In the latest quarter, CIBC reported adjusted earnings per share of $1.94 in the most recent quarter, exceeding the $1.73 analysts had been expecting
reported lower first-quarter profit but beat analysts’ estimates as the lender set aside fewer loan loss reserves and benefited from a boost in trading activity.
Adjusted to exclude certain items, including a provision for a lawsuit with a New York hedge fund, the bank said it earned $1.94 per share. That beat the $1.73 per share analysts expected, according to Refinitiv.CIBC is the first major Canadian bank to report earnings for the fiscal first quarter. The rest of the Big Six banksIn the quarter, CIBC set aside $295-million in provisions for credit losses – the funds banks set aside to cover loans that may default.
“We have clear momentum in attracting and deepening client relationships, a resilient capital position, and strong risk management and credit quality,” chief executive officer Victor Dodig said in a statement. The Canadian commercial and wealth management division generated $469-million of profit, up a slight 2 per cent as higher revenue and lower expenses were offset by bigger loan loss provisions. Commercial loan balances increased by 14 per cent from a year earlier.
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