Canadian Imperial Bank of Commerce (CM) 3 Dec 202020 Q4 Earnings call transcript

Good morning and welcome to the CIBC Quarterly Financial Results Call. Please be advised that this call is being recorded. I would like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

Thank you and good morning.

morning's and opening Chief this Dodig, from begin President our Executive will presentation remarks with Victor We Officer.

joined update by Following Financial Victor, will brief risk close Followed with prepared and Officer. update Officer, the us Chief Beber, management Jon a will to a leaders Laura including will in Harry review Capatides, They business out Chief who Hratch our operating from Victor room Panossian, Mike remotely Risk CIBC's has from as U.S. be Shawn Hountalas; take Dottori-Attanasio, the our by on remarks well We're our questions as joined the prepared Culham, results. available following remarks. XXXX.

statements which assumptions inherent on Actual may Victor. and the have Slide results involve uncertainties. of risks to over noted turn materially. will presentation, now X I forward-looking With our meeting that, differ investor and As contain our comments may

Geoff, all aspects as in it for and health year Thanks society. and a a once that for a Thank XXXX morning. the same bank where a At transformation experienced our was of us we ambitions year all affected our well. our a focus doing helping on crisis make reality. continued joining good we you, you’re of century hope time, clients we was

and world. team CIBC modern are communities our building another support acted for a one a Our with oriented clients, urgency to and purpose our relationship bank with

earnings of per billion growth credit were Net limited of CAD$X.X that X%. revenue -- CAD$X.XX over to adjusted full-year, and provision expense or share. related, primarily earnings pandemic losses a CAD$X.X the billion was higher for of adjusted was up For were pre-provision of XXXX, while CAD$XX.X billion just

a of with strong CETX ratio remains capital XX.X%. Our

highest to a allowing will the Our our relationships at past to record clients. the recognized are into banking to pandemic, when and become client momentum the technology real are recognition investments as this over being performing physical simplify our These to norm. our client has top provide continue and time our on clients support convert time experience distancing forward. the bank efforts several With by going deeper us scores remote digitize during brand in years

turn to Now let business our performance. me

Client fourth improvement environment. resulting monthly with in increase some in reflected quarter purchase and franchise we growth technology was applications our the banking invested are consumer quarter. card growth. our During as activity also saw to macroeconomic this We've generally enhancing Canadian the The have positive volumes to recovery and in capture the the takes in lows in throughout leveraging business and offerings from year-over-year recovered hold. earlier back product personal improvement

being named the also Card, as the Canada. top Rewards Dividend Visa in is recognized innovation cash CIBC Infinite Canada card back Our recently

in year-over-year data will mortgage in To progress and also track business positive to and our launched guide spot We sequential CIBC in see simplify making advice, momentum growth fourth role Coupled leveraging planning clients, Planner. financial continue play digitally. building financial with of plans platform for a our insights with we and the just Goal balance expert comprehensive our of their X% while for modernize experience the clients, key to X%. and quarter the growth decision

CIBC expect over shareholders Goal for create for personalized in platforms time. technology advice like our both and We clients Planner value to

businesses our growth focus quarter Wealth outlook. towards in Deposits as conservative ongoing management with liquidity. the market franchise management strengthen and recovers. on platform in Management. capability. Loan North economy maintain moderate our continue support stance Commercial oriented as continued invest uncertain to fourth on Turning American along relationship and as remain we the This, will financing, clients growth economic given To the our their to growth be to continued Banking elevated to focus Despite Commercial cash our clients, markets, Banking volatility. our our

private businesses. net American continued and management also North Canadian robust flows We our in asset wealth saw

our Following ago. underwriting trading from for remain more year-over-year growth markets we and surpassing exceptional Corporate quarter, constructive supported third continued activity year by market this quarter and business, a banking a increasing fiscal solid XXXX's capital debt delivered commitments quarter, rate. strong, strength XX% in a X%

the social more a increase matters our we quarter, environmental, During help governance also on continue future. create focus to sustainable and to

commitment is ever. stronger communities than our Our to

Run We couldn't team raised the we for Canadian took virtual the for breast CAD$X gather So cancer CIBC Cure. run research. over million annual and Cancer in our life saving person Society the towards

with systemic racism, to will address We loan partnership businesses. of black fund, entrepreneurship decisive also Canada Canada's led help first recent black Government including grow ever our took the actions launch to which

and Importantly, we our bond change. virtual effects more a sustainable green new the continue issuance US$XXX the sustainability green mitigate risks first and economy, and conference, also climate foster businesses and X-year a to assets that finance existing of to inaugural of hosting help projects, million

of consecutive the named our CIBC of In reflecting one of year honor, top was culture. that our Canada's receiving employers, addition, Xth XXX strength

call financial me over more for detailed results. that a to review turn the Hratch with Now let of our

for morning, Victor This XXXX. on and the Slide fourth X. good you, billion CAD$X everyone. morning earnings share diluted earnings of per Starting of quarter Thank we and reported CAD$X.XX of

solid year, to speak the businesses of share. XX.X% environment. in quarter. provisions profitability Provision outpaced from earnings our targeted for remarks. of the losses the challenging Pre-provision delivered to resilience interest will diversified aligned balanced improvements billion lower more and from partially expense across to in billion prior Adjusted were quarter, for of management trading were revenue, of rates X% Shawn pandemic. detail due franchise our our down the were billion CAD$XXX offset X% with from the pressure a relative year or from year revenues as earnings of COVID-XX CAD$X.X of per CAD$X.X down year-over-year Revenues offset X% our declining note, investments adjusted reflecting and prior growth prior Strong meaningfully as lower ROE items on credit million improved QX the Excluding recover strategy. in activity continues impact the efficiency client of and as drop. help to the CAD$X CAD$X.XX prior his expenses we the with

Turning strength the regulatory We relatively of XXX% sheet from prior maintain this LCR of minimum. above Slide Average was balance quarter our stable X. XXX% the over quarter. to well the and

migration CETX in migration continued benefit. our very net portfolios the in improvements capital position current of to our the strong of capital wholesale guidance, with will to capital our a reflects a excluding remained ratio revenue both adjusted quarter prior net X% Expenses provides a improved fees support trends migration the were quarter. CAD$X.X year generation in Revenue items deployment billion personal to a result drivers retail. losses. our of pressure quarter remain of generation helped prior both or credit to income organic RWAs and modest of pandemic. We to Internal build note. in refer Our absorb ECL but to we RWA previous results, Slide strengthen the by was where banking with XX.X%, CETX the on in the negative business. in ending internal decrease and up last business revitalize with primary transitional and were income provisions interest Consistent balance credit CAD$XXX of XX and presentation results ongoing of exclude XX.X% and quarter, year lower for and clients. improvement well capital our which sequentially, driven X% Net The of of further the as capacity was comfortable positive by my outlook, as million, earnings of continue on COVID-XX billion comparable the below X% the as year from as pre-provision we the prior CAD$X.X sequential see to quarter. due headwind

