UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934

For the month of December, 2010		Commission File Number: 1-14678

CANADIAN IMPERIAL BANK OF COMMERCE

(Translation of registrant’s name into English)

Commerce Court
Toronto, Ontario
Canada M5L 1A2
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ________		Form 40-F  X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934:

Yes o		No þ

The information contained in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 File nos. 333-130283 and 333-09874 and Form F-9 File no. 333-168062.

 

 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

		NEWS RELEASE

CIBC Announces Fourth Quarter And Fiscal 2010 Results

(Toronto, ON — December 2, 2010) — CIBC announced net income of $500 million for the fourth quarter ended October 31, 2010, down from $644 million for the fourth quarter of 2009. Diluted earnings per share (EPS) of $1.17 and cash diluted EPS of $1.19⁽¹⁾ for the fourth quarter of 2010 compared with diluted EPS of $1.56 and cash diluted EPS of $1.59⁽¹⁾, respectively, for the same period last year.

     CIBC’s results for the fourth quarter of 2010 were affected by the following items of note aggregating to a negative impact of $0.49 per share:

•

$122 million after-tax, or $0.31 per share, loss from the structured credit run-off business;

•

$117 million after-tax, or $0.30 per share, loss on capital repatriation activities. These activities had no impact on CIBC’s shareholders’ equity or on CIBC’s Tier 1 capital ratio; and

•

$45 million after-tax, or $0.12 per share, reversal of the provision for credit losses in the general allowance.

     CIBC’s results for the fourth quarter of 2009 included items of note aggregating to a positive impact of $0.18 per share.

     CIBC’s net income of $500 million for the fourth quarter of 2010 compared with net income of $640 million for the third quarter ended July 31, 2010. Diluted EPS of $1.17 and cash diluted EPS of $1.19⁽¹⁾ for the fourth quarter of 2010 compared with diluted EPS of $1.53 and cash diluted EPS of $1.55⁽¹⁾ for the prior quarter, which included items of note aggregating to a negative impact of $0.11 per share.

     For the year ended October 31, 2010, CIBC reported net income of $2.5 billion, diluted EPS of $5.87 and cash diluted EPS of $5.95⁽¹⁾, which included items of note aggregating to a negative impact of $0.50 per share. These results compared with net income of $1.2 billion, diluted EPS of $2.65 and cash diluted EPS of $2.73⁽¹⁾ for 2009, which included items of note aggregating to a negative impact of $3.15 per share.

     CIBC reported a strong return on equity of 19.4% for the year ended October 31, 2010 and a strong Tier 1 capital ratio of 13.9% at October 31, 2010.

     “2010 was a good year for CIBC and our stakeholders,” says Gerry McCaughey, CIBC President and Chief Executive Officer. “Against the backdrop of economic and industry conditions that improved from 2009 but remained challenging, CIBC reported solid financial results including delivering the highest total shareholder return of the Canadian banks while furthering progress against our strategic priorities.”

     “Our improved financial performance in 2010 and strong position heading into 2011 reflect CIBC’s focus on achieving and maintaining market leadership in core businesses, growing in select areas where we have proven capabilities and market opportunities, and supporting our growth with strong fundamentals,” added McCaughey.

Performance Against Objectives

		Medium-term objectives		2010 results
Earnings per share (EPS) growth		Diluted EPS growth of 5% — 10% per annum, on average, over the next 3-5 years		2010 EPS of $5.87 compared with 2009 EPS of $2.65
Return on equity (ROE)		Return on average common equity of 20% through the cycle (calculated as net income less preferred share dividends and premium on redemptions expressed as a percentage of average common shareholders’ equity)		ROE: 19.4%
Capital strength		Tier 1 capital ratio target of 8.5% Total capital ratio target of 11.5%		Tier 1 capital ratio: 13.9% Total capital ratio: 17.8%
Business mix		At least 75% retail (as measured by economic capital(1))		74%/26% retail/wholesale (as measured by economic capital(1))
Risk		Maintain provision for credit losses as a percentage of loans and bankers’ acceptances (loan loss ratio) on a managed basis(1) between 50 and 65 basis points through the business cycle		Loan loss ratio on a managed basis(1): 56 basis points
Productivity		Achieve a median ranking within our industry group, in terms of our non-interest expense to total revenue (cash efficiency ratio, taxable equivalent basis (TEB)(1))		Cash efficiency ratio, TEB(1): 57.6%
Dividend payout ratio		40% — 50% (common share dividends paid as a percentage of net income after preferred share dividends and premium on redemptions)		Dividend payout ratio: 59.1%
Total shareholder return		Outperform the S&P/TSX Composite Banks index (dividends reinvested) on a rolling five-year basis		Five years ended October 31, 2010: CIBC — 36.6% Index — 50.2%

Progress Against Priorities

Market leadership in our core businesses

CIBC Retail Markets reported net income in 2010 of $2.2 billion, up from $1.9 billion in 2009. Growth in profitability of 16% was driven by higher revenue in all three of CIBC Retail Markets’ Canadian business segments — personal banking, business banking and wealth management — and lower loan losses.

