Large Bank Examination Workshop February 2026

Management’s discussion and analysis

Liquid assets Available liquid assets include unencumbered cash and marketable securities from on- and off-balance sheet sources, that can be used to access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain a mix of assets that have appropriate liquidity, including in times of stress. Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:

Bank owned liquid assets $ 48,064

Securities received as collateral

Total liquid assets

Encumbered liquid assets

Unencumbered

liquid assets (1)

$ millions, as at October 31

2024 Cash and deposits with banks

$

– $ 48,064

$

560

$ 47,504

Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks

178,324 6,093 58,102

108,499 11,328 33,424

286,823 17,421 91,526

146,992 3,696 54,269

139,831 13,725 37,257

Other debt securities

Equities

Canadian government guaranteed National Housing Act mortgage-backed securities

35,155 16,021

2,038 2,849

37,193 18,870

20,263 8,971

16,930 9,899

Other liquid assets (2)

$ 341,759 $ 55,718

$158,138 $499,897

$ 234,751

$ 265,146 $ 54,856

2023 Cash and deposits with banks

$

– $ 55,718

$

862

Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks

155,487

94,880 11,681 28,432

250,367 17,410 72,230

134,415

115,952 13,067 38,913

Other debt securities

5,729

4,343

Equities

43,798

33,317

Canadian government guaranteed National Housing Act mortgage-backed securities

31,733 12,597

4,908 2,685

36,641 15,282

17,365

19,276

Other liquid assets (2)

8,238

7,044

$ 305,062 $ 249,108 (1) Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral received less encumbered liquid assets. (2) Includes cash pledged as collateral for derivatives transactions, select ABS and precious metals. $142,586 $447,648 $ 198,540

The following table summarizes unencumbered liquid assets held by CIBC (parent) and its domestic and foreign subsidiaries:

2024

2023

$ millions, as at October 31

$ 185,357

CIBC (parent)

$ 175,523

7,882 71,907

Domestic subsidiaries Foreign subsidiaries

13,571 60,014

$ 265,146

$ 249,108

Asset haircuts and monetization depth assumptions under a liquidity stress scenario are applied to determine asset liquidity value. Haircuts take into consideration those margins applicable at central banks – such as the Bank of Canada and the U.S. Federal Reserve Bank – historical observations, and securities characteristics including asset type, issuer, credit ratings, currency and remaining term to maturity, as well as available regulatory guidance. Our unencumbered liquid assets increased by $16.0 billion since October 31, 2023, primarily due to an increase in liquid government securities holdings, partially offset by a decrease in cash. These changes are because of an increase in client deposits over the period. Furthermore, we maintain access eligibility to the Bank of Canada’s Emergency Lending Assistance program and the U.S. Federal Reserve Bank’s Discount Window. Asset encumbrance In the course of our day-to-day operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement systems and for other collateral management purposes.

The following table provides a summary of our total on- and off-balance sheet encumbered and unencumbered assets:

Encumbered

Unencumbered

Total assets

Pledged as collateral

Available as collateral $ 47,504

Other (1)

Other (2)

$ millions, as at October 31

2024 Cash and deposits with banks

$

–

$ 560

$

– –

$ 48,064

Securities (3)

206,861

7,117 57,998

200,712 26,919

414,690 558,286 80,541

Loans, net of allowance for credit losses (4)

–

473,369 69,279

Other assets

7,067

–

4,195

$ 213,928

$ 65,675 $ 862

$ 279,330 $ 54,856

$ 542,648

$ 1,101,581 $ 55,718

2023 Cash and deposits with banks

$

–

$

– –

Securities (3)

173,467

7,226 51,357

169,180 30,111

349,873 529,337 84,452

Loans, net of allowance for credit losses (4)

–

447,869 75,125

Other assets (5)

6,846

–

2,481

$ 180,313

$ 59,445

$ 256,628

$ 522,994

$ 1,019,380

(1) Includes assets supporting CIBC’s long-term funding activities and assets restricted for legal or other reasons, such as restricted cash. (2) Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral, however, they are not considered immediately available to existing borrowing programs. (3) Total securities comprise certain on-balance sheet securities, as well as off-balance sheet securities received under resale agreements, secured borrowings transactions, and collateral-for-collateral transactions. (4) Loans included as available as collateral represent the loans underlying National Housing Act mortgage-backed securities and Federal Home Loan Banks eligible loans. (5) Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.

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CIBC 2024 ANNUAL REPORT