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

11 questions for CM

Also covers: , BMO, BNS +7 more

Ebrahim Poonawala

Bank of America Securities

11 questions for CM

Also covers: , BK, BMO +31 more

Gabriel Dechaine

National Bank Financial

11 questions for CM

Also covers: , BMO, BNS +6 more

Mario Mendonca

TD Securities

11 questions for CM

Also covers: BMO, BNS, GRWTF +5 more

Sohrab Movahedi

BMO Capital Markets

9 questions for CM

Also covers: BAM, BN, BNS +2 more

John Aiken

Jefferies Securities

8 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

Matthew Lee

Canaccord Genuity

5 questions for CM

Also covers: BMO, BNS, CAE +1 more

Darko Mihelic

RBC Capital Markets

4 questions for CM

Also covers: , BMO, BNS +4 more

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 Reports Strong Q1 2026 Results

Earnings

Revenue Acceleration/Inflection

Share Buyback

**Canadian Imperial Bank of Commerce (CM) reported strong Q1 2026 adjusted earnings per share of CAD 2.76, a 25% increase from the prior year, with revenues reaching CAD 8.4 billion, up 15%. **
**The bank achieved a robust return on equity (ROE) of 17.4% and maintained a strong CET1 ratio of 13.4%. **
**CM delivered positive operating leverage for the tenth consecutive quarter at 3.6% and returned approximately 78% of earnings to shareholders, including the repurchase of 8 million common shares. **
**Provisions for credit losses (PCL) were CAD 568 million, down from CAD 605 million last quarter, with management confident in its full-year guidance despite some higher impairments in Commercial Banking. **
**The bank expects a stable to gradual positive bias on net interest margins over time and reiterated its full-year ROE guidance of above 15%. **

1 day ago

Transcript

CIBC Reports Strong Q1 2026 Financial Results

Earnings

Share Buyback

Guidance Update

Canadian Imperial Bank of Commerce (CIBC) reported strong Q1 2026 results, with adjusted earnings per share of CAD 2.76, an increase of 25% from the prior year, and revenues of CAD 8.4 billion, up 15%. The bank achieved a Return on Equity (ROE) of 17.4%.
The bank delivered 3.6% operating leverage, marking the 10th consecutive quarter of positive operating leverage, with expenses increasing 12% from the prior year.
CIBC maintained a robust capital position with a 13.4% CET1 ratio and returned approximately 78% of earnings to shareholders through dividends and CAD 8 million in common share buybacks during the quarter.
Credit quality remained resilient, with total provisions for credit losses at CAD 568 million. The bank is comfortable with its full-year guidance despite higher impairments in Commercial Banking portfolios this quarter.
Strategic priorities include growing its mass affluent and private wealth franchise, expanding digital-first personal banking capabilities (with 48% of retail products sold digitally), and investing in technology, data, and AI for operational excellence and risk mitigation.

1 day ago

Transcript

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Reports Strong Q1 2026 Results with Double-Digit Revenue and EPS Growth

Earnings

Share Buyback

New Projects/Investments

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) reported strong Q1 2026 adjusted earnings per share of CAD 2.76, a 25% increase year-over-year, on revenues of CAD 8.4 billion, up 15% from the prior year.
The bank achieved a Return on Equity (ROE) of 17.4% and a CET1 ratio of 13.4%, while delivering 3.6% positive operating leverage for the tenth consecutive quarter. Management anticipates full-year ROE to exceed 15%.
Net interest income (excluding trading) grew 13%, with all bank margin expanding 17 basis points from the prior year, and the bank expects a stable to gradually positive trend in net interest margins going forward.
CM returned approximately 78% of earnings to shareholders in Q1 2026, including CAD 8 million in common share buybacks.
Strategic investments in AI and digital capabilities are enhancing client engagement and operational efficiency, exemplified by a 44% conversion rate uplift from the CIBC CRTeX platform.

1 day ago

Transcript

CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Reports Strong Q1 2026 Financial Results

Earnings

Revenue Acceleration/Inflection

For the first quarter ended January 31, 2026, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reported revenue of $8,398 million, an increase of 15% year-over-year and 11% quarter-over-quarter, and reported net income of $3,100 million, up 43% year-over-year and 42% quarter-over-quarter.
Reported diluted earnings per share (EPS) was $3.21, representing a 47% increase year-over-year and a 46% increase quarter-over-quarter.
The first quarter results were positively impacted by $0.45 per share, primarily due to $422 million in income tax recoveries related to a capital gains distribution and utilization of capital losses.
As of January 31, 2026, the company's Common Equity Tier 1 (CET1) Ratio was 13.4%, its leverage ratio was 4.4%, and its liquidity coverage ratio was 133%.

1 day ago

6-K

CIBC Announces Strong First Quarter 2026 Results

Earnings

Revenue Acceleration/Inflection

CIBC reported record revenue of $8,398 million in Q1 2026, a 15% year-over-year increase, with reported net income rising 43% to $3,100 million and reported diluted EPS up 47% to $3.21.
Adjusted diluted EPS increased 25% to $2.76 for the quarter. Results were positively impacted by $422 million in income tax recoveries, partially offset by $10 million in amortization of acquisition-related intangible assets, leading to a net positive impact of $0.45 per share.
The company achieved a reported Return on Common Shareholders’ Equity (ROE) of 20.2% , driven by strong segment performance, including Canadian Personal and Business Banking net income up 25% and Capital Markets net income up 42% year-over-year.
CIBC's Common Equity Tier 1 (CET1) Ratio was 13.4% as of January 31, 2026 , and the provision for credit losses decreased by $5 million to $568 million compared to the prior year.

1 day ago

6-K

Canadian Imperial Bank of Commerce Issues US$2 Billion in Senior Notes

Debt Issuance

Canadian Imperial Bank of Commerce (CM) entered into an underwriting agreement on January 21, 2026, to issue and sell debt securities.
The issuance comprises US$400,000,000 aggregate principal amount of Floating Rate Senior Notes due 2030 and US$1,600,000,000 aggregate principal amount of 4.283% Fixed-to-Floating Rate Senior Notes due 2030.
The closing date for this offering was January 29, 2026.
The underwriters for the offering include CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., and Morgan Stanley & Co. LLC, among others.

Jan 29, 2026, 7:20 PM

6-K

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.

Jan 13, 2026, 7:29 PM

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.