a shot of plum brandy. They should only have after six P M and only one a day or even.

A week sorry, okay, well, we can we can stick to that women.

Speaker #2: That's going to continue and should lead to better things over time.

The margin guidance I know, there's always some conservatism embedded in our forward statements and all of that last quarter was a stable to up a bit I mean, it sounds a little bit similar, but maybe a bit more optimistic than in <unk>.

Speaker #6: Got it. Thank you.

Victor Dodig: Got it. Thank you.

Speaker #1: Thank you. Our next question comes from Gabriel Deschaine, National Bank Financial. Please go ahead.

Harry Culham: Thank you. Our next question comes from Gabriel Deschaine, National Bank Financial. Please go ahead.

Speaker #7: Good Good morning and yeah, Victor, congrats on the retirement and you know if you want to meet up for a glass of rakia at some point, then you know you're post-CEO phase, let me know.

Gabriel Dechaine: Good morning. Victor, congrats on the retirement. If you want to meet up for a glass of rakia at some point in your post-CEO phase, let me know.

Hum.

Your guidance.

And I I'm, assuming several factors you know on deposit mix competitive dynamics.

Speaker #2: Thank you. For all those who don't know what a glass of rakia is, it's like a shot of plum brandy. They should only have it after 6:00 PM.

Victor Dodig: Yeah, for all those who don't know what a glass of rakia is, it's like a shot of plum brandy they should only have after 6:00 P.M. and only one a day.

Dynamics, all kind of went in the right direction like all of those elements. What's what do you think is a sustainable trend because as we look ahead to 2026, when you've got a bunch of mortgages refinancing and I also see the chart that has.

Speaker #2: And only one a day. One a...

Speaker #7: There you go.

Gabriel Dechaine: There you go.

Speaker #2: week. Sorry.

Victor Dodig: One a week. Sorry.

Speaker #7: Okay. Well, we can stick to that limit. The margin guidance, I know there's always some conservatism embedded in forward statements and all that.

Gabriel Dechaine: Okay. We can stick to that limit. The margin guidance, I know there's always some conservatism embedded in forward statements and all that. Last quarter was, you know, stable to up a bit. It sounds a little bit similar, but maybe a bit more optimistic. This quarter, you did outperform your guidance. I'm assuming several factors, you know, deposit mix, competitive dynamics, all kind of went in the right direction. Of those elements, what do you think is a sustainable trend? As we look ahead to 2026, when you got a bunch of mortgages refinancing, I also see the chart that has new mortgages coming on the balance sheet at higher spreads than the ones leaving. Is this, you know, are we cautiously optimistic? Maybe too much so?

New mortgages coming on <unk> on the on the balance sheet are at higher spreads than the ones. Leaving is this are you know are we are cautiously optimistic maybe too much though.

Speaker #7: Last quarter was, you know, stable to up a bit, and you know it sounds a little bit similar, but maybe a bit more optimistic.

Speaker #7: And and this quarter, you did outperform your guidance and I I I'm assuming several factors, you know deposit mix, competitive dynamics, all all kind of went in the right direction.

Good morning, Gabe, it's Rob I'll get started and I think I'm going to hand, it off to her I should talk a little bit about what the business is doing because the the personal and business bank, it's our largest largest business and it's the biggest driver of what's happening to our margin overall.

Speaker #7: Like Of those elements, what's what do you think is sustainable trend? Because and and and as we look ahead to 2026, when you've got a bunch of mortgages refinancing and I also see the chart that has you know new mortgages coming on on the on the balance sheet are are at higher spreads than the ones leaving.

Part of the reason I gave stable to up in terms of the margin guidance in the past has been to capture things like what happened last quarter, which was the margin was down a basis point and so when we give the guidance is not intended to be quarter on quarter linked quarter guidance, but.

You know the more optimistic take on the on the margin from here is based on what we're what we saw this quarter doesn't feel unsustainable or unusual to us I've often talked about the margin in kind of three buckets and the track during strategy the balance sheet positioning part of the strategy is kind of doing what we expected it to do the competitive dynamic.

Speaker #7: Is this you know? Are we cautiously optimistic? Maybe too much so?

Speaker #2: Good morning, Gabe. It's Rob. I'll get started, and I think I'm going to hand it off to Raj to talk a little bit about what the business is doing because the personal and business bank is our largest business, and it's the biggest driver of what's happening to our margin overall.

Geoffrey Weiss: Good morning, Gabe. It's Rob. I'll get started, and I think I'm going to hand it off to Geoffrey to talk a little bit about what the business is doing because the Personal and Business Bank, it's our largest business and it's the biggest driver of what's happening to our margin overall. Part of the reason I gave stable to up in terms of the margin guidance in the past has been to capture things like what happened last quarter, which was the margin was down a basis point. When we give the guidance, it's not intended to be quarter-on-quarter linked quarter guidance. The more optimistic take on the margin from here is based on what we saw this quarter, doesn't feel unsustainable or unusual to us. I've often talked about the margin in kind of three buckets.

As relatively stable we had some pricing.

Speaker #2: You know Part of the reason I I gave stable to up, in terms of the margin guidance in the past, has been to capture things like what happened last quarter, which was the margin was down a basis point.

Benefit this quarter from some promo offers that rolled off but that business mix.

Partly client choice, but also very intentional business strategy, that's happening largely in our retail bank and maybe that's a good place to hand, it off to her out to talk about what he thinks are going forward.

Speaker #2: And so when we give the guidance, it's not intended to be quarter on quarter, linked quarter guidance. But you know the more optimistic take on the on the margin from here is based on what we're what we saw this quarter, doesn't feel unsustainable or unusual to us.

Thanks, Rob and good morning, Gabe. Thank you for the question because as Rob said this is both the environment and our results of our strategy and so from the environment perspective, certainly rates still pricing into the balance sheet helps and margins, particularly on the deposit side or on the increase but and I do think that sustainable for the next little while.

