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Canadian Imperial Bank of Commerce - Stock Quote CM

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Morningstar's Canadian Imperial Bank of Commerce Stock Analysis

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Canadian Imperial Bank of Commerce Closes Costco Card Book Acquisition; Expenses Creep Up in Q2

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal second-quarter earnings. Adjusted earnings per share were CAD 1.77, fairly close to the CapIQ consensus of CAD 1.71 and representing a year-over-year decline of 1%. The bank recorded a credit loss provision of CAD 303 million, which was the key reason for the decline in year-over-year earnings, as pre-provision net revenue was actually up 4%. While some peers were still seeing low provisioning costs and even provisioning benefits in some cases, CIBC’s acquisition of the Costco card portfolio and some negative tweaks to its economic outlook helped drive provisioning higher in the quarter. We are at a point where we should see provisioning begin to normalize higher for the industry. We’ll note that this level of provisioning is simply a return to normal after a year of exceptionally low provisioning.

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Canadian Imperial Bank of Commerce's Company Profile

Business Description

Canadian Imperial Bank of Commerce is Canada's fifth-largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.

81 Bay Street, CIBC Square
Toronto, ON, M5J 0E7, Canada
T +1 416 980-3096
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Apr 30, 2022
Fiscal Year End Oct 31, 2022
Stock Type
Employees 46,030

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