Earnings Review and Free Research Report: CIBC’s Q3 Adjusted EPS Grew 4% Y-o-Y

Research Desk Line-up: Bank of Nova Scotia Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Canadian Imperial Bank of Commerce (NYSE: CM) (“CIBC”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CM, following the Company’s release of its financial results on August 24, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Toronto, Ontario-based bank’s both reported and adjusted EPS rose 4% y-o-y. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Money Center Banks industry. Pro-TD has currently selected The Bank of Nova Scotia (NYSE: BNS) for due-diligence and potential coverage as the Company reported on August 29, 2017, its financial results for Q3. Register for a free membership today, and be among the early birds that get access to our report on Bank of Nova Scotia when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CM; also brushing on BNS. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=CM

http://protraderdaily.com/optin/?symbol=BNS

Earnings Reviewed

During the quarter ended on July 31, 2017, CIBC’s total revenues came in at C$4.10 billion compared to C$4.14 billion in the year ago same quarter. Meanwhile, the Company’s adjusted total revenues came in at C$4.13 billion in Q3 FY17, up from C$3.82 billion in last year’s comparable period.

The bank and financial services Company reported net income attributable to common shareholders of C$1.10 billion, or C$2.60 per diluted share, in Q3 FY17 compared to C$1.44 billion, or C$3.61 per diluted share, in Q3 FY16. Adjusted net income attributable to common shareholders for the reported quarter was C$1.17 billion, or C$2.77 per diluted share, which came in above C$1.07 billion, or C$2.67 per diluted share, in the year ago same period.

Performance Metrics

In Q3 FY17, CIBC’s return on average assets came in at 0.80% compared to 1.12% in the previous year’s corresponding period. The Company’s adjusted return on common shareholders’ equity was 17.3% in Q3 FY17 versus 19.8% reported in the year ago same quarter. The bank’s adjusted efficiency ratio was 57.3% in Q3 FY17 compared to 57.8% in Q3 FY16. The bank’s net interest margin on average interest-earning assets for the reported quarter stood at 1.85% compared to 1.87% in Q3 FY16.

As on July 31, 2017, the bank’s common equity tier 1 ratio was 10.4%, compared to 10.9% as on July 31, 2016. Additionally, tier 1 capital ratio and total capital ratio stood at 11.9% and 13.7%, respectively, at the end of Q3 FY17.

At the close of Q3 FY17, CIBC has average net loans and acceptances of C$342.71 billion compared to C$307.69 billion at the close of Q3 FY16. Total average deposits also grew to C$423.06 billion in Q3 FY 17 from C$397.87 billion in Q3 FY16. Furthermore, average interest-earning assets grew to C$486.95 billion from C$448.83 billion in the last year’s same quarter.

CIBC’s Segment Performance

For the reported period, Retail and Business Banking segment’s total revenues grew to C$2.34 billion from C$2.23 billion in Q3 FY16. The segment’s adjusted net income attributable to equity shareholders came in at C$720 million in Q3 FY17 versus C$667 million in the last year’s comparable quarter.

Wealth Management segment’s total revenue stood at C$603 million in Q3 FY17, compared to C$554 million in Q3 FY16. During the quarter, the segment recorded adjusted net income attributable to equity shareholders of C$136 million compared to C$124 million in Q3 FY16.

In Q3 FY17, Capital Markets segment’s revenue was C$679 million compared to C$738 million in Q3 FY16. Meanwhile, adjusted net income attributable to equity shareholders during Q3 FY17 stood at C$252 million from C$290 million in Q3 FY16.

Corporate and Other segment reported total revenue of C$250 million in Q3 FY17 compared to C$67 million in Q3 FY16. Meanwhile, the segment posted adjusted net income attributable to equity shareholders of C$14 million in Q3 FY17 versus adjusted net loss attributable to equity shareholders of C$34 million in Q3 FY16.

Dividend

In a separate press release on May 25, 2017, CIBC’s Board of Directors increased dividend by 3% to C$1.30 per share on common shares for the quarter ending October 31, 2017. The dividend is payable on October 27, 2017, to shareholders of record at the close of business on September 28, 2017.

Stock Performance

On Wednesday, September 13, 2017, Canadian Imperial Bank of Commerce’s stock closed the trading session at $87.92, marginally up 0.42% from its previous closing price of $87.55. A total volume of 718.53 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 9.68 and currently have a market cap of $38.47 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 475415