New capital floor saves CIBC C$244 million

Switch to Basel II-based floor adds 16 basis points to bank's CET1 ratio

Canadian Imperial Bank of Commerce (CIBC) scrapped capital add-ons amounting to C$244 million ($190 million) in the first quarter following an update to its regulator-set capital floor.

The shake-up added 16 basis points to CIBC’s common equity tier 1 (CET1) capital ratio. The ratio improved as a whole from 10.8% to 11.2% on the quarter. 

Earnings growth added 35bp, offsetting risk-weighted asset (RWA) increases that deducted 20bp from the ratio. 

In the first quarter of 2018, the regulator

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