CIBC Retail Markets strengthened its business on many fronts in 2010 in support of its strategic priorities of providing its clients with strong advisory solutions, an excellent client experience and competitive products. Key highlights included:

—

Opening, relocating or expanding 35 branches, completing CIBC’s largest branch investment program on record a full year ahead of schedule, while continuing a targeted approach to extending evening, Saturday and Sunday hours for clients;

—

Launching the first mobile banking App in Canada that enabled CIBC’s clients to perform many of their day-to-day banking transactions anywhere, anytime;

CIBC Fourth Quarter 2010 News Release			2

—

Acquiring a MasterCard portfolio from Citi Cards Canada Inc. (the MasterCard portfolio), enhancing CIBC’s market leadership in credit cards and making CIBC the largest dual issuer of Visa and MasterCard in Canada;

—

Acquiring full ownership of CIT Business Credit Canada Inc., giving CIBC a market leadership position in asset-based lending in Canada and, combined with other initiatives, positioning CIBC for growth in business banking;

—

Launching several new products for clients, including the CIBC eAdvantage Savings Account, the first Visa debit card in Canada with the CIBC Advantage Card, and announcing lower trading fees for CIBC’s discount brokerage clients who have $100,000 in business with CIBC;

—

Investing in new technology and tools to help CIBC’s network of more than 3,000 advisors across Canada better service client needs; and

—

Continuing to invest in CIBC’s national television brand advertising campaign throughout 2010 that featured CIBC employees and their commitment to providing value to CIBC’s clients every day.

     “As we head into 2011, we are well positioned to offer our clients strong financial advice and an excellent client experience with greater access and choice in how and when they bank with CIBC and with exciting innovations such as the introduction of mobile banking for clients on the go,” says Sonia Baxendale, President of CIBC Retail Markets. “Across all of Retail Markets, we have made significant investments that provide added value and strengthen the relationships we have with our 11 million clients.”

Wholesale Banking reported net income of $342 million in 2010, compared to a loss of $472 million in 2009. These results include losses from the structured credit run-off portfolio, which declined from $684 million in 2009 to $161 million in 2010.

Wholesale Banking’s objective is to be the premier client-focused wholesale bank based in Canada by bringing Canadian capital markets products to Canada and the rest of the world and by also bringing the world to Canada. During 2010, Wholesale Banking’s highlights included:

—

Maintaining market leadership positions in Canada in key areas such as equity trading, equity underwriting, corporate and government bond underwriting and M&A;

—

Leading or co-leading several key investment banking deals, particularly in mining and oil & gas where CIBC has a long history of expertise and strong client relationships;

—

Strengthening and expanding its lending capability, adding several new clients and expanding existing relationships that have contributed to revenue growth and market share gains. Corporate Credit Products is partnering closely with Business Banking to grow CIBC’s small business, commercial and corporate client relationships in support of CIBC’s priority to achieve a market leadership position in these segments over the next 3-5 years; and

—

Making significant investments in its trading and other technology platforms, enabling better execution on behalf of CIBC’s wholesale banking clients and enhancing risk management capabilities.

“Wholesale Banking’s results have continued to exhibit the greater consistency and risk control that we saw emerge in 2009 following the refocusing of our strategy,” says Richard Nesbitt, Chairman and Chief Executive Officer of Wholesale Banking. “With the investments we are making and the strong client relationships we continue to expand, our business is well positioned for industry conditions that we expect will improve over the course of 2011.”

CIBC Fourth Quarter 2010 News Release			3

During 2010, CIBC continued to actively manage and reduce its structured credit run-off portfolio. In 2010, notional exposures declined by $17 billion as a result of sales and terminations of positions, as well as settlements with financial guarantors. The remaining portfolio of primarily collateralized loan obligations and corporate debt has experienced minimal defaults in the underlying collateral and continues to benefit from significant levels of subordination.

As at October 31, 2010, the fair value, net of valuation adjustments, of purchased protection from financial guarantor counterparties was $0.7 billion (US$0.7 billion), down from $1.5 billion (US$1.4 billion) a year ago. Further significant losses could result, depending on the performance of both the underlying assets and the financial guarantors.

Strong fundamentals

While investing in its core businesses, CIBC has continued to strengthen key fundamentals. In 2010, CIBC enhanced its capital and funding strength, while maintaining competitive productivity and sound risk management:

—

CIBC’s capital ratios are strong, including Tier 1 and Tangible Common Equity(1) ratios of 13.9% and 9.9% at October 31, 2010 that have increased from 12.1% and 7.6% a year ago;

—

In 2010, CIBC continued to strengthen and diversify its funding profile by term, product and market;

—

CIBC’s non-interest expense to revenue ratio improved from 67.1% in 2009 to 58.1% in 2010 (66.4%(1) and 57.6%(1), respectively, on a cash, taxable equivalent basis);

—

Credit quality has improved significantly, with CIBC’s loan loss ratio on a managed basis declining from 70 basis points(1) in 2009 to 56 basis points(1) in 2010; and

—

Market risk, as measured by Value at Risk (VaR), decreased from $6.3 million in 2009 to $4.2 million in 2010;

In September, the Basel Committee on Banking Supervision (BCBS) announced new regulatory capital and liquidity standards for global banks. Canada’s regulator, the Office of the Superintendent of Financial Institutions (OSFI), will be confirming the specific application of these standards for Canadian banks. CIBC is well positioned to exceed the new standards ahead of the implementation timelines that have been proposed by the BCBS, while continuing to invest for future growth.

