$CM.TO

CIBC Says Received TSX Approval for Normal Course Issuer Bid

The Toronto Stock Exchange has accepted notice of CIBC's (CM.TO and NYSE: CM) intention to make a new normal course issuer bid, the bank said Thursday.CIBC added it has completed its purchase for cancellation of 20 million common shares under its previous normal course issuer bid and has terminated it. As announced on May 28, 2026, CIBC intends to purchase for cancellation up to 30 million common shares under the new NCIB, representing approximately 3.3% of CIBC's 912,835,441 issued and outstanding common shares as of May 31, 2026.The maximum number of shares that may be repurchased by CIBC under the new NCIB (30 million common shares), when aggregated with the 20 million common shares repurchased under the previous NCIB, represents approximately 5.5% of CIBC's public float of 912,564,072 common shares as of May 31, 2026, the bank noted.CIBC said its purchase of common shares under a NCIB is consistent with the priority of "maintaining balance sheet strength, while generating shareholder value through a balanced capital deployment strategy".Purchases under the bid may commence through the TSX on or after June 8, 2026.CIBC has also entered into an automatic share purchase plan (ASPP).Shares in CIBC were down $0.86 or near 0.6% at $149.27 in Canada yesterday.

CIBC Says Received TSX Approval for Normal Course Issuer Bid; Representing Approximately 3.3% of CIBC's Issued and Outstanding Common Shares as of May 31, 2026

CIBC Price Target Raised to $167 at RBC

RBC Capital Markets raised its price target on Canadian Imperial Bank of Commerce (CM.TO, CM) to $167 from $147.Analyst Darko Mihelic maintained an Outperform rating on shares of the Canadian bank following its Q2 results."Results were higher than expected across the operating segments except for Canadian Personal and Business Banking," Mihelic said in a note to clients."CM made several announcements this quarter including an intended NCIB, an agreement to sell its stake in CIBC Caribbean, and a definitive agreement for a tuck-in wealth strategic partnership / minority interest acquisition," the analyst said."We mainly model higher impaired PCLs in Canada and we reflect the planned sale of CM's stake in CIBC Caribbean; our estimates decrease."

CIBC On the Week Ahead In Economics

According to Avery Shenfeld, the "surprisingly" weak Q1 GDP readings today actually explained more about why the jobs numbers this year have been "so ugly", rather than necessarily implying we're due for more of the same in May. CIBC sees a net addition of 15K to the ranks of the employed next Friday, compared to a consensus 10k gain, and Shenfled said this might only be enough to hold the unemployment rate at a "lofty" 6.9% level because it will include temporary census jobs that are often filled by those who previously were not looking for work, but who are interested in taking on a short-term gig. CIBC will be paying more attention to whether private sector employment can eke out any growth in a quarter in which consumers are being squeezed by gasoline prices. Also, the April GDP rebound gives CIBC some hope that we won't see a further nasty drop in private sector employment this spring, Shenfeld added.Also on the calendar for next week is the auction on Tuesday of $15.8 billion in 3-M Bills, $5.6 billion in 6-M Bills and $5.6 billion in 1-YR Bills; followed Wednesday by the auction of $5B in 5-YR CANADAS.Wednesday also sees the release of Q1 Labour Productivity data, while May IVEY PMI is due Friday.Price: $147.57, Change: $-3.39, Percent Change: -2.25%

TSX Closer: The Index Closes Higher For The First Time Since Monday's Record Close