Speaker #2: I've often talked about the margin in kind of three buckets, and the tractoring strategy, the balance sheet positioning part of the strategy is kind of doing what we expected it to do.

Geoffrey Weiss: The tractoring strategy, the balance sheet, positioning part of the strategy is kind of doing what we expected it to do. The competitive dynamic is relatively stable. We had some pricing benefit this quarter from some promo offers that rolled off. That business mix, partly client choice, but also very intentional business strategy that's happening largely in our retail bank. Maybe that's a good place to hand it off to Geoffrey to talk about what he thinks going forward.

Speaker #2: The competitive dynamic is relatively stable. We had some pricing benefit this quarter from some promo offers that rolled off. But that business mix is partly client choice, but also very intentional business strategy that's happening largely in our retail bank. Maybe that's a good place to hand it off to Haraz to talk about what he thinks is going forward.

More importantly, I think as our strategy and so when you think about the strategy. It's been both individual product margins, increasing as well as the business mix increasing to the positive in those two things are also sustainable because we believe in our strategy and we're continuing it just to give you a bit more flavor.

Speaker #3: Thanks, Rob. And good morning, Gabe. Thank you for the question. Because, as Rob said, this is both the environment and a result of our strategy.

Susan Rimmer: Thanks, Rob, and good morning, Gabe. Thank you for the question. Because, as Rob said, this is both the environment and a result of our strategy. From the environment perspective, certainly rates still pricing into the balance sheet helps, and margins, particularly on the deposit side, are on the increase. I do think that's sustainable for the next little while. More importantly, I think, is our strategy. When you think about the strategy, it's been both individual product margins increasing, as well as the business mix increasing to the positive. Those two things are also sustainable because we believe in our strategy and we're continuing. Just to give you a bit more flavor, when we talk about being a relationship-based bank, for us, particularly in the retail business, that means being a leader in the day-to-day banking products and being a leader in advice and investment.

When we talk about being a relationship based bank for us, particularly in the retail business that means being a leader in the day to day banking products and being a leader in advice and investment and you've seen that anyone's ever results. That's what we're doing we're focused on specific target client segments, where we're trying to win we are winning we're focused on specific products, which are day to day banking.

Speaker #3: And so, from the environment perspective, certainly rates still pricing into the balance sheet helps. And margins, particularly on the deposit side, are on the increase.

Speaker #3: But and I do think that's sustainable for the next little while. More importantly, I think, is our strategy. And so when you think about the strategy, it's been both individual product margins increasing as well as the business mix increasing to the positive.

That's like checking and you saw the launch today as part of our road map to continue evolving our products on that side, you've seen the launch of our adopt a product we've got great credit card lineup and so youre seeing the momentum and demand deposit products the momentum and the credit card product momentum in the investment side and all of those things are helping.

Speaker #3: And those two things are also sustainable because we believe in our strategy and we're continuing. And just to give you a bit more flavor, when we talk about being a relationship-based bank, for us, particularly in the retail business, that means being a leader in the day-to-day banking products and being a leader in advice and investments.

Margin so in each of those areas, we're seeing good margins on the product level.

But also those are higher margin products and the mix is shifting more towards that because of our strategy. The mortgages and an interesting example, you bring up right and I think that in that case. It showcases all of these things so you're right mortgage margins coming in are higher than the outflows and on pricing side have you as you've seen in market, we are not leading with price.

Speaker #3: And you've seen that in the results. That's what we're doing. We're focused on specific target client segments where we're trying to win. We are winning.

Susan Rimmer: You've seen that in the results. That's what we're doing. We're focused on specific target client segments where we're trying to win. We are winning. We're focused on specific products, which are day-to-day banking products like checking. You saw the launch today as part of our roadmap to continue evolving our products on that side. You've seen the launch of our Adapta product. We've got the great credit card lineup. You're seeing the momentum in the demand deposit products, the momentum in the credit card product, the momentum in the investment side, and all of those things are helping margins. In each of those areas, we're seeing good margins on the product level, but also those are our higher margin products and the mix is shifting more towards that because of our strategy. The mortgage is an interesting example you bring up, right?

Speaker #3: We're focused on specific products, which are day-to-day banking products like checking. You saw the launch today as part of our roadmap to continue evolving our products on that side.

Speaker #3: You've seen the launch of our adaptive product. We've got the great credit card lineup. And so you're seeing the momentum in the demand deposit products, the momentum in the credit card products, the momentum in the investment side, and all of those things are helping margins.

We're leading with advice, we're leading with the relationship and that's allowing us to capture more margin on mortgages and we're up about 20% on the portfolio margin year over here as a result of that we're also seeing mortgage book be more focused so today mortgages represent about 10% of our revenue used to be a lot higher than that when you look at some of the stats 93% of our COO.

Speaker #3: So in each of those areas, we're seeing good margins on the product level, but also those are our higher margin products. And the mix is shifting more towards that because of our strategy.

Lions have another product with us almost 80% of our clients that have mortgages with us have a checking account and most of those clients were the primary bank for all of those numbers are all time highs because we're focused on that relationship based strategy rather than doing low margin products individually on a transactional basis.

Speaker #2: The mortgage is an interesting example you bring up, right? And I think that in that case, it showcases all of these things. So you're right.

Susan Rimmer: I think that in that case, it showcases all of these things. You're right. Mortgage margins coming in are higher than the outflows. On the pricing side, as you've seen in the market, we are not leading with price. We are leading with advice. We're leading with a relationship, but that's allowing us to capture more margin on mortgages. We're up about 20% on the portfolio margin year over year as a result of that. We're also seeing mortgage book be more focused. Today, mortgages represent about 10% of our revenue. It used to be a lot higher than that. When you look at some of the stats, 93% of our clients have another product with us. Almost 80% of our clients that have mortgages with us have a checking account. Most of those clients we're the primary bank for.

