CIBC (TSX: CM) delivered Q4 2025 revenue of $7.58 billion, up from the prior $6.62 billion. The mix improved, with net interest income of $4.13 billion up from $3.63 billion while non-interest income of $3.44 billion rose from $2.98 billion.
That lift happened despite lower gross interest flows: interest income fell to $12.09 billion from $13.23 billion and interest expense declined to $7.96 billion from $9.60 billion, leaving a wider spread. Net interest margin on average interest-earning assets increased to 1.59% from 1.50%.
Provision for credit losses hit $605 million, up from $419 million. CIBC attributed the increase mainly to a weaker Canadian economic outlook and unfavorable credit migration, offset partly by a more favorable US outlook versus last year.
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Non-interest expenses were $4.18 billion, up from $3.79 billion, led by employee compensation and benefits at $2.36 billion and computer, software and office equipment at $827 million. Even so, the reported efficiency ratio improved to 55.2% from 57.3% last year.
Reported net income reached $2.18 billion versus $1.88 billion, with diluted EPS at $2.20, up from $1.90, and ROE was 14.1%, up from 13.3%.
Adjusted net income was $2.19 billion vs $1.89 billion, with adjusted diluted EPS of $2.21 vs $1.91.
Segmentally in Q4, Canadian Personal and Business Banking was basically flat on profit at $796 million (vs $792 million) because PCL surged to $503 million (vs $280 million) while revenue grew to $3.19 billion (vs $2.84 billion). Canadian Commercial Banking and Wealth Management rose to $603 million (vs $551 million) on $1.84 billion revenue (vs $1.60 billion), but PCL more than doubled to $52 million (vs $24 million) and expenses climbed to $957 million (vs $823 million).
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US Commercial Banking and Wealth Management increased to $275 million (vs $200 million) and benefited from a PCL reversal of $33 million (vs $83 million), though expenses jumped to $500 million (vs $415 million). Capital Markets climbed to $548 million (vs $346 million) as revenue rose to $1.52 billion (vs $1.16 billion), while PCL increased to $77 million (vs $31 million).
For fiscal 2025, CIBC posted net income of $8.45 billion versus $7.15 billion last year. PCL increased to $2.34 billion from $2.00 billion and non-interest expenses rose to $15.85 billion from $14.44 billion, leaving EPS of $8.62 versus $7.29.
Breaking it down, reported net income was $3.11 billion in Canadian PBB (up 7%), $2.341 billion in Canadian CCBWM (up 13%), $958 million in US CCBWM (up 92% reported), $2.27 billion in Capital Markets (up 40%), offset by a $225 million loss in Corporate and Other (down from a $57 million profit).
Operating cash flow was an outflow at $4.29 billion in Q4 (vs an outflow of $843 million last year), driven by a $8.48 billion in loan growth and large market-driven working items, while the year produced $13.84 billion (vs $11.09 billion).
Capital stayed steady as CET1 remained 13.3% even with risk-weighted assets rising to $357.8 billion from $333.5 billion.
The bank lifted its quarterly common dividend to $1.07 from $0.97 for the quarter ending January 31, 2026.
CIBC last traded at $86.84 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
