Canadian Imperial Bank of Commerce Q3 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : I've got 3 great questions, but I'll stick to one. Actually, it's not that great. I just want to delve into the expense commentary a little bit. If I look at the first half, excluding variable comp, it was a 10% growth this quarter. And I'm including the initiative spending all that of Costco, that we're at 11%. And it sounds like we could be running at that rate for the next little while. Just if you can kind of give me the glide path over the next 4 quarters because I figure some of that should fade if only because we've got easy comps.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Into next year?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Just a quick one for you. I think you had some interesting stats here, one of which was the average credit quality of the business and government book is investment grade at BBB. Do you have a sense of what it would have been 5 or 10 years ago? And is there any reason to believe that in the next cycle, then because of the improving credit quality there? Also in retail, I suppose, being more secured that your through the cycle kind of PCL shouldn't be lower than would have been over the last 5 to 10 years?