The company did not provide specific guidance for the current quarter or full year in the press release.
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
C$8.37 bln
C$8.03 bln (9 Analysts)
Q3 Adjusted EPS
Beat
C$2.73
C$2.53 (12 Analysts)
Q3 EPS
C$2.47
Q3 Net Income
C$2.41 bln
Q3 Adjusted ROE
16.80%
Q3 CET1 Capital Ratio
13.40%
Drivers of revenue growth
Net interest margin and loan growth - Higher net interest margin and loan growth drove revenue gains in Canadian Personal and Business Banking.
Volume and fee-based revenue - Canadian Commercial Banking and Wealth Management saw higher revenue from volume growth and increased fee-based revenue due to higher assets under administration and management.
Equity trading and financing - Capital Markets revenue rose, driven by higher equity trading and financing revenue.
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 9 "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$173.25, about 5.8% above its August 26 closing price of C$163.82.
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago.
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