Canadian Imperial Bank of Commerce

CM: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 98.00	Xfsyz	Kmyhvmd

Canadian Imperial Bank of Commerce: NII Growth Slows in Fiscal Q4; 2023 Outlook Not Extraordinary

Eric Compton

Dec 1, 2022

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported mixed fiscal fourth-quarter earnings. During this quarter, a key differentiating factor between decent results and weaker results was the ability to grow net interest income, or NII, sequentially, combined with a positive operating leverage outlook for 2023. Unfortunately, CIBC failed these tests in the current quarter.

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