CIBC Fourth Quarter 2010 News Release			4

Fourth Quarter Financial Highlights

		As at or for the three months ended
			2010				2010				2009
Unaudited		Oct. 31				Jul. 31				Oct. 31
Financial results ($ millions)
Net interest income		$	1,645			$	1,548			$	1,419
Non-interest income			1,609				1,301				1,469
Total revenue			3,254				2,849				2,888
Provision for credit losses			150				221				424
Non-interest expenses			1,860				1,741				1,669
Income before taxes and non-controlling interests			1,244				887				795
Income tax expense			742				244				145
Non-controlling interests			2				3				6
Net income		$	500			$	640			$	644
Financial measures
Efficiency ratio			57.2	%			61.1	%			57.8	%
Cash efficiency ratio, taxable equivalent basis (TEB) (1)			56.4	%			60.6	%			57.3	%
Return on equity			14.6	%			19.8	%			22.2	%
Net interest margin			1.83	%			1.74	%			1.66	%
Net interest margin on average interest-earning assets			2.15	%			2.03	%			1.99	%
Return on average assets			0.56	%			0.72	%			0.75	%
Return on average interest-earning assets			0.66	%			0.84	%			0.90	%
Total shareholder return			12.12	%			(4.17	)%			(5.25	)%

Common share information
Per share		- basic earnings				$	1.17			$	1.54			$	1.57
		- cash basic earnings (1)					1.19				1.55				1.59
		- diluted earnings					1.17				1.53				1.56
		- cash diluted earnings (1)					1.19				1.55				1.59
		- dividends					0.87				0.87				0.87
		- book value					32.17				31.36				28.96
Share price		- high					79.50				75.40				69.30
		- low					66.81				65.91				60.22
		- closing					78.23				70.60				62.00
Shares outstanding (thousands)
		- average basic					391,055				388,815				382,793
		- average diluted					392,063				389,672				383,987
		- end of period					392,739				390,781				383,982
Market capitalization ($ millions)						$	30,724			$	27,589			$	23,807

Value measures
Dividend yield (based on closing share price)			4.4	%			4.9	%			5.6	%
Dividend payout ratio			74.3	%			56.7	%			55.4	%
Market value to book value ratio			2.43				2.25				2.14
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities		$	89,660			$	92,049			$	84,583
Loans and acceptances, net of allowance			184,576				184,987				175,609
Total assets			352,040				349,600				335,944
Deposits			246,671				238,102				223,117
Common shareholders’ equity			12,634				12,256				11,119
Average assets			355,868				353,092				339,197
Average interest-earning assets			302,907				302,288				282,678
Average common shareholders’ equity			12,400				11,994				10,718
Assets under administration			1,260,989				1,216,719				1,135,539
Balance sheet quality measures
Risk-weighted assets ($ billions)		$	106.7			$	107.2			$	117.3
Tangible common equity ratio (1)			9.9	%			9.5	%			7.6	%
Tier 1 capital ratio			13.9	%			14.2	%			12.1	%
Total capital ratio			17.8	%			18.1	%			16.1	%
Other information
Retail / wholesale ratio			74% / 26	%			74% / 26	%			69% / 31	%
Full-time equivalent employees			42,354				42,642				41,941

CIBC Fourth Quarter 2010 News Release			5

Review of CIBC Fourth Quarter Results

Net income was $500 million, down $144 million from the fourth quarter of 2009 and down $140 million from the prior quarter.

     Net interest income of $1,645 million was up $226 million from the fourth quarter of 2009, primarily due to higher treasury revenue, volume growth in most retail products including the impact of the MasterCard portfolio, and higher trading-related net interest income, partially offset by lower spreads in retail products.

     Net interest income was up $97 million from the prior quarter, primarily due to volume growth in most retail products including the impact of the MasterCard portfolio, and higher trading-related net interest income.

     Non-interest income of $1,609 million was up $140 million from the fourth quarter of 2009, primarily due to foreign exchange gains on capital repatriation activities, higher net realized gains on sale of AFS securities and lower write-downs, higher income from securitization activities, and higher mutual fund fees. These factors were partially offset by higher losses in the structured credit run-off business and lower underwriting and advisory fees.

     Non-interest income was up $308 million from the prior quarter, primarily due to foreign exchange gains on capital repatriation activities, higher income from securitization activities, and higher commissions on securities transactions. These factors were partially offset by higher losses in the structured credit run-off business and lower underwriting and advisory fees.

