Canadian Imperial Bank of Commerce Reports Steady Fourth Quarter; Maintaining Fair Value Estimate
Narrow-moat-rated Canadian Imperial Bank of Commerce reported fiscal fourth-quarter results that were in line with our overall expectations, and we are maintaining our fair value estimates of CAD 119 and $91.Adjusted return on equity was 19% for 2016, a decrease from the 19.9% achieved in 2015, but still within the expected range of 18% to 20%. The adjusted efficiency ratio did improve to 58% for 2016 from 59.6% in 2015, and the bank believes it has more room to improve as restructuring efforts...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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