Canadian Imperial Bank of Commerce (NYSE:CM) Q3 2020 Earnings Conference Call - Final Transcript

Aug 27, 2020 • 08:00 am ET


Canadian Imperial Bank of Commerce (NYSE:CM) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and 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, Senior Vice President, Investor Relations. Please go ahead, Geoff.

Geoff Weiss

Thank you, and good morning, everyone. We will begin this morning's presentation with opening remarks from Victor Dodig, our President and Chief Executive Officer. Following Victor, Hratch Panossian, our Chief Financial Officer, will review our operating results. Shawn Beber, our Chief Risk Officer, will close out the prepared remarks with a risk management update. We're also joined in the room by CIBC's business leaders, including Harry Culham, Laura Dottori-Attanasio, and Jon Hountalas as well as Mike Capatides, who has joined us remotely from USA. They will be 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 that have inherent risks and uncertainties. Actual results may differ materially.

With that, I will now turn the meeting over to Victor.

Victor G. Dodig

Thank you, Geoff, and good morning, everyone. Thanks for joining us and we hope you and your families are well. Over the last six months, we've seen significant change in the market as a result of the COVID-19 pandemic. Initially, our focus was on the urgent response required to deliver relief to individuals and to businesses as we navigated through a period of great uncertainty. More recently, our focus has shifted towards recovery, maintaining our commitment to our clients as we reignite our long-term strategic growth plans and to do our part to support the recovery of our economies.

With that context, I'd like to share three key messages with you. The first is, our CIBC team has responded to this pandemic with professionalism, with dedication and with purpose, and they are the foundation for our growth efforts moving forward. There's no substitute for purpose-driven culture, and our entire team remains focused on making our clients' ambitions a reality. The second is that we're investing for the long term to position CIBC for success as we emerge from the pandemic stronger and prepared to capture growth. And the third is that the investments that we've made over the past several years to simplify and to modernize our bank and deepen client relationships have positioned us well. The results this quarter reflect the resilience of our bank.

Since our second quarter call with you in May, Canada's economy has seen some signs of recovery with the cautious reopening of many sectors. However, many businesses are still operating far from pre-pandemic levels. The Bank of Canada's message last month underscored the path to a full recovery could be both lengthy and uncertain. In the U.S., while many states reopened during the quarter, the continued spread of the virus could translate into a prolonged recovery. Against this backdrop, we remain cautiously optimistic and believe that our strong core franchise, client-centric focus and diversified business will enable us to