CM is up 10% YTD vs the sector up 8%. For one year, CM is nearly double the sector, at +55% vs +28%. It has a good dividend and it raises it regularly. Earnings growth has been good and consistent. The last quarter was good with EPS 8% better than expected. CIBC remains on track to reach its fiscal 2025 goals, even as trade uncertainty weighs on the economy. Loan growth could remain muted in the near term, but guidance for a stable net interest margin for banking and all-bank implies modest interest income growth. Trading outperformance in 1H might remain a variable, as the Wealth segment's organic growth may be challenged by market volatility. CIBC maintains its outlook for mid-single-digit core expense growth in 2H, which should pave the way to positive operating leverage for 2025. CIBC believes it can manage impaired loan-loss provisions within mid-30-bp guidance, consistent with 2Q results, even as they could rise in 3Q.
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