     Provision for credit losses of $150 million was down $274 million from the fourth quarter of 2009. The specific provision for credit losses was down $193 million, attributable to lower provisions in the consumer and business and government portfolios. The general provision for credit losses was down $81 million, driven by improvements in cards and personal lending, as well as a refinement in how we calculate our general allowance for small business, partially offset by changes in the provision for large corporate loans and the establishment of an allowance for the MasterCard portfolio.

     Provision for credit losses was down $71 million from the prior quarter. The specific provision for credit losses was down $82 million, attributable to lower provisions in the consumer and business and government portfolios. The general provision for credit losses was up $11 million, driven by the establishment of an allowance for the MasterCard portfolio and changes in the provision for large corporate loans, largely offset by a refinement in how we calculate our general allowance for small business.

     Non-interest expenses of $1,860 million were up $191 million from the fourth quarter of 2009, primarily due to higher performance-related compensation, pension expenses, computer-related costs, advertising and business development expenses, and the impact of the introduction of the Harmonized Sales Tax (HST) on these and other items.

     Non-interest expenses were up $119 million from the prior quarter, primarily due to higher computer-related costs, advertising and business development expenses, professional fees, occupancy costs, and the impact of HST on these and other items.

     Income tax expense of $742 million in the fourth quarter of 2010 was up from $145 million a year ago and $244 million in the prior quarter, primarily due to tax expense on the capital repatriation activities during the fourth quarter of 2010.

CIBC Fourth Quarter 2010 News Release			6

Review of CIBC Retail Markets Fourth Quarter Results

		For the three months ended
		2010				2010				2009
$ millions		Oct. 31				Jul. 31				Oct. 31 (1)
Revenue
Personal banking		$	1,653			$	1,605			$	1,562
Business banking			355				350				334
Wealth management			355				336				337
FirstCaribbean			127				141				160
Other			(10	)			40				(37	)
Total revenue (a)			2,480				2,472				2,356
Provision for credit losses			249				304				362
Non-interest expenses (b)			1,425				1,352				1,338
Income before taxes and non-controlling interests			806				816				656
Income tax expense			228				214				182
Non-controlling interests			2				3				6
Net income (c)		$	576			$	599			$	468
Efficiency ratio (b/a)			57.5	%			54.7	%			56.8	%
Amortization of other intangible assets (d)		$	8			$	7			$	7
Cash efficiency ratio (2) ((b-d)/a)			57.1	%			54.4	%			56.5	%
Return on equity (2)			44.4	%			45.9	%			37.8	%
Charge for economic capital (2) (e)		$	(176	)		$	(179	)		$	(169	)
Economic profit (2) (c+e)		$	400			$	420			$	299
Full-time equivalent employees			29,106				29,174				28,921

Net income was $576 million, up $108 million from the fourth quarter of 2009.

     Revenue of $2,480 million was up $124 million from the fourth quarter of 2009, primarily due to volume growth across most lines of business, the acquisition of the MasterCard portfolio, stronger equity markets and higher treasury revenue allocations, partially offset by lower spreads and the negative impact of a stronger Canadian dollar on FirstCaribbean revenue.

     Provision for credit losses of $249 million was down $113 million from the fourth quarter of 2009, primarily driven by lower bankruptcies, write-offs, and delinquencies in the cards and personal lending portfolios.

     Non-interest expenses of $1,425 million were up $87 million from the fourth quarter of 2009, primarily as a result of higher pension expense, the introduction of HST and higher advertising and business development expenses.

     Income tax expense of $228 million was up $46 million from the fourth quarter of 2009, primarily due to higher pre-tax income.

CIBC Fourth Quarter 2010 News Release			7

Review of Wholesale Banking Fourth Quarter Results

		For the three months ended
		2010				2010				2009
$ millions		Oct. 31				Jul. 31				Oct. 31(1)
Revenue (TEB) (2)
Capital markets		$	218			$	241			$	261
Corporate and investment banking			136				146				161
Other			(90	)			(61	)			88
Total revenue (TEB) (2) (a)			264				326				510
TEB adjustment			26				11				7
Total revenue (b)			238				315				503
Provision for credit losses			8				29				82
Non-interest expenses (c)			327				258				245
(Loss) income before taxes			(97	)			28				176
Income taxes			(41	)			3				16
Net (loss) income (d)		$	(56	)		$	25			$	160
Efficiency ratio (c/b)			n/m				81.4	%			48.7	%
Amortization of other intangible assets (e)		$	—			$	—			$	1
Cash efficiency ratio (TEB) (2) ((c-e)/a)			n/m				78.9	%			47.9	%
Return on equity (2)			(14.1	)%			4.4	%			28.2	%
Charge for economic capital (2) (f)		$	(61	)		$	(61	)		$	(76	)
Economic (loss) profit (2) (d+f)		$	(117	)		$	(36	)		$	84
Full-time equivalent employees			1,159				1,134				1,077

Net loss for the quarter was $56 million, compared to net income of $25 million for the third quarter of 2010.

     Revenue of $238 million was down $77 million from the third quarter of 2010, primarily due to a higher loss from the structured credit run-off business, lower revenue from equity new issues, lower revenue from fixed income and foreign exchange trading, and higher mark-to-market losses on corporate loan hedges. These items were partially offset by higher interest income on tax reassessments.

