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Aug 31 - Canadian Imperial Bank of Commerce missed analysts' estimates for quarterly profit on Thursday, hurt by higher loan-loss provisions to cover for consumers struggling to make their repayments in a tough economy.
CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector.The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%.
The central bank's 10 interest rate hikes since last year have made it challenging for consumers to repay their mortgages at a time when the costs of living are also rising for other reasons. A rising interest rate environment has helped banks earn more from lending by charging borrowers more on loans, but has also pushed banks to start bracing for increased odds of more loan defaults.
CIBC's peers TD Bank , Bank of Montreal , Bank of Nova Scotia and National Bank missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.CIBC reported adjusted net income of C$1.47 billion, or C$1.52 per share, in the three months ended July 31, compared with C$1.72 billion, or C$1.85 apiece, a year earlier.
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