This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Canadian Imperial Bank Of Commerce CEO Discusses Q3 2012 Results - Earnings Call Transcript

This morning’s agenda will include opening remarks from Gerry McCaughey, CIBC’s President and Chief Executive Officer. Kevin Glass, our Chief Financial Officer, will follow with a financial review and Tom Woods, our Chief Risk Officer will close the formal remarks with a risk management update. After the presentations, there will be a question-and-answer period that will conclude by 9.30 AM. Also with us for the question-and-answer period are CIBC’s business leaders, Victor Dodig, Richard Nesbitt and David Williamson, as well as other senior officers.

Before we begin let me remind you that any individual speaking on behalf of CIBC on today’s call, may make forward-looking statements that are subject to a variety of risks and uncertainties. These statements may include material factors or assumptions that could cause CIBC’s actual results in future periods to differ materially. For more information, please refer to the note about our forward-looking statements in today’s press release. With that, let me now turn the meeting over to Gerry.

Gerald McCaughey

Thank you, Geoff and good morning everyone. Before I begin, I will also remind you that my comments may contain forward-looking statements. CIBC produced strong results in Q3. We reported net income for the quarter of $841 million and earnings per share of $2. Return on equity for the quarter was 21.8%. Adjusting for items of note, earnings were $2.06. Our capital ratios are strong. We finished the quarter with the Basel III pro forma common equity ratio estimated at 8.9% and a Basel II tier one ratio of 14.1%.

We continue to make progress on our strategy, which has three underlying elements. Our first principle is to be a lower risk bank. We remain focused on delivering consistent and sustainable earnings and we have a strategic plan to deliver managed growth for CIBC. This growth plan is grounded in four main work streams. First we will strengthen our core Canadian Retail and Business Banking franchise with a particular focus on deeper client relationships. Second, we will grow our Wealth Management platform in Canada and internationally, particularly in the United States. This involves limited M&A activity such as our investment in American Century last year and our recent acquisition of McLean Budden’s Canadian Private Wealth business. Third we will grow our client based Wholesale Banking business in targeted industries within our defined risk appetite. These will involve crossing borders in four key areas of expertise, oil and gas, mining, real estate finance and infrastructure. Today’s announcement regarding our acquisition of Griffis & Small, which I’ll touch on shortly is an example of supporting this strategy. And fourth, we will strengthen our offshore Caribbean Banking business.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs