Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is one of the five largest banks in Canada. It has four main business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. In the United States it serves mid-market companies and private wealth clients.

Total assets were $1.18 trillion and deposits were $852.2 billion at July 31, 2026. In May 2026, CIBC agreed to sell its 91.67% interest in CIBC Caribbean Bank to Butterfield. All amounts are in Canadian dollars unless the text says otherwise. The fiscal year ends on October 31.

CIBC trades at a premium because investors pay for its fast rise in returns and earnings. Adjusted ROE was 16.8% in Q3 fiscal 2026, up from 14.2% a year earlier, and adjusted diluted EPS grew 26% to $2.73. Capital Markets net income grew 34%, and Canadian Personal and Business Banking net income grew 17%. Investors also expect buybacks to continue, because the CET1 ratio was 13.4% and OSFI lowered its capital buffer for the large banks in June 2026.

The price assumes that adjusted ROE stays near 16% or more. For the premium to be earned, three things must be true. Capital Markets and wealth fees must keep most of their gains when markets are less active. Credit losses must stay near the loan loss ratio of 0.40% of Q3 fiscal 2026, even with trade tension between Canada and the United States.

The sale of CIBC Caribbean must close in the first half of 2027 as planned. The Q4 fiscal 2026 report on December 3, 2026 gives the first test. If adjusted ROE falls back toward 14% when markets slow, the premium can shrink within one to two years.

1. Aug 27, 2026Passed

   Q3 fiscal 2026 resultsAdjusted ROE near 16% and a stable loan loss ratio pass; lower returns or a large rise in provisions fail.Outcome: Adjusted ROE rose to 16.8% and adjusted diluted EPS grew 26% to $2.73, while the loan loss ratio rose to 0.40% from 0.33% a year earlier.
2. Dec 3, 2026Pending

   Q4 fiscal 2026 resultsAdjusted ROE near 16% or more, a loan loss ratio near 0.40% and continued buybacks pass; lower returns or a large rise in provisions fail.
3. Q2 2027 · est.Pending

   Close of the CIBC Caribbean saleA close in the first half of 2027 with no new charges passes; a delay, a lower price or new charges fail.

Every passed and failed checkpoint across all picks

• August 27, 2026CIBC reported Q3 fiscal 2026 results. Revenue rose 15% to $8.37 billion. Reported net income was $2.41 billion and reported diluted EPS was $2.47. Adjusted net income rose 26% to $2.65 billion, adjusted diluted EPS was $2.73 and adjusted ROE was 16.8%. Capital Markets net income rose 34% to $722 million. Results included charges of $269 million for the sale of CIBC Caribbean. The CET1 ratio was 13.4%.
• July 6, 2026CIBC closed its purchase of a 19.15% equity interest in Ampersand Partners (&Partners), a U.S. private wealth management firm, and became its strategic banking partner.
• June 19, 2026OSFI lowered the Domestic Stability Buffer for the large Canadian banks to 3.0% from 3.5% of risk-weighted assets. The CET1 target with all buffers fell to 11.0%.

Next earnings

December 3, 2026, as the company confirmed.

• 6-KInterim report for the period ended Jul 31, 2026Filed August 27, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Apr 30, 2026Filed May 28, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jan 31, 2026Filed February 26, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Oct 31, 2025Filed December 4, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1045520)

• Credit losses can rise if the economy in Canada weakens. Trade tension between Canada and the United States can hurt business clients and households. The loan loss ratio rose to 0.40% in Q3 fiscal 2026 from 0.33% a year earlier, and provisions on impaired loans rose in Canadian lending and Capital Markets.
• A large part of the profit growth came from markets. Capital Markets net income rose 34% in Q3 fiscal 2026, mainly from equity trading and financing. If markets slow, this profit can fall quickly.
• Costs rise with investment in technology and AI. Reported non-interest expenses were $4.69 billion in Q3 fiscal 2026, up from $3.98 billion, and the reported efficiency ratio was 56.0%. If revenue growth slows, returns can fall.
• The sale of CIBC Caribbean needs approval by Butterfield shareholders and regulators. CIBC also gives indemnities and will hold about 22% of Butterfield, so it keeps some exposure to the region.

CIBC funds itself mainly with deposits, which were $852.2 billion at July 31, 2026, and total assets were $1.18 trillion. The CET1 ratio was 13.4%, the leverage ratio was 4.3%, the total loss absorbing capacity ratio was 34.4% and the liquidity coverage ratio was 127%. Read more

Dividend yield

2.6% (last 12 months, at today’s price of CA$164.79)

Paid per share

CA$4.28 in the last 12 months (4 payments)

Current annual rate

CA$4.28 (CA$1.07 × 4 a year)

Latest ex-dividend date

September 28, 2026, CA$1.07 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 7.9% a year. Over the last 10 years, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.