Contrary to in the United States, where banks release their earnings around the front end of earnings season, the Canadian banks traditionally report towards the back end. Canadian Imperial Bank of Commerce (CM:TSX/NYSE) was first out of the gate on February 24. For Q1/2023, which ended on January 31, CIBC delivered a “strong start to the year” according to President and CEO Victor Dodig. Adjusted net earnings of $1.8 billion and earnings per share (EPS) of $1.94 were a result of having grown revenue and pre-provision pre-tax (PPPT) earnings to record levels. Investors reacted positively with CM shares up 2.7% on the day and as of Friday’s close, CM shares are higher by 15.2% in 2023.
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By Charles Marleau CIM® and William Mitchell CIM®
By Charles Marleau CIM® and William Mitchell CIM®
