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    Mike [indiscernible]

    Research Analyst at Scotia Bank

    Michael Kruse is the Senior Vice President and Global Head of Multinational Banking at Scotiabank's Global Banking and Markets division, leading strategies for multinational corporate clients. Since joining Scotiabank in 2018, he has played a pivotal role in managing relationships with major global enterprises across diverse sectors and regions. Prior to his tenure at Scotiabank, Michael Kruse built a strong foundation in corporate and investment banking, with extensive experience at Ernst & Young. His leadership is underpinned by advanced financial credentials and expertise in international corporate banking solutions.

    Mike [indiscernible]'s questions to CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) leadership

    Mike [indiscernible]'s questions to CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) leadership • Q2 2025

    Question

    Asked for an update on the all-bank Net Interest Margin (NIM) outlook and the current revenue contribution of the mortgage business compared to past guidance.

    Answer

    Executives reiterated a 'flat to gradually higher' outlook for all-bank NIM, with the hedging strategy providing stability. The mortgage business is now a significantly smaller contributor to revenue than in the past, as the bank's strategy prioritizes deeper, multi-product client relationships over mortgage volume.

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