disciplined and reinvestment franchise. balance we Going improvements expect mainly expense basis driven to certain forward, provided resume business sequentially, interest clients X year, of improved in in X was XXX to basis growth points consumer of as we points card Margins to to end down this the the declines interest for margin credit interest targeted mix. change last in quarter revitalize efficiency rates from with a relief rate Net deposits. points due primarily the growth basis by we and in our

revenue banking muted prior during primarily be growth strong for was impact NIMS We Wealth recovery resume anticipated management growth term, of impact of stable Loan quarter, medium impairments. deposit from due hold. XX%. results to year rates the rate the business. of by Canadian continued our as is in in to pressure the XX% X% economic Banking up a X% by but from balances ago, and on the the Commercial of based quarter higher takes the in revenue Management expect driven Net to shows in down over CAD$XXX X from lower continue offset by was largely linked up basis business. full year rates. higher brokerage expenses points was Wood a NIM recent private was reflect Gundy. due service interest higher in as the million, Commercial we down and Wealth absorb sequentially changes the up moderate Banking our pre-provision part driven fee and basis environment. the to to primarily Slide primarily year-over-year, revenue full ago, income unfavorable XX earnings a X year points but assets Noninterest expenses

and continued pre-provision prior and client by lower growth, Management market marking points up and U.S and earnings local fees. the PPP provision impact loans ago, business, to down a the In Commercial a yielding as from offset income strong outpace Net sequentially XX% the XX, benefited CAD$XXX AUM currency. and point continued Turning in balances XX% recent revenue year basis client another over results record average loans. of Revenues of to ago, fees continue X quarters, wealth Slide points moderating and higher higher million LIBOR Wealth effective XX for grew driven and and from growth XX% of XX% growth from lower X% was in from Banking solid by margin up was Net year year quarter XXX flows business, basis driven this reflect basis and in asset lower management year transactional deposit losses. both entirely loan helped our while were interest Despite decline margins for credit the loans. in of down appreciation. growth

million relatively delivered impact the and were our appendix income remain to million deposit line we manage in of the advisory. CAD$XX CAD$XXX the reduction of rates quarter this losses. basis, of expenses. in compared offset lower grow where expense the revenues business and largely initiatives. the an from results provisions, a and credit year, lower stable in were Slide the to year of efficiency a by to in strong were by and CAD$XXX business loss debt to another items and the Non-interest our as earnings due driven of ago, in across were Capital expenses higher were pressure Slide of to credit management. investments international in revenues margins CAD$XXX as increased offset banking by of a by as expense and the a loss of XX% COVID-XX driven was the reported market the quarter. from liquidity ago, Net a impact discussed and a Excluding impacted continues X% net PPP, by and treasury. of initiatives pandemic issuance our unit, segment, activity partially On net in efficiency million quarter result provision growth covers year-ago, elevated where solid revenues results XX%, to global note we Non-interest expenses travel X%, up Other higher activity. Pre-provision reflecting higher adjusted last with helped business presentation. pricing up the lower Markets, year and development same reduced corporate and reserves activities impact and our markets in continue largely XX for issuance These optimize discipline. down of by Corporate business partially of reflects we client were by million cost The banking offset margin. strong revenues a and most equity anticipate a Revenues of XX businesses,

We the when period expect hold. these to recovery takes factors moderate

adjusted despite were down the CAD$X.X resilience EPS significant the of management as challenging and XXXX, fiscal XX business impact billion XX% from growth fiscal year. the loans. ago, by reflect in of throughout a our provisions disruption, Finally, year of earnings against by delivered CAD$X.X of our well our increase the net entirely Record significant the modest Slide transformation within bank. pre-provision which ongoing the CAD$X.XX, XXXX with driven shows strong environment, line of in our XXXX, face revenue as income In we performing results, of in expense and driven billion

transforming supporting solid to to franchise I this this now will over us progress performance, as the addition unfolds. call year’s our to positions In grow turn the recovery well made business year our in Shawn. period the

Thank you, morning. good Hratch, and

where analysis While had for start while judgment prior of the markets in quarter vaccine with provision fourth of news a development measures pandemic, losses in many the developments renewed the appropriate performing of at were continued been and the of evolve onset from continued restrictive same by We’ve case our positive regarding the for of challenging economies the the we has credit of both the and Since announced. counts. at following our serve, quarters mix saw a the the promising restrictions starting to exercise see time reopening occurring determining then, we’ve resurgence in to implemented loans. quarter, we end

overall were had Our quarter to we unrelated pandemic. and business has third this than have financial at many date, better we both start before lower sectors benefit experiencing support. the anticipated of At our exhibit government pandemic, continued credit behavior portfolio, clients and have given arisen personal Where cases, been to provisions not have various ongoing the in they are this issues issues, seeing based seen prudent the in of the we the performance and broad time, in and quarter. weakness are the been as than

As are peak a in see migration losses will XXXX. X to allowances, be additional middle which forecasted, the X we expected over Stage the we some Stage coming quarters did trend expect net from of continuing to credit as

impaired million resulted Canadian factors, in the portfolios. was lower to consumer through programs. of experienced QX, lower retail was million to line our Similar result with as as retail industry credit provisions quarter, down our performing for impaired prior The government as prior bank a level trend impact CAD$XXX the in loans CAD$XXX assistance support write-offs from to quarter, from million of on Turning down both lower loans. to of write-offs filings. insolvencies quarter, well the in decrease relief CAD$XXX clients due largely a Slide the XX. CAD$XXX and of Provision million in including from and was losses Provision lower last the the in insolvencies in with offered combination of

We the will expect the this over of trend to reverse returned and majority have vast next as repayment ended few deferrals status. normal quarters,

provisions I with parameter the On next performing wealth and Provision increase million, moving loans the markets on and experienced commercial. in side, to U.S largely by commercial commercial due businesses, along number on slide. offset speak a an to CAD$XXX parts capital we Canadian model updates some lower in other that of our was will

anticipate migration economic across additional over performing Our actual portfolio, we do recognizing conditions generally to we’ve absent credit quarters outlook. a in quarter. believe current this our coming our credit We with negative the in said, prudent to outlook. portfolios allowances That improvement been in line reflect material have the that expectations relative performed risk

to XX. grew year ended this by billion to CAD$X.X for Allowance Moving losses XX%, quarter QX. Slide credit or since up and CAD$X.X X% billion the

we’ve this would net see performing allowances we rating we of to impaired, expected the loans from status, ECL largest government the were to had CAD$XX a movements. expect somewhat better ongoing what our was broken parameter CAD$XXX The which activity we left losses which for retail of our quarter tipped small as provision million of from continue portfolios related migration an million as of which moved is reflecting impaired Our million of this our certain was in to business we risk few lower to is this, normal continuation Partially other portfolio challenges updates the piece our model, the pandemic. within corner slide. of performing both activity, course periodically. offsetting of million out CAD$XX and the are do portfolios. growth loan the which elements our including and a performing There for within in FLIs, The help, than impact number, Overall, QX. provisions several last CAD$XXX impact were a in in component

discussed quarters. we So had as these to losses relief we’ve before, believe future efforts the have and results, the a on particularly actual impact in significant portfolio delayed cards

line our coverage XX. business. of Slide details by to Turning allowances We’ve provided of

