Canadian Imperial Bank of Commerce

Strong Q3 results + continued operating leverage (good): - Adjusted EPS: $2.73, +26% YoY; 9th consecutive quarter of double-digit EPS growth. - Revenues: $8B, +15% YoY (broad-based). - Pre-provision pretax earnings: $4B, +20%; 12th consecutive quarter of positive operating leverage. - Expenses: +11% YoY while efficiency ratio improved ~200 bps YoY. - ROE: 16.8%, +260 bps YoY.

Capital strength + shareholder returns (good/surprising): - CET1 ratio: 13.4% (down 19 bps QoQ), supported by organic capital generation, but pressured by items like the Caribbean charge, the &Partners minority stake closing, and buybacks. - Share repurchase: 7.5 million shares during the quarter. - Liquidity: LCR avg 127%—management repeatedly emphasized balance sheet strength as flexibility amid uncertainty.

NIM / revenue mix outlook: stable-to-gradually higher (good, with nuance): - Management reiterated “stable to gradual positive bias” on all-bank NIM over time; Canada margin expected similarly. - Canada P&C NIM: 304 bps, +3 bps sequentially (driven by loan & deposit margin execution). - U.S. NIM: 376 bps, -14 bps QoQ, largely due to loan growth outpacing deposit growth and mix; U.S. margin softness expected to have seasonality (Q4/Q1 tends to bring deposit inflows). - Revenue drivers: non-interest income $3.9B (+20% YoY), including trading/market fees +25% and transaction fees +6% (credit fees strong).