Canadian Imperial Bank of Commerce

Strong Q3 results with broad-based growth + continued operating leverage - Adjusted EPS: $2.73, +26% YoY (reported EPS $2.47, with a smaller Caribbean charge treated as an item of note). - Revenues: $8B, +15% YoY (net interest + fee + trading strength). - Pre-provision earnings: $4B, +20% YoY; efficiency ratio improved by ~200 bps YoY. - Operating expenses: +11% YoY, but still positive operating leverage (12th consecutive quarter). - ROE: 16.8%, +260 bps YoY.

Capital/financial strength remained a key “enabler” (and shareholder return supported) - CET1: 13.4% at quarter end (down 19 bps QoQ) due to offsetting factors (organic capital generation vs. charge effects, minority stake closing in &Partners, and capital actions). - Share buybacks: repurchased 7.5 million shares during the quarter. - Liquidity coverage ratio: ~127% average for the quarter. - Investor takeaway: management is signaling balance-sheet strength + flexibility as the foundation for enduring returns through uncertainty.

Outlook: cautious macro, but management expects stability-to-gradual improvement in margins and credit within a defined stress range - NIM outlook: reiterates “stable to gradual positive bias” for all-bank NIM over time; Rob also indicated Canada P&Β should broadly follow. - Q4 opex expectation: adjusted non-interest expenses expected up QoQ in Q4. - Credit outlook: Frank said credit portfolios remain resilient; they expect impaired losses roughly “in and around” current levels for the rest of the year (i.e., not a new deterioration trend, but continued elevated stress consistent with cycle). - Interest rate/margin drivers: Canada benefits from strategy/hedging and mix; U.S. margin movement includes seasonality and loan growth outpacing deposits.