Canadian Imperial Bank of Commerce (CM) Q2 2022 Earnings Call Transcript

For the period ending April 30, 2022

May 26, 2022 7:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. Welcome to the CIBC Quarterly Financial Results Call. Please be advised that this call is being recorded. I would like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

Geoff Weiss

Thank you, and good morning. We will begin this morning's presentation with opening remarks from Victor Dodig, our President and CEO; followed by Hratch Panossian, our Chief Financial Officer; and Shawn Beber, our Chief Risk Officer. . Also on the call today are a number of our group heads, including Mike Capatides, US Commercial Banking and Wealth Management, Harry Culham, Capital Markets; Laura Dottori Attanasio, Canadian Personal and Business Banking and Jon Hountalas, from our Canadian Commercial Banking and Wealth Management. They're all available to take questions following the prepared remarks.

During the Q&A, with a hard stop at 8:30, we ask that you limit your questions to one. As noted on Slide 2 of our investor presentation, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results may differ materially.

With that, I will now turn the meeting over to Victor.

Victor Dodig

Thank you, Geoff, and good morning, everyone. I'd like to open the call with a few comments on the macroeconomic environment, followed by a summary of our second quarter results. So there's no doubt we're all in a very fluid environment. First and foremost, our thoughts are with those who have been affected by the war in Ukraine. Beyond its human impact, the conflict is exacerbated COVID-related supply chain disruptions, and contributed to inflationary pressures around the globe.

Central banks, around the globe, are responding by raising interest rates to cool inflationary pressures, which is leading concerns to an economic slowdown. Now during times like this, our unrelenting support for our clients, together with our diversified business model, our strong balance sheet and our prudent risk will drive consistent and sustainable performance for CIBC.

You can see this resilience in our financial performance. Against this macroeconomic backdrop, we reported solid results this quarter, underpinned by our strategic focus on investing for profitable and enduring growth. Revenue was up 9% over last year, driven by broad-based loan and deposit growth, higher fee income and strong client-based trading activity.