     Non-interest expenses of $327 million were up $69 million from the third quarter of 2010, primarily due to higher performance-related compensation, professional fees and severance costs.

     Provision for credit losses of $8 million was down $21 million from the third quarter of 2010, primarily due to lower losses in the U.S. real estate finance and European run-off portfolios.

     An income tax recovery of $41 million compared to an income tax expense of $3 million for the third quarter of 2010, primarily due to a pre-tax loss for the fourth quarter compared with pre-tax income for the third quarter.

CIBC Fourth Quarter 2010 News Release			8

Review of Corporate and Other Fourth Quarter Results

		For the three months ended
		2010				2010				2009
$ millions		Oct. 31				Jul. 31				Oct. 31
Total revenue		$	536			$	62			$	29
(Reversal of) provision for credit losses			(107	)			(112	)			(20	)
Non-interest expenses			108				131				86
Income (loss) before taxes			535				43				(37	)
Income taxes			555				27				(53	)
Net (loss) income		$	(20	)		$	16			$	16
Full-time equivalent employees (1)			12,089				12,334				11,943

Net loss for the quarter was $20 million, compared to net income of $16 million for the fourth quarter of 2009.

     Revenue of $536 million was up $507 million from the fourth quarter of 2009, primarily due to foreign exchange gains on capital repatriation activities.

     Reversal of credit losses of $107 million compared with a reversal of credit losses of $20 million for the fourth quarter of 2009, primarily due to higher reversals of credit losses in the general allowance for the cards and business and government portfolios.

     Non-interest expenses of $108 million were up $22 million from the fourth quarter of 2009, primarily due to higher unallocated corporate support costs.

     Income tax expense of $555 million for the fourth quarter of 2010 compared to an income tax benefit of $53 million for the fourth quarter of 2009, primarily due to the tax impact of capital repatriation activities during the quarter. In addition, the tax benefit in 2009 included a revaluation of future tax assets.

     The capital repatriation activities during the fourth quarter of 2010 had no impact on CIBC’s shareholders’ equity or on CIBC’s Tier 1 capital ratio.

CIBC Fourth Quarter 2010 News Release			9

Making a Difference in Our Communities

As a leader in community investment, CIBC is committed to supporting causes that matter to its clients, employees and communities. During the fourth quarter of 2010:

•

The Canadian Breast Cancer Foundation CIBC Run for the Cure raised more than $33 million, an increase of $6.3 million from the previous year. More than 170,000 people in 60 communities across Canada participated in the event. Team CIBC raised more than $3 million, including pledges from employees, their families and friends and proceeds from the 2010 CIBC Pink Collection™, bringing the total amount of money raised by Team CIBC since 1992 to more than $26 million;

•

Together, 70 CIBC employees in Ottawa, Calgary and Toronto helped raise more than $180,000 to fund research, treatment and care for women’s cancers through participation in The Weekend to End Women’s Cancers;

•

Following the success of its 2010 FIFA World Cup™ broadcast sponsorship, CIBC announced that it has entered into a sponsorship agreement with Visa in the retail banking category for the 2014 FIFA World Cup Brazil™;

•

CIBC donated $15,000 to the Canadian Red Cross to provide assistance to those in Newfoundland and Labrador affected by Hurricane Igor in September;

•

CIBC provided a $100,000 donation to the Canadian Red Cross to support its work in helping the victims of flooding in Pakistan. In addition to this contribution, CIBC’s branches across the country joined in the relief effort by collecting donations from the public; and

•

CIBC made a $500,000 donation to Memorial University to support undergraduate bursaries for business students. For each of the next 10 years, the CIBC Bursary Program in Business Administration will provide 15 $2,000 bursaries and 20 $1,000 bursaries, to undergraduate students who demonstrate financial need, are active in community or university life and display academic merit.

“I want to thank all CIBC employees for their contributions over the past year,” says McCaughey. “The leadership, professionalism and dedication they show every day in serving our clients, shareholders and communities is the key to CIBC’s ongoing progress.”

CIBC Fourth Quarter 2010 News Release			10

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with Generally Accepted Accounting Principles (GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP financial measures useful in analyzing financial performance. For a more detailed discussion on our non-GAAP measures, see page 42 of CIBC’s 2010 Annual Report.

     The following table provides a reconciliation of non-GAAP to GAAP measures related to CIBC on a consolidated basis. The reconciliations of the non-GAAP measures of our strategic business units are provided in their respective sections.

