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CIBC fiscal Q2 adjusted net income remains flat YOY

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CIBC fiscal Q2 adjusted net income remains flat YOY

Canadian Imperial Bank of Commerce reported fiscal second-quarter adjusted net income attributable to common shares of C$1.32 billion, or C$2.97 per share, compared to C$1.32 billion, or C$2.95 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the fiscal second quarter was C$2.98.

Net income for the quarter was C$1.31 billion, or C$2.95 per share, versus C$1.29 billion, or C$2.89 per share, a year ago.

Most of the Toronto-based company's core business segments saw increases in their net incomes in the fiscal second quarter. The U.S. commercial banking and wealth management segment posted an 18% yearly increase in fiscal second-quarter net income to C$163 million. The capital market segment's net income went up 12% year over year, to C$279 million, while the Canadian commercial banking and wealth management segment's net income increased 6% to C$328 million.

Meanwhile, fiscal second-quarter net income at the Canadian personal and small business banking segment dropped 2%, to C$570 million.

Provision for credit losses increased 20% year over year to C$255 million, primarily due to an increase in provisions on impaired loans in the Canadian commercial banking and wealth management segment.

The company also intends to seek the Toronto Stock Exchange's approval of a share buyback plan to purchase for cancellation up to 9 million shares, or around 2% of its outstanding common shares, over the next 12 months.