Our coverage current of XX the portfolio potential U.S adjustments. on last ratio and comfortable of with feel the provisions our CIBC and we The quarter. in higher the XX, for which We commercial focused remains by in level from increase in our and QX allowance credit mix, basis basis well increased recognized with FirstCaribbean. current monitoring XX remain mainly points was portfolios show points Slide Banking driven diversified quality coverage On credit future consistent to quarter.

were mortgages of equivalent two-thirds the and The BBB. loans an balance to is loan continues average for of quality consumers. our portfolio to uninsured Nearly The are balances lending our total with credit CAD$XXX the remain and portfolio which billion of of our a portfolio having average high. XX%. mortgages an majority overall outstanding risk in are to Our to value with business rating government loan our of

affected credit details of outlook point. those quarter, provides were risk loans. The by this reduction loans. our our our included of Slide due of dollars we’ve payment consumer believe have in expectations and Most the mainly we segment. in appendix portfolios Performance on discussed driven at with their gross we XX by is accommodations portfolio. This provides down, in of allowance and quarter. specifically previously status collection details prior the consumer our now client XX quality Gross coverage line Slide in the industries. principally and expectations, additional in the run and activities the within impaired the overview the loans was impaired are deferrals to current Repayments an impaired course. deferrals reflects

of the Slide day consumer we who current. formations this current a trended we our and and late-stage XX write-off write-offs residential of of new remain programs insolvencies work Canadian their down programs result not quarter, in do offerings. deferral were government part delinquencies near-term. lower, The rates to In support portfolios. we bring clients lower the accounts the our flow also volatile XX-plus bank expect mortgages While of delinquency are as to had shows as relief net and with the

While have personal delinquencies card who lending clients have proactively showing the these We is continue of enabled delinquencies who a were credit by to vulnerabilities The clients increase for remained the quarter-over-quarter, at the delinquencies financial in program credit already relatively and difficulties. now payment difficulties flat of pandemic. card and portion relief bank onset have driven payment increased. deferrals exited

However, as development deferrals encouraging credit the exited card news with increase performance COVID overall receiving of regarding seen we’ve closing, line COVID is while uncertain, of the our economic balances an now in outlook the In cases, of have also remains the that new expectations. vaccines.

to We the their of remain while the through Provisions crisis. portfolios, our continue we on lower are will were positioned support comfortable in and managing quality with and our environment portfolios. monitor impacts the quarter. this changes to our the clients, well macro Overall,

trend middle XXXX. and see of higher the provisions do we expect However, in peak to impaired

more expect I to to we future occurs, X turn see saw back to allowance Stage offset call a our in periods. transfer we quarter, X to that the will of performing Victor. provide as partial As from now fourth some Stage would degree in to losses and and the

Thanks, Shawn.

XXXX to our and CIBC focus Before we like share thoughts strategic take on questions, beyond. for I’d

made we but years and and value core services business, product, delivering do, includes first our franchise our this go and performance accelerating and investment important the improving of areas is management XXXX, while growth Our our business our these will Canadian is to direct in Bank small our reinvigorate what year we is Canadian consumer capture personal created to as gaining Serving each to good part and growth progress in newly consumer there our for to in asset share priority the clients more enhanced and clients. throughout net We’ve efforts flows good of forward. deliver ahead. upside in our financial an

enhance -- second it including reinvesting priority XXXX innovation base continuing priority me on projects, each Banking With return sides Wealth, the our Commercial substantial business to savings and Markets continue is transformation and Capital segments, to economy relates of also initiatives our to of a where well, into a some high grow And on fast determined performing to provide enhancements. performance the continue Our both sustainable growing are are Each as have we build market business. and with these new in to simplification and units. color that, implementing border particularly businesses expectations like portion our third bending in of on cost and Private of journey let technology focus now advantages in to is process and is strategic plans on our our for the capabilities finance. our

For will recent continue of growth to Banking franchise, to Personal our and doing our off we our business work improvements and levels so build market consistently. get to back Canadian

Capital enhanced economic to rates a to look increase In our with latter Wealth equity low the assets historical see Commercial offerings expected Wealth the Strategic and we Management, to grow as to the we along as Banking, expect pickup while to growth-oriented slow enable recovery pandemic. Markets, we to the in flows economic to financing us hires will M&A of pick up In aftermath activity could takes consolidations our Private under return an activity. 'XX, expect Assuming corporate begin for expect to recovery of deposits. product calendar see net pandemic-related consumer and management. issuance the uplift to constraints growth as levels, ease investors aligned savings alternatives is our in in half hold. in from businesses, loan on

opportunities and capabilities and deliver Markets to Canada CIBC United States. our our across connectivity clients strong for enhanced will provide franchise the Capital in continue Our

continue cautious in While the economy imposing that in of in municipalities have the economic some will provided adverse increase infection reopening fourth many quarter, the recent near-term to as impact and an restrictions, the the outlook. rates, optimism greater

forecast economists calendar in in the of will mass treatments XXXX, stronger assumes for the half be latter are effective Our the year. middle of recovery that underway allowing vaccinations global

is While best know we access out. efficacy this forecast, our and don’t vaccine play how will

So I for vigilant lead improve to planning of the transformation us Bank, with and to want agility unfolds. to growth. investments to as team continued help current know we management remain our and a are of you situation to scenarios range as efficiency allow move this, we’ve strong a our capture the

We are agile.

well are We capitalized.

with We let and the adapt we are it continue the over to for well macroeconomic And sensibly questions. to to turn provisioned environment. changing operator me will that,

is first of ahead. Please from go Poonawala the America And Ebrahim from Instructions] [Operator Bank question Securities.

as peer like platform? of we investing, growth expense What of what terms the mean, about mortgage terms we morning. of And outlook, mortgage of guess the outlook absolute If enhancing a expect think us Good strategic talk your in businesses questions franchise. we decent I a to for market Canadian in your do next tight you follow-up it at the should do next a just does where year? reinvigorating regarding point secondly, think One, the we about expense management, should you growth? in couple terms when priorities, have or growth. talk Victor, of technology year, efficiency terms in see

Ebrahim. question. Good Thanks morning, the for

going hand -- let more couple going off to on I'm and Laura mortgage growth I'll growth So on to and of a comments, specifically forward. provide management just to Hratch expense the the me

to franchise at growth the particular, you'll So and that said ago we recall our our to is mortgage Canadian consistently, but consumer market. least with very line our a that in goal you get in performing year

spot at we This of look year, we're our negative we're the you positive achieving that over Last If the are balances. target. numbers quite course in year, year, sequentially quarter-over-quarter of terms

to We expect this continue.

grow terms competitors expect We expect keep trying maintain and respect the with keep certainly things in into low and investments with and we'll digits economic and product mortgage advisors housing evolves recover, offering. pace economy With our mobile we're the to of them market housing our expenses, the our as to capture of reflect keep to market our single our reality. that If to we to the pace upside. with

Hratch So provide I leading more commentary a then bank, can provide color on on making the detail why Laura don't do little Canadian progress this? could expense more the she's you personal and management. that

think answered right. very I Well, you well, All that Victor.

