CIBC profit beats expectations
TORONTO — CIBC reported a first-quarter profit of $1.73 billion as its revenue rose five per cent compared with a year earlier.
The bank says the profit amounted to $1.77 per diluted share for the quarter ended Jan. 31, up from a profit of $433 million or 39 cents per diluted share in its first quarter last year.
Revenue for the quarter totalled $6.22 billion, up from $5.93 billion a year earlier.
The results came as provisions for credit losses amounted to $585 million, up from $295 million in the same quarter last year.
On an adjusted basis, CIBC says it earned $1.81 per diluted share, down from an adjusted profit of $1.94 per diluted share a year earlier.
Analysts, on average, had expected a profit of $1.66 per share, according to estimates compiled by financial markets data firm Refinitiv.
Bank of Nova Scotia and Bank of Montreal kicked off bank earnings Tuesday. Royal Bank of Canada and National Bank of Canada reported Wednesday.
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