TORONTO – Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans.
CIBC said Thursday its net income totalled $1.80 billion or $1.82 per diluted share in for the quarter ended July 31, up from $1.43 billion or $1.47 per diluted share in the same quarter last year.
Revenue totalled $6.60 billion, up from $5.85 billion.
CIBC’s provision for credit losses for the quarter amounted to $483 million, down from $736 million a year earlier.
On an adjusted basis, CIBC says it earned $1.93 per diluted sharein its latest quarter compared with an adjusted profit of $1.52 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.74 per share, according to LSEG Data & Analytics.
“Our strong third-quarter results reflect the consistent, disciplined execution of our client-focused strategy and the diversification of our North American platform as we continue to create value for our stakeholders,” CIBC chief executive Victor Dodig said in a statement.
CIBC’s Canadian personal and business banking business earned $628 million in its latest quarter, up from $499 million in the same quarter last year, helped by higher revenue and a lower provision for credit losses, partially offset by higher expenses.
The bank’s Canadian commercial banking and wealth management earned $468 million, up from $467 million a year earlier, while its U.S. commercial banking and wealth management business earned $215 million, up from $73 million a year ago.
CIBC’s capital markets and direct financial services unit earned $388 million for the third quarter, down from $494 million in the same quarter last year.
The bank’s corporate and other unit reported a profit of $96 million in its latest quarter compared with a loss of $101 million a year ago.
This report by The Canadian Press was first published Aug. 29, 2024.
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