Narrow-moat Canadian Imperial Bank of Commerce (CM), or CIBC, reported decent fiscal second-quarter results, all things considered. The economic strain of coronavirus related shutdowns weighed on results with provisioning up significantly, coming in at $1.4 billion versus a more normal range of $200 million-$400 million. This was the biggest factor driving the year-over-year decline in EPS of 68% to $0.94. Of the six Canadian banks we cover, CIBC had the worst decline in EPS. This was partially driven by the bank’s larger relative increase in provisioning. Revenue was up only 1%, while expenses were up 3%, which led to a pre-provision revenue decline of 4%, also one of the weaker results among peers.
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