Skip to Content

Canadian Imperial Bank of Commerce

CM: XTSE (CAN)

View Stock Summary

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 33.00	Vkqszlt	Hqmbbpsv

Canadian Imperial Bank of Commerce Earnings: Strong Fee Results but Higher Credit Costs as Well

Michael Miller ,

Feb 29, 2024

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal first-quarter earnings that were largely in line with our expectations, as solid fee results were offset by higher credit costs. Adjusted net income, which excludes the CAD 91 million FDIC special assessment charges and other noncore miscellaneous charges, decreased by 4% from a year ago to CAD 1.8 billion. Adjusted earnings per share were CAD 1.81, representing an increase of 15% quarter over quarter and a decrease of 7% year over year. Given that first-quarter results and management's outlook all largely align with our previous views of CIBC, we maintain our current fair value estimate of CAD 64/USD 48, and we view shares as fairly valued.

Free Trial of Morningstar Investor

Get our analysts’ objective, in-depth, and continuous investment coverage of CM so you can make buy / sell decisions free of market noise.

Start Free Trial

Transparency is our policy. Learn how it impacts everything we do

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.