CIBC Q4 2009 Earnings

TD Securities, 4 December 2009Yesterday, the bank reported core cash FD-EPS of C$1.41 vs. TD Newcrest at C$1.25 and consensus at C$1.33.ImpactPositive. The bank turned in a solid quarter as credit trends improved, which helped to deliver strong retail profits. One quarter is not a trend, but it is consistent with our suspicion that operating trends could start to build through 2010 as credit