|Bid||82.89 x 900|
|Ask||82.90 x 900|
|Day's Range||82.64 - 83.33|
|52 Week Range||72.96 - 87.62|
|Beta (3Y Monthly)||1.14|
|PE Ratio (TTM)||9.47|
|Forward Dividend & Yield||4.41 (5.33%)|
|1y Target Est||98.31|
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CIBC Asset Management announces estimated 2019 annual reinvested capital gains distributions for CIBC ETFs
Canada's main stock index extended its slide from earlier this week on Thursday, as weak earnings reports from lenders Canadian Imperial Bank of Commerce and TD Bank Group added to a gloomy mood among investors, worried about global trade disputes. The Toronto Stock Exchange's S&P/TSX composite index was down 75.58 points, or 0.45%, at 16,821.76, on track for its biggest weekly loss in two months. * Financials were the biggest decliners on the main index as shares in TD Bank dropped 3% and CIBC slid 5% after posting smaller-than-expected quarterly earnings.
Toronto Dominion Bank, Canada's largest bank by assets, and Canadian Imperial Bank of Commerce were the last of the top six lenders to report on Thursday. Canadian banks are facing rising loan loss provisions and limited appetite for dealmaking as economic uncertainties mount. Oil price declines and decade-high consumer insolvencies in Canada are also creating headwinds.
(Bloomberg) -- Earnings disappointments at Toronto-Dominion Bank and Canadian Imperial Bank of Commerce capped a tough quarter for Canada’s six largest lenders, with the industry sideswiped by rising provisions for soured loans and slumping capital markets.Both Toronto-Dominion and CIBC reported fiscal fourth quarter results that missed analysts’ estimates Thursday, after setting aside more money for loan losses and posting declining profits in capital markets and Canadian banking. Toronto-Dominion also was affected by a C$154 million ($117 million) restructuring charge, with the majority covering severance packages, echoing measures taken by Bank of Montreal earlier in the week that marked the industry’s biggest job cuts in years.“We took some restructuring charges as we continue to accelerate our ongoing efforts to modernize our operations and improve our efficiency,” Toronto-Dominion Chief Financial Officer Riaz Ahmed said Thursday in a phone interview, declining to give a number for the job reductions. “Because it’s broadly distributed, it’s just a very small portion of our workforce.”The two banks join Royal Bank of Canada in posting quarterly results that failed to live up to analysts’ expectations. Bank of Montreal beat estimates earlier in the week, even after taking a restructuring charge for job cuts that will affect about 5% of its workforce, or about 2,300 employees, while Montreal-based National Bank of Canada also topped expectations. Bank of Nova Scotia matched estimates when it reported its results last week.Toronto-Dominion’s shares fell 3% to C$73.40 at 9:49 a.m. in Toronto, while CIBC slumped 4.8% to C$109.33, its biggest intraday decline in more than four years.Earnings at Toronto-Dominion fell 3.5% to C$2.86 billion, with adjusted earnings of C$1.59 a share missing the C$1.73 average estimate of analysts surveyed by Bloomberg. Earnings from Canadian retail, which includes wealth management, were little changed, though profit in Canadian personal and commercial banking fell. The lender’s capital markets business also saw an earnings drop, due in part to changes to its trading capabilities that caused some derivative valuation charges in the quarter.‘Largest Miss’“All segments came in below our forecast with the largest miss in Canadian retail banking,” RBC Capital Markets analyst Darko Mihelic said in a note to clients.CIBC’s profit fell 5.9% to C$1.19 billion after taking a C$135 million goodwill charge related to selling a stake in CIBC FirstCaribbean in November, and adjusted per-share earnings of C$2.84 missed the C$3.07 average analysts’ estimate. A 37% jump in earnings from its U.S. commercial banking and wealth management was a bright spot in a quarter that saw profit declines in its Canadian businesses and capital markets.Rising provisions were a theme across Canadian banks in the fourth quarter. Toronto-Dominion set aside C$891 million in the quarter for soured loans, up 33% from a year ago and its highest amount in at least two years, in what Ahmed described as the “effects of normalizing” provisions.“We are continuing to see a normalization from what has been cyclically very low provisions in the last two years,” he said. “We just see it as individual business stories and not an overall trend in the economy.”CIBC’s provisions soared 52% to C$402 million, with part of that due to a C$52 million fraud-related impairment in its Canadian commercial bank.“We had a few unusual items this year combined with continued normalization in an environment that the industry has seen,” CIBC CFO Hratch Panossian said in a phone interview. “On the impaired, we had a few unique events. Those we feel go away.”(Updates with additional banks in first paragraph, shares in fifth.)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, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TD Bank Group and Canadian Imperial Bank of Commerce posted smaller-than-expected quarterly earnings on Thursday, closing out the worst year since the financial crisis. Three of the four Canadian banks that reported earnings prior to Thursday saw share sell-offs, as sliding investment banking fees, pressure on margins and an increasingly weak credit environment led to disappointing results. While net interest margins in Canada have largely remained stable as the Bank of Canada has left interest rates unchanged since September 2018, consumer insolvencies, which have climbed to the highest since 2010, have forced lenders to increase their loan loss provisions.
