Exhibit 99.1

Report of the President and Chief Executive Officer

Overview of results

CIBC today announced its financial results for the first quarter ended January 31, 2021.

First quarter highlights

Results for the first quarter of 2021 were affected by the following item of note aggregating to a negative impact of $0.03 per share:

Our Common Equity Tier 1 ratio was 12.3% at January 31, 2021 compared with 12.1% at the end of the prior quarter. CIBC’s leverage ratio at January 31, 2021 was 4.7%.

In the first quarter of 2021, we delivered strong financial performance and continued to execute on our client-focused strategy. We made progress on revitalizing our Canadian consumer franchise, furthered the transformation of our bank through technology and innovation, and built on our momentum in areas of our business where we have advantages in the market. Our continued investments position us well to further advance our strategy in 2021, and our strong capital position enables us to support our client-focused growth plans, as we navigate changing market conditions related to the COVID-19 pandemic.

Core business performance

Canadian Personal and Business Banking reported net income of $652 million for the first quarter, up $77 million or 13% from the first quarter a year ago mainly due to lower provisions for credit losses, partially offset by lower revenue, with expenses comparable to the prior year. Pre-provision, pre-tax earnings⁽¹⁾ were down $54 million or 5% from a year ago. Revenue was down from the prior year as volume growth was more than offset by narrower margins as a result of changes in the interest rate environment and lower fees due to continued lower client transaction activity resulting from the COVID-19 pandemic.

Canadian Commercial Banking and Wealth Management reported net income of $354 million for the first quarter, up $18 million or 5% from the first quarter a year ago, primarily due to revenue growth in wealth management. Pre-provision, pre-tax earnings⁽¹⁾ were up $22 million or 4% compared with the first quarter a year ago. Higher fee revenue and strong deposit volume growth in commercial banking was partially offset by lower margins reflecting the current interest rate environment. Wealth management benefited from significant growth in asset balances driven by market appreciation and strong mutual fund sales. Higher expenses were primarily driven by revenue-based variable compensation reflecting favourable business results.

U.S. Commercial Banking and Wealth Management reported net income of $188 million for the first quarter, up $23 million or 14% from the first quarter a year ago. Excluding items of note, adjusted net income⁽¹⁾ was $200 million, up $19 million or 10% from the first quarter a year ago, due to higher revenue and lower expenses, partially offset by higher provision for credit losses. Pre-provision, pre-tax earnings⁽¹⁾ were up $73 million or 32% from the first quarter a year ago. Higher revenue was primarily driven by volume growth, increased asset management fees, and syndication activity, partially offset by the impact of foreign exchange translation. Lower non-interest expenses reflect lower business development costs due to the impact of the COVID-19 pandemic and the impact of foreign exchange translation.

Capital Markets reported net income of $493 million for the first quarter, up $115 million or 30% from the first quarter a year ago, primarily due to higher revenue, partially offset by higher performance-based compensation and a higher provision for credit losses. Pre-provision, pre-tax earnings⁽¹⁾ were up 27% from a year ago, driven by higher revenue across fixed income, equity derivatives and foreign exchange trading and corporate banking and underwriting revenue, partially offset by lower advisory revenue and higher non-interest expenses.

Making a difference in our communities

At CIBC, we invest our time and resources in removing barriers to personal ambitions and demonstrate that when we come together, positive change happens that helps our communities and businesses thrive. This quarter we further strengthened our communities through:

Victor G. Dodig

President and Chief Executive Officer

Enhanced Disclosure Task Force

The Enhanced Disclosure Task Force (EDTF), established by the Financial Stability Board, released its report “Enhancing the Risk Disclosures of Banks” in 2012, which included thirty-two disclosure recommendations. The index below provides the listing of these disclosures, along with their locations. EDTF disclosures are located in our 2020 Annual Report, quarterly Report to Shareholders, and supplementary packages, which may be found on our website (www.cibc.com). No information on CIBC’s website, including the supplementary packages, should be considered incorporated herein by reference.