						For the three months ended
						2010				2010				2009
$ millions, except per share amounts						Oct. 31				Jul. 31				Oct. 31
Net interest income						$	1,645			$	1,548			$	1,419
Non-interest income							1,609				1,301				1,469
Total revenue per interim financial statements			A				3,254				2,849				2,888
TEB adjustment			B				26				11				7
Total revenue (TEB) (1)			C			$	3,280			$	2,860			$	2,895
Non-interest expenses per interim financial statements			D				1,860				1,741				1,669
Less: amortization of other intangible assets							11				9				10
Cash non-interest expenses (1)			E			$	1,849			$	1,732			$	1,659
Net income applicable to common shares			F			$	458			$	598			$	601
Add: after-tax effect of amortization of other intangible assets							8				7				8
Cash net income applicable to common shares (1)			G			$	466			$	605			$	609
Basic weighted-average common shares (thousands)			H				391,055				388,815				382,793
Diluted weighted-average common shares (thousands)			I				392,063				389,672				383,987
Cash efficiency ratio (TEB) (1)			E/C				56.4	%			60.6	%			57.3	%
Cash basic earnings per share (1)			G/H			$	1.19			$	1.55			$	1.59
Cash diluted earnings per share (1)			G/I			$	1.19			$	1.55			$	1.59

Basis of Presentation

The interim consolidated financial statements presented in this news release have been prepared in accordance with Canadian GAAP. The interim financial results for the quarters, as presented in these financial statements, are unaudited, whereas the annual financial results as at or for the year ended October 31 are derived from audited financial statements. These interim financial statements follow the same accounting policies and methods of application as CIBC’s consolidated financial statements for the year ended October 31, 2010.

CIBC Fourth Quarter 2010 News Release			11

CONSOLIDATED BALANCE SHEET

		2010				2009
Unaudited, $ millions, as at		Oct. 31				Oct. 31
ASSETS
Cash and non-interest-bearing deposits with banks		$	2,190			$	1,812
Interest-bearing deposits with banks			9,862				5,195
Securities
Trading			28,557				15,110
Available-for-sale (AFS)			26,621				40,160
Designated at fair value (FVO)			22,430				22,306
			77,608				77,576
Securities borrowed or purchased under resale agreements			37,342				32,751
Loans
Residential mortgages			93,568				86,152
Personal			34,335				33,869
Credit card			12,127				11,808
Business and government			38,582				37,343
Allowance for credit losses			(1,720	)			(1,960	)
			176,892				167,212
Other
Derivative instruments			24,682				24,696
Customers’ liability under acceptances			7,684				8,397
Land, buildings and equipment			1,660				1,618
Goodwill			1,913				1,997
Software and other intangible assets			609				669
Other assets			11,598				14,021
			48,146				51,398
		$	352,040			$	335,944
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Personal		$	113,294			$	108,324
Business and government			127,759				107,209
Bank			5,618				7,584
			246,671				223,117
Other
Derivative instruments			26,489				27,162
Acceptances			7,684				8,397
Obligations related to securities sold short			9,673				5,916
Obligations related to securities lent or sold under repurchase agreements			28,220				37,453
Other liabilities			12,572				13,693
			84,638				92,621
Subordinated indebtedness			4,773				5,157
Preferred share liabilities			—				600
Non-controlling interests			168				174
Shareholders’ equity
Preferred shares			3,156				3,156
Common shares			6,803				6,240
Treasury shares			1				1
Contributed surplus			96				92
Retained earnings			6,095				5,156
Accumulated other comprehensive income (AOCI)			(361	)			(370	)
			15,790				14,275
		$	352,040			$	335,944

CIBC Fourth Quarter 2010 News Release			12

CONSOLIDATED STATEMENT OF OPERATIONS

		For the three months ended												For the twelve months ended
		2010				2010				2009				2010				2009
Unaudited, $ millions, except as noted		Oct. 31				Jul. 31				Oct. 31				Oct. 31				Oct. 31
Interest income
Loans		$	1,939			$	1,868			$	1,703			$	7,288			$	7,183
Securities borrowed or purchased under resale agreements			82				49				31				193				324
Securities			457				381				367				1,562				1,705
Deposits with banks			18				14				8				52				85
			2,496				2,312				2,109				9,095				9,297
Interest expense
Deposits			636				558				527				2,192				2,879
Other liabilities			155				145				110				476				785
Subordinated indebtedness			48				54				45				188				208
Preferred share liabilities			12				7				8				35				31
			851				764				690				2,891				3,903
Net interest income			1,645				1,548				1,419				6,204				5,394
Non-interest income
Underwriting and advisory fees			87				108				132				426				478
Deposit and payment fees			188				194				193				756				773
Credit fees			90				87				85				341				304
Card fees			62				72				68				304				328
Investment management and custodial fees			115				117				112				459				419
Mutual fund fees			195				188				175				751				658
Insurance fees, net of claims			72				72				63				277				258
Commissions on securities transactions			125				108				124				474				472
Trading income (loss)			8				84				301				603				(531	)
AFS securities gains, net			119				123				42				400				275
FVO income (loss)			(184	)			(146	)			(155	)			(623	)			(33	)
Income from securitized assets			210				150				149				631				518
Foreign exchange other than trading			452				88				63				683				496
Other			70				56				117				399				119
			1,609				1,301				1,469				5,881				4,534
Total revenue			3,254				2,849				2,888				12,085				9,928
Provision for credit losses			150				221				424				1,046				1,649
Non-interest expenses
Employee compensation and benefits			994				973				886				3,871				3,610
Occupancy costs			173				161				157				648				597
Computer, software and office equipment			274				246				251				1,003				1,010
Communications			72				73				70				290				288
Advertising and business development			65				43				46				197				173
Professional fees			66				53				54				210				189
Business and capital taxes			22				22				28				88				117
Other			194				170				177				720				676
			1,860				1,741				1,669				7,027				6,660
Income before income taxes and non-controlling interests			1,244				887				795				4,012				1,619
Income tax expense			742				244				145				1,533				424
			502				643				650				2,479				1,195
Non-controlling interests			2				3				6				27				21
Net income		$	500			$	640			$	644			$	2,452			$	1,174
Weighted-average common shares outstanding (thousands)			391,055				388,815				382,793				387,802				381,677
Weighted-average diluted common shares outstanding (thousands)			392,063				389,672				383,987				388,807				382,442
Earnings per share (in dollars)
- Basic		$	1.17			$	1.54			$	1.57			$	5.89			$	2.65
- Diluted		$	1.17			$	1.53			$	1.56			$	5.87			$	2.65
Dividends per common share (in dollars)		$	0.87			$	0.87			$	0.87			$	3.48			$	3.48