Canadian Imperial Bank (CM) delivered earnings and revenue surprises of -7.33% and 0.86%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Canadian Imperial Bank of Commerce’s strategy of being a little less Canadian is catching on, though that did little to help earnings last quarter.CIBC’s $5 billion takeover of Chicago-based PrivateBancorp two years ago was the cornerstone of Chief Executive Officer Victor Dodig’s push to diversify beyond Canada. That plan is working, with profit from U.S. commercial banking and wealth management at a record C$180 million ($137 million) as growth continues to outpace CIBC’s banking businesses in Canada. Earnings missed analysts’ estimates.Key InsightsCIBC has a goal of getting 17% of its earnings from U.S. businesses by 2020, with contributions from capital markets and the PrivateBancorp acquisition, the bank’s largest takeover in its 152-year history. CIBC reached that target, with a 37% increase from U.S. commercial banking and wealth management in the quarter.Dodig warned investors in May that earnings this year would be “relatively flat” after posting quarterly results hampered by a contraction in domestic mortgages and net interest income. CIBC’s per-share earnings fell 7.9% in the fourth quarter, leaving earnings down 3.9% for the year.CIBC has being seeing an increase in provisions for credit losses throughout the year as changes in accounting rules took effect. It set aside C$402 million for soured loans in the fiscal fourth quarter, up 52% from a year earlier.The CEO told investors in September that the bank “put the brakes on too hard” in cooling its once industry-leading domestic mortgage growth and said the bank is “readjusting.” CIBC’s domestic mortgage book was unchanged from a year earlier at C$202 billion in balances.Canadian personal and small business banking is CIBC’s biggest and most important division, given its reliance on the domestic operation for almost half of overall earnings. That division earned C$601 million in the quarter, down 10%, compared with the 3% decrease for CIBC Capital Markets and the 8.1% decline for Canadian commercial banking and wealth management.Market ReactionCIBC shares have risen 13% this year through Wednesday, compared with a 12% gain for the eight-company S&P/TSX Commercial Banks Index.Get MoreFourth-quarter net income fell 5.9% to C$1.19 billion, or C$2.58 a share, after recording a C$135 million goodwill charge from selling a 66.7% stake in CIBC FirstCaribbean in November. Adjusted per-share earnings totaled C$2.84, missing the C$3.07 average estimate of 14 analysts in a Bloomberg survey.Read more about CIBC’s quarterly results here.To contact the reporter on this story: Doug Alexander in Toronto at email@example.comTo contact the editors responsible for this story: David Scanlan at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Giant Thank You Card Unveiled at Toronto Headquarters to Celebrate 35th Anniversary of CIBC Miracle Day
CIBC has named Alan Spurgin to head its U.S. Innovation Banking unit, which provides strategic advice and funding to technology businesses and startups.
