CIBC Q1 2009 Earnings

RBC Capital Markets, 27 February 2009� CIBC's Q1/09 results were neutral to our view on the stock. Capital ratios were lower than expected, credit performance was better than we expected and earnings were close to our estimates on a GAAP basis, and higher on a core basis.� We increased our 2009 core cash EPS estimate to $5.60 from $5.32, reflecting the Q1/09 earnings results relative to our