Tuesday, May 24, 2022

Canada’s CIBC beats profit expectations

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TORONTO (Reuters) – Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly profit on Thursday, as it released reserves set aside for loan losses and saw higher volumes and fees in its Canadian and U.S. banking and wealth management divisions.

Net income excluding one-off items rose to C$1.81 billion, or C$3.93, in the three months ended July 31, compared with C$1.24 billion, or C$2.71 per share, a year earlier. Analysts had expected income of C$3.41 a share, according to IBES data from Refinitiv.

Canada’s fifth-largest lender reported overall net income of C$1.73 billion, or C$3.76 a share, up from C$1.2 billion or C$2.55, a year earlier.

Canada’s fifth-largest lender released loan-loss reserves of C$99 million, versus analysts’ expectations it would take provisions of C$151.6 million.

(Reporting by Noor Zainab Hussain in Bengaluru and Nichola Saminather; Editing by Vinay Dwivedi)

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