Canadian Imperial Bank of Commerce CM reported third-quarter fiscal 2020 (ended Jul 31) results. Adjusted earnings per share were C$2.71 ($1.98), down 13% from the prior-year quarter reported figure.Results were impacted by higher provisions and lower non-interest income. However, an increase in net interest income, controlled expenses and strong balance-sheet position acted as tailwinds, pushing shares of Canadian Imperial 2.4% higher on the NYSE, following the release.After considering several non-recurring items, net income was C$1.17 billion ($0.86 billion), reflecting a slump of 16% year over year.Low Adjusted Revenues Partly Offset by Fall in CostsAdjusted total revenues slightly declined year over year to C$4.71 billion ($3.44 billion). The decrease was driven by lower non-interest income, mostly muted by higher net interest income.Net interest income was C$2.73 billion ($2 billion), up 1.5% from the year-ago quarter. Non-interest income decreased 2.9% year over year to C$1.98 billion ($1.45 billion).Adjusted non-interest expenses totaled C$2.61 billion ($1.91 billion), down 1.1% from the year-ago quarter.Adjusted efficiency ratio was 54.8% at the end of the reported quarter, down from 55.4% as of Jul 31, 2019. A fall in the efficiency ratio indicates a rise in profitability.Total provision for credit losses rose significantly year over year to C$525 million ($383.7MILLION) on the coronavirus concerns and continued pressure on oil prices.Strong Balance Sheet & Capital RatiosTotal assets were C$768.5 billion ($572.8 billion) as of Jul 31, 2020, up 1.2% from the prior quarter. Net loans and acceptances decreased 1.5% sequentially to C$414.5 billion ($309 billion), while deposits climbed 4.1% sequentially to C$566.1 billion ($422 billion).As of Jul 31, 2020, Common Equity Tier 1 ratio was 11.8%, up from the prior-year quarter reported figure of 11.4%. Furthermore, Tier 1 capital ratio was 13% compared with 12.7% as of Jul 31, 2019. Total capital ratio was 15.4%, up from 15.2% in the prior-year quarter.Adjusted return on common shareholders’ equity was 12.9% at the end of the fiscal third quarter, down from the prior year’s 15.6%.Our ViewpointGiven an expectation of improving economy and loan growth, Canadian Imperial is anticipated to witness a steady improvement in revenues. However, elevated provisions and a challenging operating backdrop remain major concerns.Canadian Imperial Bank of Commerce Price, Consensus and EPS Surprise Canadian Imperial Bank of Commerce price-consensus-eps-surprise-chart | Canadian Imperial Bank of Commerce QuoteThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Competitive LandscapeBank of Montreal’s BMO third-quarter fiscal 2020 (ended Jul 31) adjusted net income was C$1.26 billion ($0.92 billion), down 20% year over year. The results reflected a significant rise in credit costs and lower loan balance. However, an increase in revenues, lower expenses and improvement in deposit balance offered some support.The Bank of Nova Scotia BNS reported third-quarter fiscal 2020 (ended Jul 31) adjusted net income of C$1.31 billion ($0.96 billion), down 47% year over year. The results excluded certain one-time items.Royal Bank of Canada RY reported third-quarter fiscal 2020 (ended Jul 31, 2020) net income of C$3.2 billion ($2.3 billion), down 2% from the prior-year quarter’s reported figure. The bank witnessed escalating expenses and provisions. However, higher revenues along with elevated loans and deposit balances were positives.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of Nova Scotia The (BNS): Free Stock Analysis Report Bank Of Montreal (BMO): Free Stock Analysis Report Canadian Imperial Bank of Commerce (CM): Free Stock Analysis Report Royal Bank Of Canada (RY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research