I don't to to other have deliver a again, mortgages, the starting And I consistent anything work So that ensure more know of we and if can I lot we think been to performance. sustainable than, that's done on. mentioned, has we're reverse we that close the gap in what the now And to were with see particular. in as you competition. good we're trend news, And starting add

to sort Hratch we're And on. on about that of feeling expenses. good trajectory very maybe over So the

Victor Laura. covered Ebrahim, morning. Thanks, punch and good think And I the line, Sure.

on can part we management. transformation we proven that So of We've focused deliver the our of it's We to bank. be expense important think continue an efficiency.

this quarter, year-over-year at down you on If basis. almost a look X%

where had contained we tough leverage operating we we For negative. year a X%, modestly full to year, environment revenues, on to the in expenses contain

leverage. focused operating And guide our focused and so we're sort That's we're way on the if pre-provision of on expense you earnings, we targets, will.

going to pull that, trying to the of trajectory, levers in get in going that to tough have to to next leverage operating trying right? what possible do and a as pre-provision growth So all think to soon expenses so to buckets. we're into environment, is we're of positive get we year, a earnings And we're as a few

earnings investments perspective our and number be improving to leverage other as buckets, strategy revenue performance an our operating those focused The discretionary really and is of first the work against will to linked against we're transform that the and business improves. from and doesn't What is it is perspective, the objective. bucket on expenses, a which But expenses. two pre-provision

outcome will that And go and we right where we it'll And low of think at manage did leverage between in those opportunities it's to talked in full this so restructuring and the year, so to pre-provision And $XXX that's not discretionary stay million the largely Victor time investment those that two, We doing where benefit we to two, as we're actually are about. low environment, single-digit that at forward creating. us we is have lever that's and pulling we’ve net-net on places, by means current said, 'XX. that investing earnings the at as value efficiency be the more give operating want the that we that in we level, eliminated, of accelerating completed, recent get while we that the even year going level. to telegraphed allow think even to initiatives us single-digit

very much. you Thank

from go Thank you. from The Please John next question is ahead. Barclays. Aiken

a plans the terms discussion. noted just you got How CAD$XXX quick that think XXXX? I that in efficiency your million still do much in follow year. left you about restructuring taken on from of the Hratch, expense can benefit charge this

Sure. Thank you, of accounting. John, and that's a bit

done So in year, anticipated as have and we largely the fiscal that complete to we had that. call, last mentioned on this we

complete a it mostly action So taking is from perspective.

time then will the elect made payments individuals. when is, payments are benefits accruing. accounting an time, as deferred so come accounting And From over reserve will folks down start over the to happens perspective, those what

but so year be climb already And over XXXX. in the will for see that time, to down fiscal slowly going you're benefit the earnings realized

the that in in accounting deal available the for on, Thanks. where treatment. Can I transaction can from of point? this noted moved terms you terms FirstCaribbean one us at add the sits with of update If quick I sale one

into perspective some that of provide just and the me then on will Hratch some let John, Yes, get technicalities.

with Caribbean banking. everyone, a sector record in a interest we and have the track remind to Just genuine in proven buyer engaged banking an

business it is of the any the economy adjusting well there And reality to economic Our business, banking run is going the sensibly like platform other pandemic. to recover good it's recovers. as

focus well. pursue advise Our continue will by important an front, development the pandemic complicated accordingly. to and now is been regulatory COVID the approval When that have on our that's we we to process, as investors

and accounting just pass the around an of some to was for to technicalities quarter on This it I that. Hratch quarter, want

this the through time John And notes and statements Sure. going do, there. and all annual Thanks, as you're you'll to MD&A report the you see of have our Victor. -- go in reported we the to to

classification add the So of folks really the the for value of held was benefit by the guidance. those accounting guidance under both sale following relevant on IFRS. us on disclosures, to recoverable for goodwill in the are this not the governed by triggered much assessment accounting but to call, really what's the of And and of

really from delineating as So deal, accounting the the Victor said. here

spoke by before particularly is change complexity surrounding so we've in increased deal, with COVID the the the quarter we as disclosures of the regulatory were and environment, the the forth. accounting complexities in So described related and about triggered uncertainty the

with was actual GMV. proposed to the this so And to quarter. for of And accounting purposes we the the it guidance, the the the versus requirements that and an based sale current terms discontinue using determined consider value revert circumstances increased of assessing uncertainty, deal to market appropriate given technical held on when we here, the the circumstances, using estimated for goodwill

pursue Victor so And to said, transaction. drove what but that's as really we continue the that,

Thanks, the requeue. I be rest will questions your accounting. into Hratch. weeds won't the leading on of Hopefully

from The Dechaine next you. Bank National Gabriel from financial. go question is ahead. Thank Please

goodwill, I implications there of evaluation other the other like Are than like accounting Yes. or which a change regular on something that? quarter any assumed the was of that

[ph]. wouldn't No, there be, Gabe

we held and summary a was So specific to for there forth, so disclosure recall, sale we as added balance in. classification, you put had, sheet had

really And the changes that's disclosures. in so only the

business in of earnings were we and how other the through business, accounting corporate had and segments. the consolidate coming for terms In we to the continued the

that So will continue.

question are make overall a it's Like, the growth growth and years ago, a of high coaster word are -- to the Canadian and growth more consistent so a at what market consistent roller one point you growth building do my low. in it's reiterated and, the mentioned around mortgage sure retail rate, differently few Victor, Laura, that. growth we strategy on is this and better really had mortgage what And for and business. I bit because the overall. guess level you guess, the -- relationships strategy, you Okay, move you What differently I you doing real time, doing really

Gabriel. Good morning,

board, to client happy end-to-end you I overseeing make new and you journeys I a for mortgages the but I I'm mentioning particular, guess given accountability take full a things. and which guess management that across in to think two worth will know, this I one. -- team I have in So management difference it's team, would, believe we've that

So on acquisition, focused the anchoring I'd very growth tell you of new clients. on the that we're quality of and our our

to last have retention that go-forward friction of retention. spoke in you we've quarter, clients et And when a I we tell for certainly that in successful they recall would the increase our believe will our secondly, basis, help different and some we better might We've laid past been so via had. And level channels I point the get came better liked then of basis. We've a retaining about I as renewal, terms to not cetera. And groundwork the of as on you but go-forward on acquisition. ensure we've worked I eliminated up points, that while haven't contact us vintage just

