Canadian Imperial Bank of Commerce: 2Q26 EPS REVIEW: Solid fee income drives positive operating leverage, exits Caribbean

研报英文原文证据摘录

Canadian Imperial Bank of Commerce: 2Q26 EPS REVIEW: Solid fee income drives positive operating leverage, exits Caribbean

Equity Research

Canada & Latin America Banks

29 May 2026

Canadian Imperial Bank of Commerce

2Q26 EPS REVIEW: Solid fee

income drives positive operating

CM.TO/CM CT OVERWEIGHTleverage, exits Caribbean

Unchanged

Results again exceeded consensus, driven by better-than- Canada & Latin America POSITIVE Banks

Unchangedexpected NII and fee income as well as expenses though PCLs

were higher-than-modeled. Credit quality pressure eased Price Target CAD 144.00 raised 2% from CAD 141.00

with GILs up 4.6% but formations down 8.2% CM generated Price (28-May-26) CAD 150.96

Potential Upside/Downside -4.6%positive operating leverage for the 11th consecutive quarter.

Source: Bloomberg, Barclays Research

Market Cap (CAD mn) 138620

Shares Outstanding (mn) 918.26Executive Summary

Free Float (%) 97.70

Bottom line: Results in 2Q26 again exceeded expectations, driven by higher-than-expected NII

52 Wk Avg Daily Volume (mn) 4.1

and fee income as well as better-than-expected expenses, though PCLs were higher than

Dividend Yield (%) 2.83

anticipated. Credit quality pressure eased with GILs up modestly but formations declining.

Return on Equity TTM (%) 16.48

Capital remains healthy with its CET1 ratio at 13.6% even after 65mn shares were repurchased

Current BVPS (CAD) 63.77

in the quarter. Looking out, it sees NIM stabilizing to moving gradually higher over time. In Source: Bloomberg

addition, it sees impaired provisions in 2H26 to be broadly inline with the levels of 1H26.

Results: CCM reported 2Q26 EPS of C$2.53. Excluding C$8mn amortization of acquisition- Price Performance Exchange-TOR

related intangibles and C$2mn impairment of intangible assets, EPS was C$2.54.