Management’s discussion and analysis

Contents

A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this report, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the “Financial performance overview – Economic outlook”, “Financial performance overview – Significant events”, “Financial performance overview – Financial results review”, “Financial performance overview – Review of quarterly financial information”, “Financial condition – Capital management”, “Management of risk – Risk overview”, “Management of risk – Top and emerging risks”, “Management of risk – Credit risk”, “Management of risk – Market risk”, “Management of risk – Liquidity risk”, “Accounting and control matters – Critical accounting policies and estimates”, “Accounting and control matters – Accounting developments”, and “Accounting and control matters – Other regulatory developments” sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2021 and subsequent periods. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “objective” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions, including the economic assumptions set out in the “Financial performance overview – Economic outlook” section of this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic on the global economy, financial markets, and our business, results of operations, reputation and financial condition and continued pressure on oil prices, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this report represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law.

First quarter financial highlights

External reporting changes

Changes made to our business segments

The following external reporting changes were made in the first quarter of 2021:

Prior period amounts have been revised accordingly. The changes impacted the results of our SBUs and how we measure the performance of our SBUs. There was no impact on our consolidated financial results from these changes.

Financial performance overview

Economic outlook

The COVID-19 pandemic continues to have a significant adverse impact on the near-term economic outlook for the global economy. Restrictions imposed by governments around the world to limit the impact of the infection, such as travel restrictions, physical distancing measures, and the closure of certain businesses, continue to disrupt the global economy, and will limit the scope of the recovery until an effective mass-produced vaccine is in place. While vaccination of targeted groups has commenced across much of the world, uncertainty remains about how quickly a large enough majority of the population can be effectively immunized to reduce subsequent rates of infection, including in response to emerging variants of the virus. Our outlook assumes that effective mass vaccinations will be underway in many countries over the spring and summer and that the vaccination programs will be able to effectively respond to the emerging variants, allowing for stronger global recovery in the latter half of the year. Until then, we assume that temporary restraints on activity in response to the current wave of infections and the new variants will be in place to varying degrees across our target markets. Growth will continue in sectors less impacted by physical distancing measures, but other sectors will experience periods of disruption when regulations are tightened in response to new waves and strains of the virus. We generally expect to see stronger performance in the goods sector of the economy, but continued slack in the services sector. Constrained global activity and its implications on demand for fuel will also delay a further recovery in crude oil prices through the first half of 2021.

In Canada, after a drop of approximately 5.5% in 2020, real gross domestic product (GDP) is expected to advance by about 4% in 2021, with a decline in the first quarter followed by robust growth further into the year. We expect that this will still leave the unemployment rate averaging near 8%, well above full-employment levels. Both businesses and households will benefit from substantial government fiscal support through at least the first half of the year, which will reduce the impact of slower economic growth on insolvencies, business and household credit growth and retail transaction volumes relative to what would have occurred absent these measures. Government bond issuance will remain elevated to cover the resulting federal and provincial deficits. The Bank of Canada will maintain short-term interest rates at their current levels through 2021, although longer-term rates will drift higher as economic growth accelerates, and the central bank eases up on its asset purchase program.

In the U.S., real GDP is expected to grow by nearly 5% in 2021, after declining by almost 3.5% in the prior year, with better gains expected in the latter half of 2021. Our outlook assumes that the federal government will add to the stimulus already enacted in December to provide enhanced support for households and businesses impacted by the pandemic, reducing its impact on insolvencies, but the scale of that further stimulus is at this point uncertain. Unemployment will average approximately 6% in 2021, well above full-employment levels. In response, we expect that the Federal Reserve will maintain near-zero short-term interest rates and continue to engage in asset purchases to slow the climb in long-term rates.

The economic challenges from the COVID-19 pandemic impact all our SBUs. From a credit perspective, while our outlook has improved as a result of better-than-expected growth over the past quarter, we continue to expect that our loan portfolios will be negatively impacted by the constrained economic activity associated with measures taken to contain the spread of infection, mitigated to an extent by large-scale government support programs targeting both individuals and businesses. Deposit growth is likely to decelerate as businesses draw down on liquidity raised earlier in the pandemic, and as households spend a greater portion of their income as economic growth accelerates. The persistent low interest environment is expected to continue to have a negative impact on the net interest margins for all our SBUs.

