Canadian Imperial Bank of Commerce (NYSE:CM) Q4 2023 Earnings Call Transcript

Victor Dodig: Well, it does increase capital requirements but it is a very small part that would actually be captured under the financial hardship rules. So overall it is not material or meaningful, but it would impact capital requirements for sure.

Mario Mendonca: Thank you.

Operator: Thank you. We have no further questions registered at this time. I would now like to turn the meeting back over to Victor.

Victor Dodig : Thank you, operator, and thank you for the questions today. We’re going to give you back some time. I know you got another call at 8.30 and another call today. I want to thank you all for your engagement with us throughout the fiscal year this past year on our quarterly calls and in the other forums where we get to engage with you. I said at the outset of my remarks that we have the right strategy at CIBC. We also know how to operate in a fluid and uncertain environment. Our proactive management in a more challenging environment this past year is an example of that. A year in which we generated positive operating leverage, a year in which we protected net interest margin, and a year in which we strengthened our balance sheet throughout the year, while continuing to make strategic investments to ensure our bank is well positioned for the future.

I have full confidence, and our leadership team has full confidence in the deep bench of talent within our businesses, and our experienced leadership team is there to deliver on our strategic priorities that we’ve laid out here in all of our businesses in the upcoming year. Before we close the call, I’d also like to recognize our entire CIBC team for their contributions as they delivered on our purpose for our clients, our communities, and for one another and of course for our shareholders. This purpose comes to life each year at CIBC Miracle Day, taking place next week, next Wednesday, to raise funds for children’s charities. I’m looking forward to the event. It’s a big deal for us. It’s a big deal for the community. It’s something we started over three decades ago, and I hope you all participate.

Wishing you all the best for the holiday season. Thank you.

Operator: Thank you. The conference has now ended. Please disconnect your lines at this time and we thank you for your participation.