CIBC Q1 2010 Earnings

Scotia Capital, 26 February 2010� CM reported a decline in cash operating earnings of 1% to $1.65 per share above our estimate and consensus due to higher net interest margin and stronger-than-expected results from wholesale with trading revenue flat QOQ. ROE was 22.5% with RRWA of 2.21%.Implications� CIBC Retail Markets earnings declined 9% YOY to $529M due mainly to loan loss provisions