So to to And sustainable see more pointed all of out, groundwork on mortgages. going is we that, deliver go-forward improvements a so that can you the consistent expect laying as about and we're performance. say in all Victor basis that this I

material. Sounds like Investor Day

bank If the building I is Laura's direction. And add can all it's oriented for laid the long-term business we just with world. because in out. say relationship a When heading the to we've that right consistent modern strategy comments,

of seeing that You scores. some in decouple you're experience numbers our the we numbers much client the got don't not like business, accentuate the but just to also as that

more are that all has that in steady up. CIBC of reflection which the to scores that highest things offerings, to they've a decades, our improve It way you to checking pay business. bank fees. CIBC, relative we're group. our no are account why competitive our win $X,XXX And with than And that's front, before. to the they super were you On improve the client product in been climb Our starting have doing we're competitive been process two is peer experience at a

to financial by launched launched deeper can to more we group. the our have priced fees direct We our it no portfolios, which mutual our have to less, simply, if smart comes services nick. fund offer, is our you direct When you alternatives build CIBC sharply relationships Again, portfolio are Goal multi in clients. Planner managed our peer to growth asset our you money with see other We've offered any a portfolio. than pay

and to have. of leadership market the time, over it'll a a that leadership and us close. will this All we bank trajectory one will that Laura's bank, that's with new that the continuing together on the to we bank the gap that as future. against And take stitched deliver see oriented continue And that performance team's around are, ready relationship

you. Thank

question next is from The Please Grauman you. Meny ahead. go Scotiabank. Thank from

wanted Hi, commercial for be this good it the the more ask specifically, I potential through And releases where And what be reasonable just to reserve would morning. would then timing? consumer book? cycle. concentrated, versus loan about also,

Good morning, Meny. Shawn. It's

the So for thanks question.

expect, We peak my going forward losses I year. impaired sometime our that in prepared mid next as mentioned increase remarks will and

mid losses. the to an XX obviously uncertain But based for in on basis environment. somewhere to expect So current low we points average impaired outlook, our

of we’ve would see see a activity, had impairments this function level what's consumer we low strong expect by that those also impaired contributing through. that. we side particularly of allowance a of driven of And have quarter loss was the performance, you combination As that ratio, deferral to and deferral get impairments we roll pulled seen but this the particularly some credit to quarter would had, through that the come in as activity a to that performing through, expect

as fiscal of see result, through 'XX. allowances impaired come we So of a that losses sort will and some those offset in performing those

won't rest go ever allowance to of be expected performance, or aren't impaired statistically to of those a credit bunch terms relative different to impaired, behaves function that how going moving pieces, of sort performing In go of that's -- the a the outlook. of loans that

And to so 'XX. of to a about most were six that see the fiscal our we saw expect quarter up allowances. eight will over that be we over of course build period, with XX% that We

You'd timing between that that's sort what you but releases -- those pull-through, going be mismatches to on of may there be side. see impaired see the and

just basis, on that gears little switching XXXX? fiscal bit, would you maybe to well, a PTPP you pre-provision you pre-tax can a have -- growth confidence positive -- say If do get

positive economic that's Yes, with bending goal. share curve heading That's goal. market into expect we some our -- tailwinds, Meny, winning and the done cost territory. right That's start our to

about more drivers And specifically, can really Is terms the in give Like us revenue than key what detail? you any are more expenses? more of and positive there? it how

And that predict that, a maybe base Yes, our tough little we'll Meny it's I'll and give current jump color. so bit know on but as to I'll -- all caveat expectations. more a environment in with obviously, this we

as that the So tough revenues I over had decrease at negative the just modestly spoke we the given this the think year, earnings. in on year I pre-provision we the look and drove X% for environment, about, leverage which revenue full side growth operating

And of story. we we're to sides but part So alluded that's side here. the the And to and revenue revenue we're I think the at look will trying expenses that expense. revert going a be what of earlier, both bit to

business in we about seeing other So we businesses. some are as as talked good the retail momentum as well

we balanced lower the into have latter from latter from but so to year, NII half, the growth an the going there's all doing businesses, business the year the we're of as perspective, continue part those recovery that interest client hold, year, pressure in our of And -- rates, that last we And good we're with accelerate. next takes think we think once will get latter in momentum.

NII we start momentum good seeing From perspective, the And fee also are so shifting. trajectory some will there. we think

on team's markets some we good as from Markets But stay obviously and comp. year to we've momentum we've side, good top if on a trading, this well. to produce of that very working be perspective. a continues year Capital revenue cooperative, hard seen and the side, as But some that well the later year year growth We on are seeing strength going the on recoveries about expect a then the And fees, exchange tough of as foreign will all as seen is card come lagging. we've investment things Management side the of in. those still the talked Wealth next

contain revenues we than low for well then to this single at I think contained hoping pace to where expenses in higher to as this said, the possible. year. relative much as bodes year, that bring that were we trying and So revenue a as we're digits to And

later as around those on we between two eventually we get we can year, turn operating as this into PP and think well. the leverage So next the

you. Thank

Genuity. Thank The question go next you. Scott Please Canaccord Chan from from is ahead.

sides of can the Victor. CIBC? opening on anything at being And talked about And low kind to is you morning, there it sidelines border. net retail directed the flows client But robust elaborate remarks, industry-wide. on segment towards your reinvested specific both any institutional? of of Good In rates on that or lot is you a cash wealth there's certain private like

are Scott. that couple performance. our morning, of for you that flows both things Good One question. Thank investment sides say a on the driving of I'd net is Yes. there's border.

wealth our in our really, to is and been our in with the U.S traction offering investment market, management what's smart and in performance seeing that clients third year, over It's wealth strategic number assets our the management ensure net driving the growth. that quartile personal I'd thing private buyers, working called XX U.S putting our footprint we're Wealth businesses where our focus is really Smart together is good capturing say in asset into half from Canadian say And those as second to private getting of of our from on ranked on from the Management enough. peer group beta franchise. don't where piece year, the the of we've our embedded classes last X is the we've and asset to particularly private registered larger, hard, really Banking Private the business our Commercial Our Banking -- performance, our them in launched X monetization in fall important Canadian business, good we're in top that's Portfolios the relative equity our and in AUA the segment. two in or management we assets in something sale top in competitive Notably, Management to and strategy in the and clients. States. Then that asset worth is United billion clients. CIBC our is to product U.S., the this last our business We business in higher over The Canadian Canada. years. I'd something to to relevant Commercial of gone Wealth banking advisor across Barron's is platform the And our investment consistently

So our again, are bank is our that activity products that within referral three quite things. the Investment to clients continue. and performance, expect to robust. relevant And we

the and coincide? two Commercial how talked you you Management, Victor Laura, And and maybe talk that about Wealth Wealth the can on Management the about kind in Maybe of retail may connection. and strategy the side

to of wanted maybe the his add Scott. and Wealth the views. some on if in side Jon cover Sure, sort of I'll retail

work I as the was really of I'd to Victor, start consistent laying retail that to sustainable say done, we've think deliver with again earnings. in the heard that you groundwork a from lot

what our we've into we've a digital capabilities. so done, of And better reprioritized lot investments

focused we're our have. then earlier the referenced productivity. force and on sales talked financial we the on planning servicing really the that increasing about sales really starting on that So Victor capabilities, with and before Q&A, tool he

come going can us that's banking to elevate our do in going us help we or dial. with that's virtually. who the have can to to We move allow think we think So offering, they to actually because our sessions advice centers, clients either

that we going I So our we to regain we're those and where share. really market would say, save focused I'm and can grow, natural see on, segments,

all I'd say is done prioritization really the XXXX we've about and So execution.