Speaker #2: Mortgage margins coming in are higher than the outflows. On the pricing side, as you've seen in the market, we are not leading with price; we are leading with advice.

Speaker #2: We're leading with a relationship. And that's allowing us to capture more margin on mortgages and we're up about 20% on the portfolio margin year-over-year as a result of that.

Yeah.

So our margin will continue going.

Alrighty ill stick to the one question.

Speaker #2: We're also seeing our mortgage book become more focused. Today, mortgages represent about 10% of our revenue, whereas it used to be significantly higher than that.

Thank you.

Next question is hot dog young there's all they kept on my Cats. Please go ahead.

Speaker #2: When you look at some of the stats, 93% of our clients have another product with us. Almost 80% of our clients that have mortgages with us have a checking account, and most of those clients were the primary bank for.

I mean, I guess for Frank It seems like you know Canadian personal unsecured credit trends are improving in <unk>.

And it seems like that's been the case across a lot of the bank citizens and important but can you touch on a little bit you know.

Speaker #2: All of those numbers are all-time highs because we're focused on that relationship-based strategy rather than doing low-margin products individually on a transactional basis with clients.

Susan Rimmer: All of those numbers are all-time highs because we're focused on that relationship-based strategy rather than doing low margin products individually on a transactional basis with clients. We'll keep doing that. I think the momentum of margin will continue going.

What you are seeing and expectations over the coming year end and obviously, the big risk right now, especially in Canada and.

Speaker #2: And we'll keep doing that. So I think the momentum of margin will continue going.

Pending U S MCA renegotiations that are coming in.

Actually in.

Speaker #7: All All righty. I'll stick to the one question.

Gabriel Dechaine: All righty, I'll stick to the one question.

Can you talk a bit about how you kind of factor that risk and to enter your expert credit judgment or your performing loan allowances or or whatnot.

Speaker #1: Thank you. Our next question is from Doug Young. Desjardins Capital Markets, please go ahead.

Harry Culham: Thank you. Our next question is from Doug Young, Desjardins Capital Markets. Please go ahead.

Good morning, and thanks for the question I mean, I'm packing is a little bit if if you see in the results and if you heard us talking about we are very pleased with our credit performance. We have a strong book of our Canadian consumer portfolios are very resilient.

Speaker #6: I guess for Frank, it seems like you know Canadian personal unsecured credit trends are improving, and it seems like that's been the case across a lot of the banks that have been reported.

Shawn Beber: I guess for Frank, it seems like, you know, Canadian personal unsecured credit trends are improving. It seems like that's been the case across a lot of the banks that have been reported. Can you touch on a little bit, you know, what you're seeing and expectations over the coming year? Obviously, the big risk right now, especially in Canada, is the pending U.S.M.C.A. negotiations that are coming eventually. Can you talk a bit about how you kind of factor that risk into your expert credit judgment or your performing loan allowances or whatnot?

Speaker #6: But can you touch on a little bit you know what you're seeing and expectations over the coming year? And obviously, the big risk right now, especially in Canada, is defending USMCA when negotiations that are coming eventually and you know can you talk a bit about how you kind of factor that risk into into your expert credit judgment or your performing loan allowances or or whatnot?

And if you heard that as part of our business strategy that it's part of a very targeted investments we did in risk management actions and risk management strategies, along the way working with our clients win when there is trouble finding a good solution and working with them, but then again.

Speaker #4: Doug, good morning, and thanks for the question. I mean, unpacking it a little bit, as you see in the results and as you heard us talking about, we are very pleased with our credit performance.

Frank Guse: Good morning, and thanks for the question. Unpacking it a little bit, as you see in the results and as you heard us talking about, we are very pleased with our credit performance. We have a strong book. Our Canadian consumer portfolios are very resilient. That is part of our business strategy. That is part of very targeted investments we did in risk management actions and risk management strategies along the way, working with our clients when there are troubles, finding a good solution, and working it out with them. As expected, those numbers continue to trend up. There is a little bit of potential seasonality you're seeing this quarter where it's coming down. That's just, as you highlighted, a reflection of the current macro environment. It's a reflection of unemployment, interest rates still being high. We factored that into our guidance and into our expectations.

As expected those numbers continue to trend up there was a little bit off potential seasonality you are seeing this quarter, where it's coming down and that's dropped as if if you highlighted a reflection of off of the current macro environment. It's a reflection of unemployment interest rates still being high.

Speaker #4: We have a strong book. Our Canadian consumer portfolios are very resilient. And if you heard, that is part of our business strategy. That is part of very targeted investments.

And we factored that in into our into our guidance and into our expectations. So I would say we are pleased with the impaired provisions dropped a little bit about how we are factoring that into our performing provisions as well.

Speaker #4: We did risk management actions and risk management strategies along the way, working with our clients when there are troubles, finding a good solution and working it out with them.

The point I made in the prepared remarks, and what we did if we continue to keep a little bit of.

Speaker #4: But then again, as expected, those numbers continue to trend up. There is a little bit of potential seasonality you're seeing this quarter where it's coming down.

<unk> prudent a weighting to our downside scenarios, you'll see our downside scenario I'm getting a little worse. This quarter, we have kept some weight on it and that's why you see us continuing a little bit of a moderate built in in our performing allowances nothing overly material I would say about just to continue.

Speaker #4: And that's just as as as you highlighted, a reflection of of of the current macro environment. It's a reflection of unemployment, interest rates still being high.

Speaker #4: And we factored that into our guidance and into our expectations. So I would say we are pleased with the impaired provisions.

Reflection of all of those scenarios, including a renegotiation of U S. M C. A in our outlook.

