Exhibit 12.1
Canadian Imperial Bank of Commerce
Computation of Ratio of Earnings to Fixed Charges
Year Ended October 31 | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
(C$ millions except ratios) | ||||||||||||||||||||||||
IFRS (1) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings before income taxes (less NCI and P&L from equity investees, add distributed income from equity investees) | 6,439 | 6,607 | 5,797 | 5,038 | 4,163 | 3,805 | ||||||||||||||||||
Fixed charges, excluding interest on deposits and secured borrowings | 2,020 | 1,483 | 926 | 747 | 801 | 887 | ||||||||||||||||||
Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Subtotal | 8,459 | 8,090 | 6,723 | 5,785 | 4,964 | 4,692 | ||||||||||||||||||
Interest on deposits and secured borrowings | 8,422 | 6,240 | 3,953 | 3,215 | 2,990 | 3,337 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 16,881 | 14,330 | 10,676 | 9,000 | 7,954 | 8,029 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, excluding interest on deposits and secured borrowings | 1,722 | 1,200 | 662 | 511 | 576 | 679 | ||||||||||||||||||
Interest component of rental expense(2) | 296 | 282 | 263 | 235 | 223 | 206 | ||||||||||||||||||
Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||
Amortization of subordinated indebtedness | 2 | 1 | 1 | 1 | 2 | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Subtotal | 2,020 | 1,483 | 926 | 747 | 801 | 887 | ||||||||||||||||||
Interest on deposits and secured borrowings | 8,422 | 6,240 | 3,953 | 3,215 | 2,990 | 3,337 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | 10,442 | 7,723 | 4,879 | 3,962 | 3,791 | 4,224 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||||||
Excluding interest on deposits and secured borrowings | 4.19 | 5.45 | 7.26 | 7.75 | 6.20 | 5.29 | ||||||||||||||||||
Including interest on deposits and secured borrowings | 1.62 | 1.86 | 2.19 | 2.27 | 2.10 | 1.90 |
1) | Under IFRS, interest on deposits comprises interest expense relating to deposits and secured borrowing liabilities. |
2) | The interest component of rental expense is 30% of rent expense because it is the proportion deemed representative of the interest factor. |