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Canadian Imperial Bank of Commerce CM-T -1.91%decrease reported a 23-per-cent increase in fiscal second-quarter profit that beat analysts’ estimates, and announced a deal to sell its Caribbean division for US$1.6-billion.

Profits were up across each of the bank’s business units in the quarter that ended April 30. Capital markets earnings increased 40 per cent from a year earlier as revenue from trading and investment banking surged, and the bank recovered funds previously earmarked to cover losses on loans.

CIBC earned $2.47-billion, or $2.53 a share, compared with $2.01-billion, or $2.04 a share, in the same quarter last year.

After adjusting for amortization costs, CIBC said it earned $2.54 a share. The consensus estimate among analysts going into the quarter was $2.42 a share, according to Bloomberg.

The bank also announced a plan to buy back up to 30 million shares, or 3.3 per cent of its outstanding share count, over the next year. Its quarterly dividend was unchanged at $1.07 a share.

On Wednesday, Bank of Nova Scotia BNS-T -1.32%decrease, Bank of Montreal BMO-T -1.10%decrease and National Bank of Canada NA-T +0.62%increase all reported profits that surpassed analysts’ expectations. Royal Bank of Canada RY-T +0.14%increase also topped estimates on Thursday.

CIBC said it has reached a deal to sell its 91.67-per-cent stake in CIBC Caribbean to Bermuda-based The Bank of N.T. Butterfield & Son. CIBC will receive US$1-billion in cash and Butterfield shares currently worth US$645-million, and the transaction is expected to close in the first half of 2027.

Selling the division “will allow the bank to reallocate capital towards strategic growth priorities in North America,” the bank said in a statement on Thursday.

CIBC has done business in the Caribbean since the 1920s, and previously tried to sell a majority stake in the unit to a group led by Colombian banker and real estate developer Jaime Gilinski. Regulators blocked that transaction amid a health crisis over the spread of COVID-19.

Chief executive officer Harry Culham also announced the first changes to his senior executive team since he took the helm at the bank last November, creating roles with sole oversight for commercial banking as well as wealth management.

Susan Rimmer has been named group head of commercial banking, adding responsibility for CIBC’s U.S. commercial operations to her existing duties leading the Canadian division.

Eric Belanger will be group head of wealth management, taking on oversight of the business in Canada and the U.S. from Ms. Rimmer. He was most recently head of CIBC Global Asset Management, and has worked at the bank for more than 30 years.

Kevin Li will continue to serve as group head of the U.S. region and CEO of CIBC Bank USA.

Chief of staff Amy South was also named chief administrative officer, as current CAO Christina Kramer will leave the bank on Oct. 31, after a stint as a special adviser.

Chief financial officer Robert Sedran adds oversight of enterprise transformation to his role.

The executive moves are effective on Thursday.

In the second fiscal quarter, CIBC’s provisions for credit losses – the money the bank earmarks to cover potential losses on defaulted loans – was unchanged from a year earlier, at $605-million.

Provisions on loans that are past due increased by $85-million, to $548-million, which the bank attributed to “economic pressures” and some seasonal trends.

Profit from Canadian personal and business banking was up 15 per cent to $846-million, compared with a year earlier. Loan balances increased 2 per cent and the profit margin on lending increased by 32 basis points. (100 basis points equal one percentage point).

Capital markets profit was $792-million, with revenue up 21 per cent. A busy quarter for equities trading and advisory work in corporate and investment banking helped boost the division’s earnings. The bank also reclaimed $15-million of previous loan-loss provisions.

Canadian commercial banking and wealth management profit increased 12 per cent to $614-million, as loans and deposits each increased 7 per cent and profit margins improved.

And the bank’s U.S. division, which focuses on commercial banking and wealth management, had profit of $260-million, up 56 per cent year over year. Provisions for credit losses were lower than a year ago, while loan and deposit balances were up 6 per cent and 8 per cent respectively.