For Canadian Personal and Business Banking, mortgage demand growth could decelerate, but will continue to remain well supported by low rates, while we expect to see a modest return to growth in non-mortgage credit demand as pandemic-related constraints begin to ease. Continued demand for business lending products is anticipated as small businesses look to weather the impact of the economic slowdown.

Our Canadian and U.S. wealth management businesses are expected to benefit from a further economic recovery, with investors looking for alternatives to low rates on savings deposits.

Our Capital Markets business is expected to benefit from merger and acquisition activity as corporate consolidations increase as a result of the pandemic, as well as increased equity issuance, but could be negatively impacted by lower corporate bond issuance and lower trading revenues from the highs in 2020. Loan demand in our Canadian and U.S. commercial banking businesses could experience slower growth as the need for liquidity during the crisis eases, but will be supported by business expansion plans further into the year.

The economic outlook described above reflects numerous assumptions and uncertainties regarding the economic impact of the COVID-19 pandemic, which will ultimately depend on the speed at which vaccines can be administered on a mass scale that are effective at controlling both existing and emerging variants of the virus, and the ability of governments, businesses and health-care systems to effectively limit the epidemiological and economic impacts of the current and future resurgences of the virus, including its variants, in the intervening period. The extent to which public health policies restrict economic activity, and the level and effectiveness of government support during this intervening period are material to our expectations for the scale and timing of a further economic rebound later in 2021. Expectations reflect currently available expert opinions and are subject to change as new information on transmissibility and epidemiology becomes available. As a result, actual experience may differ materially from expectations.

While we continue to support our clients through the pandemic, the need for and level of our client relief programs has reduced over the recent quarters. See “CIBC client relief programs in response to COVID-19” and “Government lending programs in response to COVID-19” for further details regarding the client relief and government support programs we are involved in. COVID-19 and the low interest rate environment continue to impact our business

and results of operations. See “Financial results review” and “Strategic business units overview” for further details. Despite these pressures, our financial condition and our regulatory capital and liquidity positions continue to be strong. See “Capital management” and “Liquidity risk” sections for further details. The impact of the pandemic on our risk environment is discussed in “Top and emerging risks”. The ongoing economic uncertainty arising from the pandemic continues to impact key accounting estimates and assumptions, particularly the estimation of expected credit losses. See “Accounting and control matters” section, as well as Note 2 and Note 6 to our interim consolidated financial statements for further details.

Significant events

Sale of FirstCaribbean International Bank Limited

On November 8, 2019, we announced that we had entered into a definitive agreement to sell 66.73% of the outstanding shares of FirstCaribbean International Bank Limited (CIBC FirstCaribbean) to GNB Financial Group Limited (GNB), subject to regulatory approvals, as discussed in Note 4 to the consolidated financial statements included in our 2020 Annual Report.

As a result of the lengthy regulatory review process, the worsening impact of the COVID-19 pandemic on the Caribbean economy and our revised expectations concerning the likelihood and timing of a potential transaction, we discontinued the application of held for sale accounting of CIBC FirstCaribbean in the fourth quarter of 2020 and recorded a goodwill impairment charge of $220 million based on current market conditions rather than the agreement with GNB. On February 3, 2021, we announced that the proposed sale of CIBC FirstCaribbean to GNB did not receive approval from CIBC FirstCaribbean’s regulators and that the transaction will not proceed.

Financial results review

Reported net income for the quarter was $1,625 million, compared with $1,212 million for the same quarter last year, and $1,016 million for the prior quarter.

Adjusted net income⁽¹⁾ for the quarter was $1,640 million, compared with $1,483 million for the same quarter last year, and $1,280 million for the prior quarter.

Reported diluted earnings per share (EPS) for the quarter was $3.55, compared with $2.63 for the same quarter last year, and $2.20 for the prior quarter.

Adjusted diluted EPS⁽¹⁾ for the quarter was $3.58, compared with $3.24 for the same quarter last year, and $2.79 for the prior quarter.

