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Canadian Imperial Bank of Commerce

CM: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$91.00	Xvrttp	Tldpdflg

Canadian Imperial Bank of Commerce Earnings: Better Provisioning Driven by US Office CRE Loan Sale

Michael Miller ,

May 30, 2024

Narrow-moat-rated Canadian Imperial Bank of Commerce, or CIBC, reported decent fiscal second-quarter earnings that were largely in line with our expectations, as solid fee results helped total revenue. Adjusted net income, which excludes the benefit of a CAD 51 million income tax recovery related to a dividend-related tax change proposal, increased by 6% from a year ago to CAD 1.7 billion. Adjusted earnings per share were CAD 1.75, representing an increase of 3% year over year and a decrease of 3% quarter over quarter. Given that second-quarter results and management's outlook all largely align with our previous views of CIBC, we maintain our current fair value estimate of CAD 64/USD 48, and we view shares as fairly valued.

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