Toronto-Dominion Bank TD-T -0.31%decrease posted earnings that topped analysts’ expectations on higher profit from its Canadian banking and capital markets units as the lender set aside fewer provisions for sour loans.

The bank said it earned $2.38 a share on an adjusted basis for the second quarter ended April 30. That beat the $2.26 a share analysts estimated, according to Bloomberg data.

TD chief executive officer Raymond Chun said it was “another strong quarter for TD.”

“We also continue to make consistent progress on our AML remediation and enhancements, which remain our top priority,” he said.

The bank raised its quarterly dividend 4 cents to $1.12 a share. TD has also been buying back shares as it sits on a substantial amount of excess capital.

TD is betting on its Canadian businesses to prop up its growth ambitions as it cuts costs and remediates its anti-money-laundering failures in the United States.

Canadian personal and commercial banking profit was $1.93-billion, up 15 per cent from a year earlier on higher revenue and lower provisions. Loan balances were up 6 per cent year over year as deposits rose 3 per cent.

Economic uncertainty, inflation and higher interest rates have weighed on the housing market and business sentiment, tempering demand for lending, in particular in real estate secured lending (RESL).

“The consumer continues to be resilient; however, when you look at RESL, the rates are a little bit higher than a few months ago, and that is putting pressure on volume for RESL,” TD chief financial officer Kelvin Tran said in an interview.

“On the business side, anecdotally, when you talk to clients over time, they say, well I’ve been pausing for some time now and I’m ready to invest. So there’s confidence in the outlook of Canada.”

Adjusted net income from the bank’s U.S. arm was up 8 per cent at $960-million. Expenses climbed 10 per cent from the year prior as TD spends to fix gaps in its risk governance and controls. The bank has been restructuring its balance sheet and operations to cut costs.

TD has previously said it expects expense growth this year to land in the mid-single-digit range. Mr. Tran said despite the higher costs this quarter, the bank is still comfortable with its previous guidance.

“Our focus is reducing structural costs, and that’s the same approach for the entire bank, whether it’s in Canada or in the U.S.,” Mr. Tran said. “In the U.S., even though this quarter the expenses were on the high side, we do expect the full year will be at the mid-single-digit growth range.”

TD is the final major Canadian bank to report earnings for the fiscal second quarter. Bank of Montreal BMO-T -1.14%decrease, Bank of Nova Scotia BNS-T -1.50%decrease and National Bank of Canada NA-T +0.39%increase reported earnings on Wednesday. Royal Bank of CanadaRY-T +0.09%increase and Canadian Imperial Bank of CommerceCM-T -1.70%decrease also posted earnings on Thursday.

TD set aside $1-billion in provisions for credit losses – the funds banks set aside to cover loans that may default. That was lower than analysts anticipated, and included $973-million against loans that the bank believes may not be repaid, based on models that use economic forecasting to predict future losses.

In the same quarter last year, TD set aside $1.34-billion in provisions.

Capital markets profit climbed 46 per cent to $612-million, driven by higher revenue and lower provisions.

The wealth management and insurance division generated $837-million of profit, up 18 per cent on higher assets, insurance premiums and deposit volume growth.

Royal Bank of Canada RY-T +0.02%increase posted higher second-quarter profit that beat analysts’ estimates, boosted by a surge in capital markets earnings and lower provisions for sour loans.

RBC’s profit climbed 25 per cent to $5.5-billion, or $3.85 per share, in the three months that ended April 30.

Adjusted to exclude certain items, the bank said it earned $3.90 per share. That topped the $3.77 per share analysts expected, according to Bloomberg data.

“In a world that’s constantly changing and becoming more complex, our commitment to delivering trusted advice and helping clients navigate risk continues to produce exceptional outcomes,” RBC chief executive officer Dave McKay said in a statement.

The bank raised its quarterly dividend by 12 cents to $1.76 per share. The lender also said it plans to repurchase 45 million of its shares, representing about 3 per cent of its common stock.