The Toronto Stock Exchange closed higher on Thursday, its first winning session since Monday's record close, with the resource-heavy index buoyed by improved commodity prices, a continuing belief among investors that equity market fundamentals are strong, bullish comments from Canada Prime Minister Mark Carney in New York and cautious positivity on the economy from the Bank of Canada.The S&P/TSX Composite Index closeds up 105.65, or 0.3%, to 34,517.70, having lost more than 400 points over the prior two days. Sectors were mixed, with Info Tech up near 2.6% and Base Metals up 2.3%, helped by a higher gold price. In contrast the Battery Metals Index was down 1.15%, Energy eased near 0.5% despite a modest rise in the oil price, and Financial lost 0.8% even as The Canadian Press reported the 'Big Six' banks see reasons for optimism while navigating a 'period of volatility'.Sluggish trade negotiations between Canada and the United States are finally showing faint signs of life as a milestone looms for renewal of their three-way trade deal with Mexico, CBC News reported on Thursday. The minister responsible for Canada-U.S. trade, Dominic LeBlanc, is planning to travel to Washington, D.C., for trade talks, although his spokespeople haven't confirmed a date, the report noted. Although the Canada-U.S.-Mexico Agreement (CUSMA) is due for its first-ever joint review on July 1, LeBlanc has held just one day of in-person talks over the past seven months with his Trump administration counterpart, U.S. Trade Representative Jamieson Greer, he also noted.That report came out as Prime Minister Mark Carney prepared to pitch Canada as an investment hub at New York's Economic Club at lunchtime today.Employing U.S. President Donald Trump's marquee slogan, PM Carney told a New York City business crowd "Canada strong will help make America great again", reported CTV News. It noted the P.M. detailed his economic diversification strategy, and his plans to recalibrate Canada's relationships and reputation. "We're focused on what we can control, and that means weaving a dense web of international partnerships abroad. That's making us a much stronger, more resilient, more independent country," Carney told the business crowd.Meanwhile, the Bank of Canada on Thursday said Canada's financial system has functioned well through a challenging year as households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks.However, vulnerabilities have increased in some parts of the system, noted the central bank in its annual Financial Stability Report (FSR). Stock and corporate debt valuations have risen and are high relative to historical norms, the central bank said, adding this makes markets more vulnerable to a sharp correction.The Canadian Press is reporting that Canada's major banks say they're cautiously optimistic as their latest earnings beat expectations, with executives confident they're well equipped to handle potential risks in the Canadian economy. The Big Six grew their profits in the second quarter compared with the same three-month period a year ago, while also posting results above analysts' forecasts, the report noted. Five of those; Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) each hiked their quarterly dividend, it also noted.And while executives expressed confidence in their ability to withstand economic challenges ahead, they also acknowledged macroeconomic concerns that could shift their outlooks, according to the report. Those include the U.S.-Iran war that continues to drag on, pushing international oil prices and inflation higher. High unemployment in Canada and ongoing uncertainty over trade with the United States also cloud the outlook, they said.Of commodities, West Texas Intermediate crude oil closed with a small gain, but fell off early highs following reports the U.S. and Iran agreed to extend their ceasefire even as they earlier traded strikes. WTI crude oil for July delivery closed up US$0.22 to settle at $US$88.90 per barrel after earlier touching US$92.52. July Brent oil was down US$0.64 to US$93.65.Gold was higher midafternoon Thursday, rising off its early lows as the dollar and yields fell after reports the United States and Iran have agreed to extend a ceasefire for 60 days, lowering oil prices and easing inflation worries even a key U.S. inflation measure rose in April. Gold for July delivery was up US$52.50 to US$4,4,534.00 per ounce, after earlier touching US$4,395.60.

CIBC Keeps Sector Perform, Target of C$152 at National Bk Which Notes CIBC's Canadian Consumer Credit & NIM Performance In Q2 Weigh On the Stock

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $150.96, Change: $-8.58, Percent Change: -5.38%

National Bank Has Sector Perform, Target of C$152 On CIBC

National Bank In CIBC Q2 First Look Cites Beat On Pre-tax, Pre-provision Earnings (PTPP) and Notes Consumer Credit Performance "Softens"

CIBC Says Kevin Li Will Continue in his Role as Senior Executive Vice-President and Group Head, U.S. Region, and President and CEO, CIBC Bank USA

CIBC Says Eric Belanger Appointed Senior Executive Vice-President and Group Head, Wealth Management

CIBC Adds Rimmer Continues to lead Commercial Banking in Canada, and also Assumes accountability for Commercial Banking in U.S., as well as Office of the CEO

