|Bid||75.19 x 800|
|Ask||77.50 x 800|
|Day's Range||75.03 - 76.36|
|52 Week Range||72.96 - 96.98|
|Beta (3Y Monthly)||1.18|
|PE Ratio (TTM)||8.59|
|Forward Dividend & Yield||4.32 (5.66%)|
|1y Target Est||98.31|
(Bloomberg) -- Canadian Imperial Bank of Commerce’s shares surged after third-quarter results showed its U.S. operations and higher revenue lifted profit above analysts’ estimates.The company’s commercial-banking and wealth-management division in the U.S., which includes the PrivateBank operations CIBC acquired two years ago, was the quarter’s best-performer, with a profit jump of 6.2%. Earnings from Canadian personal and small-business banking, the largest division, climbed less than half as much.“The company’s U.S. segment continues to drive above-average growth,” Scott Chan, an analyst at Canaccord Genuity, said in a note to clients.Shares of the company surged the most in more than 20 months after the report, which showed overall profit rising 2.1%. Chief Executive Officer Victor Dodig told investors in May that earnings this year would be “relatively flat” partly due to higher spending. The positive results out of the U.S. helped counter a 13% decline in CIBC’s capital-markets business and a 1% drop in Canadian commercial banking and wealth management.“Our commercial banks continue to perform exceptionally well,” Chief Financial Officer Kevin Glass said in a phone interview. “Their loan and deposit growth is very strong and they continue to be very well managed.”Profit at Canada’s fifth-largest lender was C$1.4 billion ($1.1 billion) for the period ended July 31, with adjusted earnings of C$3.10 a share, the Toronto-based lender said Thursday in a statement, beating analysts’ estimates by four cents. CIBC raised its quarterly dividend 2.9% to C$1.44 a share.Shares of the bank rose as much as 3.3% to C$102.74 in trading in Toronto.Loan ProvisionsStill, CIBC saw continued weakness in its domestic mortgages and rising loan-loss provisions even as larger rival Royal Bank of Canada posted improvements in those areas for the three-month period.CIBC once had enviable mortgage growth, trouncing other banks with 12% year-over-year gains through 2017 -- until the pendulum started to swing the other way at the end of last year. The domestic mortgage book contracted for the third straight quarter with C$201 billion in balances, down 1% from a year earlier.Investors and analysts have been watching for signs of deteriorating loans since short sellers earlier this year said that CIBC and other banks are ill-prepared for worsening credit conditions. CIBC set aside C$291 million for soured loans in the quarter, up from C$255 million in the previous three months and 21% more than a year earlier -- and higher than analysts expected.“We’re comfortable with our portfolios and think that they’re performing extremely well,” Glass said. “There’s nothing from a systemic basis that gives us pause.”James Shanahan, an analyst with Edward Jones & Co., said he sees “broader concerns” about credit quality. “Elevated credit costs and increased impairments in the business-loan portfolio are more concerning and offset what is a modest beat,” Shanahan said in an interview.Other key takeaways:CIBC defied analysts’ pessimistic expectations quarter after quarter for almost four years, until missing estimates in the fourth quarter of 2018 -- and subsequent periods since. CIBC broke that streak in the quarter ended July 31.Net interest income was C$2.69 billion, up 4.5% and rebounding from a slowdown earlier in the year.The bank also announced that CFO Glass will step down Oct. 31 to be replaced by Hratch Panossian, currently executive vice president, global controller and investor relations.To contact the reporter on this story: Doug Alexander in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, ;David Scanlan at firstname.lastname@example.org, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canadian Imperial Bank (CM) delivered earnings and revenue surprises of 1.31% and 1.00%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
Don't be caught off-guard: Canadian Imperial Bank (NYSE: CM ) releases its next round of earnings this Thursday, August 22. Want to skip the homework and get all the facts in one place? We thought so. ...
Canadian banks are expected to report decent earnings growth, driven by slight rise in interest income. However, dismal non-interest income performance and higher expenses may act as dampeners.
Canadian Imperial Bank (CM) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Rating Action: Moody's affirms large Canadian banks' ratings; maintains stable outlook. Global Credit Research- 01 Aug 2019. Toronto, August 01, 2019-- Moody's Investors Service has affirmed the short-term ...
Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. At this time the amendments, in and of themselves, will not result in any rating impact on the respective programs' ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.