Issue 10 – Canadian Banks: The Report Cards are Out

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.


Follow us on: LinkedIn

By Charles Marleau CIM® and William Mitchell CIM®

Continue Reading in PDF

By Charles Marleau CIM® and William Mitchell CIM®

All products and services of Palos Wealth Management Inc and Palos Management Inc. are only available for sale to residents of Canada, unless the laws of a foreign jurisdiction permit sales to its residents. The contents of this site should not be considered an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.