In 2016, CIBC’s transformation to build the bank of the future gained momentum, as we relentlessly focused on our clients, innovated to meet their needs, and simplified the way we do business.

CIBC reported record net income of $4.3 billion in 2016. Adjusted net income was a record $4.1 billion or $10.22 per share, compared with $3.6 billion or $9.45 per share a year ago. Adjusted revenue rose to $15.0 billion from $14.3 billion last year and our adjusted return on common shareholders’ equity was strong at 18.8%.

It’s been an exciting year at CIBC – we’re undergoing a profound transformation to build a strong, innovative and relationship-oriented bank that will better serve our clients and enhance shareholder value.

This was reflected in our 2016 performance – we delivered record net income, industry-leading capital strength and the highest return on equity of the major North American banks.

All three of our strategic business units delivered strong performance this year, despite a challenging macroeconomic environment. Our reported and adjusted EPS growth were 21% and 8%, respectively, and our strong business results supported solid capital generation. We ended 2016 with an industry-leading Basel III Common Equity Tier 1 ratio of 11.3%, placing CIBC in a strong position for future growth.

Victor G. DodigPresident and Chief Executive Officer