RBC has been focused on bolstering its profitability. During fourth-quarter earnings in December, the bank raised its return on equity (ROE) target to 17 per cent or more after surpassing the 16-per-cent goal the bank set at its investor day last year.

In the quarter, the bank posted higher ROE at 17.2 per cent.

RBC is the fifth major Canadian bank to report earnings for the fiscal second quarter. Bank of Montreal BMO-T -0.88%decrease, Bank of Nova Scotia BNS-T -1.45%decrease and National Bank of Canada NA-T +0.32%increase reported earnings on Wednesday. Toronto-Dominion Bank TD-T +0.02%increase and Canadian Imperial Bank of Commerce CM-T -1.70%decrease also posted earnings on Thursday.

RBC set aside $912-million in provisions for credit losses – the funds banks set aside to cover loans that may default. That was lower than analysts anticipated, and included $899-million against loans the bank believes may not be repaid, based on models that use economic forecasting to predict future losses.

In the same quarter last year, RBC set aside $1.4-billion in provisions as it built up reserves ahead of a potential economic downturn.

Profit from personal banking was $1.87-billion, up 17 per cent from a year earlier, on higher net interest income and lower provisions. Loan balances were up 4 per cent year over year while deposits decreased 1 per cent.

The commercial banking unit posted profit of $854-million, up 43 per cent from a year earlier, largely driven by lower provisions.

Capital markets posted earnings of $1.48-billion, an increase of 23 per cent from a year earlier, driven by higher revenue in global markets and corporate and investment banking.

The wealth management division generated $1.19-billion of profit, up 28 per cent on higher fee-based client assets and net interest income.

Profit from insurance was up 3 per cent at $218-million. RBC is restructuring the unit’s leadership as insurance head Jennifer Publicover is leaving the bank effective June 1.

Prime Minister Mark Carney said Canada has entered into negotiations to buy Swedish-made Saab early-warning aircraft technology, picking a non-U.S. supplier as he makes good on a promise to reduce spending on American military gear.

Mr. Carney announced the selection at the annual CANSEC defence trade show in Ottawa Wednesday.

He said Canada will proceed with the Swedish GlobalEye system, made by Saab. Other contenders were the Aeris X by L3Harris and the E-7 Wedgetail by Boeing.

The GlobalEye early warning system will be installed on Global 6500 jets made by Bombardier in Canada.

Alimentation Couche-Tard (ATD-T, Monday’s close $79.05) was in a major uptrend for more than four years, trading above a rising trendline (solid line) and its rising 40-week moving average (40wMA). We recommended the stock on numerous occasions during this period.

Following the February, 2024, high of $87.27 (A), the stock began trading within a slightly declining parallel channel (dotted lines), while the 40wMA also trended lower. More recently, the 40wMA started to curl upward, and the stock advanced above the upper boundary of the channel (B). Together, these developments signaled the end of the downtrend and the start of a new uptrend toward higher targets. A decisive rise above $86-$87 would confirm the breakout.

There is good support near $76; however, only a sustained decline below the 40wMA (currently near $74) would be negative.

Point & Figure measurements provide targets of $89 and $99. Higher targets are visible.

Monica Rizk is the Senior Technical Analyst

National Bank of Canada reported a second-quarter profit of $1.23 billion, up from $896 million a year ago, and raised its dividend.

The Montreal-based bank says it will now pay a quarterly dividend of $1.32 per share, an increase of eight cents per share.

National Bank says its second-quarter profit amounted to $3.06 per diluted share for the quarter ended April 30 compared with $2.17 per diluted share a year ago.

Revenue for the quarter totalled $3.91 billion, up from $3.65 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $233 million, down from $545 million a year ago.

On an adjusted basis, National Bank says it earned $3.23 per diluted share in its latest quarter, up from an adjusted profit of $2.85 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $3.13 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published May 27, 2026.

