CIBC reports Q2 profit up from a year ago, provisions for credit losses up

CIBC reports Q2 profit up from a year ago, provisions for credit losses up
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TORONTO — Canadian Imperial Bank Of Commerce has reported a second-quarter profit of $1.35 billion, up from $1.32 billion in the same quarter last year.

The increase came as a decline in profit at the Toronto-based lender’s Canadian personal and small business banking business was offset by gains in other parts of the bank.

CIBC says its overall profit amounted to $2.95 per diluted share for the quarter ended April 30, up from $2.89 per diluted share a year ago.

Provision for credit losses was $255 million, up $43 million from the second quarter a year ago.

On an adjusted basis, CIBC says it earned $2.97 per diluted share for the quarter, up from an adjusted profit of $2.95 per diluted share.

Analysts had expected a profit of $2.99 per share for the quarter, according to Thomson Reuters Eikon.

Companies in this story: (TSX:CM)

The Canadian Press

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