CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) Company Report

Analyst Coverage

Research analysts who have asked questions during CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ earnings calls.

Doug Young

Desjardins Capital Markets

9 questions for CM

Also covers: , BMO, BNS +7 more

Ebrahim Poonawala

Bank of America Securities

9 questions for CM

Also covers: , BK, BMO +30 more

Gabriel Dechaine

National Bank Financial

9 questions for CM

Also covers: , BMO, BNS +6 more

Mario Mendonca

TD Securities

9 questions for CM

Also covers: BMO, BNS, GRWTF +5 more

Sohrab Movahedi

BMO Capital Markets

7 questions for CM

Also covers: BAM, BN, BNS +2 more

John Aiken

Jefferies Securities

6 questions for CM

Also covers: BMO, BNS, MFC +3 more

Lemar Persaud

Cormark Securities

6 questions for CM

Also covers: BMO, BNS, MFC +3 more

Darko Mihelic

RBC Capital Markets

4 questions for CM

Also covers: , BMO, BNS +4 more

Matthew Lee

Canaccord Genuity

3 questions for CM

Also covers: BMO, BNS, CAE

Shalabh Garg

Veritas Investment Research Corporation

3 questions for CM

Also covers: BMO, TD

Meny Grauman

Scotiabank

2 questions for CM

Also covers: , BMO, GWLIF +4 more

Mike Rizvanovic

Scotiabank

2 questions for CM

Also covers: BMO, RY, VBNK

John Aitken

Jefferies

1 question for CM

Also covers: BNS

Mike [indiscernible]

Scotia Bank

1 question for CM

Nigel D'Souza

Veritas Investment Research

1 question for CM

Also covers: BNS, GRWTF, MFC +2 more

Latest news

Recent press releases and 8-K filings for CM.

Canadian Imperial Bank of Commerce Issues US$700 Million in Subordinated Notes

Debt Issuance

Convertible Preferred Issuance

Canadian Imperial Bank of Commerce (CM) issued US$700,000,000 of 6.500% Fixed Rate Reset Limited Recourse Capital Notes Series 9 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) on January 13, 2026, with a maturity date of July 28, 2086.
The notes will bear a fixed interest rate of 6.500% per annum until the Initial Reset Date of July 28, 2031, after which the rate will reset based on the U.S. Treasury Rate plus 2.727%.
The net proceeds to the Bank from this offering, after underwriting commission, were US$693,000,000.
These notes are subordinated indebtedness and feature a Non-Viability Contingent Capital (NVCC) mechanism, meaning that upon a "Trigger Event" (e.g., Superintendent's opinion of non-viability), noteholders' sole recourse is the delivery of corresponding trust assets, initially Preferred Shares which convert to Common Shares.
The only events of default are the bankruptcy, insolvency, liquidation, or winding-up of the Bank; non-payment of principal or interest is not considered an event of default.

1 day ago

6-K

CIBC CEO Outlines Strategic Continuity and Growth Initiatives for 2026 and Beyond

CEO Change

Guidance Update

New Projects/Investments

New CEO Harry Culham emphasizes consistency in strategy and acceleration of execution towards a 2030 strategic vision, aiming for 7%-10% earnings per share growth and an ROE north of 15%.
CIBC is focused on doubling its Imperial Service mass affluent client base (currently 1 million clients with 5x higher revenue per client) by increasing advisor productivity by 30% through technology, and leveraging the Costco partnership which has brought in CAD 15 billion+ in assets.
The bank is investing heavily (around 20% of its expense base) in technology, data, and AI to drive efficiency and achieve a lower efficiency ratio over time, without immediate plans for large restructuring charges.
CIBC is confident in its credit quality, guiding for mid- to lower-30s in gross impaired for 2026, an improvement from 2025, and targets a capital ratio of 12.5% (100 points above minimum), currently in the 13s, generating approximately 10 basis points of capital per quarter.

Jan 6, 2026, 2:20 PM

Transcript

CIBC CEO Outlines Strategic Continuity and Growth Acceleration for 2026

CEO Change

Guidance Update

New Projects/Investments

CEO Harry Culham confirmed strategic continuity for CIBC, emphasizing accelerated execution through enhanced client connectivity, modernization for efficiency, and human capital development.
CIBC targets 7%-10% earnings per share growth+ and an ROE north of 15%+, supported by a strong capital position aiming for 100 basis points above minimum (currently in the 13s) and generating approximately 10 basis points per quarter.
The bank is strategically shifting its retail focus from mortgages to higher-margin everyday banking products and plans to double its Imperial Service mass affluent client base through data and AI, while also leveraging its Costco partnership which has brought in over CAD 15 billion in assets in the last 1-1.5 years.
Credit quality is projected to improve in 2026, with guidance for mid- to lower-30s in gross impaired, and the Capital Markets business is expected to continue its strong performance with 7%-10% earnings growth (over 10% in the U.S.) and ROE in the 20s.

Jan 6, 2026, 2:20 PM

Transcript

CIBC New CEO Outlines Strategic Continuity and Growth Targets

CEO Change

Guidance Update

New Projects/Investments

Harry Culham, the new CEO, stated that CIBC's strategy will remain consistent, focusing on accelerating execution through client focus, modernization, and human capital development.
The bank targets 7%-10% earnings per share growth plus and an ROE north of 15% plus, aiming for a lower efficiency ratio over time.
For 2026, CIBC expects deposit growth to outpace lending growth and projects an improvement in gross impaired loans to mid- to lower-30s from 2025 levels.
Strategic growth areas include doubling the Imperial Service client base (currently 1 million clients), expanding the Costco partnership which has attracted over $15 billion in assets, and organic growth in the U.S. commercial and wealth platform.
The capital markets business is anticipated to maintain strong performance, with earnings growth at the higher end of 7%-10% and over 10% in the U.S., achieving an ROE in the 20s.

