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Canadian Imperial Bank of Commerce Q2-2019 Earnings - Price Target Update

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CIBC provides financial products and services to 11M individual, small business, commercial, corporate and institutional clients mainly in Canada and the U.S. CIBC operations include four main businesses: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management and Capital Markets. CIBC is the 5th largest of the big five banks in Canada by assets. Personal and business banking including loans comprise approximately 70% of revenues, with the balance split between wealth management and capital markets. Following the acquisition of CIBC Bank-USA approximately 10% of revenues are in US dollars. Total assets as of Apr-30-2019 are $634M compared to $565M at the Oct-31-2017 year end.

Acquisitions & Dispositions

They acquired Private Bancorp and Trust Company, Inc. on Jun-23-2017, for US$5B(C$6.6B) and subsequently rebranded as CIBC Bank – USA. This acquisition expands their U.S. presence creating a platform for middle market commercial and private banking.

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