Canadian Imperial Bank of Commerce
CM: XTSE (CAN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CAD 21.00 | Jpdjm | Ffrcbbcn |
Canadian Imperial Bank of Commerce Earnings: Provisioning Keeps Piling Up, Trend Could Continue
Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported OK fiscal third-quarter results. Adjusted earnings per share were CAD 1.52, representing an 18% decline year over year and 17% decline sequentially, largely driven by outsized provisioning. Results generally fit within the overall pattern we expected for the Canadian banks this year, as we envisioned slowing loan growth, an increase in credit strain, and some pressure on net interest income growth.