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At CIBC, we’re building a relationship-focused bank to help our clients, employees and shareholders grow and prosper.
At CIBC, we are committed to delivering sustainable earnings growth to our shareholders.
At CIBC, we have a relentless focus on our clients.
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We have a rich history of helping people, businesses and communities grow and prosper. We are extraordinarily proud to mark our 150th anniversary, a major milestone in our history.
CIBC is a leading Canadian-based global financial institution.
$50 BILLION Market Capitalization
As we executed on our client-focused strategy, we delivered sustainable earnings growth for our shareholders, including the following key milestones reached in 2017:
Private Banking and
CIBC Wood Gundy teams
to deliver a more
integrated offer for clients
CIBC hosted the 20th annual Whistler Institutional Investor Conference
Earned highest score for mobile and online banking functionality by Forrester among the Big 5
Announced new global headquarters, CIBC Square, to be built in Toronto
Completed the US$5 billion acquisition of PrivateBancorp, Inc.
Announced changes to CIBC’s senior executive leadership team
Announced new direct banking brand through Simplii Financial™
Closed the acquisition of Geneva Advisors
Victor G. Dodig, President and Chief Executive Officer
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Victor G. Dodig
President and Chief Executive Officer
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We have made excellent progress in embedding a client-first culture at
our bank, creating a strong cross-border platform and enhancing value
for our shareholders.
For CIBC, 2017 was an important year as we proudly marked our bank’s 150th year of serving clients and strengthening our communities. Against that backdrop, we continued to keep our focus squarely on our clients. We also completed the significant acquisition of The PrivateBank and laid the groundwork for CIBC to continue to thrive and grow into the future. Our financial results reflect the successful execution of our
business strategy in each of our strategic business units.
CIBC reported record net income of $4.7 billion or $11.24 per share. Adjusted net income was $4.7 billion or
$11.11 per share, compared with $4.1 billion or $10.22 per share a year ago. Our adjusted return on common shareholders’ equity was strong at 18.1%. Our adjusted efficiency ratio ended the year just above 57%, as a result of our efforts to drive simplification and greater efficiency, as well as to deliver revenue growth.
Our reported and adjusted diluted EPS growth were 5% and 9%, respectively, reflecting solid earnings from
our strategic business units. We ended the year with a strong Basel III Common Equity Tier 1 ratio of 10.6%.
A client-first approach
In banking, relationships matter more than ever. This lens shapes how we think about every interaction we
have with our clients and how we manage and invest in our bank.
In 2017 we continued to accelerate our transformation by executing on our integrated, bank-wide
priorities – focusing on our clients, innovating for the future and simplifying our bank. These priorities have
enabled us to invest in our business with the goal of further enhancing our relationships with our clients.
We have stayed close to our clients to understand what’s important to them and
how we can best serve them, regardless of whether that is saving for retirement,
running their small business or advising a client on an acquisition. We have also
been investing in our bank to ensure we are personally engaging with our clients
and providing the advice they need. A good example of this is the transformation of
a number of our banking centres. In 2017, we physically transformed more than 100
banking centres across Canada, creating a more modern, open concept that fosters
advice-based conversations with our clients.
We’ve continued to invest in our technology and digital platforms to meet and stay
ahead of the evolving needs of our clients. This includes our investments in online and
mobile banking to deliver industry-leading functionality, like our CIBC Global Money
Transfer capability that allows clients to send money to more than 50 countries
around the world, or being the first bank to offer the three leading mobile wallets. As
a result of the innovations we are delivering, we have been recognized with a number
of awards, like our recent ranking by Forrester as the leading mobile and online bank
for the past three years.
In addition, in August we also announced the launch of our new direct banking
brand, Simplii Financial™. Simplii provides straightforward, no-fee daily banking and
great rates for the growing number of Canadians who prefer to do their banking by
telephone, online or through a mobile device.
Our acquisition of The PrivateBank was also critical to our ability to deepen client
relationships and build a strong cross-border platform that will diversify our business
over time. Increasingly, our clients are doing business on both sides of the border and
reinforcing our U.S. platform is key in our ability to serve and grow with our clients.
Our integration is well underway, with our U.S. Commercial Banking and Wealth
Management business assuming the CIBC name and unifying our brand globally.
We also acquired Geneva Advisors, complementing our existing private wealth
management capabilities. Together with our commercial banking, wealth management
and capital markets businesses, we will continue to grow our service offering and
reinforce our presence in the U.S. as we go forward.
Looking to the future
In 2017, we made two additional announcements aimed at setting CIBC up for the
future. First, we announced senior leadership changes to better enable the execution
of our strategy and to develop our next generation of senior executives.