CIBC Fourth Quarter 2010 News Release			13

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		For the three months ended												For the twelve months ended
		2010				2010				2009				2010				2009
Unaudited, $ millions		Oct. 31				Jul. 31				Oct. 31				Oct. 31				Oct. 31
Net income		$	500			$	640			$	644			$	2,452			$	1,174
Other comprehensive income (OCI), net of tax
Net foreign currency translation adjustments
Net gains (losses) on investment in self-sustaining foreign operations			1,022				81				(10	)			789				(388	)
Net gains (losses) on hedges of investment in self-sustaining foreign operations			(930	)			(33	)			(8	)			(869	)			250
			92				48				(18	)			(80	)			(138	)
Net change in AFS securities
Net unrealized gains (losses) on AFS securities			94				255				179				303				462
Transfer of net (gains) losses to net income			(79	)			(109	)			(37	)			(230	)			(236	)
			15				146				142				73				226
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges			2				(9	)			(13	)			(9	)			(26	)
Net (gains) losses on derivatives designated as cash flow hedges transferred to net income			4				3				4				25				10
			6				(6	)			(9	)			16				(16	)
Total OCI		$	113			$	188			$	115			$	9	(1)		$	72	(1)

The income tax benefit (expense) allocated to each component of OCI is presented in the table below:

		For the three months ended												For the twelve months ended
		2010				2010				2009				2010				2009
Unaudited, $ millions		Oct. 31				Jul. 31				Oct. 31				Oct. 31				Oct. 31
Net foreign currency translation adjustments
Changes on investment in self-sustaining foreign operations		$	(1	)		$	(5	)		$	(3	)		$	(1	)		$	34
Changes on hedges of investment in self-sustaining foreign operations			528				12				1				518				(16	)
Net change in AFS securities
Net unrealized gains (losses) on AFS securities			(23	)			(96	)			(34	)			(100	)			(151	)
Transfer of net (gains) losses to net income			27				21				18				68				111
Net change in cash flow hedges
Changes on derivatives designated as cash flow hedges			(1	)			4				6				3				13
Changes on derivatives designated as cash flow hedges transferred to net income			(1	)			—				(5	)			(3	)			(9	)
		$	529			$	(64	)		$	(17	)		$	485			$	(18	)

CIBC Fourth Quarter 2010 News Release			14

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

		For the three months ended												For the twelve months ended
		2010				2010				2009				2010				2009
Unaudited, $ millions		Oct. 31				Jul. 31				Oct. 31				Oct. 31				Oct. 31
Preferred shares
Balance at beginning of period		$	3,156			$	3,156			$	3,156			$	3,156			$	2,631
Issue of preferred shares			—				—				—				—				525
Balance at end of period		$	3,156			$	3,156			$	3,156			$	3,156			$	3,156
Common shares
Balance at beginning of period		$	6,658			$	6,508			$	6,161			$	6,240			$	6,062
Issue of common shares			145				150				79				563				178
Balance at end of period		$	6,803			$	6,658			$	6,240			$	6,803			$	6,240
Treasury shares
Balance at beginning of period		$	4			$	1			$	1			$	1			$	1
Net (purchases) sales			(3	)			3				—				—				—
Balance at end of period		$	1			$	4				1			$	1			$	1
Contributed surplus
Balance at beginning of period		$	96			$	94			$	101			$	92			$	96
Stock option expense			3				2				2				11				12
Stock options exercised			(2	)			—				—				(4	)			(1	)
Net (discount) premium on treasury shares and other			(1	)			—				(11	)			(3	)			(15	)
Balance at end of period		$	96			$	96			$	92			$	96			$	92
Retained earnings
Balance at beginning of period, as previously reported		$	5,972			$	5,713			$	4,886			$	5,156			$	5,483
Adjustment for change in accounting policies			—				—				—				—				(6)	(1)
Balance at beginning of period, as restated			5,972				5,713				4,886				5,156				5,477
Net income			500				640				644				2,452				1,174
Dividends
Common			(341	)			(338	)			(333	)			(1,350	)			(1,328	)
Preferred			(42	)			(42	)			(43	)			(169	)			(162	)
Other			6				(1	)			2				6				(5	)
Balance at end of period		$	6,095			$	5,972			$	5,156			$	6,095			$	5,156
AOCI, net of tax
Balance at beginning of period		$	(474	)		$	(662	)		$	(485	)		$	(370	)		$	(442	)
OCI			113				188				115				9				72
Balance at end of period		$	(361	)		$	(474	)		$	(370	)		$	(361	)		$	(370	)
Retained earnings and AOCI		$	5,734			$	5,498			$	4,786			$	5,734			$	4,786
Shareholders’ equity at end of period		$	15,790			$	15,412			$	14,275			$	15,790			$	14,275