Frank Guse: I would say we are pleased with the impaired provisions. You asked a little bit about how we are factoring that into our performing provisions as well. The point I made in the prepared remarks and what we did is we continue to keep a little bit of prudent weighting to our downside scenarios. You see our downside scenario getting a little worse this quarter. We have kept some weight on it. That's why you see us continuing a little bit of a moderate build in our performing allowances. Nothing overly material, I would say, just a continued reflection of all of those scenarios, including a renegotiation of USMCA in our outlook.

Speaker #4: You asked a little bit about how we are factoring that into our performing provisions as well. The point I made in in the prepared remarks and and what we did is we continue to keep a little bit of prudent waiting to our downside scenarios.

Okay and Victor all the best in retirement, thanks for everything and I'll leave it there. Thanks.

Thank you next question is from Mario Mendonca TD Securities. Please go ahead.

Speaker #4: We see our downside scenario getting a little worse this quarter. We have kept some weight on it, and that's why you see us continuing a little bit of a moderate build.

Good morning, Victor Let me add my congratulations on a very impressive what 10 year plus I see them.

Mario team effort I, just gotta emphasize again, it's been a team effort and it's been a privilege to be captain of this wonderful team.

Speaker #4: In our performing allowances, nothing overly material, I would say, but just to continue to reflect on all of those scenarios, including a renegotiation of USMCA in our outlook.

Good stuff Frank Glen.

So I totally agree with Doug just offered that the unsecured Canadian credit looks a little better and so that's true mostly across the industry might be maybe one modest exception there but for your bank specifically.

Speaker #3: Okay. And Victor, all the best in retirement. Thanks for everything. I'll leave it there. Thanks.

Geoffrey Weiss: Okay. Victor, all the best in retirement. Thanks for everything.

Frank Guse: Thank you.

Geoffrey Weiss: I'll leave it there. Thanks.

Speaker #1: Thank you. Next question is from Mario Mendonca, TD Securities. Please go ahead.

Harry Culham: Thank you. Next question is from Mario Mendonca, TD Securities. Please go ahead.

Given that let's call it stabilization in unsecured consumer.

Is there any reason why you would move off of the mid thirties guidance, our impaired PCL going forward like thinking about 'twenty 'twenty six and then going forward is there anything that's happening and let's leave U S. MCA negotiations aside because we all know if that falls. Apart then we've got a bigger issue so leaving that aside.

Speaker #6: Good Good morning. Victor, let me add my congratulations and it's very impressive what 10-year plus SCO.

Mario Mendonca: Good morning. Victor, let me add my congratulations and a very impressive, what, 10-year plus CEO.

Speaker #2: Mario, team effort. I just want to emphasize again, it's been a team effort, and it's been a privilege to be captain of this wonderful team.

Geoffrey Weiss: Mario, team effort. I just got to emphasize again, it's been a team effort, and it's been a privilege to be captain of this wonderful team.

Speaker #6: Good stuff.

Mario Mendonca: Good stuff. Frank, going to you. I totally agree with Doug just offered that the unsecured Canadian credit looks a little better. That's true mostly across the industry. It might be maybe one modest exception there. For your bank specifically, given that, let's call it stabilization in unsecured consumer, is there any reason why you would move off of the mid-30s guidance, impaired PCLs going forward? Like thinking about 2026 and going forward, is there anything that's happening? Let's leave USMCA negotiations aside because we all know if that falls apart, then we've got a bigger issue. Leaving that aside, is there any reason why you changed that guidance?

Speaker #3: Frank, good on you. So I totally agree with Doug, who just offered that the unsecured Canadian credit looks a little better. That's true mostly across the industry.

Is there any reason why you changed that guidance.

Oh, well, we can certainly give more specific guidance in particular for 'twenty.

Speaker #3: It might be maybe one modest exception there. But for your bank specifically, given that, let's call it stabilization in unsecured consumer, is there any reason why you would move off of the mid-30s guidance for impaired PCLs going forward?

Next quarter, but but youre right at this point I think we could expect this trend to continue and we could expect to trend with that guidance or if we did if you even at the lower end of that guidance.

Alright, and then is there any concern on the mortgage side I see that 90 day delinquencies up them up a little bit on a total bank basis, but GVA and GTA didn't look more stressful does that cause you any concern about the uninsured mortgages in Toronto and Vancouver are more are showing more stress in the rest of the book.

Speaker #3: Like thinking about 2026 and going forward, is there anything that's happening? And let's leave USMCA negotiations aside because we all know if that falls apart, then we've got a bigger issue.

Speaker #3: So leaving that aside, is there any reason why you changed that guidance?

Speaker #2: Well, we can certainly give more specific guidance in particular for '26. Next quarter. But you're right, at this point, I think we could expect this trend to continue.

Frank Guse: We can certainly give more specific guidance, in particular for 2026 next quarter. You're right. At this point, I think we could expect this trend to continue, and we could expect to trend with that guidance or, as we did this year, even at the lower end of that guidance.

We remain very comfortable with the exposure with the overall health of our clients and the portfolio I mean, if you pointed out delinquency rates moving up and in particular in those markets. It's very well in line with what we expected it's a reflection of higher unemployment.

Speaker #2: And we could expect to trend with that guidance or, as we did this year, even at the lower end of that guidance.

Speaker #3: All right. And then, is there any concern on the mortgage side? I see that 90-day delinquencies are up a little bit on a total bank basis, but GVA and GTA do look more stressful.

Mario Mendonca: Is there any concern on the mortgage side? I see that 90-day delinquencies are up a little bit on a total bank basis, but GVA and GTA did look more stressful. Does that cause you any concern that the uninsured mortgages in Toronto and Vancouver are showing more stress than the rest of the book?

Interest rates and the continued weakness in housing.

Okay.

I would come back to very strong ltvs, even in our impaired book, we have a healthy amount of provisions on the impaired side and I'm not overly concerned that that would translate into into material losses alright.

