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- **Record Financial Performance**: CAD 8.5B net earnings (+17% YoY), 14% revenue growth, and ROE of 14.4%.
- **Strategic Growth Drivers**: U.S. capital markets up 39% YoY, AI investments, and connected platform referrals (+23% cross-business).
- **Profitability Targets**: 2026 ROE >15%, EPS growth at high end of 7-10% range.
- **Credit Resilience**: Impaired PCL ratio of 33 bps, CET1 of 13.3%, and stable credit quality.
- **Capital Efficiency**: 10% dividend increase, CAD 5B+ returned to shareholders in 2025.

**【CEO Summary Section】**
- Reported net earnings of CAD 8.5 billion, up 17% YoY, with EPS of 8.61, up 16%. Revenues reached CAD 29 billion, driven by double-digit growth across all businesses.
- Strategic priorities include growing mass affluent wealth, digital-first personal banking, leveraging connected platforms, and enabling AI-driven efficiency.
- 10% dividend increase announced, reflecting strong capital position and ROE of 14.4%, up 70 bps YoY.
- U.S. capital markets revenue grew 39% YoY, with focus on strategic tuck-in acquisitions and AI investments.

**【CFO Financial Commentary】**
- Q4 2025 adjusted net income: CAD 2.2 billion (16% YoY growth). Adjusted ROE: 14.1%, up 70 bps YoY.
- NIM ex-trading: 14 bps YoY expansion to 290 bps (Canada) and 384 bps (U.S.). Non-interest income up 15% YoY.
- Expenses grew 10% YoY, driven by tech/AI investments. Target: mid-single-digit expense growth in 2026.
- CET1 ratio: 13.3%, stable YoY. 2026 outlook: ROE >15%, EPS growth at high end of 7-10% target range.

**【CRO Credit Discussion】**
- Total provisions: CAD 605 million (Q4), up 44% YoY due to performing allowance. Impaired PCL ratio: 33 bps (favorable end of guidance).
- Gross impaired loans: 61 bps, stable credit quality. U.S. commercial delinquencies: 1.1%, mortgage LTV: 55%.
- 2026 outlook: impaired provisions stable at mid-30s bps, supported by economic recovery.

**【Q&A Highlights】**
- **ROE Ambition**: Targeting >15% ROE in 2026, driven by credit normalization, operating leverage, and capital efficiency.
- **NIM Drivers**: Tractoring strategy, product mix (demand deposits, cards), and U.S. margin expansion. 2026 NIM growth to moderate but remain positive.
- **Expense Management**: Tech/AI spend accelerating, but positive operating leverage maintained through disciplined execution.
- **U.S. Growth**: Capital markets U.S. revenue +48% YoY, focused on high-quality sponsors and risk-adjusted returns. Branch optimization reducing expense growth.
- **Capital Deployment**: Buybacks (CAD 5B+ returned in 2025), dividend growth, and strategic M&A to enhance ROE.

Canadian Imperial Bank of Commerce (CM) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CM

CM fundamentals

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