CIBC Fourth Quarter 2010 News Release			15

CONSOLIDATED STATEMENT OF CASH FLOWS

		For the three months ended												For the twelve months ended
		2010				2010				2009				2010				2009
Unaudited, $ millions		Oct. 31				Jul. 31				Oct. 31				Oct. 31				Oct. 31
Cash flows provided by (used in) operating activities
Net income		$	500			$	640			$	644			$	2,452			$	1,174
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
Provision for credit losses			150				221				424				1,046				1,649
Amortization(1)			96				91				102				375				403
Stock option expense			3				2				2				11				12
Future income taxes			179				186				188				800				38
AFS securities gains, net			(119	)			(123	)			(42	)			(400	)			(275	)
(Gains) losses on disposal of land, buildings and equipment			—				(1	)			(1	)			1				2
Other non-cash items, net			(1,043	)			760				(122	)			(520	)			(297	)
Changes in operating assets and liabilities
Accrued interest receivable			(185	)			(7	)			(72	)			(108	)			266
Accrued interest payable			71				49				(160	)			42				(339	)
Amounts receivable on derivative contracts			(839	)			(2,209	)			3,736				(292	)			4,270
Amounts payable on derivative contracts			(34	)			2,203				(4,095	)			(574	)			(6,063	)
Net change in trading securities			(7,719	)			(2,999	)			(719	)			(13,447	)			22,278	(2)
Net change in FVO securities			(3,669	)			(22	)			1,203				(124	)			(445	)
Net change in other FVO assets and liabilities			1,885				(813	)			(2,648	)			118				100
Current income taxes			622				73				(129	)			466				2,162
Other, net			1,138				(709	)			1,181				2,178				—
			(8,964	)			(2,658	)			(508	)			(7,976	)			24,935
Cash flows provided by (used in) financing activities
Deposits, net of withdrawals			6,931				12,690				11,428				24,588				(7,569	)(3)
Obligations related to securities sold short			802				(1,304	)			(259	)			3,094				(2,082	)
repurchase agreements			(6,602	)			(1,587	)			(3,562	)			(9,233	)			(570	)
Issue of subordinated indebtedness			—				—				—				1,100				—
Redemption/repurchase of subordinated indebtedness			(1,300	)			—				(524	)			(1,395	)			(1,419	)
Issue of preferred shares			—				—				—				—				525
Issue of common shares, net			145				150				79				563				178
Net proceeds from treasury shares (purchased) sold			(3	)			3				—				—				—
Dividends			(383	)			(380	)			(376	)			(1,519	)			(1,490	)
Other, net			(659	)			1,232				25				(2,051	)			596
			(1,069	)			10,804				6,811				15,147				(11,831	)
Cash flows provided by (used in) investing activities
Interest-bearing deposits with banks			2,528				(6,017	)			(152	)			(4,667	)			2,206
Loans, net of repayments			(2,885	)			(5,488	)			(6,803	)			(24,509	)			(12,496	)
Proceeds from securitizations			4,725				3,883				2,775				14,192				20,744
Purchase of AFS securities			(9,248	)			(18,531	)			(19,574	)			(55,392	)			(91,663	)
Proceeds from sale of AFS securities			11,986				6,637				9,040				41,144				30,205
Proceeds from maturity of AFS securities			8,428				4,520				10,179				27,585				35,628
Net securities borrowed or purchased under resale agreements			(5,258	)			7,382				(1,722	)			(4,591	)			2,845
Net cash used in acquisitions			—				—				—				(297	)			—
Purchase of land, buildings and equipment			(71	)			(81	)			(89	)			(220	)			(272	)
			10,205				(7,695	)			(6,346	)			(6,755	)			(12,803	)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks			(5	)			9				3				(38	)			(47	)
Net increase (decrease) in cash and non-interest-bearing deposits with banks during period			167				460				(40	)			378				254
Cash and non-interest-bearing deposits with banks at beginning of period			2,023				1,563				1,852				1,812				1,558
Cash and non-interest-bearing deposits with banks at end of period(4)		$	2,190	(5)		$	2,023			$	1,812			$	2,190			$	1,812
Cash interest paid		$	780			$	715			$	850			$	2,849			$	4,242
Cash income taxes paid (recovered)		$	(60	)		$	(15	)		$	87			$	267			$	(1,775	)