CIBC (CM) Barclays 24th Annual Global Financial Services Conference summary

Market and economic outlook

• Canadian economy and banking sector have shown resilience, with stable unemployment and enduring economic strength over the past year.

• Expectation of continued stability and positive outlook for the next 12 months, supported by constructive capital markets and resilient credit performance.

• Commercial loan growth is diversified across industries, with optimism for continued business-led growth into 2027.

• Infrastructure, defense, and reduced trade barriers are seen as future growth pillars for Canada.

• Credit quality remains within risk tolerance, with recent impairments attributed to idiosyncratic cases rather than systemic issues.

Strategic priorities and execution

• Four main priorities: growing mass affluent/private wealth, expanding digital-first banking, enhancing client connectivity, and enabling/simplifying/protecting operations.

• Investments in digital tools and AI have driven double-digit growth in funds under management and improved customer satisfaction.

• Wealth management and personal banking have seen strong client acquisition and asset growth, with further opportunities identified within the existing customer base.

• Commercial and corporate franchises benefit from integrated solutions and deep client relationships, with high deposit and wealth management penetration.

• AI and technology investments are enhancing productivity, operational efficiency, and client experience.

Financial performance and targets

• Sustained double-digit EPS growth and rising ROE, with current ROE at 16.9% YTD, above the 15%+ target.

• Structural improvements, rather than just favorable market conditions, are credited for profitability gains.

• Capital levels are well above regulatory minimums, with a preference for maintaining a buffer for flexibility and organic growth.

• No rush to reduce capital ratios, as current levels support both risk management and growth ambitions.