(Bloomberg) -- The Bank of Canada struck an upbeat tone Wednesday, citing evidence of a stabilizing global economy and a resilient domestic backdrop that gives little indication policy makers are in a rush to lower borrowing costs.The Ottawa-based central bank held its benchmark interest rate at 1.75% for a ninth consecutive meeting, retaining language from its previous statement that it judges the current level to be “appropriate.” The prolonged pause has left Canada with the highest policy rate among advanced economies.The decision showcases a Bank of Canada still comfortable with its wait-and-see stance, maintaining its outlier status in a period of global monetary easing. In the statement, officials said the October projection for a recovery in global growth “appears to be intact,” even as international trade disputes remain the biggest source of risk. It characterized domestic economic conditions, driven by consumers and housing, as resilient.“Future interest rate decisions will be guided by the Bank’s continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy,” policy makers led by Governor Stephen Poloz said in the statement.“There is nascent evidence that the global economy is stabilizing,” officials said, adding they expect global growth to edge higher over the next couple of years.The Canadian dollar extended gains on the decision, up 0.6% to C$1.3219 per U.S. dollar at 10:20 a.m. Toronto time, as investors pared bets on future cuts. Yields on two-year Canadian government bonds also jumped, trading at 1.62%, from 1.56% on Tuesday.“It’s steady as she goes for Captain Poloz,” Benjamin Reitzes, an economist at Bank of Montreal, said in a note to investors. “Today’s statement can be characterized as glass half full.”All 27 economists surveyed by Bloomberg expected the Bank of Canada to hold on Wednesday, though many see the bank eventually cutting borrowing costs as early as the first quarter next year. Markets are still pricing in a two-thirds chance of a rate cut over the next 12 months.Analysts characterized the statement as less dovish than the previous statement in October, when the central bank highlighted global risks and Poloz acknowledged the central bank had considered the merits of an insurance cut. While there was no reference to that in Wednesday’s statement, Deputy Governor Tim Lane will provide more insight into the deliberations in a speech Thursday.“Today’s statement dialed back the dovish rhetoric of the prior statement, and as such suggests that the BoC is pretty firmly on hold for now,” Andrew Grantham, an economist at CIBC World Markets, said in a note.On the global outlook, policy makers said financial markets are being supported by easing measures by other central banks, and “waning recession concerns.” And while trade uncertainty persists, the Bank of Canada noted commodity prices and the currency have been stable.Investment MomentumDomestically, the central bank said gross domestic product came in as expected in the third quarter, driven higher by consumption and housing, as well as unexpected strength in investment. Policy makers, who had expected a decline in capital spending in the second half, said they will assess the extent to which the pickup “points to renewed momentum” in investment.The Bank of Canada reiterated that the recent record of core inflation around 2% is consistent with an economy operating near capacity. While inflation is expected to pick up in coming months, the acceleration should be temporary due to year over year movements in gasoline prices.One thing constraining the central bank is debt. Credit growth and real estate activity are re-accelerating in the second half of this year, propelled in part by lower interest rates imported from abroad, and any additional stimulus by the Bank of Canada could fuel risks.“The bank continues to monitor the evolution of financial vulnerabilities related to the household sector,” they said in the statement.(Updates with analyst comments in sixth and ninth paragraphs)To contact the reporters on this story: Erik Hertzberg in Ottawa at firstname.lastname@example.org;Theophilos Argitis in Ottawa at email@example.comTo contact the editors responsible for this story: Theophilos Argitis at firstname.lastname@example.org, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Media Advisory - Olympic Gold medalist John Morris to join 35th anniversary of CIBC Miracle Day in raising millions for children's charities
Media Advisory - 35th anniversary of helping kids rise above to be marked with celebrities and giant "Thank You" card unveiling at King and Bay Streets on CIBC Miracle Day
Media Advisory - Olympian Jon Montgomery to join in raising millions to support children's charities at 35th CIBC Miracle Day
Media Advisory - Normand Brathwaite, Bruny Surin and Caroline Ouellette to join 35th anniversary of CIBC Miracle Day in raising millions for children's charities
TORONTO , Dec. 3, 2019 /CNW/ - CIBC today announced its participation in The Valuable 500, an international initiative striving to place disability on the business agenda. CIBC is the first Canadian bank to join the campaign dedicated to unlocking the business, social and economic value of people living with disabilities around the world. "We're focused on continuing to level the playing field and remove barriers to ensure our team members can all excel and contribute to helping our clients achieve their goals," said Victor G. Dodig , CIBC President and Chief Executive Officer.
Debt and deposit ratings of Credit Suisse (CS) and subsidiaries maintained by Moody's Corporation (MCO). However, the rating agency's outlook for the bank has been revised to "positive" from "stable".
Media Advisory - Hockey greats Colin Patterson, Jamie Macoun and Hayley Wickenheiser come together to help raise millions in support of children's charities at 35th CIBC Miracle Day