分组1 - Canadian Imperial Bank reported quarterly earnings of $1.57 per share, exceeding the Zacks Consensus Estimate of $1.49 per share, and showing an increase from $1.4 per share a year ago, resulting in an earnings surprise of +5.37% [1] - The bank's revenues for the quarter ended October 2025 were $5.38 billion, surpassing the Zacks Consensus Estimate by 3.78%, and up from $4.85 billion year-over-year [2] - The stock has gained approximately 37.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 16.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.58 on revenues of $5.24 billion, while for the current fiscal year, the estimate is $6.45 on revenues of $21.19 billion [7] - The Zacks Industry Rank for Banks - Foreign is in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Annual Report 2025 Who we are CIBC is a leading and well-diversified North American financial institution committed to creating enduring value for all our stakeholders – our clients, team, communities and shareholders. We are guided by our purpose – to help make your ambition a reality, and we are activating our resources to create positive change and contribute to a more equitable, inclusive and sustainable future. Across our bank and our businesses – Personal and Business Banking, Commercial Banking and W ...

Financial Performance - Full Year 2025 revenue reached $2913 billion, a 14% year-over-year increase[8,70] - Full Year 2025 adjusted diluted EPS was $861, up 16% year-over-year[8,70] - Q4 2025 revenue was $7576 million, a 14% year-over-year increase[16,19] - Q4 2025 diluted EPS was $220, a 16% year-over-year increase[16,19] - The company returned over $5 billion to shareholders through dividends and share repurchases[8] Capital and Liquidity - The CET1 ratio remained stable year-over-year at 133%[8,16] - The company repurchased 35 million shares in Q4 2025, returning $13 billion to shareholders[36,41] - The Liquidity Coverage Ratio was 132%[16] Segment Performance - Canadian Personal & Business Banking revenue increased by 12% year-over-year to $3188 million in Q4 2025[44] - Canadian Commercial Banking & Wealth Management revenue increased by 15% year-over-year to $1836 million in Q4 2025[50] - U S Commercial Banking & Wealth Management revenue increased by 9% year-over-year to $584 million (US$) in Q4 2025[58] - Capital Markets revenue increased by 32% year-over-year to $1523 million in Q4 2025[64]

Leadership Changes - CIBC announced senior leadership appointments to enhance its client-focused strategy, effective January 1, 2026 [1][2] - Sandy Sharman will transition to Special Advisor and retire at the end of 2026 after 19 years, having modernized HR and strengthened the bank's culture [2] - Christina Kramer will expand her role to include Enterprise Real Estate and Client Experience, leveraging her 35 years of experience at CIBC [2] - Richard Jardim will become Senior Executive Vice-President, Chief Technology and Information Officer, focusing on technology modernization and AI integration [2] - Yvonne Dimitroff will be appointed Executive Vice-President, Chief Human Resources Officer, emphasizing a strong culture and talent management [2] Company Overview - CIBC is a leading North American financial institution serving 15 million clients across various sectors, including personal banking, commercial banking, and capital markets [3]

Group 1 - Canadian banks have experienced significant share growth, with the S&P/TSX composite index's bank index rising 32% year to date compared to 27% for the overall index [1] - Analysts expect another solid quarter for the large Canadian banks, with capital markets units anticipated to generate more gains and a healthy amount of share repurchases [1] - Provisions for credit losses (PCLs) are a concern, particularly for Royal Bank of Canada and Bank of Montreal in the commercial sector [1] Group 2 - Scotia Capital Markets analysts are most optimistic about Canadian Imperial Bank of Commerce, raising their price target to $123, with shares trading around $120 [1] - The price target for National Bank of Canada has been increased to $166, driven by expected gains from the acquisition of Canadian Western Bank, with shares trading at $169 [1]

Financial Sector Earnings - The upcoming week features significant earnings reports from major Canadian financial institutions, including Royal Bank of Canada on Wednesday and Toronto Dominion Bank, Bank of Montreal, and Canadian Imperial Bank of Commerce on Thursday [1] - The earnings reports from these banks are expected to provide insights into the Canadian financial sector's performance and outlook [1] Software Sector Earnings - The week is also packed with software earnings reports, with CrowdStrike Holdings Inc. and Marvell Technology Inc. reporting after market close on Tuesday, followed by Salesforce Inc. and Snowflake Inc. on Wednesday [1] - These earnings are anticipated to reflect trends and developments in the software industry, which may influence investor sentiment and market dynamics [1]

