Large Bank Examination Workshop February 2026

Management’s discussion and analysis

Our credit ratings are summarized in the following table:

Morningstar DBRS

Fitch

Moody’s

S&P

As at October 31, 2024

AA AA

AA AA

Aa2 Aa2

A+ A+

Deposit/Counterparty (1)

Senior debt (2)

AA(L)

AA-

A2

A- A-

Bail-in senior debt (3)

A(H) A(L)

A A

Baa1 Baa1 Baa3 Baa3

Subordinated indebtedness

BBB+ BBB- P-2(L)

Subordinated indebtedness – NVCC (4) Limited recourse capital notes – NVCC (4)(5)

BBB(H) Pfd-2 R-1(H) Stable

BBB+ BBB+

Preferred shares – NVCC (4)(5)

F1+

P-1

A-1

Short-term debt

Outlook Stable (1) Morningstar DBRS Long-Term Issuer Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; Moody’s Long-Term Deposit and Counterparty Risk Assessment Rating; S&P’s Issuer Credit Rating. (2) Includes senior debt issued on or after September 23, 2018 which is not subject to bail-in regulations. (3) Comprises liabilities which are subject to conversion under bail-in regulations. See the “Capital management” section for additional details. (4) Comprises instruments which are treated as NVCC in accordance with OSFI’s CAR Guideline. (5) Morningstar DBRS rating does not apply to limited recourse capital notes and associated preferred shares issued in USD. Fitch rating only applies to limited recourse capital notes and associated preferred shares issued in USD. Additional collateral requirements for rating downgrades We are required to deliver collateral to certain derivative counterparties in the event of a downgrade to our current credit risk rating. The collateral requirement is based on MTM exposure, collateral valuations, and collateral arrangement thresholds, as applicable. The following table presents the additional cumulative collateral requirements for rating downgrades: Stable Stable

2024

2023

$ billions, as at October 31

$ –

One-notch downgrade Two-notch downgrade Three-notch downgrade

$ –

0.1 0.3

0.2 0.4

Contractual obligations Contractual obligations give rise to commitments of future payments affecting our short- and long-term liquidity and capital resource needs. These obligations include financial liabilities, credit and liquidity commitments, and other contractual obligations. Assets and liabilities The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values. Contractual analysis is not representative of our liquidity risk exposure, however this information serves to inform our management of liquidity risk, and provide input when modelling a behavioural balance sheet.

No specified maturity

Less than 1 month

1–3 months

3–6 months

6–9 months

9–12 months

1–2 years

2–5 years

Over 5 years

Total

$ millions, as at October 31, 2024

Assets Cash and non-interest-bearing deposits with banks (1)

$ 8,565 $

– $

– $

– $

– $

– $

– $

– $

– $ 8,565

39,499 5,034 17,028

–

–

–

–

–

–

–

–

39,499 254,345 17,028 83,721 280,672 46,681 20,551 214,299

Interest-bearing deposits with banks

4,244

9,176 15,914 10,000

40,372

58,208

49,937

61,460

Securities

–

–

–

–

–

– 7

–

– –

Cash collateral on securities borrowed Securities purchased under resale agreements

46,653 15,321 12,526

3,906

3,735

1,559

14

Loans

4,890 10,761 18,694 12,763 27,832

91,451 104,067

10,214 5,303

–

Residential mortgages

996 432

488 863

892

801

948

575

4,828 10,192 75,522

31,850

Personal

1,295

1,295

1,295

5,179 41,432

–

–

Credit card

4,282

6,850 12,453 15,271 15,697

29,998

12,794 (3,917)

Business and government Allowance for credit losses

–

–

–

–

–

–

–

–

(3,917) 36,435

2,623

7,153

2,957

2,144

1,677

5,650

8,151

6,080

– –

Derivative instruments

6 –

– –

– –

– –

– –

– –

– –

– –

6

Customers’ liability under acceptances

44,100 44,100 $130,008 $45,680 $57,993 $52,094 $61,184 $186,218 $260,975 $101,546 $146,287 $1,041,985 $148,846 $41,962 $44,949 $38,144 $42,260 $151,110 $301,854 $ 80,914 $125,651 $ 975,690

Other assets

October 31, 2023 (2)

Liabilities Deposits (3)

$ 56,215 $32,842 $72,169 $47,048 $44,437 $ 46,848 $ 66,255 $ 21,056 $377,987 $ 764,857

21,642 7,997 99,376 3,243

– –

– –

– –

– –

– –

– –

– –

– – – – –

21,642 7,997

Obligations related to securities sold short

Cash collateral on securities lent

Obligations related to securities sold under repurchase agreements

9,528 6,415

77

46

–

1,126 7,146

–

–

110,153 40,654

3,300

2,005

1,654

6,801

10,090

Derivative instruments

6

–

–

–

–

–

–

–

6

Acceptances Other liabilities

23

48

70

69

67

268

616

867

28,176

30,204 7,465

– –

– –

– –

– –

– –

– –

33

7,432

–

Subordinated indebtedness

Equity

– 59,007 $188,502 $48,833 $75,616 $49,168 $46,158 $ 55,388 $ 73,705 $ 39,445 $465,170 $1,041,985 $143,144 $58,442 $57,764 $58,203 $50,934 $ 49,917 $ 87,009 $ 39,861 $430,416 $ 975,690 – 59,007

October 31, 2023 (2)

(1) Cash includes interest-bearing demand deposits with the Bank of Canada. (2) 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. (3) Comprises $252.9 billion (2023: $239.0 billion) of personal deposits; $492.0 billion (2023: $462.1 billion) of business and government deposits and secured borrowings; and $20 billion (2023: $22.3 billion) of bank deposits.

The changes in the contractual maturity profile were primarily due to the natural migration of maturities and also reflect the impact of our regular business activities.

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CIBC 2024 ANNUAL REPORT