Summary
- The TD Bank Group and the Canadian Imperial Bank Of Commerce posted have their latest earnings report for the fourth quarter and fiscal year of 2020.
- The Toronto-Dominion Bank’s total revenues amounted to C$ 11.8 billion in Q4 FY20, a significant year-over-year improvement.
- The CIBC saw a 15 per cent year-over-year drop in its reported net income of C$ 1.01 billion in Q4 FY20.
The Toronto-Dominion Bank (TSX: TD) and Canadian Imperial Bank Of Commerce (TSX: CM) released their fourth quarter earnings report of 2020 on Thursday, December 3.
Stocks of both TD and CIBC are currently trending high on the Toronto Stock Exchange (TSX). Let’s dive in to understand their latest performance.
The Toronto-Dominion Bank (TSX: TD)
Current stock price: C$ 71.08
Stocks of The Toronto-Dominion Bank are marginally down about two per cent this year. But since the March lows, the scrips have jumped nearly 14 per cent in the last six months.
In November alone, TD stocks recorded a growth of almost 18 per cent.
The lender currently holds an average stock movement volume of 4.37 million for the last 10 day and that of 5.09 million in the last one month.
The Toronto-Dominion Bank’s six-month performance chart (Source: Refinitiv/Thomson Reuters)
TD latest financial results
The Toronto-Dominion Bank’s reported net income stood at C$ 5.14 billion in the fourth quarter ending 31 October 2020, up from C$ 2.85 billion Q4 FY19.
Its total revenues amounted to C$ 11.8 billion in Q4 FY20, a significant year-over-year improvement from C$ 10.3 billion in Q4 FY19.
The bank’s provision for credit losses was C$ 917 in the latest quarter, a noticeable drop from that of C$ 2.18 billion in the previous quarter ending 31 July 2020.
Canadian Imperial Bank of Commerce (TSX: CM)
Current stock price: C$ 110.06
Canadian Imperial Bank Of Commerce stocks accumulated an average trading volume of over 1.69 million in the last 10 days and about 1.74 over the past month. The shares record a 52-week high of 115.08 and a 52-week low of 67.52.
CIBC stocks nosedived when the markets tanked in March as the novel coronavirus outbreak hit a pandemic level. In the last six months, however, the scrips rebounded by over 15 per cent.
The bank stock registered a growth of almost two per cent this year and about six per cent in the last three months.
CIBC’s six-month performance chart (Source: Refinitiv/Thomson Reuters)
Cibc latest financial results
Canadian Imperial Bank Of Commerce reported a total revenue of C$ 4.6 billion in the fourth quarter ending 31 October 2020, down from C$ 4.77 billion in Q4 FY19.
Its provision for credit losses stood at C$ 291 million in Q4 FY20, down from C$ 525 million in the third quarter of 2020.
The bank’s cash, deposits and securities amounted to C$ 0.21 million in the latest quarter, up from C$ 0.13 million in Q4 FY19.
For the fiscal year of 2020, CIBC’s provision for credit losses was C$ 2.5 billion and its expenses totaled to C$ 11.4 billion.
Canadian Imperial Bank Of Commerce has also announced a quarterly dividend of C$ 1.46, which is payable on 28 January 2021. The dividend yield currently stands at 5.306 per cent, as per the data available on the TMX portal.
