CIBC-Canadian Imperial (CM) Stock Up 2.2% Despite Q1 Earnings Fall

Canadian Imperial Bank of Commerce’s (CM) first-quarter fiscal 2024 (ended Jan 31) adjusted earnings per share of C $1.81 declined 7% from the prior-year quarter.Results were adversely impacted by a significant rise in provisions and a decline in loan balance. However, a rise in revenues, lower expenses and a strong balance sheet position aided it. These positives seem to have cheered investors, as the CM stock gained 2.2% following the release.After considering several non-recurring items, net income was C$ ...