Canadian Imperial Bank of Commerce (CIBC) TSX&NYSE:CM bank kanadyjski - wielka piątka banków z Kanady

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dywidendy - brak podwyżki co półroku

Canadian Imperial Bank (NYSE:CM) declares CAD 1.46/share quarterly dividend, in line with previous.

Forward yield 5.72%

Payable Oct. 28; for shareholders of record Sept. 28; ex-div Sept. 25.

https://seekingalpha.com/news/3609256-c ... m=referral

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Barclays Stick to Their Buy Rating for Canadian Imperial Bank Of Commerce

Barclays (LON:BARC) analyst John Aiken maintained a Buy rating on Canadian Imperial Bank Of Commerce on Thursday, setting a price target of C$110, which is approximately 5.68% above the present share price of $79.47.

Aiken expects Canadian Imperial Bank Of Commerce to post earnings per share (EPS) of $0.00 for the third quarter of 2020.

The current consensus among 8 TipRanks analysts is for a Moderate Buy rating of shares in Canadian Bank of Commerce (NYSE:CM), with an average price target of $81.79.
The analysts price targets range from a high of $91.62 to a low of $71.77.

In its latest earnings report, released on 04/30/2020, the company reported a quarterly revenue of $4.55 billion and a net profit of $0. The company's market cap is $35.37 billion.

According to TipRanks.com, Barclays analyst John Aiken is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -2.7% and a 42.47% success rate.

https://www.investing.com/news/barclays ... ce-2280592

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BMO upgrades CIBC to Outperform after strong Q1 beat

Feb. 26, 2021 7:25 AM ETCanadian Imperial Bank of Commerce (CM)By: Liz Kiesche, SA News Editor
BMO analyst Sohrab Movahedi upgrades CIBC (NYSE:CM) to Outperform from Market Perform after CIBC's fiscal Q1 earnings beat consensus largely on higher revenue and better credit.
"Relative to us, all operating segments were above expectations with notable strength in Canadian Personal & Small Business (lower PCLs) and Capital Markets (record trading)," writes Movahedi.

https://seekingalpha.com/news/3667064-b ... m=referral

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BMO upgrades CIBC to Outperform after strong Q1 beat

Feb. 26, 2021 7:25 AM ETCanadian Imperial Bank of Commerce (CM)By: Liz Kiesche, SA News Editor
BMO analyst Sohrab Movahedi upgrades CIBC (NYSE:CM) to Outperform from Market Perform after CIBC's fiscal Q1 earnings beat consensus largely on higher revenue and better credit.
"Relative to us, all operating segments were above expectations with notable strength in Canadian Personal & Small Business (lower PCLs) and Capital Markets (record trading)," writes Movahedi.

https://seekingalpha.com/news/3667064-b ... m=referral

CIBC upgraded to Neutral Credit Suisse on more stable earnings outlook

https://seekingalpha.com/news/3668736-c ... m=referral

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Latest Release
May 27, 2021

EPS / Forecast
3.59! / 3.01

Revenue / Forecast
4.93B / 4.78B

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16.05.2022 - split akcji 2:1

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Latest Release
May 26, 2022

EPS / Forecast
1.77 / 1.81

Revenue / Forecast
5.37B / 5.28B

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ONDON (Reuters) - The London office of one of Canada's top banks Canadian Imperial Bank of Commerce (CIBC) has been accused of operating a hostile and degrading environment for women, according to a discrimination claim by a former executive at the firm.

Zhuofang Wei, who worked as an executive director at CIBC for nearly two years between 2018 and 2020, is suing CIBC for 800,000 pounds ($1 million) for lost earnings and damages, alleging she was subjected to sexual and racial discrimination by managers.

Wei said she was dismissed by CIBC in March 2020 after she objected to taking on a new role without an increase in pay.

CIBC denied all Wei's allegations of discrimination and said her role was made redundant after her responsibilities significantly decreased, according to a defence document supplied by the bank to Reuters.

