TORONTO — CIBC reported a second-quarter profit of $1.75 billion, up from $1.69 billion in the same quarter last year.
The bank said Thursday the profit amounted to $1.79 per diluted share for the quarter ended April 30, up from $1.76 per diluted share in the same quarter a year earlier. CIBC 's provision for credit losses in the quarter amounted to $514 million, up from $438 million a year earlier.
CIBC said its Canadian personal and business banking operations earned $649 million for the second quarter, up from $638 million a year earlier, helped by higher revenue driven by higher net interest margin, volume growth and the impact of an additional day in the current quarter, partially offset by a higher provision for credit losses and higher expenses.
CIBC's capital markets and direct financial services unit earned $560 million, up from $497 million in the same quarter last year. CIBC Declares Dividends for the Quarter Ending July 31, 2024 and announces a change to its Shareholder Investment Plan
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