CIBC reports $1.43B Q3 profit, down from $1.67B a year ago
By The Canadian Press on August 31, 2023.
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. This report by The Canadian Press was first published Aug. 31, 2023. Companies in this story: (TSX:CM) 9-8
