Canadian Imperial Bank of Commerce Reports Good Third-Quarter Results; PrivateBancorp Deal on Track
Canadian Imperial Bank of Commerce reported good fiscal third-quarter results, and we plan to maintain our narrow moat and $91/CAD 102 fair value estimates. Adjusted net income was up 11% from last year’s levels to CAD 1.1 billion, if we remove the CAD 428 million gain for the sale of ACI to Normura. Like its other Canadian peers, the bank benefited from higher retail lending volumes and capital and trading markets activity. Net interest income improved 5%  to CAD 2.1 billion mainly due to highe...Canadian Imperial Bank of Commerce is a financial institution. Through its three business units, Co. provides a range of financial products and services to individual, small business, commercial, corporate and institutional clients in Canada and around the world. Co.'s Retail and Business Banking business unit provides financial advice, products and services. Co.'s Wealth Management business unit provides integrated advice and investment solutions. Co.'s Capital Markets business unit provides integrated credit and global markets products, investment banking advisory services and research. As of Oct 31 2017, Co. had total assets of C$565.26 billion and total deposits of C$439.71 billion.
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