Companies in this story: (TSX:NA)

Bank of Nova Scotia BNS-T reported higher second-quarter profit that beat analysts’ estimates on a boost from its Canadian banking unit as the lender seeks to bolster its profitability. 

Scotiabank earned $2.6-billion, or $2.00 per share, in the three months that ended April 30. That compared with $2-billion, or $1.48 per share, in the same quarter last year.

Adjusted to exclude certain items, the bank said it earned $2.02 per share. That edged out the $1.93 per share analysts expected, according to data from Bloomberg.

“The Bank delivered another strong quarter as we continue to execute on our strategy, with strong revenue growth coupled with expanding margins and another quarter of positive operating leverage,” Scotiabank chief executive officer Scott Thomson said in a statement.

Mr. Thomson has said he expects double-digit earnings per share growth in its domestic banking business this year. The unit is key to Scotiabank’s plan to boost its profitability.

Last quarter, Scotiabank said it expects to hit its target of 14-per-cent return on equity in 2027, a year earlier than expected.

In the second quarter, Scotiabank posted an adjusted return on equity of 13.2 per cent.

While the bank’s turnaround strategy is focused on building its Canadian business, it also hinges on improving its international unit and growing its capital markets division in the United States.

The bank raised its quarterly dividend by 4 cents to $1.14 per share.

Scotiabank is the first major Canadian bank to report earnings for the fiscal second quarter. Bank of Montreal and National Bank of Canada also report earnings on Wednesday. Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce will post earnings on Thursday.

losses – the funds banks set aside to cover loans that may default. That was higher than analysts anticipated, and included $1.1-billion against loans that the bank believes may not be repaid, based on models that use economic forecasting to predict future losses.

In the same quarter last year, Scotiabank set aside $1.4-billion in provisions.

Total revenue rose 8 per cent in the quarter to $9.8-billion. But expenses increased 2 per cent to $5.2-billion, which the bank said was driven by higher staffing, technology, advertising and business development costs.

Profit from Canadian banking was $935-million, up 53 per cent from a year earlier on higher revenues and lower provision for credit losses on performing loans. Loan balances rose slightly by 3 per cent year over year.

Profit from the bank’s international division rose 1 per cent to $701-million, driven by lower non-interest expenses and income taxes, partially offset by lower net interest income, lower non-interest income and higher provision for credit losses.

The global wealth management division generated $474-million of profit, up 19 per cent, driven by higher mutual fund fees, brokerage revenues and net interest income from the Canadian wealth business.

Capital markets profit rose 11 per cent to $457-million, driven by higher non-interest income and net interest income, which was partially offset by higher non-interest expenses.

Bank of Montreal BMO-T Financial reported a jump in second-quarter profit on Wednesday, lifted by robust performance in its capital markets business.

Profit was $2.63-billion or $3.53 per share in the three months ended April 30, compared with $1.96-billion or $2.50 per share a year earlier.

In a press release, BMO announced a quarterly dividend of $1.71 a share, a 4 cent increase.

Worries about the impact of AI on software companies and the U.S.-Israel war against Iran rattled global financial markets in the reported quarter, triggering bouts of selloffs. Market volatility tends to be a boon for trading desks at large banks, as investors increasingly rejig portfolios to hedge against risks.

Second-quarter profit at BMO’s capital markets unit rose 47 per cent from a year earlier to $638-million.

Meanwhile, provisions for credit losses stood at $739-million in the reported quarter, compared with $1.05-billion a year earlier.

Bank of Nova Scotia also reported a jump in second-quarter profit driven by strong performance in its capital markets business, as well as a 4-cent increase to its quarterly dividend.

– with a report by Globe staff

Micron topped a $1 trillion market value for the first time on Tuesday as shares popped 18% on strong artificial intelligence demand for its memory chips.

https://www.cnbc.com/2026/05/26/micron-stock-trillion-market-cap.html