"CIBC is committed to a respectful and equitable workplace and takes any concerns raised by a team member seriously," a spokesperson for CIBC said. "Whenever any issue is raised through our confidential hotline or any other avenue of escalation, we investigate thoroughly and take action as appropriate.

"As this matter is now before the courts, we are unable to comment further at this time."

Wei's claim was heard by an employment tribunal in London this month, with a judgment expected within weeks.

Sexual discrimination in the workplace is under greater scrutiny in the wake of the #MeToo movement with allegations of misconduct across myriad fields including global entertainment, business, religion and sports.

Among the claims, Wei alleges CIBC's London office kept an innuendo quote book that staff were encouraged to contribute to and vote on at the team's Christmas party, which included phrases like "I am going to hold you down and pop one in" and "she's up for a touch".

China-born Wei was also subjected to discrimination directly on multiple occasions, she alleges, including twice being asked by one of the bank's senior executives to babysit his children. Wei and at least three female colleagues were also subjected to sexual comments about their attire or appearance, she alleges.

In its defence document, CIBC denied all of Wei's allegations about the London office having a discriminatory environment and denied she was subjected to unwanted harassment relating to her gender or race.

POST-BREXIT RELOCATION

Wei was lined up for a role in CIBC's planned Luxembourg office after Brexit but was not offered a pay rise to reflect the step-up in responsibilities, she alleges.

Wei was meant to combine the roles of chief operating officer and chief risk officer – which CIBC told regulators would likely command salaries of 330,000 euros and 225,000 euros respectively – but was told she would remain on her existing base salary of 206,000 euros, she alleges.

By contrast, several white employees moving to Luxembourg were given the opportunity to negotiate their salaries, with at least two white men including the incoming chief executive of the Luxembourg unit obtaining pay rises, she alleges.

CIBC argued the salary levels submitted to regulators were estimates, adding it determined all relocating staff should be paid the same but converted from pounds to euros. Any changes to pay for other staff reflected their specific circumstances, the bank said in its defence document.

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Canada's CIBC 'comfortable' with mortgage book, watching for signs of stress

TORONTO (Reuters) - Canadian Imperial Bank of Commerce is "comfortable" with the quality of its mortgage book, but is on the lookout for signs of stress, its chief risk officer said on Thursday.

"We're very comfortable with where things are currently," Shawn Beber said at the fifth-largest Canadian bank's investor day in Toronto. If "things get more stressed, then you could see higher losses than (anticipated) but that's not the base case scenario that we are looking at."

Rising mortgage rates have already slowed the breakneck pace of Canadian home prices during the pandemic. Expectations for further increases are raising concerns that homebuyers who took out variable-rate mortgages at record-low rates could struggle with payments.

The average five-year fixed mortgage rate is 3.69%, the highest in over a decade, according to Ratehub.ca data. The variable rate, while climbing, is at 2.4%, below pre-pandemic levels. Most Canadian mortgages are for five-year terms, after which they must be renewed. The most common amortization period is 25 years.

While over half of new mortgages since July have been variable-rate, monthly payments on most of these stay constant, with only the proportion of interest rising alongside rates. The lower principal payments are accounted for through an increase in the amortization period.

"That could lead to a higher amount of outstanding balance at renewal, but in terms of the performance right now, it's not changing the monthly payment," Beber said. "As we look into the future, that can be a stress and we watch for that carefully."

The bank has already taken into account "a much softer growth market" for mortgages, said Laura Dottori-Attanasio, head of Canadian personal and business banking.

CIBC, which has been spending on expanding and improving fast-growing parts of its business, will adjust the pace of its investments in response to market conditions, Chief Executive Victor Dodig said.

"If the market is more difficult, we will adjust our pace of investment," Dodig said. "When it turns around, we will accelerate that pace of investment."