Core Points - CIBC Asset Management Inc. announced the final net asset value (NAV) and net proceeds for the CIBC 2025 Investment Grade Bond Fund and CIBC 2025 U.S. Investment Grade Bond Fund [1][2] - The funds were delisted from CBOE at CAMI's request and will be terminated as of November 28, 2025 [2] - The final NAV per unit for the CIBC 2025 Investment Grade Bond Fund – ETF Series is $20.6245, and for the CIBC 2025 U.S. Investment Grade Bond Fund – ETF Series is $21.0204 [3] Fund Details - The termination proceeds will be distributed to ETF Series unitholders on a pro-rata basis [2] - The final NAV per unit for the CIBC 2025 Investment Grade Bond Fund – ETF Series includes $0.0000 income and $20.6245 capital [3] - The final NAV per unit for the CIBC 2025 U.S. Investment Grade Bond Fund – ETF Series includes $0.0000 income and $21.0204 capital [3] Company Overview - CIBC is a leading North American financial institution serving 14 million clients across various sectors [4] - CIBC Asset Management Inc. is one of Canada's largest asset management firms, with over $227 billion in assets under administration as of October 2025 [5]

Core Points - CIBC Asset Management Inc. has formed a strategic alliance with Avantis Investors to launch eight new Avantis CIBC ETFs in the Canadian market [1][2] - A preliminary prospectus for the Avantis CIBC ETFs was issued on November 25, 2025, but it is not yet final for the sale of securities [1][3] - CIBC Asset Management Inc. is a subsidiary of Canadian Imperial Bank of Commerce, managing over C$268 billion in assets as of September 30, 2025 [8][9] ETF Details - The eight new Avantis CIBC ETFs include: - Avantis CIBC Canadian Equity ETF - Avantis CIBC U.S. All-Cap Equity ETF - Avantis CIBC U.S. Large Cap Value ETF - Avantis CIBC U.S. Small Cap Value ETF - Avantis CIBC All-Equity Asset Allocation ETF - Avantis CIBC Global Small Cap Value ETF - Avantis CIBC International Equity ETF - Avantis CIBC Emerging Markets Equity ETF [9]

Core Viewpoint - The comparison between Canadian Imperial Bank (CM) and ICICI Bank Limited (IBN) indicates that CM presents a better value opportunity for investors at this time due to stronger earnings outlook and more attractive valuation metrics [1][3][7]. Valuation Metrics - CM has a forward P/E ratio of 12.83, while IBN has a forward P/E of 19.62, suggesting that CM is undervalued compared to IBN [5]. - The PEG ratio for CM is 1.36, compared to IBN's PEG ratio of 1.46, indicating that CM has a more favorable growth outlook relative to its valuation [5]. - CM's P/B ratio stands at 1.91, whereas IBN's P/B ratio is 2.75, further supporting the notion that CM is more attractively priced [6]. Earnings Outlook - CM has a Zacks Rank of 2 (Buy), reflecting a stronger improvement in its earnings outlook compared to IBN, which has a Zacks Rank of 4 (Sell) [3][7]. - The estimate revision activity for CM has been more favorable, reinforcing its position as the superior option for value investors [7].

Core Insights - CIBC Asset Management Inc. announced cash distributions for October 2025 for various CIBC ETFs and Fixed Income Pools, with payments scheduled for December 1, 2025 [1] Distribution Details - The cash distribution amounts per unit for various CIBC ETFs are specified, including: - CIBC Canadian Government Long-Term Bond ETF: $0.033 - CIBC USD Premium Cash Management ETF: $0.170 - CIBC Active Investment Grade Corporate Bond ETF: $0.076 - CIBC Canadian Banks Covered Call ETF: $0.115 - CIBC US High Dividend Covered Call ETF: $0.125 [1] Company Overview - CIBC is a leading North American financial institution serving 14 million clients across various sectors, including personal banking, business banking, and capital markets [5] - CIBC Asset Management Inc. is one of Canada's largest asset management firms, managing over $227 billion in assets as of October 2025 [6]