Group 1 - The Canadian Big Five Banks are recognized for their strong fundamentals, attractive dividends, and prudent asset diversification, making them a top choice in the banking sector [1] - These banks have demonstrated resilience against macroeconomic challenges and market volatility, maintaining solid performance [1] Group 2 - The author has extensive experience in the logistics sector and stock investing, focusing on ASEAN and NYSE/NASDAQ stocks, particularly in banking, telecommunications, logistics, and hotels [1] - The investment strategy includes diversification across various industries and market capitalizations, with a mix of long-term holdings for retirement and short-term trading for profits [1] - The author has been active in the US market since 2020, gaining insights from platforms like Seeking Alpha to enhance investment knowledge and strategies [1]

Group 1 - Canadian Imperial Bank of Commerce (CIBC) has been a strong performer among the Big Five Canadian banks, with shares returning positively [1] - The investment strategy highlighted is a long-term, buy-and-hold approach, focusing on stocks that can sustainably generate high-quality earnings, particularly in the dividend and income sectors [1]

Group 1: Market Activity - Secondary offerings increased by 76% to $23.6 billion, while initial public offerings (IPOs) surged by 243% to just over $2 billion, and preferred securities issuance rose by 1,437% to $2.6 billion [1] - Retail structured products also saw a 44% increase, reaching $770.6 million [1] Group 2: Sector Performance - The materials sector led new deal activity, accounting for nearly 40% of total issuance at $12 billion, followed by the energy and power sector with a 24.9% share, and industrials at 9.9% [2] Group 3: Underwriter Rankings - RBC Capital Markets maintained the top position in LSEG's equity underwriters league tables, followed by BMO Capital Markets and CIBC World Markets, which improved from eighth to third place [2][3] - JP Morgan led the IPO underwriter rankings, with RBC, BMO, and CIBC following [4] - Canaccord Genuity Group Inc. ranked first in retail structured products, pushing CIBC to second [4] Group 4: Debt Issuance - Total debt issuance value reached $276 billion, up 2% from the previous year, with a 1% increase in deal volume [4] - Government debt issuance was $154 billion, down 2%, while corporate debt issuance increased by 10% [5] - RBC retained the top spot in overall debt underwriter rankings, with BMO moving to second place, TD to third, and CIBC to fourth [5][6]

Group 1 - CIBC experienced a record year, coinciding with the appointment of a new CEO [1] - The new CEO hinted at a higher Return on Equity (ROE) objective and mentioned an upcoming Investor Day in 2026 [1] - Leadership transitions in the industry, particularly among life insurance companies, often lead to strategic reviews and updates on medium-term objectives [2]

Summary of Canadian Imperial Bank of Commerce (CIBC) Conference Call Company Overview - **Company**: Canadian Imperial Bank of Commerce (CIBC) - **Date**: January 06, 2026 - **Speaker**: Harry Culham, CEO Key Points Leadership Transition and Strategy - CIBC had a record year, and the new CEO emphasized continuity in leadership and strategy execution, having been part of the executive team for over a decade [3][4] - The focus is on accelerating execution of a clear strategy with four pillars, emphasizing client connectivity and modernization [7][8] - The leadership team is committed to human capital development and efficiency improvements [8][14] Financial Performance and Growth - CIBC aims for premium growth and returns, leveraging competitive advantages in personalized offerings and technology [11][12] - The bank has a 2030 strategic vision and is confident in delivering high-end financial metrics over the next five years [11][12] - The bank has invested approximately 20% of its expense base in technology systems and AI, which is expected to enhance efficiency and revenue growth [19] Retail Banking and Imperial Service - CIBC's Imperial Service targets the mass affluent segment, with plans to double its client base from the current one million clients [21][22] - Revenue per client in Imperial Service is five times higher than in the core retail space, indicating significant growth potential [22] - The bank is focused on increasing advisor productivity through technology, aiming to enhance client coverage by 30% without doubling the number of advisors [27] Partnership with Costco - The partnership with Costco is seen as a long-term growth opportunity, with over 3 million credit card clients and significant asset growth [32][33] - CIBC has taken in over CAD 15 billion in assets from this partnership in the last year and a half [33] Commercial Banking - CIBC's commercial banking team has maintained strong growth, attributed to deep client relationships and a comprehensive service offering [37][38] - The bank expects deposit growth to outpace loan growth in 2026, driven by enhanced cash management and product offerings [39] Capital Markets - CIBC's capital markets business has seen strong growth, with earnings growth above 10% in the U.S. and a higher ROE compared to competitors [41][42] - The bank maintains a disciplined approach to resource allocation, contributing to lower volatility and higher returns [42] Credit Quality and Risk Management - CIBC's credit quality remains stable, with expectations for improved gross impaired loans in 2026 [46][49] - The bank is proactive in managing consumer credit risks, particularly in the mortgage and credit card segments [48][49] U.S. Business Strategy - CIBC's U.S. operations are focused on organic growth, with significant investments in commercial and wealth platforms [51][52] - The bank aims to enhance referral volumes and connected services between commercial and wealth management in the U.S. [53] Capital Management - CIBC targets a capital ratio of 12.5%, positioning itself well for organic growth opportunities in 2026 and beyond [63] - The bank aims for an ROE of over 15% and is confident in its ability to generate capital [64] Closing Remarks - The CEO emphasized the importance of an aligned leadership team, a clear strategy, and a focus on client connectivity and modernization [66][67] - CIBC aims for consistent and sustainable growth, targeting 7%-10% earnings per share growth and an ROE above 15% [67]