to So what results. has we've invested deliver in

ultimately being maybe Wealth in client and stop forward better to there go think are And some are of to better wants targeted, our we see and going to we're being on for see the starting and granular, if side. as add we I and Jon I'll the We you're see experience, shareholders. results

is what working, add to in flows. with we about we the most what The to side is the high. we more has said. one to keep would So been thing adding Everything the channel up are And be people I of of handle people -- need said is every in needs Wealth most level our talk confidence volume.

much. you Thank very

Thank go Please you. The Desjardin next Markets. Capital from from Doug question Young ahead. is

Hi, morning. good

NIM, all did as higher bank your Just the thinking comments in 'XX. think and about mention should impact Wondering liquidity about well. into from this you fiscal the going we how

through get additional on impact your from the that we that NIM? was So the your Just fiscal little about roll on what bank 'XX more do in that 'XX you bit think sheet maybe and hoping how through balance think and can a how unfolds all that. liquidity does to like fiscal color

that. on elaborate to happy Very

that the So, year basis the bank yes, now think if and the look a balance bank all of only and really X it's saw pressure the towards NIM yielding benefits sheet. been I that this all degradation So quarter then the of points mix the we stabilizing, story NIM, drivers lower offset behind at of retail small are the in there we some from changes right? was you in parts saw down NIM through a by with recovery

your to that's So is abating the with related excess liquidity. and respect part to comments that

bit. loans. built quite It's I of the versus since at piece in year, up growth particularly, of that's the deposits middle the something really spoken if it been we've a So has it and because look that about

of at billion in loans. deposits with very growth just our over rise And $XX been data, less versus over the you We deposits are robustly clients. look pleased to have billion growing on than our when [ph] $XX year

balance that has to the that liquidity But So sheet. the has added up on delta stabilized.

the do it points that, of out I impact been negative the to terms In it's in not basis But in but teens it's a and sort it's been big cost terms of of of territory point varies balance should balance quarter-over-quarter, NIM. on math XX, denominator gave the really the billion would I $XX that just you like that's so say a it it. increase It's the but more driving the it's numbers NII. if to you, to

goes that when So away, pretty that recover can quickly.

going get we we that feel that. confident growth that do loan think think we about we to is to and get liquidity deployed, when do So accelerate is year, into next going

ago. and just moment -- a moment heard businesses, You from Victor the

think we back as happens, that that from that'll we will So the still have to down and going are rates. help offset of coming that start some pressure

And help I moderate from those so NIM here. net-net the in think will decrease

into outlining year. of is great and that it expectations? did your built that into flow Or how expenses job -- Is revenue you not? you is kind think next a And built

it absolutely No, is.

normalization would feel have expectations in of stable good talked lower about built we the we've as retail about, rates absorb liquidity. a is as So pretty and what in that. the impact we the NIMs gradual small U.S. in of we excess A decline

of in are our All forecast. those

And related consolidation there to real charge of Perfect. a second, portfolio. just the was the estate then

can Just hoping unpack is. that what you

then sure. related maybe project, give Square And and can it the Yes, because to consolidation do Square more our Happy with in start a Victor that. is on the bit to overall I'll you accounting.

consolidate here. collaborative it's technology. space, reinforces across significant employee head vision built scattered our the footprint playing of by moving that office with work. head Toronto convenience the the future long-term, is, take game purpose question. a we called Again, space, what trying Thanks I it we're what where that Square. have locations us modern in agile it's to again happy into and as are our the long a It team before ventilation the systems that Greater Yes. wellness and the there, a And we to achieve we of modern highlight XX the we'll most the headquarters, and CIBC for and located into we more it's to office that and start to Area space, of flexible back mean I Well had over advanced equipped pandemic, and is amount future exemplifies

consolidation the accounting us with now accelerate plan, some to pandemic, which this So is of the our that allowed undertook of result quarter. we it's the

do normal environment, office with this thing including to more a mind, CIBC going do to here. into and is staged team to got our going our into I U.S. keeping because locations return safety us. engaged, mind, the our three Canada other in highlight and team and to health most Square One across fashion points move and is is we going a we're healthy to the the in important to well very in We're As

from their team other home. of this. going work to clients And We've they're our productive, great work success experience team with is permanently. I'll remotely, center our are they're working Some our members engaged, They're much making thing and had better. to contact say speaking the

our many have workplace our well That us and I think of continued our our includes them of the tried workplace currency have it's had important have members and every we've keep worked team some done to our go technology day. what with and engaged us in centers, throughout healthy, for clients. productive, to and CIBC many the recognize it's of in our pandemic. really mean, been admire is clients in serve remotely, operations to that their operations, them I to each a safe and the while to courage banking effort. team I

hand Not real accounting, of accounting part you was me want off it let what the to the just asked. question of to the to Hratch, estate, you. that Now, it's talk happens -- but about with

part so Victor. isn't it as was in Victor done right. context, always plan. Thank said, Thank Sure. important This was of it Yes, the isolation, you, you. we've something

give our on We square footage. shareholders. But square into we've creating we got footage shareholder and always value are not estate, always we going and moving Square to real were optimizing on for up on eye more taking are value taking

at So sort could looked going to the circumstance, that in of were current already exits how do. the we optimize we we

in utilities cleaning spaces, expenses, so vacant time this point sitting working and at of it's Some forth. there's with home, teams from the

the use at the to that that it IFRS vacate time, accounting So gets it for shareholders the at right sheet take into some earlier. when our to charge. this space got balance put technicals of a is the is XX the we was adopted then since of the there you payback space, really exiting assets accounting, in of point the and we when where positive And on looked you've

was this mentioned. as so those a And a into we quarter get we work-from-home number Victor spaces, of people vacated Square where as until

those that for charge right plus use million so the positive with CAD$XXX on that so respect of forth. payback and we things the to a when why our decision a did. on assets I to properties number shareholders assets was to other said, as related there's But related the we that's and of took it the fixed And

determination this that leases essentially? it? payback? sorry, is just of Is essentially And is the what just And positive so

There from some is the things. netted sublease leases. million. So sublease value. there it is off that existing CAD$XXX recovery positive been here there payback but tough a recovery with modest of a assumption environment, leases understand that's with We exit it's assumption is few very a One, are we've that

second savings and Square fair, the The I those with And cost properties related the new related on extent then the the third of one of into future other be moving to the to spoke expenses the about. to But expenses. that some rent. is expenses to is some those one really on that additional offsets

much. very you Thank Great.