Speaker #3: Does that cause you any concern that the uninsured mortgages in Toronto and Vancouver are showing more stress than the rest of the book?

Speaker #2: So So we we we remain very comfortable with the exposure with the overall health of of our clients and the portfolio. I mean, as you pointed out, delinquency rates moving up, and in particular in in in those markets, it's it's very well in line with what we expected.

Frank Guse: No, we remain very comfortable with the exposure, with the overall health of our clients and the portfolio. As you pointed out, delinquency rates moving up, and in particular in those markets, it's very well in line with what we expected. It's a reflection of higher unemployment, the high interest rates, and the continued weakness in housing sales in those markets. I would come back to very strong LTVs, even in our impaired book. We have a healthy amount of provisions on the impaired side. I'm not overly concerned that that would translate into material losses.

Alright, I'll be really quick on this one so maybe to Rob the move in this all bank margin dependent no matter. How you calculate it has been huge since Q4 'twenty two I'm talking big moves in the all bank margin. There's so many reasons why this focus on pricing over volume rates mix product margins as a ton of reasons why but as we think about.

Speaker #2: It's a reflection of higher unemployment, the high interest rates, and the continued weakness in housing sales in those markets. I would come back to very strong LTVs, even in our impaired book.

The next 12 months.

Would it be fair to suggest that this huge move we've seen over the last couple of years that was special and that we get a little bit more more of a pedestrian improvement in the margin going forward.

Speaker #2: We have a healthy amount of provisions on the impaired side, and I'm not overly concerned that that would translate into material losses.

Yeah. Thanks, Mario Good morning, it's Rob So I do agree that it's been quite the move in the margin I think for all the reasons that we've described 26.

Speaker #3: All right. And I'll be really quick on this one. So maybe to Rob, the move in this all-bank margin, dependent no matter how you calculate it, has been huge since Q4 '22.

Mario Mendonca: All right. I'll be really quick on this one. Maybe to Rob, the move in this all-bank margin, no matter how you calculate it, has been huge since Q4 2022. We're talking big moves in the all-bank margin. There are so many reasons why in this focus on pricing over volume, rates, mix, product margins. There are a ton of reasons why. As we think about the next 12 months, would it be fair to suggest that this huge move we've seen over the last couple of years was special and that we get a little bit more of a pedestrian improvement in the margin going forward?

Again, it's a bit early to give an overall outlook for 'twenty six and it's always subject to what the forward curve does but we continue to expect a tailwind in our personal and business banking business in particular, when it comes to the tractor and strategy.

Speaker #3: We're talking big moves in the all-bank margin. There are so many reasons why this focus on pricing over volume rates and mix product margins is crucial.

Speaker #3: But as we think about the next 12 months, would it be fair to suggest that this huge move we've seen over the last couple of years that was special?

And I think we're changing the strategic focus that her as described earlier on the call I think it's fair to say you know that when I say increases from here, we're talking about gradual increases.

Speaker #3: And that we get a little bit more of a pedestrian improvement in the margin going forward?

So I don't think we'd be looking for the kind of increases we had this year, but I do think the the direction of travel is still a positive one.

Speaker #2: Yeah, thanks, Mario. Good morning. It's Rob. So I do I agree that it's been quite the move in the margin. I think for all the reasons that we've described, '26 I mean, you know again, it's a bit early to give an overall outlook for '26, and it's always subject to what the forward curve does.

Geoffrey Weiss: Yeah. Thanks, Mario. Good morning. It's Rob. I do agree that it's been quite the move in the margin. I think for all the reasons that we've described, 2026, I mean, you know, it's a bit early to give an overall outlook for 2026, and it's always subject to what the forward curve does. We continue to expect a tailwind in our personal and business banking business in particular when it comes to the tractoring strategy. I don't think we're changing the strategic focus that Geoffrey described earlier on the call. I think it's fair to say, you know, that when I say increases from here, we're talking about gradual increases. I don't think we'd be looking for the kind of increases we had this year. I do think the direction of travel is still a positive one.

Okay. Thank you.

Thank you next question is from Matthew Lee Canaccord Genuity. Please go ahead.

Hi, Good morning, I'll Echo my congratulations to everyone on the team.

Speaker #2: But we continue to expect the tailwind in our personal and business banking business in particular when it comes to the tractoring strategy. I don't think we're changing the the strategic focus that Haraz described earlier on the call.

There was a bit of a contrast in commercial loan growth in Canada, and the U S and I've sort of been under the impression that the underlying trend in the U S. Economy was so much stronger than domestically. So maybe just contrast, those two businesses and help us understand what's driving the outsized Canadian loan book growth threshold.

Speaker #2: I think it's fair to say that when I say "increases from here," we're talking about gradual increases. So, I don't think we'd be looking for the kind of increases we had this year.

Okay.

Speaker #2: But I do think the direction of travel is still a positive one.

Yeah. Thank you for the question, it's Susan speaking I'll speak to the Canadian side of the business. So in our Canadian commercial banking as you've noted you know our loan and deposit growth was really strong for Q3 up 10% and 8% respectively. I will note that over 43% of our growth on both sides of the balance sheet actually came from new clients to see how D C and really our strategy.

Speaker #3: Helpful. Thank you.

Mario Mendonca: Helpful. Thank you.

Speaker #1: Thank you. Next question is from Matthew Lee. Can Account Unity, please go ahead.

Harry Culham: Thank you.Next

Operator: question is from Matthew Lee from Account Genuity. Please go ahead.

Speaker #6: Hi, morning. I'll echo my congratulations to everyone on the team. There was a bit of a contrast in commercial loan growth in Canada and the U.S.

