TORONTO, Ontario — February 26, 2026 — Leads & Copy —
CIBC (TSX: CM) (NYSE: CM) has reported its financial results for the first quarter ended January 31, 2026.
The bank’s first quarter highlights include:
Revenue of $8,398 million, a 15% year-over-year increase and an 11% quarter-over-quarter increase.
Reported net income of $3,100 million, a 43% increase year-over-year and a 42% increase quarter-over-quarter.
Adjusted net income of $2,685 million, a 23% increase year-over-year and a 23% increase quarter-over-quarter.
Adjusted pre-provision, pre-tax earnings of $4,079 million, a 19% increase year-over-year and a 20% increase quarter-over-quarter.
Reported diluted earnings per share (EPS) of $3.21, a 47% increase year-over-year and a 46% increase quarter-over-quarter.
Adjusted diluted EPS of $2.76, a 25% increase year-over-year and a 25% increase quarter-over-quarter.
Reported return on common shareholders’ equity (ROE) of 20.2%.
Adjusted ROE of 17.4%.
Net interest margin on average interest-earnings assets of 1.61%.
Net interest margin on average interest-earnings assets (excluding trading) of 2.06%.
Common Equity Tier 1 (CET1) Ratio of 13.4%.
The bank’s CET1 ratio was 13.4% at January 31, 2026, compared with 13.3% at the end of the prior quarter. CIBC’s leverage ratio and liquidity coverage ratio at January 31, 2026 were 4.4% and 133%, respectively.
According to Harry Culham, CIBC President and Chief Executive Officer, the company delivered strong financial performance in the first quarter of 2026, including record revenue across all business units and a higher return on equity.
Culham added that CIBC is driving growth through deep client relationships while maintaining financial strength and risk discipline.
Canadian Personal and Business Banking reported net income of $960 million for the first quarter, up $195 million or 25% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $1,743 million, up $273 million from the first quarter a year ago, as higher revenue was partially offset by higher adjusted non-interest expenses. The higher revenue was mainly driven by a higher net interest margin and loan growth. Adjusted non-interest expenses were higher mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.
Canadian Commercial Banking and Wealth Management reported net income of $647 million for the first quarter, up $56 million or 9% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $982 million, up $132 million from the first quarter a year ago, as higher revenue was partially offset by higher non-interest expenses. Commercial banking revenue was higher compared to the prior year due to volume growth and higher net interest margin. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances as a result of market appreciation, higher net interest income from volume growth, and higher commission revenue from increased client activity. Expenses increased primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
U.S. Commercial Banking and Wealth Management reported net income of $294 million (US$212 million) for the first quarter, up $38 million (US$34 million or 19%) from the first quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were $395 million (US$285 million), up $13 million (US$18 million or 7%) from the first quarter a year ago, as higher revenue was partially offset by higher adjusted non-interest expenses. In commercial banking, higher revenue was primarily due to higher volumes, net interest margin, and higher advisory fees. Wealth management revenue was lower primarily due to lower annual performance-based mutual fund fees, partially offset by higher fee-based revenue from higher average AUM balances due to market appreciation. Adjusted non-interest expenses increased mainly due to higher employee compensation, including higher employee termination costs, partially offset by a provision reversal.
Capital Markets reported net income of $877 million for the first quarter, up $258 million or 42% from the first quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were up $312 million or 36% from the first quarter a year ago as higher revenue was partially offset by higher non-interest expenses. Global markets revenue was up across the platform, primarily driven by higher equities and commodities trading, as well as higher financing revenue. Corporate and investment banking revenue was up driven by higher equity and debt underwriting, and advisory fees in our investment banking business, and higher revenue from our lending and deposit activities with our corporate clients. Expenses were up due to higher performance-based and employee-related compensation, and higher spending on technology and other strategic initiatives.
Provision for credit losses was $568 million, down $5 million from the same quarter last year. Provision for credit losses on performing loans was down due to a favourable change in the company’s economic outlook and a less unfavourable impact from model parameter updates, partially offset by unfavourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Canadian Commercial Banking and Wealth Management, and Canadian Personal and Business Banking, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.
Key highlights for the bank in the first quarter of 2026 included:
CIBC Asset Management delivered robust distribution results and asset inflows during the first quarter. According to the Securities and Investment Management Association (SIMA), CIBC Asset Management ranked first among the Big 6 banks in financial year-to-date long-term mutual fund net sales in November and December 2025.
CIBC Capital Markets was awarded Financial Adviser of the Year – North America by IJInvestor Awards for the third consecutive year.
CIBC launched a new website that provides Indigenous clients with personal banking product offerings including housing loans for First Nations clients, information on sustainability partnerships and digital account openings where clients can sign-up for exclusive offers.
CIBC Bank USA was recognized by Wolters Kluwer for The CIBC Housing Initiative, a program designed to stabilize neighborhoods by rehabilitating vacant, foreclosed and abandoned single-family homes in low- to moderate-income areas.
CIBC ranked as one of Canada’s Top 100 Employers and Top Employers for Young People by Mediacorp Canada Inc. for the 14th consecutive year for both awards.
CIBC was recognized by Global Banking & Finance Review as the Best Bank for Youth and Students Canada 2025 and awarded Excellence in Innovation Student Banking Canada 2025.
CIBC announced that following the 41st annual CIBC Miracle Day held on December 3, 2025, more than $7 million will be going to children’s charities globally.
The 21st annual CIBC Hockey Day for United Way raised $2.45 million.
CIBC team members, clients and communities champion men’s health, raising funds and awareness for testicular and prostate cancer, mental health, and suicide prevention. This past Movember, Team CIBC raised more than $430,000.
CIBC was the presenting sponsor of Hockey Fights Cancer with the Montreal Canadiens, the Ottawa Senators and the Chicago Blackhawks, including events that raised $175,000 for the Children’s Hospital of Eastern Ontario and a US$25,000 donation to Cancer for College in Chicago.