Please Persaud go ahead. Lemar next The from is Cormark you. Securities. Thank question from

answer PCL further, Thanks. important want just step to My just a I question Shawn, is my your the because Shawn. to for outlook estimates. take it's on

that said loss you but be the point releases. the some think that's mid offset performing XX to impaired ratio would to basis in range, I going be by low

So total ratio my should PCL the question for is, about how think we XXXX?

constant, the QX the of remarks, it's the X how mean, else said amount period. the coming we I in particular, to I that a Yes, quarter that's thanks and would allowance of kind performing of for a course behavior bit a variable this all question. well. over year. anticipate amount would through as out P&L going run into a built to call that significant the But it through that the quarter-to-quarter bunch run going factors. whole X pandemic going is on we provision be Look, little to vary in through quarter the as QX, the play holding to incremental of based of And over is earlier we

I'd portfolio, of as be credit of put a be time. going to provision particular loans. balance the the amount an is across going there's But those -- number a of because So impaired particular we've amount macroeconomic that would that's a there is performing loans I'm of say as that around that allowance course there move over factors, that reluctant it, to is certain those the behavior to performing booked against for the talked about move,

period, And so And we I is X the to likely guidance think quarter more bit would front a X that at this provide that's kind over I could that of loaded and other point. end say thing end. little back the it's

of release the mean more performance end loaded? You the front is

the if -- economic out way see point, way forecasted at Just this on build, play those then allowances the variables as at you'd the of way the there's basis improve. things the they're the least and macroeconomic to --

of will more level the we of expect. leading so be quite performing And but would loaded, time. course will of probably end it see It over you'd there's come front uncertainty. indicator, more Generally, through still, allowance bit be a some say, that as I

historical then quarter And ACL to you're levels? of it period, X at X end to where that back we would the revert now? Or remain expect to at elevated should right the from you. Got

having new the the of We'll we same take presumably growth frankly, through be this account, at information that will There time. get into pandemic. portfolio gone all

or you'd of all account where end but of land sort this, whole into the those provisions of that the through we allowances. the to if be inform get say information this the allowances normalcy, some be, -- exercise, our the experience it'll went it. When we'll the gained about whole taking you arc to level hard think we of expect generated the pandemic to of recognized you to back So of at to through will took of other see all where hit, But the when at end. portfolios, side

squeak another thanks. if in And one Okay, I could there.

the impact personal of expected, moving Can some So It last portfolio, and talk quarter like in the on consumer better trending forward? be you about trends than deferrals. would mortgages you provided residential bit delinquency looks the a rates disclosure Canadian is worse. lending what but cards excluding

going here. run of Lemar, over. got we you number requeue? We a to people and in ask Can to line it's were Geoff I

sure. Yes,

everybody. [Indiscernible]

catch up will requeue. Thanks. We or after

problem. Thanks. No

next The Mendonca Securities. question Please TD from is you. Mario from Thank ahead. go

Good morning. impaireds to -- approaching in or back to go to or getting points you could XXXX. impaireds your Shawn, if back XX you referred XX

Now points imply impaireds this credit Xx X.Xx about really or If if second, in line would Is be would what quarter, through you losses sensitive you X.Xx me it guiding XX think correctly. this in basis so, Is help what us to I’m if in impaired commercial? And to from to, a that. the increase or XXXX. doing particular? to increase you're were items could it cards quarter. loan around Xx what loans here That

Yes.

this So as impaired the were and losses credit cards quarter, significantly the the deferrals. the mentioned pretty impacted side I particularly -- from in low

would expect so answer to mid low we talking impaired. So -- about question, we're XXs your yes, in for

Some of credit that deferrals running to is the through. particular in be going up we'll card, be for catching that

would business We this side, historically come relative particular and over as expect terms on less the pretty course of think see built I be in anticipate still over lumpy. you'll know, consumer the on business to government which will episodic to quarter that the side, allowances what through lumpy outperformance the be the is the expectation. we the what it and it in So course government and consumer 'XX. the so be and But our reflective you have side, that's and do part to of, of we of year then it'll our

you. Thank

Thank Darko go Markets. from you. ahead. Please Mihelic The Capital question is from next RBC

revenue too you. this for done the Laura it. Laura, I'm in math, thank I'm done XXXX, some and preliminary but can impact Question credit hoping mortem in understanding provide guidance we math on interested you Dottori. post I've as some on you've do a Hi, cards.

it, I'm So by in the in fees. income, you you the rates, provided, -- relief just interest really the name and drop in need drop revolve the thinking about don't net I drop line, balances, it line

on back cards? of spending far bouncing look the again? much a like any back? me much did helping do how So from Are drop? can recovery? cards balances pencil usage a in credit bit Are maybe is they November? at process XXXX, into if credit people how And of back you Christmas? in we you so thought Are that can to on XXXX using up? results the in we recoup So What kind look pickup card there you And think in Are versus just November? revenue speak people going

Thanks, so will That Okay. Darko. terms I'd a I start let economic would in like that the of color. the increased in a can this around see activity. me bit go-forward to a you of the bit the provide of XXXX, we're perspective, saying little just statement drive the matter somewhere you expecting month activity, like of seen growth We're than consumer of see guess tell cards, but question. a have NII sort But by from a an performance is quarter. NII more I maybe as in so do tends more basis business. I on and activity. of see margin, know, half if a broader lot sounded November, to higher than of we going second latter have to expect cards We

that's talking earlier. offset do Hratch compression was some help about NIM that of to that think going I So

I to those assuming cards, I up our about seen than looked from ratings if those back Card that have. cash card Dividend balances, trajectory, utilized and in a they're our in good Enhancement the usage better think great going Victor we're with XXXX. we've I have expect some get see see talked and for XXXX we that revolving will, When significantly, you would at applications to the we

flat of provided our would if somewhat that in we're say purchase some the really card. we almost an to for we my And our our so that think I fact did and seen you you in an saw, time be we've then increase perspective, see travel. in and rewards continues, you disclosure, from can volumes seen some terms the just modifying a in perspective. being, provide, from good Aventura purchase back of view We tell a that I and they're feeling where of have would volume pretty job but remains outstanding outstandings I in not it good including come that As

would perspective, But depends purchase questions in Does But and rewards as a really outstandings. way everyday more help I see that it a from cards So as regard. well cash activity would volume that's think from I the from do we've activity we're more to I the answer far say you had? managed go, perspective. expect seeing back on to consumer an forward that there

to hear prefer XXXX revenue I impact the versus XXXX. in

If you're not fine. willing to that's provide that,

if mean So XXXX much in have I'd handy. assessment I number down know how credit … that of in to love your revenues totality versus XXXX, didn't were card though that

Darko will in. Hratch. It's I jump Maybe

business right? not side, P&L think, more -- the the answer Laura, But anything the you disclose can want, level. maybe I we at do product if on

to more you let you're think to what So give trying that. means 'XX some importantly. through think for what thinking I with you me But this start I will get help pieces through. And just to you're

-- the this interest do you points the you on I year, most number look mentioned of increase between million It for XX rate of from you're was it the a on was that. two that really points you to But the That was I'll math at CAD$XX of save as can basis credit just basis related the around I year. impacted the when you So math really the quarters, card probably said, one. over right, sort of see, kind this the X quarter, pieces,

