AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
.jpg)
Highlights
- Stocks of Canadian Imperial Bank of Commerce (TSX:CM) moved up as the lender announced its third quarter results for fiscal 2021 on Thursday, August 26.
- The Canadian Imperial Bank of Commerce said that it saw a whopping 48 per cent year-over-year (YoY) surge in its reported net income.
- Along with its new earnings report, the CIBC also announced its plans to hit net zero greenhouse gas (GHG) emissions by year 2050 on Thursday.
Stocks of Canadian Imperial Bank of Commerce (TSX:CM) moved up by about one per cent in the premarket trading hours as the lender announced its third quarter results for fiscal 2021 on Thursday, August 26.
The CIBC was the fifth big six bank to submit its Q3 FY21 results this earnings season, after BMO, Scotiabank, National Bank and Royal Bank of Canada.
Let us take a glance through CIBC’s latest financial report.
Also read: BNS stocks rise as Scotiabank posts $2.5B Q3 profit. Time to buy?
CIBC (TSX:CM) Q3 FY21 Earnings
The Canadian Imperial Bank of Commerce said that it saw a whopping 48 per cent year-over-year (YoY) surge in its reported net income of C$ 1.73 billion in Q2 FY21.
The top lender’s topline moved up by seven per cent YoY to total at C$ 5.6 billion.
Its earnings per share (EPS) rose up to C$ 3.93 apiece an adjusted basis in Q3 FY21, as against the average analysts’ expectation of C$ 3.41.
The CIBC recorded a significant improvement in its provision for credit losses (PCL), which was a reversal of C$ 99 million in the latest quarter, as against that of C$ 525 million in Q3 FY20.
Copyright © 2021 Kalkine Media
The bank’s return on equity (ROE) shot up to 17.9 per cent in Q3 FY21, which was notably up from an ROE of 12.9 per cent in the same quarter a year before. The CIBC presently holds a return on assets (ROA) of 0.69 per cent and a price-to-earnings ratio of 12.6.
Following the suit of the other top Canadian banks in their third fiscal quarter earnings reports this week, Canadian Imperial also locked its quarterly dividend at C$ 1.46 per unit for Q4 FY21.
Also read: BMO Q3 profit soars by 85%, but still no dividend hike! Buy or not?
CIBC Stock Performance
Canadian Imperial stock was trading at a value of C$ 151.36 on the Toronto Stock Exchange (TSX) (6AM EST) as it released its Q3 FY21 results on Thursday morning.
CIBC stock expanded by more than 52 per cent in the past one year and surged by about 39 per cent year-to-date (YTD).
Ahead of its Q3 results announcement, the financial stock rose to record a fresh 52-week high of C$ 151.9 on Wednesday, August 25.
Bottomline
Along with its new earnings report, the CIBC also announced its plans to hit net zero greenhouse gas (GHG) emissions by year 2050 on Thursday.
It has noted a “significant increase” in its goals to organize “sustainable finance to a target of C$ 300 billion by 2030”, motored by a positive customer response and the expanding sustainable investment market.
