QuickLinks -- Click here to rapidly navigate through this document
Canadian Imperial Bank of Commerce
Computation of Ratio of Earnings to Fixed Charges
CANADIAN GAAP
| | Twelve months ended October 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended January 31, 2003 | ||||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||
| (C$ millions except ratios) | ||||||||||||
Earnings: | |||||||||||||
Income before income taxes, minority interests and income/loss from equity investees | 638 | 393 | 1,843 | 2,759 | 1,365 | 1,549 | |||||||
Fixed charges, excluding interest on deposits | 490 | 1,515 | 2,462 | 2,969 | 3,308 | 3,968 | |||||||
Subtotal | 1,128 | 1,908 | 4,305 | 5,728 | 4,673 | 5,517 | |||||||
Interest on deposits | 1,007 | 4,647 | 7,889 | 8,206 | 6,808 | 6,808 | |||||||
Total | 2,135 | 6,555 | 12,194 | 13,934 | 11,481 | 12,325 | |||||||
Fixed Charges: | |||||||||||||
Interest expense, excluding interest on deposits | 434 | 1,367 | 2,336 | 2,839 | 3,189 | 3,855 | |||||||
Interest component of rental expense | 55 | 146 | 124 | 128 | 118 | 112 | |||||||
Interest capitalized | 11 | 23 | — | — | 2 | 2 | |||||||
Amortization of subordinated indebtedness | 1 | 2 | 2 | 2 | 1 | 1 | |||||||
Subtotal | 501 | 1,538 | 2,462 | 2,969 | 3,310 | 3,970 | |||||||
Interest on deposits | 1,007 | 4,647 | 7,889 | 8,206 | 6,808 | 6,808 | |||||||
Total | 1,508 | 6,185 | 10,351 | 11,175 | 10,118 | 10,778 | |||||||
Ratio of Earnings to Fixed Charges: | |||||||||||||
Excluding interest on deposits | 2.25x | 1.24x | 1.75x | 1.93x | 1.41x | 1.39x | |||||||
Including interest on deposits | 1.42x | 1.06x | 1.18x | 1.25x | 1.13x | 1.14x |
U.S. GAAP
| Twelve months ended October 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2002 | 2001 | 2000 | 1999 | 1998 | |||||||
| (C$ millions except ratios) | |||||||||||
Earnings: | ||||||||||||
Income (loss) before income taxes, minority interests and income/loss from equity investees | (268 | ) | 2,031 | 2,533 | 1,532 | 1,459 | ||||||
Fixed charges, excluding interest on deposits | 1,515 | 2,462 | 2,969 | 3,308 | 3,968 | |||||||
Subtotal | 1,247 | 4,493 | 5,502 | 4,840 | 5,427 | |||||||
Interest on deposits | 4,647 | 7,889 | 8,206 | 6,808 | 6,808 | |||||||
Total | 5,894 | 12,382 | 13,708 | 11,648 | 12,235 | |||||||
Fixed Charges: | ||||||||||||
Interest expense, excluding interest on deposits | 1,367 | 2,336 | 2,839 | 3,189 | 3,855 | |||||||
Interest component of rental expense | 146 | 124 | 128 | 118 | 112 | |||||||
Interest capitalized | 23 | — | — | 2 | 2 | |||||||
Amortization of subordinated indebtedness | 2 | 2 | 2 | 1 | 1 | |||||||
Subtotal | 1,538 | 2,462 | 2,969 | 3,310 | 3,970 | |||||||
Interest on deposits | 4,647 | 7,889 | 8,206 | 6,808 | 6,808 | |||||||
Total | 6,185 | 10,351 | 11,175 | 10,118 | 10,778 | |||||||
Ratio (Deficiency) of Earnings to Fixed Charges: | ||||||||||||
Excluding interest on deposits | $ | (291 | ) | 1.82x | 1.85x | 1.46x | 1.37x | |||||
Including interest on deposits | $ | (291 | ) | 1.20x | 1.23x | 1.15x | 1.14x |