In the current quarter, the following item of note increased non-interest expenses by $20 million, decreased income taxes by $5 million and decreased net income by $15 million:

Net interest income⁽²⁾

Net interest income was up $78 million or 3% from the same quarter last year, primarily due to volume growth across our businesses, higher trading income and higher revenue from financing activities in Capital Markets, partially offset by narrower margins largely as a result of changes in the interest rate environment and excess liquidity costs.

Net interest income was up $47 million or 2% from the prior quarter, primarily due to volume growth across our businesses and higher trading income, partially offset by narrower margins and the impact of foreign exchange translation.

Non-interest income⁽²⁾

Non-interest income was up $30 million or 1% from the same quarter last year, primarily due to higher credit fees and higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation, partially offset by lower trading income.

Non-interest income was up $316 million or 17% from the prior quarter, primarily due to higher trading income, higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation, higher underwriting and advisory fees, higher credit fees and higher commissions driven by higher direct brokerage trading volumes.

Provision for credit losses was down $114 million or 44% from the same quarter last year, mainly due to a $106 million reduction related to performing loans. Provision for credit losses on impaired loans was comparable with the same quarter last year, with lower provisions in Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management, offset by higher provisions in U.S. Commercial Banking and Wealth Management, Capital Markets and Corporate and Other. Provision for credit losses on performing loans was down across most SBUs, mainly due to a favourable change in our economic outlook.

Provision for credit losses was down $144 million or 49% from the prior quarter. Provision for credit losses on performing loans was down $202 million mainly due to an improvement in our economic outlook in the current quarter impacting all our SBUs and the unfavourable impact of model parameter updates in Canadian Personal and Business Banking and negative credit migration in U.S. Commercial Banking and Wealth Management in the prior quarter. Provision for credit losses on impaired loans was up $58 million, as a result of the impact of the COVID-19 pandemic and higher provisions in the utilities sector.

Non-interest expenses

Non-interest expenses were down $339 million or 11% from the same quarter last year, as the same quarter last year included a restructuring charge primarily related to employee severance, shown as an item of note.

Non-interest expenses were down $165 million or 6% from the prior quarter, as the prior quarter included a goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean, a charge related to the consolidation of our real estate portfolio associated with our upcoming move to our new global headquarters, partially offset by a gain as a result of plan amendments related to pension and other post-employment plans, all shown as items of note. The current quarter had higher performance-based compensation.

Income taxes

Income tax expense was up $148 million or 47% from the same quarter last year, primarily due to higher income.

Income tax expense was up $63 million or 16% from the prior quarter, primarily due to higher income. The prior quarter effective tax rate was impacted by a goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean, which is not deductible for tax purposes.

In prior years, the Canada Revenue Agency (CRA) issued reassessments disallowing the deduction of Enron settlement payments and related legal expenses (the “Enron expenses”). In January 2019, CIBC entered into a settlement agreement (the “Agreement”) with the CRA that provides certainty with respect to the portion of the Enron expenses deductible in Canada. The Agreement resulted in the recognition of a net $38 million tax recovery in the first quarter of 2019. This recovery was determined after taking into account taxable refund interest in Canada and also the portion of the Enron expenses that are expected to be deductible in the United States (the “U.S. deduction”). The U.S. deduction has not been agreed to by the Internal Revenue Service. It is possible that adjustments may be required to the amount of tax benefits recognized in the U.S.

The CRA has reassessed CIBC approximately $1,115 million of additional income tax by denying the tax deductibility of certain 2011 to 2015 Canadian corporate dividends on the basis that they were part of a “dividend rental arrangement”. The dividends that were subject to the reassessments are similar to those prospectively addressed by the rules in the 2015 and 2018 Canadian federal budgets. It is possible that subsequent years may be reassessed for similar activities. CIBC is confident that its tax filing positions were appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the interim consolidated financial statements.

Foreign exchange

The following table provides the estimated impact of U.S. dollar translation on key lines of our interim consolidated statement of income, as a result of changes in average exchange rates.

Review of quarterly financial information

Our quarterly results are modestly affected by seasonal factors. The second quarter has fewer days as compared with the other quarters, generally leading to lower earnings. The summer months (July – third quarter and August – fourth quarter) typically experience lower levels of market activity, which affects our brokerage, investment management, and Capital Markets activities.

