Canadian Imperial Bank of Commerce Q4 2018 Earnings Call Summary

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

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : My first question is for Laura on the stage 1 and stage 2 provisioning. At the start of the year, and this was based on, I guess, end-of-year 2017 GDP data that was pretty good, you guys released some allowances in the Canadian business notably. I'm just wondering, is there any potential we see the opposite take place early next year and maybe why haven't we seen any of that type of additional buffering of the provisions this year because the economy is -- the economic outlook has not gotten better necessarily. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. NOVEMBER 29, 2018 / 1:00PM, CM.TO - Q4 2018 Canadian Imperial Bank of Commerce Earnings Call Christina C. Kramer - Canadian Imperial Bank of Commerce - Senior EVP and Group Head of Personal & Small Business Banking-Canada Well, I guess -- I mean, if we look at 2018, as I mentioned, we actually had a good economic performance. We also had strong credit portfolio. So I think that explains sort of some of that movement that we saw or didn't see. When we look at our forward-looking indicators for the year [of], they're really based off of consensus view, and I would tell you that consensus view is -- actually moderates a little bit, but it's not that negative such that we're not seeing a large representation, if you will, in our provisions for performing relating to forward-looking indicators.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay, that perspective helps. And my next question's for, I guess, Harry -- probably Harry, on the U.S. slide, you have this $6 billion balance in RES. Is that real estate finance?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : That is, Larry?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. I -- Because if I look at U.S. loans in total, and that would include the legacy private bank corp and wholesale capital markets, whatever you want to call it. I get to 30% plus of the loan book in CRE. It's a much smaller number, I think, in the legacy PBTB business. I'm just wondering what -- where -- would have been the growth drivers in that business? And I see the balance has been flat over the past year, and does that suggest that you're kind of cautious about your approach to CRE lending now... without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. NOVEMBER 29, 2018 / 1:00PM, CM.TO - Q4 2018 Canadian Imperial Bank of Commerce Earnings Call

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Is there much in the way of construction loans in there?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Just wanted to get a couple of clarifications. Definition of GTA, does that include as far out as Oshawa?

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : And Christina, personal lending growth, particularly strong this quarter, what is that? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. NOVEMBER 29, 2018 / 1:00PM, CM.TO - Q4 2018 Canadian Imperial Bank of Commerce Earnings Call Christina C. Kramer - Canadian Imperial Bank of Commerce - Senior EVP and Group Head of Personal & Small Business Banking-Canada That is largely driven by the momentum we're seeing in credit cards but largely driven by the auto lending portfolio, where we have seen good growth -- good levels of growth as we expanded our offer across the country.

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : Okay. And just to be clear, I mean, your cards, I think you reported -- the credit card you reported separately, so this line item by itself was up 9%. Does that sound reasonable, yes? Christina C. Kramer - Canadian Imperial Bank of Commerce - Senior EVP and Group Head of Personal & Small Business Banking-Canada Yes, you are correct.

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : That is incredibly helpful. But just to be crystal-clear, where you're at right now, or where you're going at -- be pro forma the adjustments that Kevin talked about?