Exhibit 12.1
Canadian Imperial Bank of Commerce
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended January 31, 2012 | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
(C$ millions, except ratios) | ||||||||||||||||||||||||
IFRS(1) | Canadian GAAP | |||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings before income taxes | 1,043 | 4,063 | 4,032 | 1,651 | (4,198 | ) | 3,852 | |||||||||||||||||
Fixed charges, excluding interest on deposits | 309 | 1,175 | 906 | 1,218 | 2,306 | 3,377 | ||||||||||||||||||
Interest capitalized | — | 6 | 2 | — | — | — | ||||||||||||||||||
Subtotal | 1,352 | 5,232 | 4,935 | 2,869 | (1,892 | ) | 7,229 | |||||||||||||||||
Interest on Deposits | 915 | 2,787 | 2,192 | 2,879 | 6,853 | 8,050 | ||||||||||||||||||
Total | 2,267 | 8,019 | 7,127 | 5,748 | 4,961 | 15,279 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, excluding interest on deposits | 258 | 962 | 699 | 1,024 | 2,103 | 3,169 | ||||||||||||||||||
Interest component of rental expense(2) | 50 | 203 | 202 | 190 | 200 | 204 | ||||||||||||||||||
Interest capitalized | — | 6 | 2 | — | — | — | ||||||||||||||||||
Amortization of subordinated indebtedness | 1 | 4 | 3 | 4 | 3 | 4 | ||||||||||||||||||
Subtotal | 309 | 1,175 | 906 | 1,218 | 2,306 | 3,377 | ||||||||||||||||||
Interest on Deposits | 915 | 2,787 | 2,192 | 2,879 | 6,853 | 8,050 | ||||||||||||||||||
Total | 1,224 | 3,962 | 3,098 | 4,097 | 9,159 | 11,427 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||||||
Excluding interest on Deposits | 4.37 | 4.45 | 5.45 | 2.36 | — | (3) | 2.14 | |||||||||||||||||
Including interest on Deposits | 1.85 | 2.02 | 2.30 | 1.40 | — | (3) | 1.34 |
Year Ended October 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
U.S. GAAP (C$ millions, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings before income taxes | 3,910 | 3,891 | 1,913 | (5,270 | ) | 4,338 | ||||||||||||||
Fixed charges, excluding interest on deposits | 1,176 | 871 | 1,187 | 2,306 | 3,377 | |||||||||||||||
Interest capitalized | 6 | 2 | ||||||||||||||||||
Subtotal | 5,079 | 4,760 | 3,101 | (2,964 | ) | 7,715 | ||||||||||||||
Interest on Deposits | 2,787 | 2,192 | 2,879 | 6,853 | 8,050 | |||||||||||||||
Total | 7,866 | 6,952 | 5,980 | 3,889 | 15,765 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, excluding interest on deposits | 962 | 664 | 993 | 2,103 | 3,169 | |||||||||||||||
Interest component of rental expense(2) | 203 | 202 | 190 | 200 | 204 | |||||||||||||||
Interest capitalized | 6 | 2 | — | — | �� | — | ||||||||||||||
Amortization of subordinated indebtedness | 4 | 3 | 4 | 3 | 4 | |||||||||||||||
Subtotal | 1,175 | 871 | 1,187 | 2,306 | 3,377 | |||||||||||||||
Interest on Deposits | 2,787 | 2,192 | 2,879 | 6,853 | 8,050 | |||||||||||||||
Total | 3,962 | 3,063 | 4,066 | 9,159 | 11,427 | |||||||||||||||
Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||
Excluding interest on Deposits | 4.32 | 5.46 | 2.61 | — | (4) | 2.28 | ||||||||||||||
Including interest on Deposits | 1.99 | 2.27 | 1.47 | — | (4) | 1.38 |
1) | Under IFRS, interest on deposits comprises interest expense relating to deposits and secured borrowings liablities. |
2) | The interest component of rental expense is 30 % of rent expense because it is the proportion deemed representative of the interest factor. |
3) | Earnings for the year 2008 were inadequate to cover fixed charges, in each case, as calculated under Canadian GAAP, (both excluding and including interest on deposits) by Cdn$4,198 million. |
4) | Earnings for the year 2008 were inadequate to cover fixed charges, in each case, as calculated under U.S. GAAP, (both excluding and including interest on deposits) by Cdn$5,270 million. |