Revenue

Revenue in our lending and deposit taking businesses are generally driven by the interest rate environment, volume growth and fees related to client transaction activity. Our wealth management businesses are driven by market conditions and net sales activity impacting AUA and AUM. Capital Markets revenue is also influenced, to a large extent, by market conditions affecting client trading and underwriting activity. The COVID-19 pandemic beginning in the second quarter of 2020 and the lower interest rate environment continue to impact revenue for all our SBUs.

Canadian Personal and Business Banking revenue has been negatively impacted by the lower interest rate environment in recent quarters, exacerbated by the COVID-19 pandemic, although some of this has been offset by volume growth. In recent quarters, lower fee income driven by lower client transaction activity as a result of the COVID-19 pandemic has negatively impacted revenue.

Canadian Commercial Banking and Wealth Management has benefited from volume growth, although loan growth was muted more recently as a result of the economic uncertainty due to the pandemic. This has been partially offset by the lower interest rate environment. Wealth management AUA and AUM growth has been driven by a continued market recovery and strong sales momentum subsequent to the market volatility noted in the second quarter of 2020.

U.S. Commercial Banking and Wealth Management revenue has benefitted from volume growth and growth in fee income. In addition, deposit growth has outpaced loan growth resulting in net interest margin expansion in the past two quarters.

The first and third quarters of 2020 included higher trading revenue in Capital Markets.

Corporate and Other included the impact of changes relating to our adoption of IFRS 16 “Leases” commencing in the first quarter of 2020 that were largely offset in non-interest expenses. Commencing in the second quarter of 2020, the COVID-19 pandemic led to excess liquidity costs that negatively impacted revenue, while the interest rate environment and narrower margins have negatively impacted revenue in international banking. The fourth quarter of 2019 included interest income related to the settlement of certain income tax matters.

Provision for credit losses

Provision for credit losses is dependent upon the credit cycle in general, on the credit performance of the loan portfolios, and changes in economic outlook. As a result of the impact of the COVID-19 pandemic beginning in the second quarter of 2020, our loan portfolios were negatively impacted by the decline in economic activity associated with physical distancing measures, mitigated to an extent by large-scale government support and relief programs targeting both individuals and businesses. There is considerable judgment involved in the estimation of credit losses in the current environment. The ultimate impact of the COVID-19 pandemic will depend on the speed at which an effective vaccine can be administered on a mass scale to effectively limit the spread of COVID-19 and its related variants, and the ability of governments, businesses and health-care systems to effectively limit the epidemiological and economic impacts of expected resurgences of the virus, including variants thereon, in the intervening period. The extent to which public health measures restrict economic activity and the level and effectiveness of government support during this intervening period are material to our expectations for a continued economic rebound in 2021 and our resulting provision for credit losses.

The significant increase in provision for credit losses on performing loans in the second and, to a lesser extent, in the third quarter of 2020 reflects the impacts of the COVID-19 pandemic and continued pressure on oil prices, and has impacted all our SBUs. The first quarter of 2021 reflects a modest improvement in our outlook. We also recognized provisions on performing loans throughout 2019, reflective of the impact of certain unfavourable changes to our economic outlook over that period.

In Canadian Personal and Business Banking, the fourth quarter of 2019 included higher provision on impaired loans in the personal lending portfolio. The third and fourth quarters of 2020 and the first quarter of 2021 included lower insolvencies and write-offs in credit cards. The decrease in insolvencies was in line with the national Canadian trend, as a result of limited consumer filing channels. The low level of write-offs was impacted by the assistance offered to clients from our payment deferral programs, lower client spending as well as government support.

In Canadian Commercial Banking and Wealth Management, the first and third quarters of 2020 and the fourth quarter of 2019 included provisions on one fraud-related impairment.

In U.S. Commercial Banking and Wealth Management, the first quarter of 2020, the second half of 2020 and the third quarter of 2019 included higher provisions on impaired loans. Impaired loan provisions in the U.S. remain elevated.

In Capital Markets, the second and third quarters of 2020, and the second half of 2019 included higher provisions on impaired loans in the oil and gas sector.

In Corporate and Other, provisions on impaired loans remained low and stable over the past two years.

