CIBC Reports $1.67B Q3 Profit, Down From $1.73B A Year Ago

CIBC Reports $1.67B Q3 Profit, Down From $1.73B A Year Ago

The Canadian Press – Canadian Press – Thu Aug 25, 5:18AM CDT

TORONTO — CIBC says it earned $1.67 billion in its third quarter, down from $1.73 billion in the same quarter last year.

The bank says its net income amounted to $1.78 per diluted share for the quarter ended July 31, down from $1.88 per diluted share a year earlier.

Revenue totalled $5.57 billion, up from $5.06 billion in the same quarter last year.

Provisions for credit losses totalled $243 million compared with a reversal of credit losses that amounted to $99 million in its third quarter last year.

On an adjusted basis, CIBC says it earned $1.85 per diluted share compared with an adjusted profit of $1.96 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.83 per diluted share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 25, 2022.