CIBC Says Susan Rimmer has been appointed Senior Executive Vice-President and Group Head, Commercial Banking

CIBC Also Announced Senior Executive Leadership Changes Effective May 28, 2026

Update: CIBC Now Down In US Premarket As Reports Q2 Adjusted Earnings Beat; Moved To Sell CIBC Caribbean and Announces NCIB

(updates share price in first paragraph and headlines, and also updates on performance across business units from paragraph 13)CIBC (CM.TO, CM) has turned negative in pre-market trade on Thursday even after reporting an increase in adjusted net earnings for the second quarter, beating expectations, while it declared an unchanged dividend, moved to sell its interest in CIBC Caribbean and announced an intention to repurchase up to 30 million common shares.For the second quarter, CIBC's adjusted net income jumped 23% year-on-year to $2,471 million, up from $2,016 million in the same period of 2025. Adjusted diluted earnings per share stood at $2.54 compared with $2.05 a year earlier. FactSet had forecasted $2.46.Reported net income stood at $2,465 million, up 23% from $2,007 million in the second quarter of 2025. CIBC posted reported EPS of $2.53 versus $2.04 a year ago.Results for the second quarter of 2026 were negatively impacted by $8 million ($6 million after tax), or $0.01 per share, related to the amortization of acquisition-related intangible assets.It had revenues of $8,006 million compared to $7,022 million. FactSet had forecast $7,959.7 million.Provision for credit losses was $605 million, comparable with $568 million in the first quarter of this fiscal. PCL on performing loans was down due to a "less unfavourable change in our economic outlook, partially offset by less favourable credit migration in the current quarter", the bank said. PCL on impaired loans was up mainly due to higher provisions in Canadian commercial banking and wealth management, and Canadian personal and business banking, it added.The bank also declared a dividend of $1.07 per share on common shares for the quarter ending July 31, 2026 payable on July 28, 2026 to shareholders of record at the close of business on June 29, 2026. It was unchanged from the dividend announced in Feb, 2026.The bank said the return on equity, a measure of profitability and efficiency, widened to 16.4% on an adjusted basis from 13.9% in the same period last year. Its CET1 ratio was 13.6% at April 30, 2026, compared with 13.4% at the end of the prior quarter."In the second quarter of 2026, we delivered strong financial results through the disciplined execution of our client-focused strategy, including double-digit growth in net income and a higher return on equity compared to a year ago, driven by robust results across all of our business units," said Harry Culham, CIBC CEO."Our team is delivering for our clients every day as we accelerate the execution of our strategy, supported by our strong capital position, prudent risk management and resilient balance sheet. As we look ahead, we are committed to creating value for our stakeholders by helping our clients achieve their ambitions, enabling growth for key industries across the economy and being there for our communities," Culham said.Additionally, CIBC also announced an agreement to sell its 91.67% interest in CIBC Caribbean to The Bank of N.T. Butterfield & Son (Butterfield) for a total consideration of approximately US$1.6 billion.The lender noted "proceeds will be comprised of US$1 billion in cash and 52,100,024 Butterfield common shares, currently valued at US$645 million, representing a minority interest of approximately 22% at closing". This transaction will allow the bank to reallocate capital toward strategic growth priorities in North America, it added. The transaction is expected to close in the first half of 2027, subject to Butterfield shareholder and regulatory approvals and other closing conditions.The bank also announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange. Common shares that may be purchased for cancellation represent approximately 3.3% of outstanding common shares as at April 30, 2026.On operations, Canadian Personal and Business Banking reported second-quarter net income of $846 million, up $112 million, or 15%, from a year earlier, reflecting higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $1,610 million, up $223 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted non-interest expenses. The higher revenue was mainly driven by a higher net interest margin and loan growth, the bank said.Canadian Commercial Banking and Wealth Management posted second-quarter net income of $614 million, up $65 million, or 12%, year-on-year, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $958 million, up $151 million from the second quarter a year ago, as higher revenue was partially offset by higher non-interest expenses.U.S. Commercial Banking and Wealth Management reported net income of $260 million, up $87 million from a year earlier, driven by lower provision for credit losses, and higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were $353 million, up $20 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses.Capital Markets reported first-quarter net income of $792 million, up $226 million, or 40%, from a year earlier, reflecting higher revenue and a provision reversal in the current quarter compared to a provision for credit losses in the same quarter last year, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were up $235 million or 28% from the second quarter a year ago as higher revenue was partially offset by higher non-interest expenses, CIBC noted.Shares of the bank were last up US$0.56 to US$116 in pre-market trading on the NYSE on Thursday. They closed $0.33 down at C$159.54 in Toronto on Thursday.