Non-interest expenses

Non-interest expenses have fluctuated over the period largely due to changes in employee compensation expenses, investments in growth initiatives and movement in foreign exchange rates. The fourth quarter of 2019 and the second and fourth quarters of 2020 included a goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean. The fourth quarter of 2019 and the third quarter of 2020 included increases in legal provisions in Corporate and Other, shown as an item of note. The first quarter of 2020 included a restructuring charge associated with ongoing efforts to transform our cost structure and simplify our bank. The fourth quarter of 2020 included a charge related to the consolidation of our real estate portfolio as a result of our upcoming move to our new global headquarters and a gain as a result of plan amendments related to pension and other post-employment plans.

Income taxes

Income taxes vary with changes in income subject to tax, and the jurisdictions in which the income is earned. Taxes can also be affected by the impact of significant items and the level of tax-exempt income.

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (IFRS), 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 measures useful in understanding how management views underlying business performance.

Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted results remove items of note from reported results and are used to calculate our adjusted measures. Adjusted measures represent non-GAAP measures.

For a more detailed discussion on our non-GAAP measures, see page 16 of our 2020 Annual Report.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results.

The table below provides a summary of adjusted results by SBU⁽¹⁾.

Strategic business units overview

CIBC has four SBUs – Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. These SBUs are supported by the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, Finance and Enterprise Strategy, as well as other support groups, which all form part of Corporate and Other. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. The majority of the functional and support costs of CIBC Bank USA are recognized directly in the U.S. Commercial Banking and Wealth Management SBU. Corporate and Other also includes the results of CIBC FirstCaribbean and other strategic investments, as well as other income statement and balance sheet items not directly attributable to the business lines. The key methodologies and assumptions used in reporting the financial results of our SBUs are provided on page 19 of our 2020 Annual Report.

External reporting changes were made in the first quarter of 2021, which affected the results of our SBUs. See the “External reporting changes” section for additional details.

Canadian Personal and Business Banking

Canadian Personal and Business Banking provides personal and business clients across Canada with financial advice, products and services through banking centre, digital, mobile and remote channels.

Financial overview

Net income for the quarter was $652 million, up $77 million from the same quarter last year, primarily due to a lower provision for credit losses, partially offset by lower revenue.

Net income was up $62 million from the prior quarter, primarily due to a lower provision for credit losses and higher revenue, partially offset by higher non-interest expenses.

Revenue

Revenue was down $54 million or 3% from the same quarter last year, primarily due to narrower margins largely as a result of changes in the interest rate environment and lower fees driven by lower client transaction activity, partially offset by volume growth.

Revenue was up $28 million or 1% from the prior quarter, primarily due to higher volume growth and higher non-interest income, partially offset by narrower margins.

Provision for credit losses

Provision for credit losses was down $157 million from the same quarter last year. The current quarter included a provision reversal on performing loans primarily due to a favourable change in our economic outlook, while the same quarter last year included a provision for credit losses primarily due to model parameter updates in the cards portfolio. Provision for credit losses on impaired loans was down due to lower insolvencies and write-offs in credit cards. Provision for credit losses on impaired loans remained lower than pre-pandemic levels, partially due to the impact of lower client spending, the client relief programs and government support.

Provision for credit losses was down $67 million from the prior quarter. The current quarter included a provision reversal on performing loans primarily due to a favourable change in our economic outlook, while the prior quarter included a provision for credit losses as a result of the unfavourable impact from model parameter updates in the personal lending portfolio. Provision for credit losses on impaired loans was up mainly due to a higher provision in personal lending, partially offset by a reduction in the cards portfolio.

Non-interest expenses

Non-interest expenses were comparable with the same quarter last year and were up $10 million from the prior quarter, primarily due to higher spending on strategic initiatives.

Income taxes

Income taxes were up $26 million from the same quarter last year, and up $23 million from the prior quarter, primarily due to higher income.

Canadian Commercial Banking and Wealth Management

Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada, as well as asset management services to institutional investors.

Financial overview

Net income for the quarter was $354 million, up $18 million from the same quarter last year, primarily due to higher revenue, partially offset by higher non-interest expenses.

