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Canadian Imperial Bank of Commerce

CM: XTSE (CAN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 68.00	Hqzphd	Ylphfjlj

Canadian Imperial Bank of Commerce Earnings: Provisioning Keeps Piling Up, Trend Could Continue

Aug 31, 2023

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported OK fiscal third-quarter results. Adjusted earnings per share were CAD 1.52, representing an 18% decline year over year and 17% decline sequentially, largely driven by outsized provisioning. Results generally fit within the overall pattern we expected for the Canadian banks this year, as we envisioned slowing loan growth, an increase in credit strain, and some pressure on net interest income growth.

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