Canadian Imperial Bank of Commerce (NYSE:CM) Q3 2023 Results Conference Call August 31, 2023 8:00 AM ET

Company Participants

Geoff Weiss - Senior Vice President, Investor Relations

Victor Dodig - President and Chief Executive Officer

Hratch Panossian - Chief Financial Officer

Frank Guse - Chief Risk Officer

Shawn Beber - Senior EVP & Group Head U.S.

Harry Culham - Group Head, Capital Markets and Direct Financial Services

Jon Hountalas - Group Head, Canadian Commercial Banking and Wealth Management

Conference Call Participants

Ebrahim Poonawala - Bank of America

Gabriel Dechaine - National Bank Financial

Meny Grauman - Scotiabank

Mike Rizvanovic - KBW Research

Lemar Persaud - Cormark Securities

Mario Mendonca - TD Securities

Nigel D'Souza - Veritas Investment Research

Darko Mihelic - RBC Capital Markets

Sohrab Movahedi - BMO Capital Markets

Operator

Good morning. Welcome to the CIBC Quarterly Financial Results Call. Please be advised that this call is being recorded.

I would now like to turn the meeting over to Geoff Weiss, SVP, 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 Chief Executive Officer; followed by Hratch Panossian, our Chief Financial Officer; and Frank Guse, our Chief Risk Officer. Also on the call today are a number of our group heads, including Shawn Beber, U.S. region; Harry Culham, Capital Markets and Direct Financial Services; and Jon Hountalas, Canadian Banking. They are all available to take questions following the prepared remarks.

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 call over to Victor.

Victor Dodig

Thank you, Geoff, and good morning, everyone. I hope you've all had a nice summer. I'll begin with a few brief comments about our third quarter results including progress update against our strategic priorities. I'll then turn the call over to Hratch, followed by Frank to review our performance in greater detail before we take your questions.

This quarter, we delivered solid core business performance by continuing to execute on our client-focused strategy while building capital, expanding margins and prudently managing expenses. Net earnings of $1.5 billion or $1.52 per share were lower than the prior year and reflect higher provisions for credit losses, while pre-provision pretax earnings were up 5% during the same period.