Here is a summary of Canadian Imperial Bank of Commerce's Q2 2023 earnings call, which took place on May 25:
- CIBC announced adjusted Q2 revenue of $5.7 billion, a 6% increase YoY.
- Loan portfolio performing well with conservative lending standards.
- Capital position remains strong with CET1 ratio of 11.9%.
- Net income in Canadian Commercial Banking and Wealth Management was $452 million with pre-tax pre-provisioned earning growth benefitting from 15% revenue growth in commercial banking.
- Total provision for credit losses was $438 million, up from $295 million in the previous quarter, with higher impaired provisions in both retail and business and government loans.
- Liquidity coverage ratio went down but remains well above 100%.
- The bank expects a 75 to 125 loss per quarter due to higher liquidity costs.
- CIBC is focused on organic growth rather than M&A in the US market.
- The performing recovery in the Canadian personal banking segment is due to a less pessimistic outlook and forward-looking indicators.
- CIBC seeks to compete and manage margins to expand margins.
This is an AI generated summary. There may be inaccuracies.
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