Geoffrey Weiss: Hi, good morning. I'll echo my congratulations to everyone on the team. There was a bit of a contrast in commercial loan growth between Canada and the U.S., and I've sort of been under the impression that the underlying trend in the U.S. economy was somewhat stronger than domestically. Maybe just contrast those two businesses and help us understand what's driving the outsized Canadian loan book growth in commercial.

<unk> continues we're we're really prioritizing our relationship banking, we always have we have deep client relationships and we're really focused on the connectivity between our commercial banking business as well as our wealth management business.

Speaker #6: And I've sort of been under the impression that the underlying trend in the U.S. economy was somewhat stronger than domestically. So maybe just contrast those two businesses and help us understand what your outsized Canadian loan book growth in commercial.

The deep industry specialization and the disciplined coverage efforts just continue to drive momentum in the business I will say that the you know the trade rhetoric has eased in the industry segments that we really prioritized. These are the segments that are actually covered by the U S. M. C. A these segments actually make up most of our C&I loan book. So we do expect to continue to see momentum.

Speaker #1: Yeah, thank you

Victor Dodig: Yeah, thank you for the question. It's Susan speaking. I'll speak to the Canadian side of the business. In the Canadian commercial banking, as you've noted, our loan and deposit growth was really strong for Q3, up 10% and 8% respectively. I will note that over 43% of our growth on both sides of the balance sheet actually came from new clients to CIBC. Our strategy continues. We're really prioritizing relationship banking. We always have. We have deep client relationships, and we're really focused on the connectivity between our commercial banking business as well as our wealth management business. The deep industry specialization and the discipline coverage efforts just continue to drive momentum in the business. I will say that the trade rhetoric has eased in the industry segments that we really prioritized. These are the segments that are actually covered by the USMCA.

Speaker #8: for the question. It's Susan speaking. I'll speak to the Canadian side of the business. So in the Canadian commercial banking, as you've noted, you know our loan and deposit growth was really strong for Q3, up 10% and 8% respectively.

Speaker #8: I will note that over 43% of our growth on both sides of the balance sheet actually came from new clients to CIBC. And really, our strategy continues.

In and outside of the business.

So that's really how I would see how I'd position it and how I would see it on the Canadian side, perhaps Sean if you'd like to comment on the U S side. Please thanks, Susan and good morning, Matthew So on the U S side.

It's a bit more of a reflection of two components of the portfolio, So C&I growth versus CRE growth.

C&I growth has been strong it's a sort of 7% year over year, that's been pretty consistent throughout the year in CRE as you know we've been executing a strategy to move away from certain elements and deemphasize elements of our institutional commercial real estate book and that continues to play out this quarter, we had slightly higher.

Victor Dodig: These segments actually make up most of our CNI loan books. We do expect to continue to see momentum in that side of the business. That's really how I would see how I'd position it and how I would see it on the Canadian side. Perhaps, Shawn, if you'd like to comment on the U.S. side, please.

For pay off activity this quarter much of it relates to that that strategic decision.

Robert Sedran: Thanks, Susan, and good morning, Matthew. On the U.S. side, it's a bit more of a reflection of two components of the portfolio: CNI growth versus CRE growth. CNI growth has been strong. It's sort of 7% year over year. That's been pretty consistent throughout the year. In CRE, as you know, we've been executing a strategy to move away from certain elements and de-emphasize elements of our institutional commercial real estate book, and that continued to play out this quarter. We had slightly higher payoff activity this quarter. Much of it relates to that strategic decision. The pipeline is solid. We had some reduced utilization rate. I think that is an expression of some caution that clients have. We've seen deposit builds. Clients are building liquidity. I think there is some optimism growing, but they're still taking a bit of a wait-and-see approach as these macro factors play out.

But the pipeline is is solid we had some some reduced utilization rate I think that is an expression of some caution that clients have to deposit.

<unk> clients are building liquidity as you know there I think there is some optimism growing but theres still taking a bit of a wait and see approaches. These macro factors play out, but as I said the pipeline are solid.

We do expect to meet our earlier guidance for the year for me to.

Single low to mid single digit loan growth for the year.

Okay. That's helpful I'll pass along.

Our last question is from that told me a niche RBC capital markets. Please go ahead.

Yeah.

Hi, Thank you good morning, I have one question and one complement.

So I'll I'll start with a complement Victor are all the best and I have a special schneeberger.

You have later on.

So hopefully you can take me up on that offer.

Robert Sedran: As I said, the pipeline is solid. We do expect to meet our earlier guidance for the year for mid-single-digit loan growth for the year.

But the article I mean, thank you.

A question for you I didn't hear in your prepared remarks that you.

You know you were number two.

Yeah.

In the quarter.

Geoffrey Weiss: Okay, that's helpful. I'll pass it along.

Wanted to ask about because I haven't heard a bit of an update here on where you stand with Imperial service I know you were hiring advisors.

Operator: Thank you. Our last question is from Dr. Mielich of CIBC Capital Markets. Please go ahead.

Frank Guse: Hi, thank you. Good morning. I have one question and one compliment. I'll start with a compliment, Victor. All the best. I have a special sleeve of pizza to have later on. Hopefully, you can take me up on that offer.

Maybe you can provide a bit of an update on where you are.

With respect to that end and where you are let's say.

Also with how productive they are or are they just hitting stride or so maybe you can just give me an overall view on.

Geoffrey Weiss: I'm following, Darko. Thank you.

Frank Guse: A question for you. I did hear in your prepared remarks that you were number two, let's say, in net sales in the quarter. I wanted to ask about because I haven't heard a bit of an update here on where you stand with Imperial Service. I know you were hiring advisors. Maybe you can provide a bit of an update on where you are with respect to that and where you are, let's say, also with how productive they are, or are they just hitting stride? Maybe you can just give me an overall view on what we should expect from the Imperial Service and how it's helping, presumably not just mutual fund sales, but generally wealth. I'd like to hear that if you have anything that you could offer.

