CBIC misses expectations as bad loan provisions triple
TORONTO — CIBC reported its third-quarter profit fell more than 10 per cent compared with a year ago as the amount it set aside for bad loans in the quarter tripled.
The bank says it earned $1.43 billion or $1.47 per diluted share for the quarter ended July 31, down from a profit of $1.67 billion or $1.78 per diluted share a year ago.
Revenue totalled $5.85 billion, up from $5.57 billion in the same quarter last year.
CIBC says its provision for credit losses in the quarter amounted to $736 million, up from $243 million in its third quarter last year.
On an adjusted basis, CIBC says it earned $1.52 per diluted share in its most recent quarter, down from an adjusted profit of $1.85 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.68 per share, according to estimates compiled by financial markets data firm Refinitiv.
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