CIBC Up In US Premarket As Reports Q2 Adjusted Earnings Beat; Moved To Sell CIBC Caribbean and Announces NCIB

CIBC (CM.TO, CM) was at last look up 0.5% in pre-market trade on Thursday after reporting an increase in adjusted net earnings for the second quarter, beating expectations, while it declared an unchanged dividend, moved to sell its interest in CIBC Caribbean and announced an intention to repurchase up to 30 million common shares.For the second quarter, CIBC's adjusted net income jumped 23% year-on-year to $2,471 million, up from $2,016 million in the same period of 2025. Adjusted diluted earnings per share stood at $2.54 compared with $2.05 a year earlier. FactSet had forecasted $2.46.Reported net income stood at $2,465 million, up 23% from $2,007 million in the second quarter of 2025. CIBC posted reported EPS of $2.53 versus $2.04 a year ago.Results for the second quarter of 2026 were negatively impacted by $8 million ($6 million after tax), or $0.01 per share, related to the amortization of acquisition-related intangible assets.It had revenues of $8,006 million compared to $7,022 million. FactSet had forecast $7,959.7 million.Provision for credit losses was $605 million, comparable with $568 million in the first quarter of this fiscal. PCL on performing loans was down due to a "less unfavourable change in our economic outlook, partially offset by less favourable credit migration in the current quarter", the bank said. PCL on impaired loans was up mainly due to higher provisions in Canadian commercial banking and wealth management, and Canadian personal and business banking, it added.The bank also declared a dividend of $1.07 per share on common shares for the quarter ending July 31, 2026 payable on July 28, 2026 to shareholders of record at the close of business on June 29, 2026. It was unchanged from the dividend announced in Feb, 2026.The bank said the return on equity, a measure of profitability and efficiency, widened to 16.4% on an adjusted basis from 13.9% in the same period last year. Its CET1 ratio was 13.6% at April 30, 2026, compared with 13.4% at the end of the prior quarter."In the second quarter of 2026, we delivered strong financial results through the disciplined execution of our client-focused strategy, including double-digit growth in net income and a higher return on equity compared to a year ago, driven by robust results across all of our business units," said Harry Culham, CIBC CEO."Our team is delivering for our clients every day as we accelerate the execution of our strategy, supported by our strong capital position, prudent risk management and resilient balance sheet. As we look ahead, we are committed to creating value for our stakeholders by helping our clients achieve their ambitions, enabling growth for key industries across the economy and being there for our communities," Culham said.Additionally, CIBC also announced an agreement to sell its 91.67% interest in CIBC Caribbean to The Bank of N.T. Butterfield & Son (Butterfield) for a total consideration of approximately US$1.6 billion.The bank also announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange. Common shares that may be purchased for cancellation represent approximately 3.3% of outstanding common shares as at April 30, 2026.Shares of the bank were last down US$0.09 to US$115.35 in pre-market trading on the NYSE on Thursday. They closed $0.33 down at C$159.54 in Toronto on Thursday.

Earnings Flash (CM.TO) CIBC CET1 Ratio Was 13.6% at April 30, 2026, Vs 13.4% at End of Prior Quarter

Earnings Flash (CM.TO) CIBC Q2 Reported Diluted Earnings Per Share $2.53

CIBC Dividend Is Unchanged From Q1

CIBC Board of Directors Declared a Dividend of $1.07 Per Share On Common Shares

CIBC Also Announced Intention to Repurchase up to 30 Million Common Shares