What we should expect from the Imperial service and how it's helping presumably not just mutual funds sales, but <unk>.

Generally well.

I'd like to hear that if you have anything that you could offer what I have to just make a few remarks your darko because the imperial service is really a core driver of our mass affluent strategy. It's been a real focus of <unk> and the leadership team from front end to backend, which includes the technology, how we're applying artificial intelligence how were improved.

Productivity and how we're focused on growing our advisor base and I might add just before I pass it on her rush that we've had the highest net promoter score with an imperial service like in living memory.

And that is a reflection of our team.

Our strategic focus the technology investments the strength of our asset management business the strength of our financial planning approach and with that perhaps you should oh.

Harry Culham: I have to just make a few remarks here, Darko, because the Imperial Service is really a core driver of our mass affluence strategy. It's been a real focus of Harach and the leadership team from front end to back end, which includes the technology, how we're applying artificial intelligence, how we're improving productivity, and how we're focused on growing our advisor base. I might add just before I pass it on, Harach, that we've had the highest net promoter score within Imperial Service like in living memory. That is a reflection of our team, our strategic focus, the technology investments, the strength of our asset management business, the strength of our financial planning approach. With that, Harach, you should opine on some of those comments and your thoughts overall.

A pine on some of those comments and your thoughts overall. Thank you. Thank you Victor good morning, Darko I'm going to go back to.

I'm extremely proud of what our entire team M. P. D has been delivering including the Imperial service team, but it is a broader effort that's delivering the results that you see and we do see that continuing as I said earlier, we're building a relationship focused bank and we're building it for the future and so for us that entails being a leader in day to day banking for all.

Canadians being a leader for the mass affluent and advice and in the investment space and simplifying everything to take the friction out for our clients for our team as well as for our shareholders, creating efficiency and that's what we've been executing an imperial service is a core pillar of that second part.

Geoffrey Weiss: Thank you. Thank you, Victor. Good morning, Darko. I'm going to go back to, look, I'm extremely proud of what our entire team in PBB has been delivering, including the Imperial Service team, but it is a broader effort that's delivering the results that you see, and we do see that continuing, right? As I said earlier, we're building a relationship-focused bank, and we're building it for the future. For us, that entails being a leader in day-to-day banking for all Canadians, being a leader for the mass affluence in advice and in the investment space, and simplifying everything to take the friction out for our clients, for our team, as well as for shareholders, creating efficiency. That's what we've been executing. Imperial Service is a core pillar of that second part.

And while it's been a big driver I do want to call out here. When you look at the ethic results that we've produced the vast majority of that has come from the retail distribution and again I'm proud of the entire team about two thirds of it is imperial but theres also outside of Imperial our entire frontline team has been contributing to that when I look at the NPL Your service spot for them.

We are just getting started we're making a lot of investments. So yes, we continue to grow the team and we are hiring but we're also looking to as I said one of our priorities is take the friction out or investing in digitizing processes, we're investing and taking processes out of the front line, where we can and making themselves service, we're investing in providing tools.

Geoffrey Weiss: While it's been a big driver, I do want to call out here, when you look at the IFFIC results that we've produced, the vast majority of that has come from the retail distribution. Again, I'm proud of the entire team. About two-thirds of it is Imperial. There's also, outside of Imperial, our entire frontline team has been contributing to that. When I look at the Imperial Service platform, we are just getting started. We're making a lot of investments. Yes, we continue to grow the team, and we are hiring, but we are also looking to, as I said, one of our priorities is take the friction out. We're investing in digitizing processes. We're investing in taking processes out of the frontline where we can and making them self-service.

For our advisors to provide better advice to be more efficient and preparing for meetings to be more efficient after meetings to be more efficient with compliance requirements and all of that is leveraging technologies, including generative AI and the Thai baht for them as Victor mentioned in his remarks. So all of that is paying dividends. We will continue to grow that team will continue to make them more.

Active and when we look at our adviser to a client ratio that is heading upwards and we think we have continue to have the opportunity to do that and we have a lot of opportunity to move more clients into Imperial service. When you look at our overall client base of over $13 million on the consumer side in Canada.

Geoffrey Weiss: We're investing in providing tools for our advisors to provide better advice, to be more efficient in preparing for meetings, to be more efficient after meetings, to be more efficient with compliance requirements. All of that is leveraging technologies, including generative AI and the CAI platform, as Victor mentioned in his remarks. All of that is paying dividends. We will continue to grow the team. We will continue to make them more productive. When we look at our advisor-to-client ratio, that is heading upwards, and we think we continue to have the opportunity to do that. We have a lot of opportunity to move more clients into Imperial Service.

We've barely started scratching the surface of consumers who are not in the Imperial service offer who based on our analytics, we know deserve to be and then payroll service offer and the math, we have so far as we have moved less than 10% of those clients and temporary service when we get them to the right advisor with the right tools do a complete planning for them, we see increase.

And funds managed that is more than 50% in the first year of that relationship and as I said, there's a lot more to do their capacity and bring advisors on we'll keep having more clients be able to access that offer and youre going to see the power of the franchise continue to grow.

Geoffrey Weiss: When you look at our overall client base of over 13 million on the consumer side in Canada, we've barely started scratching the surface of consumers who are not in the Imperial Service offer, who, based on our analytics, we know deserve to be in the Imperial Service offer. The math we have so far is we have moved less than 10% of those clients into Imperial Service. When we get them to the right advisor with the right tools, do a complete planning for them, we've seen increasing funds managed that is more than 50% in the first year of that relationship. As I said, there's a lot more to do there. As we create capacity and bring advisors on, we'll keep having more clients be able to access that offer, and you're going to see the power of the franchise continue to grow.

Okay. Thanks, very much I'm going to follow up Raj a at some point in the next week or so thank you.

Thank you there are no further questions. So I just thought at this time I would now like to tell the meeting over to Larry.