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Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal and Toronto-Dominion Bank joined their bigger peers in setting aside more money to cover potential loan defaults by inflation-hit customers.

CIBC fell 7.7%, while BMO rose 1.2% and TD Bank ended 2.6% higher.

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NEW YORK (Reuters) -Canadian Imperial Bank of Commerce plans to appeal a New York judge's order that it pay about $848 million in damages to private equity firm Cerberus Capital Management, in a contract dispute tied to the 2008 global financial crisis.

In a statement on Wednesday, the Toronto-based bank said it expects to take a C$1.16 billion pretax charge, or about C$850 million ($631 million) after taxes, in its first-quarter results, reducing its ratio of capital to assets.

It also said it "strongly disagrees" with the legal and factual bases underlying Tuesday's award to Cerberus by Justice Joel Cohen of a New York state court in Manhattan of $491 million in damages plus an estimated $357 million in interest.

Banks struggled during and after the financial crisis to contain their exposure to mounting defaults and falling securities prices as the U.S. housing market collapsed and credit conditions tightened.

The dispute between Cerberus and CIBC stemmed from a complex 2008 structured note transaction in which CIBC received a $571 million loan intended to reduce its U.S. residential real estate exposure, in exchange for payments to a Cerberus entity.

Cerberus sued CIBC in November 2015, claiming that the bank underpaid some amounts it owed, and stopped making some payments altogether after a group of credit default swaps went into default and the underlying bonds were liquidated.

CIBC countered that New York-based Cerberus misread the underlying agreements, and had been accepting the alleged underpayments for several years.

On Dec. 1, after a non-jury trial, Cohen had found CIBC liable for breach of contract and rejected the bank's counterclaims, which included that Cerberus acted with fraudulent intent.

"The evidence did not ... show that CIBC was a hapless rube led astray," Cohen wrote.

In a statement on Wednesday, Cerberus said "ample evidence" supported Cohen's findings, and that it expected his decisions would be "fully upheld" in an appeal.

The judge asked Cerberus and CIBC to submit a proposed judgment by Jan. 13.

The case is Securitized Asset Funding 2011-2 Ltd v Canadian Imperial Bank of Commerce et al, New York State Supreme Court, New York County, No. 653911/2015.

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(Reuters) -Canadian Imperial Bank of Commerce (CIBC) trounced quarterly profit estimates on Friday, powered by strong trading and global markets revenue that helped counter a decline in lending growth.

Shares of the Toronto-based lender, which kicked off the first-quarter earnings season for major Canadian banks, rose 1% in a weak broader market.

Total trading revenue surged 82% from the fourth quarter to C$610 million($447 million), while revenue from global markets grew 17% from a year earlier.

Its personal and business banking unit, however, reported a 14% decline in net income, while its advisory and underwriting segment was weighed down by market conditions.

"While our pipelines remain stable, we've seen slower lending growth due to both reduced client demand and from our prudent risk posture in this environment," Chief Executive Officer Victor Dodig told analysts on a post-earnings call.

Overall revenue rose 8% to C$5.93 billion, while the bank earned C$1.94 per share on an adjusted basis, comfortably beating estimates of C$1.70, according to data from Refinitiv.

Canada's central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame stubbornly high inflation.

The company set aside C$295 million in provisions for credit losses, up C$220 million from a year-ago period, as it braces for increased odds of more loan defaults in a rising interest rate environment.

Overall net profit plunged 77% to C$432 million from a year-ago levels, after the company recorded a pretax charge of C$1.17 billion in connection with a lawsuit tied to the 2008 global financial crisis.

Last week, CIBC said it would pay $770 million to a vehicle controlled by private-equity firm Cerberus Capital Management to resolve the dispute.

Rivals Bank of Montreal and Bank of Nova Scotia will report on Tuesday while Royal Bank of Canada and National Bank of Canada (OTC:NTIOF) will post earnings on Wednesday.