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Canadian Imperial Bank of Commerce CM

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Canadian Imperial Bank of Commerce Off to a Good Start in 2021; Credit Remains Benign

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Narrow-moat-rated Canadian Imperial Bank of Commerce reported decent fiscal first-quarter earnings. Adjusted earnings per share were CAD 3.58, soundly beating consensus. This represented year-over-year EPS growth of 10%, and the earnings growth was broadly  based, as fee income and net interest income both saw low single digit growth, expenses were flat, and provisioning fell materially. Provisioning was back to its lowest level in years. These results align with our view that the Canadian banks will be fine and that better results should be returning in 2021. So far, results have been even better than expected. We are increasing our fair value estimate to CAD 122/$97 per share from CAD 120/$93. As the pandemic has further played out and we are more confident in vaccine distribution and economic resilience, we are also lowering our uncertainty rating back to medium from high.

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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.

Commerce Court
Toronto, ON, M5L 1A2, Canada
T +1 416 980-3096
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jan 31, 2021
Fiscal Year End Oct 31, 2021
Stock Type
Employees 43,890