Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2015 Earnings Conference Call - Preliminary Transcript

Feb 26, 2015 • 08:00 am ET


Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2015 Earnings Conference Call - Preliminary Transcript


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Good morning, ladies and gentlemen. Welcome to the CIBC First Quarter Results Conference Call. Please be advised that this call is being recorded. To reduce the audio interference, please turn of your Blackberry for the duration of the meeting. I would now like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead.

Geoff Weiss

Good morning and thank you for joining us. This morning CIBC Senior Executives will review CIBC's Q1 2015 results that were released earlier today. The documents referenced on this call, including CIBC's Q1 news release, investor presentation and financial supplement, can all be found on our website at In addition, an archive of this audio webcast will be available on our website later today.

This morning's agenda will include opening remarks from Victor Dodig, CIBC's President and Chief Executive Officer; Kevin Glass, our Chief Financial Officer will follow with the financial review; and Laura Dottori-Attanasio, our Chief Risk Officer, will close the formal remarks with the risk management update. After the presentations, there will be a question-and-answer period that will conclude by 9AM.Also with us for the question-and-answer period are CIBC's business leaders, including Geoff Belsher; Harry Culham; Steve Geist; and David Williamson, as well as other senior officers.

Before we begin, let me remind you that any individual speaking on behalf of CIBC on today's call may make forward-looking statements that are subject to a variety of risks and uncertainties. These statements may include material factors or assumptions that could cause CIBC's actual results in future periods to differ materially. For more information, please refer to the note about forward-looking statements in today's press release.

And with that, let me now turn the meeting over to Victor.

Victor Dodig

Thanks, Geoff. And good morning, everyone. We're pleased to announce a strong start to the year. CIBC reported recorded adjusted earnings of $956 million or $2.36 per share, up 2% from the same period last year. We continue to generate industry leading returns with an adjusted return on equity of 20.6%. Our capital position remain strong with a -- III Common Equity Tier 1 ratio of 10.3%. We also announced a $0.03 increase to our quarterly dividend.

We are confident our client focused strategy and high quality asset base position us well to deliver consistent, sustainable returns and industry leading yield to our shareholders. During the first quarter, we made progress on our priority to strengthen our CIBC franchise, by focusing on our culture, our clients and our shareholders. Our culture is evolving from the neighborhood focus which was acquired during a time of de-risking and stabilizing our bank to an out more orientation that's focused on our clients. We remain committed to growing our shareholder value through prudent investments and strategic initiatives that support organic growth, which includes investing in our brand.

We recently announced a strategic partnership that will see CIBC provide a number of services to enhance the travel experience for riders of the new express rail service between Union