Company Reports

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets newcomers to Canada who are more digital-native.

CIBC reported OK third-quarter results, with adjusted EPS of CAD 2.73, up 26% year over year. Shares fell approximately 3%-4% intraday Aug. 27 following the bank's earnings release.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets newcomers to Canada that are more digital-native.

CIBC reported strong second-quarter results, with adjusted earnings per share of CAD 2.54, up 24% year over year. The bank also announced a definitive agreement to sell its 91.7% stake in CIBC Caribbean to Bank of N.T. Butterfield & Son for USD 1.6 billion. Shares fell approximately 4.5% on the day.

Canadian Imperial Bank of Commerce reported strong earnings across its business segments. Adjusted net income increased 23% from a year ago to CAD 2.7 billion. This quarter’s results translated into an adjusted ROE of 17.4%, well above its 15.0%-plus medium-term target.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets newcomers to Canada that are more digital-native.

CIBC's capital markets segment had a strong performance in fiscal 2025, driven by impressive results from its trading and advisory businesses.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets new comers to Canada that are more digital-native.

Canadian Imperial Bank of Commerce reported impressive results in the fiscal fourth quarter. Adjusted earnings per share of CAD 2.21 grew by 16% from the previous-year quarter. Fiscal 2025 adjusted return on equity was 14.4%, improving by 70 basis points from fiscal 2024.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets new comers to Canada that are more digital-native.

Canadian Imperial Bank of Commerce reported good results for its fiscal third quarter. Provisioning costs declined by 8% sequentially and adjusted net interest margin expanded by 6 basis points from the prior quarter. Adjusted earnings per share of CAD 2.16 represented a 5% sequential increase.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets new comers to Canada that are more digital-native.

Canadian Imperial Bank of Commerce reported OK results. Provisioning costs increased 6% from a quarter ago, and adjusted earnings per share of CAD 2.05 declined 7% sequentially. The trajectories of the Canadian and US economies have elevated uncertainty related to tariffs.

On April 2, US President Donald Trump announced sweeping tariffs on goods imported from the rest of the world. Canada and Mexico were spared from these new tariffs; however, the previously announced tariffs on Canada are still in place, and the 25% global auto tariff has taken effect.

Narrow-moat-rated Canadian Imperial Bank of Commerce announced on March 13 that CEO Victor Dodig will retire in October after more than a decade in the position. Harry Culham, the head of CIBC's capital markets business, will serve as COO beginning in April and become CEO in November.

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.

On Feb. 1, the Trump administration announced a 25% tariff on Canadian goods and a 10% tariff on Canadian oil and gas goods. The Canadian government announced a retaliatory tariff later on Feb. 1, starting with 25% tariffs on CAD 30 billion of US products like beverages, cosmetics, and paper products (effective on Feb. 4) and on an additional CAD 125 billion of US goods including cars and trucks (effective in three weeks).

After taking a fresh look at Canadian Imperial Bank of Commerce, we are increasing our fair value estimates to CAD 77/USD 54 from CAD 70/USD 51. We maintain our narrow moat rating and Standard Morningstar Capital Allocation Rating. We are increasing the bank’s Morningstar Uncertainty Rating to Medium from Low given its exposure to the Canadian housing market and uncertainty related to US-Canada tariffs. We view shares as overvalued.

Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada by assets and one of six that collectively hold over 90% of the nation's banking deposits. CIBC is more Canada-focused than some of its more international peers. Although CIBC has one of the larger domestic branch networks, its products haven’t typically had top shares in Canada. CIBC had its issues over the years, including multi-billion-dollar write-downs in the aftermath of the global financial crisis. But since 2011, it has improved consumer satisfaction ratings, reoptimized branches, improved internal processes, and expanded wealth operations. We think its affluent strategy in Canada has been relatively successful, with the Costco card relationship (acquired in 2022) and Imperial Services for affluent wealth clients. Its online banking platform, Simplii (over 1.8 million clients), is another growth engine as it targets new comers to Canada that are more digital-native.

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal fourth-quarter earnings that were largely in line with our expectations, with strong trading results and net interest income growth helping total revenue. Adjusted net income increased by 24% from a year ago to CAD 1.9 billion. Adjusted earnings per share were CAD 1.91, up 22% year over year and down 1% quarter over quarter. The results translate into an adjusted return on equity of 13.4%, below the bank’s updated medium-term target of 15% (from 16%). Given that fourth-quarter results and management's outlook all largely align with our previous views of CIBC, we maintain our current fair value estimates of CAD 70/USD 51, and we view shares as overvalued.