Canadian Imperial Bank of Commerce ($CM) Q2 2023 Earnings Call Summary

Canadian Imperial Bank of Commerce ($CM) Q2 2023 Earnings Call Summary

Posted: 1 week, 2 days ago // May 25, 2023 3:20 p.m. UTC

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.

Relevant tickers: CM