LIVEDGAR Information Provided By:

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 November 2003                                         Commission File Number 1-14678

                                    CANADIAN IMPERIAL BANK OF COMMERCE                                

(Translation of Registrant’s Name into English)

                                    Commerce Court, Toronto, Ontario, M5L 1A2, Canada                            

(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     X     

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. 

Yes                                                                               No     X     

This document is hereby filed with the Securities and Exchange Commission for the purpose of being, and this document hereby is, incorporated by reference into the Registration Statement on Form F-3 (File No. 333-104577).

INTRODUCTION

Canadian Imperial Bank of Commerce (“CIBC”) produces quarterly reports, which are submitted to the SEC under Form 6-K. These reports are prepared in accordance with Canadian generally accepted accounting principles. SEC regulations require certain additional disclosure to be included in registration statements relating to offerings of securities. This additional disclosure is contained within this document, which should be read in conjunction with CIBC’s Second Quarter 2003 Report, and 2002 Annual Report; these documents were submitted to the SEC on May 21, 2003 and January 15, 2003, respectively.

RECONCILIATION OF CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES


CIBC’s consolidated financial statements are prepared in accordance with Canadian GAAP, including the accounting requirements of the Superintendent of Financial Institutions, Canada. Set out below are the more significant differences which would result if U.S. GAAP were applied in the preparation of the consolidated financial statements.

                                                                                                                                                                                                                                               

CONDENSED CONSOLIDATED BALANCE SHEETS

 

                                                  As at April 30, 2003

                                       As at October 31, 2002

$ millions                                                                

Canadian
    GAAP    

Adjustments

U.S.
    GAAP    

Canadian
    GAAP    

Adjustments

U.S.
    GAAP    

ASSETS                                                                 

 

 

 

 

 

 

 

 

 

 

Cash resources

  $     8,293

  $        231

  $     8,524

  $     9,512

  $        308

  $     9,820

Securities

 

 

    Securities held for investment

      17,120

     (17,120)

               -

      20,583

     (20,583)

               -

    Securities available for sale

               -

      16,626

      16,626

  -

      19,666

      19,666

    Securities held for trading

      53,818

             50

      53,868

      44,628

             52

      44,680

    Loan substitute securities

           118

          (118)

               -

             81

            (81)

                -

Loans

    153,768

        1,682

    155,450

    153,089

        1,661

    154,750

Other

 

 

        Derivative instruments market valuation

      26,993

        2,141

      29,134

      24,717

        1,385

      26,102

        Customers' liability under acceptances

        5,841

               -

        5,841

        6,848

               -

        6,848

        Land, buildings and equipment

        2,039

               -

        2,039

        2,247

               -

        2,247

        Goodwill

        1,067

            (73)

           994

        1,078

            (73)

        1,005

        Other intangible assets

           265

               -

           265

           297

               -

           297

        Other assets                                                      

      10,515

 

        3,610

 

      14,125

      10,213

 

        2,631

 

      12,844

                                                                                

  $ 279,837

 

  $     7,029

  $ 286,866

  $ 273,293

 

  $     4,966

 

  $ 278,259

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY   

 

 

 

 

 

 

 

 

 

 

Deposits

  $ 192,986

  $     2,904

  $ 195,890

  $ 196,630

  $     2,052

  $ 198,682

Other

 

 

    Derivative instruments market valuation

      26,436

        3,585

      30,021

      24,794

        1,818

      26,612

    Acceptances

        5,871

               -

        5,871

        6,878

               -

        6,878

    Obligations related to securities sold short

      10,717

           717

      11,434

        8,436

           779

        9,215

    Obligations related to securities lent or

 

 

    sold under repurchase agreements

      14,438

               -

      14,438

        9,615

                -

        9,615

    Other liabilities

      12,763

          (127)

      12,636

      10,980

           329

      11,309

Subordinated indebtedness

        3,698

              (4)

        3,694

        3,627

              (7)

        3,620

Shareholders' equity

 

 

    Preferred shares

        3,296

               -

        3,296

        3,088

                 -

        3,088

    Common shares

        2,862

            (18)

        2,844

        2,842

            (11)

        2,831

    Contributed surplus

             41

                -

             41

             26

                -

             26

    Retained earnings

        6,729

          (452)

        6,277

        6,377

          (427)

        5,950

    Accumulated other comprehensive income

                -

 

           424

 

           424

               -

 

           433

 

           433

                                                                                

  $ 279,837

 

  $     7,029

 

  $ 286,866

  $ 273,293

 

  $     4,966

 

  $ 278,259

 

 

 

 

 

 

 

 

 

 


RECONCILIATION OF CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (Cont’d)

                                                                                                                               

CONDENSED CONSOLIDATED STATEMENTS OF INCOME 

   

         For the six months ended

$millions                                                                 

  2003
  April. 30

  2002
  Apr. 30

Net income as reported                                           

  $     765

  $      560

Provision for credit losses

         (49)

         (84)

Non-interest income

 

Trading activities

           (2)

          24

Equity accounting adjustments

          24

         (55)

Impairment measurement

           (4)

           (7)

Other

          49

          84

Derivative instruments and

 

hedging activities

Transitional provision

Current year adjustments

       (122)

      (391)

Non-interest expenses

 

Employee future benefits

           (1)

             3

Stock-based compensation

          28

           (4)

Income taxes and net change in income
        taxes due to the above items                           

          17

         152

                                                                               

         (60)

 

       (278)

Net income based on U.S. GAAP

        705

        282

Preferred share dividends and
        premiums                                                        

         (91)

 

 
         (72)

Net income applicable to common
        shares based on U.S. GAAP                             

  $     614

 

 $     210

Weighted-average common shares
        outstanding (thousands)

  359,316

  362,123

Add: number of incremental shares(1)                                   

     2,316

 

     4,818

Weighted-average diluted common
        shares outstanding (thousands)                        

  361,632

 

  366,941

Basic EPS

  $    1.71

  $    0.58

Diluted EPS                                                             

  $    1.70

 

  $    0.57

It is assumed that 80% of average options outstanding will be exercised for shares while the remaining 20% will be exercised as SARS.

During the first quarter of 2003, CIBC adopted Emerging Issues Task Force Issue No. 02-3, “Issues Involved in Accounting for Derivative Contracts Held for Energy Trading and Risk Management Activities (EITF 02-3). Under EITF 02-3, recognition of a trading profit at inception of a derivative transaction is prohibited unless the fair value of that derivative is obtained from a quoted market price, supported by comparison to other observable market transactions, or based upon a valuation technique incorporating observable market data. The initial adoption of EITF 02-3 in the first quarter of 2003 was not material to CIBC’s consolidated financial statements.

                                                                                                                              

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

                                             

 

         For the six months ended

$ millions                                                  

 

2003
   Apr. 30   


  

2002
   Apr. 30   

Net income based on U.S. GAAP

 

  $     705

 

  $      282

Other comprehensive income, net of tax   

 

           (9)

 

       (641)

Comprehensive income                             

  $     696

  $    (359)

 

 

 

 

 

Signature

            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 hereunto duly authorized.

                                                                                    CANADIAN IMPERIAL BANK OF COMMERCE

Date:  November 19, 2003

                                                                                    By:    /s/  Peter W. Kay                        
                                                                                     Name:  Peter W. Kay
                                                                                    Title:    Senior Vice President

                                                                                    By:    /s/  D. G. Dickinson                                 
                                                                                     Name:  D. G. Dickinson
                                                                                    Title:    Vice President