Canadian Imperial Bank Of Commerce 6-K, filed Feb 29, 2024
Canadian Imperial Bank Of Commerce (CM)
About this 6-K
Canadian Imperial Bank Of Commerce filed this 6-K on February 29, 2024.
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 February, 2024
Commission File Number: 1-14678
CANADIAN IMPERIAL BANK OF COMMERCE
(Translation of registrant’s name into English)
CIBC Square, 81 Bay Street
Toronto, Ontario
Canada M5J 0E7
(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 ☒
The information contained in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 File Nos. 333-130283, 333-09874 and 333-218913 and Form F-3 File Nos. 333-219550, 333-220284, 333-272447, and 333-273505.
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, thereunto duly authorized.
| CANADIAN IMPERIAL BANK OF COMMERCE | ||||||
| Date: February 29, 2024 | By: | /s/ Allison Mudge | ||||
| Name: Allison Mudge | ||||||
| Title: Senior Vice-President | ||||||
Exhibit 99.1
CANADIAN IMPERIAL BANK OF COMMERCE
Earnings Coverage on Subordinated Indebtedness as at January 31, 2024
Interest requirements based on subordinated indebtedness were $475 million for the 12-month period ended January 31, 2024. Earnings before income taxes and interest requirements on subordinated indebtedness, net of non-controlling interests, for the 12-month period ended January 31, 2024, were $8,399 million, which was 17.7 times our interest requirements as described above.
This ratio is calculated on the basis of amounts derived from our consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) for the 12-month period ended January 31, 2024, including the impact of the adoption of IFRS 17 “Insurance Contracts” which required the restatement of our comparative fiscal 2023 financial results. The ratio reported is not defined by IFRS and does not have any standardized meaning under IFRS and thus may not be comparable to similar measures used by other issuers.
In calculating the ratio, non-controlling interests were adjusted to before-tax equivalents using the applicable effective income tax rates.