More than 40 leaders across the bank changed responsibilities with the goal of cross-pollinating
ideas and further strengthening our team. Second, we announced our
new global headquarters at CIBC Square, which will be home to 15,000 members
of our team. This new urban campus will provide a modern, flexible workplace that
fosters collaboration, community and teamwork. At CIBC Square, our team will feel
empowered and enabled to perform at their best, and deliver the full power of our
bank to our clients.
Stepping back to look at our journey since I took on the leadership of CIBC, I’m very
proud of how we have evolved our culture, re-focused on our clients and enhanced
shareholder value. We are well positioned to deliver growth for our shareholders by
executing our strategy to build a relationship-focused bank.
Finally, thank you to our clients for entrusting CIBC with your business. We will
continue to work hard to earn your business every day as we go forward. And thank
you to our shareholders for your continued support. We will work to continue to
create shareholder value. To our CIBC team members, you are our greatest strength
and your passion for helping our clients and communities grow and prosper inspires
me every day. Thank you for your dedication.
Victor G. DodigPresident and
Chief Executive Officer
View Executive Team
This year was a historic one for CIBC as we celebrated our 150th anniversary and completed one of the most significant acquisitions in our history. Throughout the year, your Board continued to provide oversight on management’s efforts to strike the right balance between strategic growth and prudent risk and expense management, while creating value for our clients and shareholders.
In 2017, succession planning continued to be a priority for your Board as we focused on the long term. The broad-based leadership changes announced in June were a key step in developing CIBC’s next generation of senior leaders. By moving team members across our bank, we are enhancing the breadth of experience of our leadership team. I am pleased to report that 45% of the individuals promoted were some of CIBC’s talented women.
We also reinforced the collective experience of your Board as we welcomed Michelle L. Collins as a Director. Ms. Collins brings 30 years of experience in corporate governance, investment banking and private equity. Today 41% of your directors are women, exceeding our target of having at least 30% women and at least 30% men on your Board.
Having a breadth and depth of experience across Board members is critical. We continue to review the alignment of the skills and experience of your Board with CIBC’s strategic priorities and the long-term needs of the Board.
This review helps us identify gaps in the Board’s collective skill set for Board renewal purposes and continuing education.
In closing, I would like to warmly thank your CEO, Victor Dodig, as well as your senior management team, for their leadership in 2017. To the entire CIBC team, my sincere thanks for your passion and commitment this year,
as together we build a relationship-focused bank.
The Honourable John P. Manley
Chair of the Board
View Board of Directors
2017 Reported Results
2017 Adjusted Results(1)
Earnings per share (EPS) growth
5%+ on average, annually
$11.24, up 5% from 2016
$11.11, up 9% from 2016
Return on equity (ROE)
55% run rate by 2019
58.8%, an improvement
of 90 basis points
57.2%, an improvement
of 80 basis points
Basel III CET1 ratio
Strong buffer to regulatory minimum
Dividend payout ratio
Total shareholder return
Outperform the S&P/TSX Composite Banks Index over a rolling five-year period
CIBC – 81.6%
Banks Index – 103.6%
Governance & Integrity
Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets
businesses – our 45,000 employees provide a full range of financial products and services to 11 million personal banking, business, public sector and institutional clients in Canada, the United States and around the world.
Our vision is to be the leader in client relationships.
Our vision comes to life through our values of Trust, Teamwork and Accountability. We strive to demonstrate our values in our everyday decisions, actions and interactions with our clients, team members, communities, and
At CIBC, we are committed to delivering sustainable earnings growth to our shareholders and
creating a relationship-focused bank for our clients.
We continue to identify initiatives to free up resources and allow us to reinvest in our business to accelerate revenue growth and reduce our structural cost base. We will do so with a keen focus on industry-leading fundamentals in capital, expenses and risk management.
We recognize that the long-term success and
viability of our business is closely linked to the
confidence and trust our clients and stakeholders
have in our bank.
Our framework is based on our economic, environmental, social and governance (EESG) commitments and focuses on:
CIBC is a major contributor to the Canadian economy and to the communities in which we live and work. We support economic growth and prosperity by creating employment opportunities, purchasing local goods and services, supporting small business, helping our clients prosper and grow by investing in social issues that matter.
We believe that our environmental responsibilities and business objectives are connected, as a healthy and sustainable environment fosters sustainable economic growth. We recognize the impact of our activities and acknowledge the bank’s responsibility to manage environmental issues effectively.
We are committed to creating an environment where all employees can reach their full potential, making a real difference in our communities where we live and work, and helping our clients prosper and grow.
We are committed to causes that matter to our clients, employees and our communities. Our goal is to make a difference through corporate donations, sponsorships and the volunteer spirit of our employees.
At CIBC, we believe good corporate governance is the basis for creating sustainable shareholder value. We conduct our business with honesty and integrity. We hold ourselves accountable for our actions and strive to fulfill the commitments we have made to each of our stakeholders.
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