Canadian Imperial Bank of Commerce

CM: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian Imperial Bank of Commerce Earnings: Better Provisioning and a Strong Start to 2025

Maoyuan Chen

Feb 27, 2025

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal first-quarter earnings that were largely in line with our expectations, with strong trading results and net interest income growth helping lift total revenue. Adjusted net income increased by 23% from a year ago to CAD 2.2 billion. Given that first-quarter results and management's outlook all largely align with our previous views of CIBC, we maintain our current fair value estimates of CAD 77/USD 54, and we view shares as fairly valued to slightly overvalued.

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