Group 1: Market Overview - The S&P 500 has experienced four consecutive years of gains, despite concerns over valuations [2] - A Bloomberg survey of 21 analysts predicts a 9% gain for the index by the end of 2026, indicating potential pockets of strength [2] Group 2: Canadian Imperial Bank of Commerce (CIBC) - CIBC is Canada's fifth-largest bank, with total assets of CAD$1.12 trillion (approximately $815.9 billion) as of October 31, 2025 [4] - The bank's P/E ratio is currently 14.77, above its five-year average of 11.94, suggesting that the stock is not a bargain [6] - On December 26, 2025, CIBC had an options volume of 155,863, which is 1,788% higher than its 30-day average, indicating unusual options activity [6][7] - All eight unusually active options on December 26 were calls expiring on January 16, and the volume is not related to earnings as Q1 2026 results will be released on February 20 [7] - Analysts covering CIBC have given it an Outperform rating with a score of 2.44 out of 5, indicating a lukewarm outlook [8]

Core Viewpoint - CIBC Asset Management Inc. has announced revised cash distributions for its ETFs and ETF Series of Fixed Income Pools for December 2025, with payments scheduled for January 6, 2026 [1]. Distribution Details - The cash distribution amounts per unit for various CIBC ETFs are specified, with notable distributions including: - CIBC Active Investment Grade Floating Rate Bond ETF: $0.050 - CIBC Active Investment Grade Corporate Bond ETF: $0.075 - CIBC Premium Cash Management ETF: $0.100 - CIBC MSCI Canada Equity Index ETF: $0.216 - CIBC MSCI Emerging Markets Equity Index ETF: $0.370 [1][2]. Company Overview - CIBC is a leading North American financial institution serving 15 million clients across various sectors, including personal banking, business banking, and capital markets [4]. - CIBC Asset Management Inc. is a significant player in the asset management sector in Canada, managing over $227 billion in assets as of November 2025 [5].

Core Viewpoint - CIBC Caribbean Bank Jamaica Ltd reported a significant decline in profit for the fiscal year ending October 2025, largely due to the impact of Hurricane Melissa, with profits dropping to $45.9 million, a decrease of four-fifths compared to the previous year [1] Financial Performance - Earnings per share fell to $0.05 from $0.54, resulting in a comprehensive loss of $113 million when accounting for remeasurement losses on retirement benefit plans [2] - Operating income increased to $11.3 billion, a rise of 4.4% from $10.8 billion a year earlier, despite the overall decline in profit [4] - Credit loss expenses surged by 62% to $555.4 million from $343.6 million, indicating higher provisions for potential defaults [4] Credit Quality and Risk Assessment - The bank anticipates that the credit quality of its borrowers could worsen threefold, although it would still remain below the regulated ceiling for problem loans set by the Bank of Jamaica [1] - The Early Warning List, which identifies vulnerable customer profiles, saw a significant increase, with loans on the list rising to $1.84 billion from $528.9 million in 2024 [6] - Non-performing loans (NPLs) increased by 51% to $1.43 billion from $947.4 million, representing 1.2% of the bank's total loan book of $119.8 billion [7] Impact of Hurricane Melissa - Hurricane Melissa made landfall on October 28, 2025, causing physical damage to branches and temporary operational disruptions, with full branch operations resuming by November 12 [8] - A preliminary damage assessment indicated "no material damage" to the bank's network, and no provisions for asset write-downs or repairs were required as of October 31 [9] Balance Sheet Overview - Total assets grew by 9.6% to $201.4 billion from $183.7 billion, driven by an increase in loans and advances [11] - Customer deposits expanded by 15.5% to $165.3 billion, while overall capital slightly decreased to $19.6 billion from $19.7 billion a year earlier [11]

Group 1 - Canadian Imperial Bank (CM) is currently outperforming its Finance peers with a year-to-date performance increase of approximately 46%, compared to the average gain of 17.6% in the Finance sector [4] - The Zacks Rank system, which focuses on earnings estimates and revisions, has assigned Canadian Imperial Bank a Zacks Rank of 2 (Buy), indicating a positive earnings outlook trend with a 5.7% increase in the consensus estimate for full-year earnings over the past three months [3] - Canadian Imperial Bank is part of the Banks - Foreign industry, which consists of 67 companies and has gained about 54% year-to-date, indicating that CM is slightly underperforming its industry group [6] Group 2 - DNB Bank ASA (DNBBY) is another Finance stock that has shown strong performance, with a year-to-date return of 39.4% and a Zacks Rank of 2 (Buy) [4][5] - The consensus EPS estimate for DNB Bank ASA has increased by 1.2% over the past three months, reflecting a positive sentiment similar to that of Canadian Imperial Bank [5]

Core Viewpoint - CIBC Asset Management Inc. announced cash distributions for December 2025 for its ETFs and ETF Series, with payments scheduled for January 6, 2026, for unitholders of record on December 31, 2025 [1]. Distribution Details - The cash distribution amounts per unit for various CIBC ETFs are specified, with notable distributions including: - CIBC Active Investment Grade Floating Rate Bond ETF (CAFR): $0.050 - CIBC Active Investment Grade Corporate Bond ETF (CACB): $0.075 - CIBC Flexible Yield ETF (CAD-Hedged) (CFLX): $0.096 - CIBC Premium Cash Management ETF (CCAD): $0.100 - CIBC MSCI Canada Equity Index ETF (CCEI): $0.216 - CIBC MSCI EAFE Equity Index ETF (CIEI): $0.200 - CIBC Sustainable Conservative Balanced Solution — ETF Series (CSCB): $0.313 [1][2]. Company Overview - CIBC is a leading North American financial institution serving 15 million clients across various sectors, including personal banking, business banking, and capital markets [5]. - CIBC Asset Management Inc. is a significant player in the asset management sector, managing over $227 billion in assets as of November 2025 [6].