Jan 6, 2026, 2:20 PM

Transcript

CIBC Increases Dividends for Q1 2026

Dividends

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) announced a common share dividend of $1.07 per share for the quarter ending January 31, 2026.
This dividend reflects an increase of $0.10 per share from the previous quarter.
The dividend is payable on January 28, 2026, to shareholders of record at the close of business on December 29, 2025.
Additionally, a dividend of $0.367375 per share was declared for Class A Preferred Shares, Series 47, for the same period.

Dec 4, 2025, 12:36 PM

6-K

CIBC Announces Fourth Quarter and Fiscal 2025 Results

Earnings

Dividends

CIBC reported strong financial performance for the fourth quarter of 2025, with revenue increasing 14% year-over-year to $7,576 million and reported diluted earnings per share (EPS) rising 16% year-over-year to $2.20.
For the full fiscal year 2025, the company achieved net income of $8.5 billion and adjusted net income of $8.5 billion, compared with $7.2 billion and $7.3 billion respectively in 2024.
CIBC maintained a strong capital position, with a Common Equity Tier 1 (CET1) Ratio of 13.3% as of October 31, 2025.
The company announced an increase in its quarterly common share dividend from $0.97 to $1.07 per share for the quarter ending January 31, 2026.

Dec 4, 2025, 12:34 PM

6-K

CIBC Reports Strong Fiscal 2025 Results and Raises Dividend

Earnings

Dividends

Guidance Update

CIBC reported strong fiscal 2025 results, with net earnings of CAD 8.5 billion and EPS of CAD 8.61, marking a 16% increase from the prior year, driven by record revenues of CAD 29 billion, up 14%.
The bank achieved an adjusted Return on Equity (ROE) of 14.4% for fiscal 2025 and 14.1% for Q4 2025, and announced a 10% increase to its quarterly dividend.
For Q4 2025, adjusted EPS was CAD 2.21, with total provisions for credit losses at CAD 605 million and an impaired PCL ratio of 33 basis points for the full fiscal year.
CIBC maintains a robust CET1 ratio of 13.3% and anticipates an additional 25 basis point increase in Q2 2026 from an operational RWA adjustment.
Looking ahead, the bank expects to achieve an ROE above 15% in fiscal 2026, with EPS growth at the high end or higher than its 7%-10% medium-term target, and projects impaired provisions to stabilize in the mid to low 30 basis point range.

Dec 4, 2025, 12:30 PM

Transcript

CIBC Reports Record Fiscal 2025 Results and Increases Dividend

Earnings

Dividends

Guidance Update

CIBC reported record revenues of CAD 29 billion, up 14%, and net earnings of CAD 8.5 billion for fiscal year 2025, with adjusted earnings per share of CAD 8.61, up 16% from the prior year.
The bank achieved a return on equity (ROE) of 14.4% for fiscal 2025 and 14.1% for Q4 2025, with a commitment to reach an ROE above 15% in fiscal 2026.
For Q4 2025, adjusted earnings per share were CAD 2.21, and total provisions for credit losses were CAD 605 million.
CIBC announced a 10% increase to its quarterly dividend and returned over CAD 5 billion to shareholders through dividends and share repurchases in fiscal 2025.
The CET1 ratio was 13.3% at the end of Q4 2025, with an anticipated 25 basis points increase in Q2 2026 from an operational RWA adjustment.

Dec 4, 2025, 12:30 PM

Transcript

CM Reports Strong Fiscal 2025 Results and Increases Dividend

Earnings

Dividends

Guidance Update

CM reported strong financial performance for fiscal year 2025, with net earnings of CAD 8.5 billion and earnings per share of CAD 8.61, up 17% and 16% respectively from the prior year, alongside record revenues of CAD 29 billion, up 14%.
The company delivered a return on equity of 14.4% for fiscal 2025 and 14.1% for Q4 2025, both up 70 basis points from the prior year/quarter.
CM announced a 10% increase to its quarterly dividend and returned over CAD 5 billion to shareholders in fiscal 2025 through dividends and share repurchases.
Credit quality remained resilient, with an impaired PCL ratio of 33 basis points for fiscal 2025, and the company anticipates impaired provisions to stabilize in the mid to low 30 basis point range for 2026.
The company's strategy remains consistent, focusing on client-centric growth, digital leadership, and leveraging its connected platform, with continued investment in technology and AI.

Dec 4, 2025, 12:30 PM

Transcript

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Discusses CEO Transition and Strategic Priorities

CEO Change

Share Buyback

New Projects/Investments

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) is undergoing a CEO transition, with Harry Colm taking over from Victor Dodig.
The company has demonstrated strong financial performance, with total shareholder returns near the top of tables on a one, three, five, and ten-year basis, and has set a target for Return on Equity (ROE) of north of 15%.
Strategic priorities under the new CEO include a focus on organic growth, continued investment in modernization, and flexible capital deployment including share buybacks and tuck-in acquisitions.
The U.S. business has grown significantly, now contributing one in every $5 of profits, with wealth management assets now in the $100 billion zone.
CM is actively embracing technology and AI, having trained 48,000 team members in AI, with applications focused on improving efficiency, enhancing defense against fraud, and driving future growth.