Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2024 Earnings Conference Call February 29, 2024 7:30 AM ET

Company Participants

Geoff Weiss - Senior Vice President, Investor Relations

Victor Dodig - President & Chief Executive Officer

Hratch Panossian - Chief Financial Officer

Frank Guse - Chief Risk Officer

Jon Hountalas - Senior Executive Vice President & Group Head, Canadian Banking

Harry Culham - Senior Executive Vice-President & Group Head, Capital Markets

Shawn Beber - Senior Executive Vice-President & Group Head, U.S. Region; President & CEO, CIBC Bank USA

Conference Call Participants

Gabriel Dechaine - National Bank Financial

Meny Grauman - Scotiabank

Mario Mendonca - TD Securities

Sohrab Movahedi - BMO Capital Markets

Lemar Persaud - Cormark Securities

Nigel D'Souza - Veritas Investment Research

Ebrahim Poonawala - Bank of America

Darko Mihelic - RBC Capital Markets

Doug Young - Desjardins Capital Markets

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

Thanks very much, and good morning, everyone. We will begin this morning with opening remarks from Victor Dodig, our President and Chief Executive Officer; followed by Haradh Panossian, our Chief Financial Officer; and Frank Gros, 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.

Once again, this quarter, we have a hard stop at 8:30 to give everyone an opportunity to participate, please 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 call over to Victor.

Victor Dodig

Thank you, Geoff, and good morning, everyone. On today's call, I'll provide a brief high-level overview of our Q1 results, followed by an update on the progress we're making against key strategic initiatives. Building on the growth momentum we've established over the last few years, we delivered a strong start to this fiscal 2024 year. We continue to successfully navigate through a fluid economic backdrop and execute on our client-centric strategy, supported by the addition of 700,000 net new clients over the last 12 months. Our performance this quarter was a reflection of our diversified business model and a strategy that is working.