So that's impact. one

piece see in that's a transactions. other is the the you which one I'm related cards, FX card other our at. also there's SFI, in would then The And you've sure to in looked in, trading what piece coming fees line, than FX

cards the there those, is on line. a So broader line

on quarter you were this when that look over really at of similar banking quarter. there element down million quarters, CAD$XX of about that double but CAD$XX personal another recovered. that, still have last last this the a couple number cards business than down So were about in couple quarter more of they They the been number And just this this on million. may the over fees over quarters. then and as is well, just just the And were bit side FX

do interest Is you drop a the the then in line when you for CAD$XX year. larger QX. saw, So look and about quarter estimate the was helpful? on the that'll get million 'XX or based you balance you pretty you the NII from this that QX sure I'm average and can so with and that together balance, at that as item, I and said relief rate And from the line then that outstanding good put

looking was that’s Yes, what Thanks Thanks. much. helpful. I very very for. That’s

Darko. Thanks,

D’Souza Thank next The from Veritas Nigel you. go Please question Investment. is from ahead.

on scores, relatively credit look seem performance. to at portfolio on I experience? a had book. And less was what touch FICO in there the divergence Good you. I morning. Because at a wondering characteristics driving could Thank that's portfolios, when your proactive to deferrals your favorable for follow-up you like you when payment I similar. card I for if credit they there's versus look specific And reactive looks it be the proactive

Yes. Good for question. Thanks morning. the

that population going the clients some difficulty pandemic, we show the already who proactive. of level pandemic. had outset group We experiencing a of identified were into the the of So the at is

the have would -- if have provided current had with time, of the -- investor this into that quarter's that would pandemic. our coming in been proactive and the last -- disclosure we deferrals. think the XX% -- you I in so And group group group that presentation, been At we

So actually with now an is off, group uptick. that the XX% deferrals so current, running

we address of situations, sort financial to time that their more relief. had provided they've So

actually so into this better And relative doing point. coming the to they're pandemic, at

it's early very between stages, Now what two still that watch continue portfolio that's to But we the will differential population. and the gives rise carefully. to

looks performing Okay. just That's on improved each look When indicators, loss provisions. forward across scenarios. they've question loan quick And looking at your really I helpful. it a like of your

Could just and management So the so the overlay offset that, parameter that more scenario mall you weighting to updates provide some driven? is color there?

a upside. the we the change, weighting downside more so scenario also we weight put So had towards from

to So activity would been balance risk the it's of that, that also that's it. quarter. sort performing contributed have to But cetera, et contributed way, regular this beyond rating

Okay. appreciate the Thank I you. color.

go Capital The Sohrab BMO from you. ahead. from next Thank question Movahedi is Please Markets.

you. Thank Okay.

Maybe, you. Okay. quick for two Victor, questions

actions you've clients fees X taken, think go clients. and maybe to done net commissions brokerage Canada? retention. by you to lot guess what obviously very and I have A well to waiving You've in will customer both of the the Do beneficial you,

know. don't I

our the that in say we're most low and important I the producer. cost not would model I thing think

competitively simply Edge And business, relationship manager. trading is biggest, most part Clients Edge service, lift CAD$X.XX, financial. from Premium on based. our to model a have actually as is connected our priced. affluent hood substantive you direct very which services Our most it's are does very Actually, sits financial the they clients. which if Investors is relationship within The there our

So well. the business model very, very works

priced banks personal and very For other is in needs. our were very, segments, clients, affluent sort of mass offering CAD$X.XX, at within peer their that are leading satisfies The good, market for is core banks. the which group

important we thing in tell that's stay can will And So most we oriented our focus. you. stay terms of I competitive, relationship will the

Okay.

you consumer recovery And like speak, think you credit here, recovery? to assuming more look going so so ahead, be do about and is or a enhanced, your of businesses feel led and of when you and it's complex commercial to the

about let just today. a on the of the step -- perspective our my Well, talk take me on economy perspective on and back sort

part really them the in been of of economy, small consumer going our I important think discretionary the some in of to to for sector, important take economy. fallout It's parts our recognize and they're are to business time And pandemic. the that the that there economic it's an particularly have recover. sector feeling

perhaps them. support come From more their macro be of terms models. business they'll there said see enough. We support, don't something believe a entrepreneurial about in we'll I spirit, American to is in some it retool to And we starting I very back that quickly they'll that businesses I think to Canadian targeted that and of. So Having come broader and and talk … be back, government need mindful that, to

you. Thank

a broader … from So

got actually which sentiment No, the franchise with I think you've very you improved well, I U.S. is mean as point. give I no? I well-positioned can suspect me think well, as the

Capatides call. is. is Mike It the on

chime you to on if So want maybe, that? Mike, in

that. Sure. We our it. a think one this funding got of program. for very incredibly clients the applications We who goodwill. Thanks for we question. are literally PPP the We good of lot had A outing and well-positioned with in year for every earlier requested

balances the positive of in back relationship Our based earlier with in And literally customers. the looking had year-over-year heard our our contact platform. built we've around approach clock. platform, with positioned growth for say something are we are And that of the banking, net up CIBC. there But commercial out performance we're those a you flows, customers banking I the strength forward, unnoticed gone to XXX%. our lastly we're literally as will quarter has And loan every almost private on Wealth

feeling for customer we're positioned our -- sentiment. about So with good year coming the with how we're

Thank that. you. it's been a Okay. appreciate know call. I I long

leave you. I'll Thank So at there. it

Suisse from go The Please is you. question from Rizvanovic Thank next Securities. ahead. Credit Mike

look you've your a mortgage among a decent growth share to Hi, bit your on pretty go at sequentially had and morning. than good share actually market lost clearly pickup. But back market you quarter more when big last. the this Laura wanted six, I to I

wondering see maybe if us you're share or potentially steady timeline a when that giving I'm on you grow? comfortable CIBC could So in think market

did I mind. Mike. I that the in Hey, chart my have -- is you locked prepared that

like said I we the that, you're highlight we're So perspective, feel that that what a this again, performance some I and in right, But have place really sustainable one. do and Victor in I lot is to we're month. tighter point headed and a out sixth do direction lost just distribution. the the ground most the matters performance right want consistent year-over-year still again, want to in growth last from in

that I course it's will to know would of or don't see expectation. and would but I'm again, from one a be two you, I That gradual expect tell quarter-to-quarter, movement quarters XXXX. there's improvement that you What in. the over So prepared the

implications being the tend think thoughts might over to that client them your on the about are over, And say, year, past enough. fair something your respect I mortgages take the of share anchor product quickly, broader lot that competitor? like you lost renewal on like for other their been with It's that does they to have really business? when what what an doesn't services on a lose do with you've mean Okay, with then CIBC, a typically a the that to stay that

growth tells the to there that that that and a on all way sell depends the operate clients management product want views you the competition seen, differing were client a are the of client clients But for card, well. and name from same. more the better those to all from really it, had elsewhere. clients client the better, there. more perspective, look, we better That one the we inclined The mortgages were out credit Once to There's our a it's lot we you in have we work mortgage anchor one go it's a as a usually are lot dealt be product, remains it's because research we just better past as risk a digital, institution. that mortgage, of from we whether know that to

for that I client with the that, A, anchor on provide it think client. better the because, better depends we when like can you everyone, we guess, leave to So for all and we a it's do I try organization. client work the is mortgage to hard from really

Thank Okay. insight. the for you

gentlemen, meeting back Ladies you. will question-and-answer session. like this Victor. and Thank over I'd to turn today's to the conclude

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