Canada's CIBC Q1 revenue beats on loan growth

Overview

• Canada bank's Q1 revenue rose 15%, beating analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Adjusted net income for Q1 beat analyst expectations

Outlook

• Company did not provide specific guidance for future quarters or full year

Result Drivers

• CANADIAN PERSONAL AND BUSINESS BANKING - Higher net interest margin and loan growth drove revenue increase, partially offset by higher expenses

• CANADIAN COMMERCIAL BANKING AND WEALTH MANAGEMENT - Revenue rose due to volume growth and higher net interest margin, offset by higher expenses

• CAPITAL MARKETS - Higher trading and underwriting revenue contributed to growth, despite increased expenses

Company press release: ID:nCNW3ZltKa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Canadian Imperial Bank of Commerce is C$136.00, about 1.3% below its February 25 closing price of C$137.85

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

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