RE:RE:CIBC Good post.
Another thing worth mentioning is that higher unemployment is going to be a drag on future earnings or at least put a kibosh on future eps growth.
The company mentions this in their md&a on how an increase in unemployment and a decrease in gdp increases the allowance for credit losses which decreases net earnings. If management were to assign the most pessimistic outcome for the economy over the next 12 months ; I.e., unemployment rising to 7.61% and gdp growth of - 0.97% then the allowance for credit losses would have increased by $29.7m from the quarter ended just reported. If you increase the provision for credit losses then you have to decrease net earnings as a result.
Something to watch out for in future quarters.