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Highlights
- Canadian Imperial Bank of Commerce, popularly termed CIBC, is drawing investors' attention after releasing its first-quarter results on Friday morning, February 25.
- CIBC said that, on a quarter-over-quarter (QoQ) basis, its net income increased by 30 per cent while its diluted earnings per share jumped by 31 per cent in the first quarter of fiscal 2022.
- Stocks of CIBC catapulted a return of over 31 per cent in the last 12 months.
Canadian Imperial Bank of Commerce, popularly termed CIBC, is drawing investors' attention after releasing its first-quarter results on Friday morning, February 25.
CIBC said that, on a quarter-over-quarter (QoQ) basis, its net income increased by 30 per cent and its diluted earnings per share jumped by 31 per cent in the first quarter of fiscal 2022.
Let's delve into its latest financials reports and see how CIBC did in the first three months of FY2022.
Commercial Imperial Bank of Commerce (TSX: CM) Q1 FY2022 financial results
The C$ 69-billion market cap bank saw its net income stand at C$ 1.86 billion in Q1 FY2022, i.e., a 15 per cent rise year-over-year (YoY). Its first-quarter diluted earnings per share (EPS) were C$ 4.03 in Q1 FY2022, reflecting a growth of 14 per cent YoY.
Also read: Royal Bank (TSX:RY) posts net profit of $4.1B in Q1. Time to buy?
On an adjusted basis, its net income jumped 20 per cent YoY to C$ 1.89 billion, and its adjusted diluted EPS increased by 21 per cent YoY to C$ 4.08 in Q1 FY2022.
CIBC had a Common Equity Tier 1 (CET1) ratio of 12.2 per cent and a leverage ratio of 4.3 per cent as of January 31, 2022.
CIBC's stock performance
CIBC’s share price catapulted by over 31 per cent in the last 12 months. CM stock closed at C$ 154.90 apiece on Thursday, February 24, down by over three per cent.
However, following its latest earnings results, CIBC stock was trading nearly four per cent higher at C$ 160.55 apiece at 9:34AM EST on Friday.
Bottomline
In addition to its quarterly results, Canadian Imperial Bank of Commerce also declared a dividend of C$ 1.61 apiece, which is scheduled to be paid on April 28.
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
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