Thank you operator, and thank you all for your engagement today before we conclude the call I would just like to thank Shawn Beber, who is sitting beside me here at CIBC square.

Sean will be retiring after 23 years of CIBC and amongst his many contributions Shawn has played a vital role our pivotal pivotal role a pivotal role in our U S growth strategy, including our acquisition of the private bank.

Frank Guse: Okay, thanks very much. I'm going to follow up, Harach, at some point in the next week or so. Thank you.

And later through his leadership of the U S region since 2022.

Operator: Thank you. There are no further questions registered at this time. I would now like to turn the meeting over to Harry.

At the same time I'm excited to welcome Kristian extra and Kevin Lee to our group executive leadership team in the new fiscal year.

Shawn Beber: Thank you, operator, and thank you all for your engagement today. Before we conclude the call, I would just like to thank Shawn Beber, who is sitting beside me here at CIBC Square. Shawn will be retiring after 23 years with CIBC. Amongst his many contributions, Shawn has played a vital role, a pivotal role in our U.S. growth strategy, including our acquisition of The PrivateBank, and later through his leadership of the U.S. region since 2022. At the same time, I'm excited to welcome Christian Exshaw and Kevin Li to our group executive leadership team in the new fiscal year. Finally, on behalf of the board and our entire bank, I want to thank Victor for his strategic vision, outstanding leadership, and steady hand over his 11 years as our CEO.

And our entire bank I want to thank Victor for his strategic vision outstanding leadership and steady hand over his 11 years as our CEO.

I am grateful for his guidance and partnership and for your support as we continue to undergo this leadership transition Victor has transformed our bank and will leave behind a remarkable legacy that will continue to inspire us all we are deeply grateful to you Victor and wish you all the best and with that I'll now pass it back to Victor to close off his 44th and final.

Earnings call as CEO of CIBC. Thank you Harry for those very kind words I Havent blushed. This much on a conference call in my life. So I want to thank all of you for your kind comments and before I have a few more months left like 61 days before I retire as CEO and become a very proud in support of alumnus of our bank.

Shawn Beber: I am grateful for his guidance and partnership and for his support as we continue to undergo this leadership transition. Victor has transformed our bank and will leave behind a remarkable legacy that will continue to inspire us all. We are deeply grateful to you, Victor, and wish you all the best. With that, I'll now pass it back to Victor to close off his 44th and final earnings call as CEO of CIBC.

I'd like to close out my last earnings call by saying Thank you.

I'd like to thank our 50000 employees.

Who collectively and passionately get out of bed every day and represents CIBC and our brand purpose with dedication to our clients each and every day.

I'd like to thank our leadership team whose commitment.

Execution and contributions have helped lead CIBC and drive the synchronized synchronized momentum we're experiencing today.

Harry Culham: Thank you, Harry, for those very kind words. I haven't blushed this much on a conference call in my life. I want to thank all of you for your kind comments. Before I have a few more months left, like 61 days before I retire as CEO and become a very proud and supportive alumnus of our bank, I'd like to close out my last earnings call by saying thank you. I'd like to thank our 50,000 employees who collectively and passionately get out of bed every day and represent CIBC and our brand purpose with dedication to our clients each and every day. I'd like to thank our leadership team, whose commitment, execution, and contributions have helped lead CIBC and drive the synchronized momentum we're experiencing today. I'd like to thank the buy-side and sell-side investment community.

I'd like to thank the buy side and sell side investment community. Those of you on the call your questions and insights have helped sharpen us.

Shaped me and shape our perspective through the years.

I'd like to thank our engaged board, who had been a tremendous support and guide during my time as CEO.

Particularly like to thank our clients without which we wouldn't have the franchise that we have.

Their voice and how they feel about our bank is something that we measure each and every day and I can tell you, it's getting better it will get better from here.

And I like to thank everyone for joining us and for your interest in CIBC.

Execution and contributions have helped lead CIBC and drive the Synchro synchronized momentum we're experiencing today.

Harry Culham: Those of you who are on the call, your questions and insights have helped sharpen us, have helped shape me, and shape our perspective through the years. I'd like to thank our engaged board, who have been a tremendous support and guide during my time as CEO. I'd particularly like to thank our clients, without which we wouldn't have the franchise that we have. Their voice and how they feel about our bank is something that we measure each and every day. I can tell you it's getting better. It will get better from here. I'd like to thank everyone for joining us and for your interest in CIBC. I look forward to remaining a shareholder, to being a client, to being an alumnus of our bank and a friend of our bank, knowing that the best is still yet to come. Thank you and have a good day.

I look forward to and be maybe it remaining a shareholder.

Being a client to be an alumnus of our bank and a friend of our bank knowing that the best still yet to come. Thank you and have a good day.

I'd like to thank the buy side and sell side investment Community. Those of you are on the call your questions and insights have helped sharpen us have helped

shape me and shape our perspective through the years.

Thank you.

Unplanned says no way that please disconnect your lines at this time and we thank you for your participation.

I would like to thank our engaged board, who have been a tremendous support and guide during my time as CEO.

Particularly, I would like to thank our clients.

This conference is no longer being recorded so it closely Hosni. Please also as you see.

Without which we wouldn't have the franchise that we have.

Their voice and how they feel about our bank is something that we measure each and every day, and I can tell you it's getting better. It will get better from here.

And I'd like to thank everyone for joining us and for your interest in CIBC.

I look forward to remaining a shareholder.

To be a client.

To be an alumnus of our bank and a friend of our bank, knowing that the best is still yet to come. Thank you and have a good day.

Operator: Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

Thank you.

Gabriel Dechaine: This conference is no longer being recorded. Cette conférence n'est plus enregistrée.

The conference has now ended, please disconnect your lines at this time and we thank you for your participation.

This conference is no longer being recorded.