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Canadian Imperial Bank of Commerce Message Board

  • bluecheese4u bluecheese4u May 31, 2012 10:14 AM Flag

    CIBC ANNOUNCES SECOND QUARTER 2012 RESULTS

    CIBC ANNOUNCES SECOND QUARTER 2012 RESULTS

    Toronto, ON – May 31, 2012 – CIBC (TSX: CM) (NYSE: CM) reported today net income of
    $811 million for the second quarter ended April 30, 2012, compared with net income of
    $767 million for the same period last year. Reported diluted earnings per share (EPS) were
    $1.90, compared with reported diluted EPS of $1.80 a year ago. Adjusted diluted EPS were
    $2.00(1), compared with adjusted diluted EPS of $1.83(1) a year ago. Return on common
    shareholders’ equity for the second quarter was 22.1%.
    Results for the second quarter of 2012 were affected by the following items of note, netting
    to a negative impact of $0.10 per share:
    • $28 million ($16 million after-tax or $0.04 per share) hedge accounting loss on
    leveraged leases;
    • $12 million ($0.03 per share) premium paid on preferred share redemptions;
    • $10 million ($7 million after-tax or $0.02 per share) loss from the structured credit
    run-off business; and
    • $7 million ($6 million after-tax or $0.01 per share) amortization of intangible assets.
    Reported net income of $811 million for the second quarter compared with reported net
    income of $835 million for the prior quarter. Reported diluted EPS and adjusted diluted EPS
    of $1.90 and $2.00(1), respectively, for the second quarter compared with reported diluted
    EPS and adjusted diluted EPS of $1.93 and $1.97(1), respectively, for the prior quarter.
    CIBC’s Tier 1 and Tangible Common Equity ratios at April 30, 2012 were 14.1% and
    11.0%(1), respectively, compared to 14.3% and 10.8%(1), respectively, at January 31, 2012.
    CIBC currently exceeds the minimum requirements as proposed by the Basel Committee on
    Banking Supervision, while continuing to invest for future growth.
    “CIBC’s solid results in the second quarter reflect our strong focus on our clients as well as
    our underlying business fundamentals,” says Gerry McCaughey, President and Chief
    Executive Officer. “CIBC was ranked as the strongest bank in North America and the third
    strongest bank in the world by Bloomberg Markets Magazine, the second year we have been
    recognized among the world’s strongest banks.”

    Core business performance
    Retail and Business Banking reported net income of $556 million for the second quarter, up
    from $496 million for the same quarter last year.
    Revenue of $2.0 billion was up 4% from the second quarter of 2011, primarily due to strong
    volume growth and higher treasury allocations, partly offset by narrower spreads in
    personal banking.

    Provision for credit losses of $271 million was up slightly from $267 million in the same
    quarter last year due to higher losses in the personal lending portfolio, partially offset by
    lower write-offs net of recoveries in the cards portfolio.
    During the second quarter of 2012, our retail business continued to make progress against
    our strategy to strengthen our focus as a client-centric organization, by building deeper
    relationships with our clients, improving our sales and service capabilities and acquiring and
    retaining clients who seek deeper and more rewarding relationships:
    • We launched the CIBC Total Banking Rebate to attract new clients and deepen our
    relationships with existing clients by rewarding them with discounts on their monthly
    account fees when they hold certain CIBC products;
    • We continue to invest in our strong distribution platform, adding 11 new or
    renovated branches in the first half of fiscal 2012;
    • To provide our clients with increased opportunities to do their banking, we are
    expanding hours of operation in our branches with many more open later on
    weekdays and more of our branches open on Saturdays and Sundays;
    • Demonstrating our continued commitment to

    https://www.cibc.com/ca/pdf/investor/q212newsrelease.pdf

 
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