Canada’s CIBC misses quarterly profit estimates
2022.05.26 12:55
The new Canadian Imperial Bank of Commerce (CIBC) logo is seen on a building in Toronto, Ontario, Canada September 27, 2021. REUTERS/Chris Helgren/File Photo
TORONTO (Reuters) – Canadian Imperial Bank of Commerce missed analysts’ estimates for quarterly profit on Thursday, on higher provisions for credit losses and expenses and lower investment banking revenue.
Net income excluding one-off items was C$1.65 billion, or C$$1.77, in the three months ended April 30, compared with C$1.67 billion, or C$1.79 a year earlier. Analysts had expected C$1.78 a share, according to IBES data from Refinitiv.
Canada’s fifth-largest lender reported overall net profit of C$1.52 billion, or C$1.62 a share, down from C$1.65 billion or C$1.78 a year ago.
