Note 15.    Segmented information

CIBC has four strategic business units (SBUs) – Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. These SBUs are supported by Corporate and Other.

Canadian Personal and Business Banking provides personal and business clients across Canada with financial advice, services and solutions through banking centres, as well as mobile and online channels to help make their ambitions a reality.

Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, individuals and families across Canada, as well as asset management services to institutional investors.

U.S. Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services across the U.S., focused on middle-market and companies, entrepreneurs, worth individuals and families, as well as personal and small business banking services in four U.S. Midwestern markets.

Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking solutions and research to our clients around the world. It includes Direct Financial Services which focuses on expanding CIBC’s digital capabilities to provide a cohesive set of direct banking, direct investing and innovative multi-currency payment solutions for CIBC’s clients.

Corporate and Other includes the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, Finance and Enterprise Strategy, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. The majority of the functional and support costs of CIBC Bank USA are recognized directly in the U.S. Commercial Banking and Wealth Management SBU. Corporate and Other also includes the results of CIBC FirstCaribbean and other strategic investments, as well as other income statement and balance sheet items not directly attributable to the business

$ millions, for the three months ended				Canadian Personal and Business Banking				Canadian Commercial Banking and Wealth Management				U.S. Commercial Banking and Wealth Management				Capital Markets				Corporate and Other				CIBC Total
2023		Net interest income  (1)		$	1,709			$	464			$	476			$	535			$	21			$	3,205
Jan. 31		Non-interest income  (2)			551				887				230				946				108				2,722
		Total revenue  (1)			2,260				1,351				706				1,481				129				5,927
		Provision for (reversal of) credit losses			158				46				98				(10	)			3				295
		Amortization and impairment   (3)			59				1				30				2				185				277
		Other non-interest expenses			1,231				664				350				648				1,292				4,185
		Income (loss) before income taxes			812				640				228				841				(1,351	)			1,170
		Income taxes  (1)			223				171				27				229				88				738
		Net income (loss)		$	589			$	469			$	201			$	612			$	(1,439	)		$	432
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	9			$	9
		Equity shareholders			589				469				201				612				(1,448	)			423
		Average assets  (4)(5)		$	317,940			$	89,908			$	59,421			$	296,565			$	189,330			$	953,164
2022		Net interest income  (1)		$	1,720			$	452			$	466			$	600			$	(53	)		$	3,185
Oct. 31		Non-interest income  (2)			542				864				187				582				28				2,203
		Total revenue  (1)			2,262				1,316				653				1,182				(25	)			5,388
		Provision for (reversal of) credit losses			305				21				100				(1	)			11				436
		Amortization and impairment  (3)			59				–				29				2				188				278
		Other non-interest expenses			1,254				658				327				654				312				3,205
		Income (loss) before income taxes			644				637				197				527				(536	)			1,469
		Income taxes  (1)			173				168				36				149				(242	)			284
		Net income (loss)		$	471			$	469			$	161			$	378			$	(294	)		$	1,185
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	7			$	7
		Equity shareholders			471				469				161				378				(301	)			1,178
		Average assets  (4)(5)		$	315,639			$	89,669			$	59,084			$	295,794			$	187,644			$	947,830
2022		Net interest income  (1)		$	1,587			$	377			$	389			$	793			$	(14	)		$	3,132
Jan. 31		Non-interest income  (2)			596				920				220				511				119				2,366
		Total revenue  (1)			2,183				1,297				609				1,304				105				5,498
		Provision for (reversal of) credit losses			98				(4	)			28				(38	)			(9	)			75
		Amortization and impairment  (3)			52				1				27				1				172				253
		Other non-interest expenses			1,100				672				291				595				112				2,770
		Income (loss) before income taxes			933				628				263				746				(170	)			2,400
		Income taxes  (1)			246				166				37				203				(121	)			531
		Net income (loss)		$	687			$	462			$	226			$	543			$	(49	)		$	1,869
		Net income (loss) attributable to:
		Non-controlling interests		$	–			$	–			$	–			$	–			$	5			$	5
		Equity shareholders			687				462				226				543				(54	)			1,864
		Average assets  (4)(5)		$	292,987			$	78,476			$	50,274			$	282,750			$	166,066			$	870,553

(1)	Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $62 million for the three months ended January 31, 2023 (October 31, 2022: $51 million; January 31, 2022: $59 million) with an equivalent offset in Corporate and Other.

(2)	Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(3)	Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets.

(4)	Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management.

(5)	Average balances are calculated as a weighted average of daily closing balances.