CIBC reports $1.27B fourth-quarter profit, up from $1.16B a year ago

CIBC reports $1.27B fourth-quarter profit, up from $1.16B a year ago
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TORONTO — CIBC reported a fourth-quarter profit of $1.27 billion, up from $1.16 billion in the same quarter last year.

The Toronto-based bank says the profit amounted to $2.80 per diluted share for the quarter ended Oct. 31, up from $2.59 per diluted share a year ago.

Revenue totalled $4.45 billion, up from $4.27 billion in the bank’s fourth quarter last year.

Provisions for credit losses amounted to $264 million, up from $229 million a year ago.

On an adjusted basis, CIBC says it earned $3 per diluted share in the quarter, up from an adjusted profit of $2.81 per diluted share in same quarter last year.

Analysts on average had expected a profit of $3.04 for the quarter, according to Thomson Reuters Eikon.

Companies in this story: (TSX:CM)

The Canadian Press

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