CIBC reports $3.10B first-quarter profit, up from $2.17B a year earlier
BNN Bloomberg
CIBC reported a first-quarter profit of $3.10 billion, up from $2.17 billion a year earlier.
The bank said Thursday the profit amounted to $3.21 per diluted share for the quarter ended Jan. 31, up from $2.19 per diluted share in the same quarter a year earlier.
Revenue totalled $8.40 billion, up from $7.28 billion.
The bank’s provision for credit losses amounted to $568 million for the quarter, down from $573 million in the same quarter last year.
On an adjusted basis, CIBC says it earned $2.76 per diluted share in its latest quarter, up from an adjusted profit of $2.20 per diluted share a year earlier.
The average analyst estimate had been for an adjusted profit of $2.40 per share, according to LSEG Data & Analytics.
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