Net income was up $14 million from the prior quarter, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses.

Revenue

Revenue was up $33 million or 3% from the same quarter last year.

Commercial banking revenue was up $5 million, primarily due to higher fees and volume growth, partially offset by narrower margins.

Wealth management revenue was up $28 million, primarily due to higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation and net sales, and higher foreign exchange revenue.

Revenue was up $60 million or 6% from the prior quarter.

Commercial banking revenue was up $19 million, primarily due to higher fees and volume growth.

Wealth management revenue was up $41 million, primarily due to higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation, as well as higher transactional revenue driven by increased trading activity.

Provision for credit losses

Provision for credit losses was down $2 million from the same quarter last year. The current quarter included a higher provision for credit losses on performing loans mainly related to unfavourable credit migration. Provision for credit losses on impaired loans was down as the same quarter last year included an additional provision on a previously impaired fraud-related loan.

Provision for credit losses was up $8 million from the prior quarter. The current quarter included a higher provision for credit losses on performing loans mainly related to unfavourable credit migration. Provision for credit losses on impaired loans was comparable with the prior quarter.

Non-interest expenses

Non-interest expenses were up $11 million or 2% from the same quarter last year, primarily due to performance-based compensation.

Non-interest expenses were up $32 million or 6% from the prior quarter, primarily due to higher performance-based compensation, and higher spending on strategic initiatives.

Income taxes

Income taxes were up $6 million from the same quarter last year, and up $6 million from the prior quarter, primarily due to higher income.

U.S. Commercial Banking and Wealth Management

U.S. Commercial Banking and Wealth Management delivers commercial banking and private wealth services across the U.S., as well as personal and small business banking services in four U.S. Midwestern markets and focuses on middle-market and mid-corporate companies and high-net worth families.

Financial overview

Net income for the quarter was $188 million, up $23 million from the same quarter last year, primarily due to higher revenue and lower non-interest expenses, partially offset by a higher provision for credit losses.

Net income was up $53 million from the prior quarter, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses.

Revenue

Revenue was up $60 million or 12% from the same quarter last year.

Commercial banking revenue was up $41 million, primarily due to volume growth and higher fees, partially offset by narrower deposit margins and the impact of foreign exchange translation.

Wealth management revenue was up $19 million, primarily due to higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation and net sales, and higher loan fees, partially offset by narrower deposit margins and the impact of foreign exchange translation.

Revenue was up $42 million or 8% from the prior quarter.

Commercial banking revenue was up $19 million, primarily due to wider spreads driven by higher loan fees, volume growth and higher syndication fees, partially offset by the impact of foreign exchange translation.

Wealth management revenue was up $23 million, primarily due to wider spreads driven by higher loan fees and higher fee-based revenue driven by higher average AUA and AUM reflecting market appreciation and net sales.

Provision for credit losses

Provision for credit losses was up $30 million from the same quarter last year. Provision for credit losses on performing loans was comparable with the same quarter last year. Provision for credit losses on impaired loans was up mainly attributable to the real estate sector.

Provision for credit losses was down $37 million from the prior quarter. The current quarter included a small provision reversal on performing loans mainly related to an improvement in our economic outlook partially offset by unfavourable credit migration, while the prior quarter included a provision for credit losses as a result of unfavourable credit migration. Provision for credit losses on impaired loans was down slightly compared with the prior quarter.

Non-interest expenses

Non-interest expenses were down $18 million or 6% from the same quarter last year, primarily due to lower business development costs and the impact of foreign exchange translation, partially offset by higher salaries and benefits.

Non-interest expenses were up $13 million or 5% from the prior quarter, primarily due to higher employee compensation driven by seasonality associated with certain benefits and performance-based awards, partially offset by the impact of foreign exchange translation.

Income taxes

Income taxes were up $25 million from the same quarter last year, and up $13 million from the prior quarter, primarily due to higher income.

Capital Markets

Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking solutions and top-ranked research to our clients around the world. It includes Direct Financial Services which focuses on expanding CIBC’s digitally enabled capabilities to provide a cohesive set of direct banking, direct investing and innovative multi-currency payment solutions for CIBC’s clients.